NSE: MBLINFRA · BSE: 533152
MBL INFRASTRUCTURE LTD
Undertakes construction and infrastructure projects across roads, highways, BOT (build-operate-transfer) assets, buildings, railways and metro. The business emerged from its IBC resolution plan in September 2024 and is operating in recovery mode with consolidated FY26 revenue of Rs 176.06 cr and a consolidated net loss of Rs 22.63 cr, even as consolidated EBITDA was Rs 106.02 cr. Costs are dominated by other operating expenses at 83.0% of revenue and depreciation at 30.8%, with raw materials at just 4.1% of revenue and employee costs at 6.9% — the heavy depreciation weight reflects an asset-heavy BOT portfolio. Capital expenditure was nil in FY26. The firm is navigating the insolvency of one subsidiary and carries investments in subsidiaries whose recoverability depends on arbitration and litigation outcomes. An arbitration award in favour from Uttarakhand's Public Works Department for a road improvement project in Udham Singh Nagar district was upheld by the Commercial Court in Dehradun in July 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Roads and highways, BOT projects, Buildings, Railways and metro. Cyclical, asset-heavy infrastructure construction in post-IBC restructuring with significant debt and subsidiary stress
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 164 | 159 | 122 | 128 | 176 |
| EBITDA (ex other income) | (48) | (87) | (79) | 170 | 27 |
| margin % | (29.4) | (54.5) | (64.7) | 132.4 | 15.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.01 | (4.82) | (3.75) | (1.23) | (2.65) |
| ROE % · ROCE % | 0.0 · (0.9) | (6.4) · (0.8) | (5.3) · (0.5) | 17.9 · 10.4 | (2.4) · 3.5 |
| Debt / equity (x) | 1.45 | 1.45 | 1.46 | 1.01 | 1.03 |
| Cash from operations | (14) | 77 | 50 | 46 | 39 |
| Capex | (0) | 0 | (1) | (3) | 0 |
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 | 33 | 30 | 31 | 28 | 50 | 51 | 52 | 38 |
| Profit before tax | 24 | (31) | (48) | (12) | 8 | (10) | 44 | 11 |
| Net profit | 24 | (31) | (47) | (12) | 8 | (9) | (8) | (5) |
| EPS (₹) | (1.52) | (5.66) | (0.54) | (0.92) | (0.65) | (0.86) | (0.56) | (0.33) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Court orders Rs 81.14 crore deposit to MBL Infra in arbitration win | compliance | low | — | — |
| 6 Oct 2026 · MBL Infra wins court order for Rs 81.14 cr arbitration award payment | regulatory legal | high | — | — |
| 21 Sept 2026 · MBL Infra to attend Bharat Connect investor conference on 29 Sep | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 31st AGM: All 6 resolutions passed with over 99.99% majority | board shareholder meetings | low | — | — |
| 12 Sept 2026 · MBL Infra 31st AGM summary - all items transacted via video call | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · MBL August 2026 presentation: higher operating profit, net loss | investor communications | medium | — | — |
| 17 Aug 2026 · MBL Infrastructure publishes AGM notice in newspapers for September 12 meeting | compliance | minimal | — | — |
| 13 Aug 2026 · MBL Infra files FY26 Annual Report, 31st AGM on Sep 12 | board shareholder meetings | medium | — | — |
| 11 Aug 2026 · MBL Infra 31st AGM on 12 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Aug 2026 · MBL Infra Q1 FY27 Results: Standalone Profit Rises, Consolidated Loss Narrows | results | 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.