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M&B Engineering Ltd.

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mbel.inBSE: 544470NSE: MBEL
Market Cap₹ 1,445 Cr.
Current Price
High / Low₹ 536 / 223
Stock P/E18.5
Book Value₹ 117
Price to Book1.97
Dividend Yield0.40 %
ROCE19.9 %
ROE16.2 %
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%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 59.5% CAGR over last 5 years
  • Company has a healthy return on capital (ROCE) of 22.3%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 21.6%
  • Company has delivered good sales growth of 21.3% CAGR over last 5 years
  • Company comfortably covers its interest (7.1x coverage)
  • Company maintains a comfortable, low leverage position

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 -0.02x)
  • Recent results are weak - TTM profit is down 10.3% versus prior year
  • Equity base is being diluted - shares outstanding up 185.7%
  • Working capital days have increased from 72 to 146 days

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

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHEL430.6061.64149937.650.33376.71182.707697.7240.299.246.69
2.INDOMIM1018.9094.4350382.660.582401.22—12187.42—24.4833.36
3.THERMAX3680.2573.9143852.500.5421.79-85.612302.737.0915.852.98
4.HONAUT34514.0555.3730515.680.32150.7020.951204.401.8017.0414.32
5.JYOTICNC987.9569.8422468.260.0057.14-19.99508.4723.9721.3421.40
6.INOXINDIA2245.7580.1220418.910.0958.07-4.98370.799.1833.5420.46
7.AZAD2846.00132.2518379.960.0035.1619.46172.6025.9012.0437.29
8.TRITURBINE569.1053.8018091.600.7551.10-20.65442.7019.2335.9511.59
9.TEGA1731.10615.5213005.360.12-108.25-406.361723.44383.998.373.27
10.LLOYDSENGG82.7257.3612830.190.3068.23-77.28527.15142.9217.9915.04
11.KRN1595.75107.7510445.540.0032.90164.84252.32118.8716.0619.44
12.MBEL252.7514.961444.740.4021.9022.03291.1022.4922.9510.54
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
142182295290228260282314265
129145264250203231242286251
Operating Profit143731412529402814
OPM %9.52%20.27%10.51%13.97%11.03%11.19%14.12%8.89%5.34%
321243365
Interest554564433
Depreciation233444444
Profit before Tax103024342024352619
Tax %23.44%26.15%33.87%17.75%24.60%23.03%26.95%26.16%24.79%
Net Profit72216281518261915
1.484.483.235.613.053.384.483.362.49

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4144396235204136878597879091,0851,121
3854035784823856347877067879631,010
Operating Profit2936453828547181122122111
OPM %6.93%8.18%7.28%7.25%6.87%7.79%8.30%10.31%13.41%11.25%9.90%
42258691491617
Interest1719181715181823201714
Depreciation88899999121515
Profit before Tax71221171233526399106105
Tax %31.81%36.69%29.03%35.14%35.75%19.93%24.03%23.75%24.90%25.42%25.46%
Net Profit5815118264048747978
EPS2.543.757.595.573.8113.187.939.6114.8013.78—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%7.26%—

COMPOUNDED SALES GROWTH

10 Years:
7%
5 Years:
21%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
33%
5 Years:
60%
3 Years:
26%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
15%
5 Years:
21%
3 Years:
22%
Last Year:
16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 10

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2026

Aug 11

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital20202020202020505057
667489100108134175191264599
118119931141039214120218483
Trade Payables389612913910219313094213208
5056605466918984124154
Total Liabilities2933653914273985305556228341,102
7165716863637477175180
Capital Work in Progress000000066214
00037910201918
34112120128114183164193322340
0000000121166186
Cash & Bank2528419182911248980271
163160159138133183183557091
Total Assets2933653914273985305556228341,102

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
33217052264846-132-36
Cash from Investing-3-2-11-4-14-12-16-73-31-37
Cash from Financing-28-15-449-23-253039-38136
431052-17247-34-3763

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Mar 2020Mar 2021Mar 2022Mar 2023Aug 2025Sep 2025Dec 2025Mar 2026Jun 2026
100.00100.00100.00100.0070.4570.4570.4570.5470.61
0.000.000.000.006.164.754.252.860.84
0.000.000.000.0015.0313.4610.249.729.58
Government0.000.000.000.000.000.000.000.000.00
0.000.000.000.008.3611.3515.0616.8818.96

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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