NSE: MANINFRA · BSE: 533169
MAN INFRA LTD
Develops premium and ultra-luxury residential projects in Mumbai under the Aaradhya brand and the newer MS Collection Residences vertical, and runs an EPC (Engineering, Procurement and Construction) business oriented to port infrastructure. For FY26 (period ending March 31, 2026), the real estate segment booked ₹329.39 crore in segment revenue (52% of segment revenue, EBIT of ₹163.04 crore) and EPC booked ₹303.79 crore (48% of segment revenue, EBIT of ₹79.90 crore); a further ₹52.17 crore of EBIT is reported as unallocated. The FY27 launch pipeline is sized at roughly ₹5,600 crore of Gross Development Value, spread across Marine Lines, Tardeo, BKC and Pali Hill, and over 1 million sq ft of carpet area is slated for delivery across four projects within 6-18 months. EPC work includes a 26% stake in a special-purpose vehicle that will design, build, operate and transfer a multipurpose dry-bulk and break-bulk berth terminal at Paradip Port, Odisha. The cost stack is dominated by materials at 33.6% of revenue and other operating expenses at 67.1%, with employees at 11.9% and depreciation at 2.0%. The balance sheet is net debt-free with ₹686 crore of liquidity and net worth of ₹2,266 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate (52%), EPC (Engineering, Procurement and Construction) (48%). Asset-heavy Mumbai-focused residential developer with an EPC arm concentrated on port and cargo infrastructure; net debt-free.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 961 | 1,890 | 1,263 | 1,108 | 630 |
| EBITDA (ex other income) | 247 | 414 | 326 | 324 | 129 |
| margin % | 25.7 | 21.9 | 25.8 | 29.3 | 20.4 |
| Owners' profit | (1) | 289 | 2 | 313 | 0 |
| EPS, as reported (₹) | 5.83 | 6.96 | 8.09 | 7.59 | 5.07 |
| ROE % · ROCE % | 32.1 · 33.3 | 25.2 · 38.4 | 20.0 · 25.8 | 17.0 · 23.6 | 9.1 · 11.8 |
| Debt / equity (x) | 0.60 | 0.18 | 0.09 | 0.02 | 0.03 |
| Cash from operations | 187 | 448 | 573 | 133 | (50) |
| Capex | (21) | (15) | (14) | (9) | (25) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 230 | 242 | 294 | 183 | 149 | 153 | 146 | 218 |
| Profit before tax | 52 | 135 | 133 | 78 | 70 | 66 | 54 | 80 |
| Net profit | 47 | 84 | 97 | 58 | 60 | 52 | 41 | 63 |
| EPS (₹) | 1.20 | 2.25 | 2.05 | 1.48 | 1.38 | 1.16 | 1.06 | 1.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC (Engineering, Procurement and Contacting) | 173 | 27.3 |
| Real Estate | 329 | 52.0 |
| EPC (Engineering, Procurement and Contracting) | 131 | 20.7 |
| Total, before eliminations | 633 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.8 | 20.5 | 30 of 57 | 48% |
| P/B | 1.9 | 1.9 | 33 of 64 | 49% |
| ROCE | 11.4 | 6.4 | 20 of 66 | 71% |
| ROE | 9.1 | 8.0 | 28 of 64 | 57% |
| Debt / Equity | 0.0 | 0.4 | 10 of 64 | 86% |
| EBITDA margin | 40.4 | 29.6 | 18 of 66 | 74% |
| Revenue growth | 19.4 | 12.8 | 29 of 67 | 58% |
| Profit growth | 7.6 | 7.5 | 33 of 66 | 51% |
| Market cap | 4501 | 1781 | 19 of 67 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Man Infra buys back 1.50 lakh shares at average Rs 111.64 | corporate actions | low | — | — |
| 27 Oct 2026 · Man Infra buys back 105,000 shares at average Rs 107.5866 | corporate actions | medium | — | — |
| 26 Oct 2026 · Company buys back 42,000 shares at an average price of Rs 102.43 | corporate actions | medium | — | — |
| 23 Oct 2026 · Company buys back 50,000 shares at an average price of Rs 102.80 | corporate actions | medium | — | — |
| 22 Oct 2026 · MAN INFRA buys back 43,000 shares at Rs 104.58 on Oct 22 | compliance | minimal | — | — |
| 22 Oct 2026 · Board meeting set for September quarter and half-year results | results | low | — | — |
| 21 Oct 2026 · Man Infra buys 1.3 lakh shares at Rs 110.35 in daily buyback | corporate actions | medium | — | — |
| 19 Oct 2026 · Man Infra buys back 25,000 shares at average Rs 112.48 on Oct 19 | corporate actions | medium | — | — |
| 16 Oct 2026 · Daily Buyback Report - 16 Oct 2026 | corporate actions | medium | — | — |
| 15 Oct 2026 · Man Infraconstruction buys back 2 lakh shares at average Rs 115.89 | corporate actions | low | — | — |
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.