Meghna Infracon Infrastructure Ltd.

•

meghnarealty.comBSE: -NSE: MIIL

Market Cap₹ 1,571 Cr.

Current Price

High / Low₹ 743 / 660

Stock P/E346.6

Book Value₹ 13

Price to Book40.80

Dividend Yield0.03 %

ROCE54.9 %

ROE52.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Real Estate Activity: 64.4% • Sale of Shares: 35.6%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 49.2%
Asset quality is healthy - gross NPA of just 0.0%
Company has a healthy return on capital (ROCE) of 21.2%
Operating margins have improved to 18.0% from 8.0%
Company generates healthy free cash flow

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
A large part of profit comes from other income (77.2% of PBT)
Recent results are weak - TTM profit is down 58.2% versus prior year
Company's sales have been declining over the last five years
Stock is trading at 40.8x its book value
Effective tax rate is unusually low at 7.6% - earnings may be flattered

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

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

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

S.No.	Name
1.	MCX	3285.00	54.33	83764.82	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1020.95	31.05	61494.19	0.59	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1190.00	38.43	48500.18	1.01	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1840.70	31.31	33909.05	1.52	305.64	15.83	1376.22	22.59	20.45	52.80
5.	ANGELONE	279.00	24.71	25501.62	1.45	231.40	102.15	1429.69	25.35	14.87	33.92
6.	CHOICEIN	762.65	71.48	16990.05	0.00	60.61	26.37	309.79	32.46	23.09	33.83
7.	IIFLCAPS	338.80	18.73	10678.26	0.89	184.16	4.92	631.48	3.13	23.27	35.76
8.	SHAREINDIA	168.40	10.14	3685.02	0.95	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	508.25	24.69	3205.35	0.98	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	373.60	16.36	2962.96	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	82.99	31.94	2316.43	1.81	19.83	-30.83	160.40	7.46	9.35	20.55
12.	MIIL	723.00	346.56	1570.63	0.03	5.68	270.27	84.32	705.35	56.54	10.95

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	14	21	7	9	5	0	6	3	1	0	0	6	18
	14	20	8	10	5	0	3	3	1	1	1	1	14
Operating Profit	0	2	-1	-0	0	-0	3	0	0	-1	-1	6	7
OPM %	1.87%	7.51%	-7.56%	-0.53%	0.55%	—	55.15%	8.04%	13.51%	-514.29%	—	86.34%	36.10%
Other Income	0	0	1	1	2	1	2	4	1	2	2	-2	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	1
	0	2	0	1	2	0	5	4	1	1	1	3	6
Tax %	27.03%	-0.52%	-32.26%	11.29%	2.42%	6.25%	17.08%	1.01%	0.71%	0.00%	-4.35%	35.69%	15.62%
Net Profit	0	2	0	1	2	0	4	4	1	1	1	2	5
	0	2	0	0	1	0	4	4	1	0	0	1	0
Equity Capital	11	11	11	11	11	11	11	11	11	22	22	22	217
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	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%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	5	16	176	104	22	1	10	13	53	14	8
	5	16	177	104	24	1	10	15	52	12	4
Operating Profit	0	-0	-1	-1	1	1	1	-1	3	10	—
OPM %	3	-2	-1	-1	3	84	8	-10	7	73	—
Other Income	0	0	0	0	2	1	1	0	2	8	2
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	1
	0	-0	-2	-1	0	1	0	-2	3	10	6
Tax %	47	14	13	26	18	57	15	-2	2	8	20
Net Profit	0	-0	-2	-1	0	0	0	-2	3	9	5
EPS	0	0	0	0	0	1	1	-2	3	9	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	0	-0	-1	-0	0	0	0	-1	1	4	—

COMPOUNDED SALES GROWTH

10 Years:: 19%
5 Years:: -9%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 83%
5 Years:: 101%
3 Years:: 183%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 16%
3 Years:: 17%
Last Year:: 53%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	3	3	3	3	3	3	3	11	11	11
	2	1	-0	-1	-1	-0	0	-1	2	11
	0	2	7	4	7	9	2	9	1	0
Trade Payables	1	0	5	0	0	0	1	0	0	0
	0	0	-0	-1	-0	0	0	0	0	2
Total Liabilities	6	7	15	6	10	12	6	19	14	24
ASSETS	-	-	-	-	-	-	-	-	-	-
	0	0	0	0	0	0	0	0	0	1
	1	0	0	0	5	2	1	0	3	18
	1	5	13	2	1	3	3	17	8	3
	0	0	0	0	0	0	0	0	1	1
Cash & Bank	0	0	0	2	1	3	1	0	0	0
	4	2	2	2	2	4	1	1	2	1
Total Assets	6	7	15	6	10	12	6	19	14	24
Total Debt	0	2	7	4	7	9	2	9	1	1
Net Working Capital	2	3	2	1	-3	1	2	10	13	21
Contingent Liabilities	0	0	0	0	0	37	37	37	0	0
Book Value per Share	14.59	13.60	9.04	6.84	7.64	8.83	10.36	9.23	12.15	20.22
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-2	-1	0	1	5	-2	4	-17	11	16
Cash from Investing	2	1	0	0	-5	3	2	1	-3	-16
Cash from Financing	-0	-0	-0	-0	-0	1	-7	15	-8	0
	-0	0	-0	1	-0	2	-2	-1	-0	0
Free Cash Flow	-2	-1	0	1	5	-3	4	-17	11	15
OCF / Net Profit	-101.18	1.85	-0.14	-1.86	16.47	-5.92	9.83	8.47	3.54	1.69
Cumulative 5-Year FCF	0	0	0	0	4	3	7	-10	0	10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.05	-0.99	-4.56	-2.20	0.81	1.18	1.17	-1.81	2.92	8.50
Book Value (₹)	14.59	13.60	9.04	6.84	7.64	8.83	10.36	9.23	12.15	20.22
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.05	-0.18	-0.87	-0.39	0.16	0.25	0.30	-0.86	1.49	4.34
PROFITABILITY
Operating Margin %	3.06%	-1.93%	-0.83%	-0.55%	2.69%	83.79%	8.01%	-10.50%	2.43%	17.97%
Net Margin %	0.40%	-2.21%	-0.90%	-0.74%	1.25%	33.87%	4.10%	-15.21%	6.01%	65.87%
ROE %	0.36%	-7.01%	-40.32%	-27.68%	11.12%	14.35%	12.19%	-28.87%	27.32%	52.55%
ROCE %	1.21%	-5.31%	-17.08%	-7.80%	7.36%	9.02%	7.64%	-12.21%	21.06%	54.86%
	0.32%	-5.18%	-14.23%	-7.40%	3.66%	3.80%	4.48%	-15.81%	19.40%	49.17%
EFFICIENCY
Debtor Days	80	21	1	2	20	689	54	3	3	18
Inventory Days	48	72	19	26	28	686	109	287	88	141
Payable Days	51	10	5	9	1	1120	15	10	0	0
	77	83	14	19	47	256	149	280	91	159
FINANCIAL HEALTH
Debt to Equity (x)	0.01x	0.49x	2.29x	1.57x	2.75x	2.87x	0.48x	0.85x	0.05x	0.04x
Interest Coverage (x)	2.28x	-4.29x	-4.49x	-1.65x	2.37x	49.72x	3.67x	-3.04x	19.60x	170.44x
	3.41x	2.33x	1.14x	1.22x	0.65x	1.11x	2.01x	2.11x	16.33x	20.47x
GROWTH
Revenue Growth %	94.70%	235.90%	1029.94%	-41.00%	-78.36%	-94.59%	717.36%	30.34%	308.42%	-73.43%
Operating Profit Growth %	4.00%	-311.67%	-388.06%	60.78%	205.19%	68.28%	-21.83%	-270.71%	355.88%	194.98%
Net Profit Growth %	-16.84%	-1969.07%	-362.17%	51.86%	136.66%	46.75%	-1.06%	-583.62%	261.32%	191.22%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	261.31%	191.22%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	40.34x	48.50x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.39x	40.80x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	73.83x	87.55x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.92	46.92	46.92	46.92	46.92	46.92	46.92	47.01	47.01
	0.80	0.89	1.93	1.93	7.26	7.84	7.84	7.89	7.98
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	52.28	52.19	51.15	51.15	45.83	45.24	45.24	45.10	45.01

Documents

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

No announcements filed.

News

Recent coverage and analyst commentary for MIIL

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Meghna Infracon Infrastructure Ltd.

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Name

MCX

3285.00

54.33

83764.82

0.24

413.44

103.47

702.00

88.10

48.10

70.40

MOTILALOFS

1020.95

31.05

61494.19

0.59

1273.71

9.53

3425.76

25.49

12.68

57.49

360ONE

1190.00

38.43

48500.18

1.01

330.53

16.11

1226.09

26.85

12.28

63.01

NUVAMA

1840.70

31.31

33909.05

1.52

305.64

15.83

1376.22

22.59

20.45

52.80

ANGELONE

279.00

24.71

25501.62

1.45

231.40

102.15

1429.69

25.35

14.87

33.92

CHOICEIN

762.65

71.48

16990.05

0.00

60.61

26.37

309.79

32.46

23.09

33.83

IIFLCAPS

338.80

18.73

10678.26

0.89

184.16

4.92

631.48

3.13

23.27

35.76

SHAREINDIA

168.40

10.14

3685.02

0.95

124.41

47.45

448.09

31.25

21.00

44.76

ARSSBL

508.25

24.69

3205.35

0.98

23.35

2.35

246.10

22.37

19.72

39.54

MONARCH

373.60

16.36

2962.96

0.27

45.18

-0.15

90.89

-7.25

33.26

66.00

GEOJITFSL

82.99

31.94

2316.43

1.81

19.83

-30.83

160.40

7.46

9.35

20.55

MIIL

723.00

346.56

1570.63

0.03

5.68

270.27

84.32

705.35

56.54

10.95

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-1

-0

-1

OPM %

1.87%

7.51%

-7.56%

-0.53%

0.55%

—

55.15%

8.04%

13.51%

-514.29%

—

86.34%

36.10%

Other Income

-2

Interest

Depreciation

Tax %

27.03%

-0.52%

-32.26%

11.29%

2.42%

6.25%

17.08%

1.01%

0.71%

0.00%

-4.35%

35.69%

15.62%

Net Profit

Equity Capital

217

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

176

104

177

104

Operating Profit

-0

-1

—

OPM %

-2

-1

-10

—

Other Income

Interest

Depreciation

-0

-2

-1

-2

Tax %

-2

Net Profit

-0

-2

-1

-2

EPS

-2

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-0

-1

-0

-1

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

-0

-1

-0

-1

Trade Payables

-0

-1

-0

Total Liabilities

ASSETS

Cash & Bank

Total Assets

Total Debt

Net Working Capital

-3

Contingent Liabilities

Book Value per Share

14.59

13.60

9.04

6.84

7.64

8.83

10.36

9.23

12.15

20.22

Face Value

10.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-2

-1

-2

-17

Cash from Investing

-5

-3

-16

Cash from Financing

-0

-7

-8

-0

-2

-1

-0

Free Cash Flow

-2

-1

-3

-17

OCF / Net Profit

-101.18

1.85

-0.14

-1.86

16.47

-5.92

9.83

8.47

3.54

1.69

Cumulative 5-Year FCF

-10

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.05

-0.99

-4.56

-2.20

0.81

1.18

1.17

-1.81

2.92

8.50

Book Value (₹)

14.59

13.60

9.04

6.84

7.64

8.83

10.36

9.23

12.15

20.22

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.05

-0.18

-0.87

-0.39

0.16

0.25

0.30

-0.86

1.49

4.34

PROFITABILITY

Operating Margin %

3.06%

-1.93%

-0.83%

-0.55%

2.69%

83.79%

8.01%

-10.50%

2.43%

17.97%

Net Margin %

0.40%

-2.21%

-0.90%

-0.74%

1.25%

33.87%

4.10%

-15.21%

6.01%

65.87%

ROE %

0.36%

-7.01%

-40.32%

-27.68%

11.12%

14.35%

12.19%

-28.87%

27.32%

52.55%

ROCE %

1.21%

-5.31%

-17.08%

-7.80%

7.36%

9.02%

7.64%

-12.21%

21.06%

54.86%

0.32%

-5.18%

-14.23%

-7.40%

3.66%

3.80%

4.48%

-15.81%

19.40%

49.17%

EFFICIENCY

Debtor Days

689

Inventory Days

686

109

287

141

Payable Days

1120

256

149

280

159

FINANCIAL HEALTH

Debt to Equity (x)

0.01x

0.49x

2.29x

1.57x

2.75x

2.87x

0.48x

0.85x

0.05x

0.04x

Interest Coverage (x)

2.28x

-4.29x

-4.49x

-1.65x

2.37x

49.72x

3.67x

-3.04x

19.60x

170.44x

3.41x

2.33x

1.14x

1.22x

0.65x

1.11x

2.01x

2.11x

16.33x

20.47x

GROWTH

Revenue Growth %

94.70%

235.90%

1029.94%

-41.00%

-78.36%

-94.59%

717.36%

30.34%

308.42%

-73.43%

Operating Profit Growth %

4.00%

-311.67%

-388.06%

60.78%

205.19%

68.28%

-21.83%

-270.71%

355.88%

194.98%

Net Profit Growth %

-16.84%

-1969.07%

-362.17%

51.86%

136.66%

46.75%

-1.06%

-583.62%

261.32%

191.22%

0.00%

261.31%

191.22%

VALUATION

P/E (x)

0.00x

40.34x

48.50x

P/B (x)

0.00x

19.39x

40.80x

Dividend Yield %

0.00%

0.00x

73.83x

87.55x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

46.92

47.01

0.80

0.89

1.93

7.26

7.84

7.89

7.98

DIIs

0.00

Government

0.00

52.28

52.19

51.15

45.83

45.24

45.10

45.01

Meghna Infracon Infrastructure Ltd.

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Meghna Infracon Infrastructure Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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