NSE: MEP · BSE: 539126
MEP INFRA. DEVELOPERS LTD
Operates toll roads in India, earning revenue by collecting tolls and carrying out the operation and maintenance of road projects. In FY24, the toll collection, operation and maintenance stream accounted for 100% of segment revenue (₹73.17 crore), while the construction segment generated ₹0 in revenue that year. The company's toll collection revenue declined materially through FY25 — quarterly toll revenue of ₹19.74 crore in Q2 FY25 and ₹38.39 crore in Q3 FY25 (consolidated) — versus the FY24 full-year base. The biggest cost line in FY24 was 'other operating expenses' at ₹700.71 crore, well above revenue and reflecting the loss-making situation. The company has been under the Corporate Insolvency Resolution Process (CIRP) since an NCLT order dated 28 March 2024, with Mr. Ravindra Kumar Goyal acting as Resolution Professional and a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 in effect; as of April 2026 the 22nd meeting of the Committee of Creditors had been held and the Resolution Plan was being heard by NCLT Mumbai. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Toll Collection, Operation & Maintenance (100%). Asset-heavy toll road operator under corporate insolvency resolution
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 2,056 | 1,123 | 967 | 245 | 73 |
| EBITDA (ex other income) | 584 | 395 | 547 | (142) | (728) |
| margin % | 28.4 | 35.2 | 56.5 | (57.9) | (995.3) |
| Owners' profit | (77) | (77) | (221) | (216) | (855) |
| EPS, as reported (₹) | (4.70) | (4.19) | (12.29) | (12.24) | (47.28) |
| ROE % · ROCE % | (44.3) · 17.0 | (65.4) · 17.5 | 212.2 · 32.8 | 48.1 · (12.4) | 65.8 · (207.7) |
| Debt / equity (x) | 9.44 | 14.64 | (19.74) | (0.89) | (0.25) |
| Cash from operations | — | 491 | 306 | 378 | 503 |
| Capex | — | (29) | (23) | (7) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 150 | 81 | 2 | 11 | 6 | 13 | 19 | 35 |
| Profit before tax | (61) | (48) | (56) | (82) | (56) | (53) | (98) | (587) |
| Net profit | (64) | (45) | (52) | (63) | (42) | (52) | (116) | (713) |
| EPS (₹) | (3.49) | (2.47) | (2.82) | (3.45) | (2.27) | (2.81) | (6.29) | (38.30) |
Exhibit 3: Segment revenue, FY24
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Toll collection , Operation & Maintenance | 35 | 47.5 |
| Toll Collection, Operation & Maintenance | 19 | 25.5 |
| Toll Collection and Operation & Maintenance | 13 | 18.3 |
| Toll Collection and Operation and Maintenance | 6 | 8.6 |
| Total, before eliminations | 73 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Quarterly share dematerialisation certificate submitted to exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · MEP Infra trading window closed from Oct 1 for H2 FY26 results | compliance | minimal | — | — |
| 25 Aug 2026 · Company Secretary Nitisha Sohoni resigns from MEP Infrastructure | management changes | medium | — | — |
| 15 Jul 2026 · Routine compliance filing: Demat confirmation certificate for Q1 FY27 | compliance | minimal | — | — |
| 25 Jun 2026 · Trading window closed from July 1 ahead of Q1 results | compliance | minimal | — | — |
| 25 Jun 2026 · Trading Window Closure for Q1 FY27 Results | compliance | minimal | — | — |
| 5 Jun 2026 · Promoters confirm no new pledges or charges on shares in FY25-26 | compliance | minimal | — | — |
| 3 Jun 2026 · MEP Infrastructure: 23rd CoC meeting held under CIRP | regulatory legal | high | — | — |
| 1 Jun 2026 · MEP Infrastructure CFO Rajendra Pawar resigns effective May 31, 2026 | management changes | high | — | — |
| 21 Apr 2026 · <b>Format of Initial Disclosure to be made by an entity identified as a Large Corporate.</b><br/><br/> <table border=''1px''><tr> <td><b>Sr. No.</b></td> <td><b>Particulars</b></td> <td><b>Details</b></td> .... | compliance | minimal | — | — |
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.