NSE: MBEL · BSE: 544470
M AND B ENGINEERING LTD
Designs and manufactures pre-engineered steel buildings and self-supported roofing through two divisions. Phenix sells pre-engineered building (PEB) solutions — fabricated steel structures used as warehouses, industrial facilities, and increasingly data centres — and contributed about 80% of FY26 revenue. Proflex sells self-supported roofing sheets and accounts for the remaining ~20%. FY26 consolidated revenue was INR 1,259.72 cr, up 27% year-on-year, on an unexecuted order book of INR 1,083 cr and record order inflows of INR 1,539 cr. Exports (primarily to North America) grew 156% to INR 165.62 cr in FY26, with the US sectoral tariff reduced to 25% effective April 2026. Phenix FY26 volume was 72,000 MT and Proflex volume was around 17 lakh sq. meters, with the Sanand plant set to reach 92,000 MT per annum after a 20,000 MT expansion in Q2 FY27. Materials (dominated by steel) made up 69.2% of revenue, and Q4 FY26 margins were compressed by 20%+ steel price inflation and freight cost spikes linked to the Iran conflict. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Phenix — Pre-engineered buildings (80%), Proflex — Self-supported roofing (20%). Asset-heavy pre-engineered buildings and roofing manufacturer; input-cost sensitive to steel prices and freight.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,260 |
| EBITDA (ex other income) | 140 |
| margin % | 11.1 |
| Owners' profit | 93 |
| EPS, as reported (₹) | 16.94 |
| ROE % · ROCE % | 14.1 · 21.0 |
| Debt / equity (x) | 0.12 |
| Cash from operations | (26) |
| Capex | (33) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 238 | 307 | 352 | 364 | 291 |
| Profit before tax | 24 | 29 | 35 | 36 | 29 |
| Net profit | 18 | 22 | 25 | 27 | 22 |
| EPS (₹) | 3.59 | 4.07 | 4.46 | 4.76 | 3.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.5 | 14.6 | 53 of 101 | 48% |
| P/B | 2.3 | 1.4 | 57 of 85 | 33% |
| ROCE | 18.4 | 10.0 | 24 of 107 | 78% |
| ROE | 14.1 | 9.1 | 23 of 87 | 74% |
| Debt / Equity | 0.1 | 0.4 | 20 of 87 | 78% |
| EBITDA margin | 12.3 | 12.4 | 45 of 88 | 49% |
| Revenue growth | 22.5 | 6.2 | 25 of 86 | 72% |
| Profit growth | 22.0 | 2.7 | 27 of 84 | 69% |
| Market cap | 1509 | 468 | 38 of 107 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · M and B Engineering files quarterly RTA compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Investor/Analyst meeting schedule for Bharat Connect Conference | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Shareholders approve re-appointment of two Whole-time Directors | management changes | medium | — | — |
| 17 Sept 2026 · 44th AGM concludes, all 8 resolutions passed; Rs.1 dividend declared | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · M and B Engineering gets EU certification for Sanand facility | business updates | high | — | — |
| 26 Aug 2026 · Newspaper publication of AGM Notice and E-Voting details | compliance | minimal | — | — |
| 25 Aug 2026 · M&B Engineering files 44th AGM notice and FY26 Annual Report | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Notice of 44th AGM and Annual Report for FY2025-26 filed with exchanges | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · 44th AGM notice and FY26 annual report submitted to exchanges | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.