BSE: 539767
Mega Nirman & Industries Limit
Operates an electric vehicle charging business under the MegaCharge brand alongside an Infrastructure Business and a real estate base classified under residential and commercial projects. Under the MegaCharge arm, the company has deployed over 20 EV charging points in Delhi, recently expanded to Kanpur, and targets 5,000 scalable EV charging points across India by 2030. A partnership with the National Highways for Electric Vehicles (NHEV) initiative covers the deployment of 660 charging points across a 5,500 km e-highway network spanning 26 national highways in 14 states. A new Infrastructure Business segment was added during FY26, contributing Rs 129.83 lakhs of revenue. FY26 revenue from operations reached Rs 1,479.43 lakhs, up 112% year-on-year, with net profit of Rs 35.23 lakhs. The cost base is dominated by employee cost (5.7% of revenue) and other operating expenses (7.4% of revenue), with no materials cost reported. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. EV Sector & Others (100%), Infrastructure Business. Small, low-leverage (debt-to-equity 0.0894) emerging EV charging and infrastructure company with a real estate classification
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 2 | 0 | 7 | 15 |
| EBITDA (ex other income) | (0) | (0) | (1) | (1) | 0 |
| margin % | — | (9.1) | — | (10.4) | 0.6 |
| Owners' profit | 0 | 0 | (1) | 0 | 0 |
| EPS, as reported (₹) | 0.21 | 0.04 | (1.60) | 0.16 | 0.14 |
| ROE % · ROCE % | 1.5 · 0.9 | 0.2 · 0.2 | (4.1) · (2.9) | 0.4 · 0.8 | 0.9 · 1.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.09 |
| Cash from operations | (0) | (0) | (1) | (6) | 2 |
| Capex | 0 | 0 | 0 | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 5 | 2 | 1 | 5 | 6 | 3 |
| Profit before tax | (0) | 0 | 0 | 0 | (0) | (0) | 0 | 0 |
| Net profit | (0) | 0 | 0 | 0 | (0) | (0) | 0 | 0 |
| EPS (₹) | (0.60) | 0.16 | 0.32 | 0.01 | (0.55) | (0.03) | 0.08 | 0.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EV SECTORS AND OTHERS | 2 | 61.3 |
| INFRASTRUCTURE BUSINESS | 1 | 38.7 |
| Total, before eliminations | 3 | 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. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.0 | 1.1 | 53 of 70 | 25% |
| ROCE | 1.2 | 1.9 | 52 of 88 | 41% |
| ROE | 0.9 | 1.6 | 43 of 73 | 42% |
| Debt / Equity | 0.1 | 0.3 | 29 of 73 | 61% |
| EBITDA margin | 21.1 | 15.3 | 25 of 59 | 59% |
| Revenue growth | 83.4 | (11.0) | 11 of 64 | 84% |
| Profit growth | 2755.4 | (48.8) | 2 of 79 | 99% |
| Market cap | 117 | 30 | 20 of 88 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · RTA confirms dematerialization of shares for Q2 FY27 | compliance | minimal | — | — |
| 10 Oct 2026 · Mega Nirman signs EV charging framework agreement with Safexpress | strategic transactions | medium | — | — |
| 8 Oct 2026 · Secretarial Auditor Mr. Chandan Jha resigns effective October 7, 2026 | management changes | medium | — | — |
| 8 Oct 2026 · Newspaper publication of Postal Ballot notice | compliance | minimal | — | — |
| 7 Oct 2026 · Postal ballot: 3 director appointments and Rs 50 crore rights issue | management changes | medium | — | — |
| 7 Oct 2026 · Board approves Rs 50 crore rights issue, appoints Mr Ishaan as director | management changes | medium | — | — |
| 7 Oct 2026 · Board approves fresh Rights Issue of up to Rs. 50 Cr, new director appointment | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Board to consider fund raising via equity shares on Oct 7 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Company withdraws proposed Rights Issue application | corporate actions | 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.