M&B Engineering Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
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
| 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 |
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 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - M & B Engineering Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - M & B Engineering Limited has informed the Exchange about Shareholders meeting
2026-08-19 - M & B Engineering Limited has informed the Exchange about Schedule of meet
2026-08-14 - M & B Engineering Limited has informed the Exchange about Transcript
2026-08-13 - M & B Engineering Limited has informed the Exchange about Copy of Newspaper Publication
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 - 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 - 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 - 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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