M&B Engineering Ltd.

•

mbel.inBSE: 544470NSE: MBEL

Market Cap₹ 1,445 Cr.

Current Price

High / Low₹ 536 / 223

Stock P/E15.0

Book Value₹ 119

Price to Book1.97

Dividend Yield0.40 %

ROCE22.9 %

ROE19.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has delivered good profit growth of 73.6% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 23.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.3%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 24.9% CAGR over last 5 years

CONS

Operating cash flow has been negative in recent years
Promoter holding has decreased over last 2 years: -29.4pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.04x)
Equity base is being diluted - shares outstanding up 185.7%
Working capital days have increased from 69 to 130 days

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	430.60	61.64	149937.65	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	1018.90	94.43	50382.66	0.58	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3680.25	73.91	43852.50	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34514.05	55.37	30515.68	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	987.95	69.84	22468.26	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2245.75	80.12	20418.91	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2846.00	132.25	18379.96	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.10	53.80	18091.60	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	TEGA	1731.10	615.52	13005.36	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	82.72	57.36	12830.19	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1595.75	107.75	10445.54	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	MBEL	252.75	14.96	1444.74	0.40	21.90	22.03	291.10	22.49	22.95	10.54

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	140	207	328	314	238	307	352	364	291
	127	168	296	272	208	272	312	326	267
Operating Profit	13	39	33	42	29	34	40	38	24
OPM %	9.50%	18.84%	9.92%	13.25%	12.40%	11.24%	11.29%	10.41%	8.31%
	3	2	1	2	4	2	3	5	5
Interest	5	5	4	5	6	4	4	3	3
Depreciation	2	3	3	4	4	4	4	4	4
Profit before Tax	9	32	26	35	24	29	35	36	29
Tax %	24.97%	26.13%	31.31%	18.24%	26.52%	22.84%	26.36%	24.50%	25.16%
Net Profit	0	0	0	0	18	22	25	27	22
	1.39	4.77	3.55	5.70	3.59	4.07	4.46	4.76	3.75

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	520	415	688	880	795	989	1,260	1,313
	483	388	646	814	715	862	1,118	1,177
Operating Profit	37	27	42	66	80	126	142	136
OPM %	7.18%	6.45%	6.08%	7.54%	10.01%	12.78%	11.23%	10.37%
	5	8	11	9	13	8	15	15
Interest	17	16	19	19	23	20	17	15
Depreciation	9	9	11	10	9	13	15	15
Profit before Tax	17	10	23	45	61	102	124	128
Tax %	35.99%	41.95%	29.03%	27.68%	25.05%	24.64%	25.03%	24.78%
Net Profit	11	6	16	33	46	77	93	97
EPS	5.37	2.95	4.01	6.82	9.17	15.41	16.21	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.17%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 25%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 73%
3 Years:: 40%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -39%

RETURN ON EQUITY

10 Years:: —
5 Years:: 20%
3 Years:: 23%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	20	20	20	20	50	50	57
Minority Interest	0	4	0	-1	0	0	0
	100	105	125	161	183	257	600
	114	112	100	149	203	184	83
Trade Payables	139	111	202	134	93	224	214
	54	71	100	96	103	135	206
Total Liabilities	426	423	547	559	633	849	1,161
	68	70	71	79	77	176	180
Capital Work in Progress	0	0	2	2	66	2	14
	3	2	6	5	7	5	4
	128	128	204	175	196	322	349
	0	0	0	0	139	192	239
Cash & Bank	91	85	92	126	99	85	279
	137	139	173	173	49	67	95
Total Assets	426	423	547	559	633	849	1,161

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52	14	45	41	6	33	-31
Cash from Investing	-4	-9	-2	-12	-62	-32	-39
Cash from Financing	9	-13	-33	30	32	-45	136
	53	-15	1	47	-25	-44	66

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Aug 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	100.00	100.00	100.00	100.00	70.45	70.45	70.45	70.54	70.61
	0.00	0.00	0.00	0.00	6.16	4.75	4.25	2.86	0.84
	0.00	0.00	0.00	0.00	15.03	13.46	10.24	9.72	9.58
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	8.36	11.35	15.06	16.88	18.96

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Copy of Newspaper Publication

2026-08-26 - M & B Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

Shareholders meeting

2026-08-25 - M & B Engineering Limited has informed the Exchange about Shareholders meeting

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - M & B Engineering Limited has informed the Exchange about Schedule of meet

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - M & B Engineering Limited has informed the Exchange about Transcript

2026-08-13

Copy of Newspaper Publication

2026-08-13 - M & B Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

Updates

2026-08-12 - M & B Engineering Limited has informed the Exchange regarding Corrigendum to Fixation of Date of Annual General Meeting, E-voting & Record date for the day of AGM.

2026-08-12

Updates

2026-08-12 - M & B Engineering Limited has informed the Exchange regarding Corrigendum to the Outcome of Board Meeting dated 10th August in connection with the day of AGM

2026-08-12

Monitoring Agency Report

2026-08-12 - M&B Engineering Limited is submitting herewith the copy of Monitoring Agency Report for the quarter ended 30th June, 2026, issued by Crisil Ratings Limited in respect of utilization of proceeds of the Initial Public Offer of the Company

2026-08-11

Copy of Newspaper Publication

2026-08-11 - M & B Engineering Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for MBEL

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M&B Engineering Ltd.

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Free 5nance Account

Name

BHEL

430.60

61.64

149937.65

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

1018.90

94.43

50382.66

0.58

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3680.25

73.91

43852.50

0.54

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

34514.05

55.37

30515.68

0.32

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

987.95

69.84

22468.26

0.00

57.14

-19.99

508.47

23.97

21.34

21.40

INOXINDIA

2245.75

80.12

20418.91

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2846.00

132.25

18379.96

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

569.10

53.80

18091.60

0.75

51.10

-20.65

442.70

19.23

35.95

11.59

TEGA

1731.10

615.52

13005.36

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

LLOYDSENGG

82.72

57.36

12830.19

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

KRN

1595.75

107.75

10445.54

0.00

32.90

164.84

252.32

118.87

16.06

19.44

MBEL

252.75

14.96

1444.74

0.40

21.90

22.03

291.10

22.49

22.95

10.54

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

140

207

328

314

238

307

352

364

291

127

168

296

272

208

272

312

326

267

Operating Profit

OPM %

9.50%

18.84%

9.92%

13.25%

12.40%

11.24%

11.29%

10.41%

8.31%

Interest

Depreciation

Profit before Tax

Tax %

24.97%

26.13%

31.31%

18.24%

26.52%

22.84%

26.36%

24.50%

25.16%

Net Profit

1.39

4.77

3.55

5.70

3.59

4.07

4.46

4.76

3.75

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

520

415

688

880

795

989

1,260

1,313

483

388

646

814

715

862

1,118

1,177

Operating Profit

126

142

136

OPM %

7.18%

6.45%

6.08%

7.54%

10.01%

12.78%

11.23%

10.37%

Interest

Depreciation

Profit before Tax

102

124

128

Tax %

35.99%

41.95%

29.03%

27.68%

25.05%

24.64%

25.03%

24.78%

Net Profit

EPS

5.37

2.95

4.01

6.82

9.17

15.41

16.21

—

Dividend Payout %

0.00%

6.17%

—

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-1

100

105

125

161

183

257

600

114

112

100

149

203

184

Trade Payables

139

111

202

134

224

214

100

103

135

206

Total Liabilities

426

423

547

559

633

849

1,161

176

180

Capital Work in Progress

128

204

175

196

322

349

139

192

239

Cash & Bank

126

279

137

139

173

Total Assets

426

423

547

559

633

849

1,161

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-31

Cash from Investing

-4

-9

-2

-12

-62

-32

-39

Cash from Financing

-13

-33

-45

136

-15

-25

-44

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Aug 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

100.00

70.45

70.54

70.61

0.00

6.16

4.75

4.25

2.86

0.84

0.00

15.03

13.46

10.24

9.72

9.58

Government

0.00

8.36

11.35

15.06

16.88

18.96

M&B Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

M&B Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI