MEP Infrastructure Developers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Toll Collection/Repairs & Maintenance: 97.4% • Construction: 2.6%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company is almost debt free
- Working capital cycle has improved - days down from -529 to -1181
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Company has a low return on equity of -17.9% over last 3 years
- Company has a low return on capital employed of -1.3%
- Promoter holding has decreased over last 2 years: -7.6pp
- Interest coverage is weak at -3.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| MEP | 0.68 | 0.00 | 12.66 | 0.00 | -713.08 | -1025.45 | 34.78 | 224.44 | -20.94 | -1645.72 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| 234 | 150 | 81 | 2 | 11 | 6 | 13 | 19 | 35 | |
| 138 | 149 | 93 | 48 | 97 | 51 | 44 | 41 | 607 | |
| Operating Profit | 96 | 2 | -12 | -45 | -86 | -45 | -30 | -22 | -572 |
| OPM % | 40.91% | 1.08% | -14.79% | -1821.37% | -802.15% | -704.91% | -224.89% | -117.43% | -1645.72% |
| 50 | 4 | 3 | 6 | 12 | 3 | 2 | -59 | 7 | |
| Interest | 74 | 26 | 19 | 15 | 6 | 14 | 24 | 16 | 21 |
| Depreciation | 69 | 40 | 19 | 2 | 2 | 2 | 1 | 1 | 1 |
| Profit before Tax | 3 | -61 | -48 | -56 | -82 | -56 | -53 | -98 | -587 |
| Tax % | 413.48% | -0.47% | -0.73% | 0.47% | -0.13% | 1.31% | -5.71% | -3.16% | -0.83% |
| Net Profit | 0 | -64 | -45 | -52 | -63 | -42 | -52 | -116 | -713 |
| -8.86 | -4.23 | -2.99 | -3.30 | -4.06 | -3.42 | -3.34 | -5.82 | -33.69 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,198 | 2,009 | 1,905 | 1,729 | 2,322 | 2,815 | 2,056 | 1,123 | 967 | 245 | 73 | |
| 887 | 1,565 | 374 | 440 | 1,449 | 1,855 | 1,699 | 659 | 464 | 396 | 742 | |
| Operating Profit | 311 | 444 | 1,531 | 1,289 | 873 | 960 | 358 | 465 | 504 | -152 | -669 |
| OPM % | 25.92% | 22.08% | 80.35% | 74.54% | 37.59% | 34.10% | 17.39% | 41.37% | 52.07% | -62.06% | -914.32% |
| 43 | 33 | 76 | 244 | 120 | 91 | 366 | 97 | 78 | 35 | -48 | |
| Interest | 380 | 404 | 642 | 493 | 470 | 464 | 414 | 343 | 289 | 67 | 74 |
| Depreciation | 130 | 180 | 1,012 | 868 | 419 | 494 | 392 | 253 | 256 | 63 | 4 |
| Profit before Tax | -156 | -107 | -48 | 172 | 105 | 92 | -83 | -51 | -172 | -267 | -795 |
| Tax % | 15.10% | -7.32% | 32.90% | 36.78% | 36.64% | 42.25% | -51.51% | -50.39% | -30.71% | -0.18% | -1.29% |
| Net Profit | -133 | -115 | -32 | 109 | 66 | 53 | -126 | -77 | -225 | -268 | -805 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4.19 | -12.29 | -12.24 | — |
| Dividend Payout % | 0.00% | 0.00% | -8.89% | 3.73% | 6.87% | 9.78% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -15%
- 5 Years:
- -36%
- 3 Years:
- -51%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -34%
- 5 Years:
- -50%
- 3 Years:
- -62%
- 1 Year:
- -56%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- -15%
- 3 Years:
- -18%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 111 | 163 | 163 | 163 | 183 | 183 | 183 | 183 | 183 |
| Minority Interest | 1 | 0 | 0 | 0 | 0 | -0 | 13 | 13 | 8 | -1 |
| -188 | -338 | -275 | -170 | -103 | 82 | -2 | -79 | -298 | -673 | |
| 3,325 | 3,440 | 3,599 | 3,414 | 3,090 | 2,584 | 1,864 | 1,750 | 1,229 | 287 | |
| Trade Payables | 146 | 266 | 1,573 | 825 | 701 | 1,017 | 1,185 | 1,074 | 1,241 | 1,128 |
| 78 | 144 | 171 | 512 | 956 | 1,229 | 1,588 | 1,767 | 1,342 | 2,233 | |
| Total Liabilities | 3,462 | 3,624 | 5,230 | 4,744 | 4,807 | 5,095 | 4,831 | 4,709 | 3,706 | 3,158 |
| 2,364 | 2,156 | 3,588 | 2,465 | 2,479 | 2,082 | 1,478 | 1,265 | 1,124 | 45 | |
| Capital Work in Progress | 6 | 16 | 7 | 28 | 27 | 26 | 0 | 0 | 0 | 0 |
| 1 | 32 | 22 | 166 | 240 | 280 | 332 | 317 | 85 | 65 | |
| 0 | 0 | 0 | 0 | 0 | 11 | 14 | 14 | 5 | 4 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 162 | 135 | 149 | 144 | 113 | 113 | 91 | 48 | 45 | 15 |
| 929 | 1,285 | 1,465 | 1,940 | 1,949 | 2,583 | 2,916 | 3,064 | 2,447 | 3,029 | |
| Total Assets | 3,462 | 3,624 | 5,230 | 4,744 | 4,807 | 5,095 | 4,831 | 4,709 | 3,706 | 3,158 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 478 | 315 | 480 | 505 | 726 | 547 | 822 | 497 | 261 | 378 | |
| Cash from Investing | -48 | -87 | -73 | -57 | -373 | -19 | -31 | -72 | 113 | -16 |
| Cash from Financing | -397 | -216 | -374 | -426 | -338 | -482 | -743 | -497 | -415 | -361 |
| 25 | -27 | 6 | -20 | -1 | 2 | -6 | -22 | 4 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-25 - MEP Infrastructure Developers Limited has informed the Exchange about Change in Company Secretary/Compliance Officer
2026-07-15 - MEP Infrastructure Developers Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-25 - MEP Infrastructure Developers Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-12 - JAYANT D. MHAISKAR has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-05 - MEP Infrastructure Developers Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-03 - MEP Infrastructure Developers Limited has informed the Exchange about Corporate Insolvency Resolution Process
2026-06-01 - MEP Infrastructure Developers Limited has informed the Exchange regarding Resignation of Rajendra Pawar as Chief Financial Officer of the company w.e.f. May 31, 2026.
News
Recent coverage and analyst commentary for MEP
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