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M & B Engineering Q2 FY27 results: net profit up 36.3% to ₹25.10 crore, revenue up 26.2%
M & B Engineering Limited reported standalone revenue of ₹328.34 crore in Q2 FY27, up 26.2% from ₹260.20 crore a year earlier. Net profit rose 36.3% to ₹25.10 crore and EBITDA increased 29.8% to ₹37.81 crore, with the margin at 11.5%.
Key points
- Standalone Q2 FY27 revenue was ₹328.34 crore, up 26.2% year on year and 24.0% from Q1 FY27.
- EBITDA for the quarter was ₹37.81 crore, up 29.8% from ₹29.12 crore, with the margin at 11.5%.
- Net profit was ₹25.10 crore, up 36.3% from ₹18.42 crore, and basic EPS was ₹4.33.
- H1 FY27 revenue was ₹593.04 crore, up 21.4%, while PAT was ₹39.74 crore, up 18.0%.
- Total assets were ₹1086.25 crore at 30 September 2026, equity ₹692.02 crore and borrowings ₹105.52 crore.
How did M & B Engineering perform in Q2 FY27?
M & B Engineering reported standalone revenue of ₹328.34 crore in Q2 FY27, up 26.2% from ₹260.20 crore in Q2 FY26 and 24.0% from ₹264.70 crore in Q1 FY27. EBITDA was ₹37.81 crore, up 29.8% year on year and 83.8% from the previous quarter, with the margin at 11.5% against 11.2% and 7.8% respectively.
Profit before tax rose to ₹33.45 crore from ₹23.93 crore a year earlier and ₹19.47 crore in Q1 FY27. After tax of ₹8.35 crore, net profit was ₹25.10 crore, up from ₹18.42 crore and ₹14.64 crore, while basic EPS was ₹4.33 against ₹3.38 and ₹2.49.
The board also approved the unaudited consolidated results for the quarter and half year ended 30 September 2026. In its investor presentation, management put consolidated revenue for Q2 FY27 at ₹385 crore, up 25.4% year on year, against standalone revenue of ₹328.34 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 328.34 | 264.70 | 260.20 | +26.2% | +24.0% |
| Other income | 2.92 | 5.35 | 2.81 | +3.9% | −45.4% |
| Total expenses | 297.81 | 250.58 | 239.08 | +24.6% | +18.8% |
| EBITDA | 37.81 | 20.57 | 29.12 | +29.8% | +83.8% |
| EBITDA margin | 11.5% | 7.8% | 11.2% | +0.3 pp | +3.7 pp |
| Profit before tax | 33.45 | 19.47 | 23.93 | +39.8% | +71.8% |
| Tax | 8.35 | 4.83 | 5.51 | +51.5% | +72.9% |
| Net profit | 25.10 | 14.64 | 18.42 | +36.3% | +71.4% |
| EPS (₹) | 4.33 | 2.49 | 3.38 | +28.1% | +73.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in M & B Engineering's costs and profit?
The main rise in costs came from materials, which increased ₹47.45 crore to ₹235.34 crore from ₹187.89 crore, up 25.3%. Employee cost rose ₹0.65 crore to ₹26.99 crore, other expenses increased ₹3.58 crore to ₹26.44 crore and depreciation was up ₹0.55 crore at ₹4.21 crore.
Finance costs fell ₹1.28 crore to ₹3.06 crore from ₹4.34 crore, while other income edged up ₹0.11 crore to ₹2.92 crore from ₹2.81 crore. Total expenses increased ₹58.73 crore to ₹297.81 crore from ₹239.08 crore, and there was no exceptional item in either quarter.
Tax expense was ₹8.35 crore against ₹5.51 crore a year earlier, an increase of ₹2.84 crore. Against Q1 FY27, other income fell ₹2.43 crore to ₹2.92 crore, finance costs rose ₹0.29 crore and other expenses rose ₹2.94 crore, while employee cost fell ₹0.70 crore to ₹26.99 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 235.34 | 187.89 | +47.45 | +25.3% |
| Employee cost | 26.99 | 26.34 | +0.65 | +2.5% |
| Finance costs | 3.06 | 4.34 | −1.28 | −29.5% |
| Depreciation | 4.21 | 3.66 | +0.55 | +15.0% |
| Other expenses | 26.44 | 22.86 | +3.58 | +15.7% |
| Total expenses | 297.81 | 239.08 | +58.73 | +24.6% |
| Other income | 2.92 | 2.81 | +0.11 | +3.9% |
| Tax | 8.35 | 5.51 | +2.84 | +51.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹593.04 crore, up 21.4% from ₹488.53 crore in H1 FY26. Total income rose 21.3% to ₹601.31 crore from ₹495.62 crore, while profit before tax increased 19.8% to ₹52.92 crore from ₹44.18 crore.
PAT for the first half was ₹39.74 crore, up 18.0% from ₹33.68 crore, and EPS was ₹6.82 against ₹6.44. In the consolidated presentation, management reported H1 FY27 revenue of ₹676 crore, up 24.1% year on year.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 593.04 | 488.53 | +21.4% |
| Profit before tax | 52.92 | 44.18 | +19.8% |
| Net profit | 39.74 | 33.68 | +18.0% |
| EPS (₹) | 6.82 | 6.44 | +5.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets at 30 September 2026 were ₹1086.25 crore, down from ₹1101.58 crore at 31 March 2026. Total equity rose to ₹692.02 crore from ₹655.96 crore, while borrowings increased to ₹105.52 crore from ₹78.98 crore and cash fell to ₹40.42 crore from ₹89.43 crore.
Inventories were ₹332.26 crore against ₹340.07 crore at the previous balance sheet date. Trade receivables rose to ₹192.05 crore from ₹186.5 crore, and trade payables fell to ₹155.19 crore from ₹208.29 crore.
For H1 FY27, net cash from operating activities was ₹10.81 crore against ₹7.47 crore in H1 FY26. Investing cash flow was negative ₹75.34 crore against negative ₹154.76 crore, financing cash flow was ₹16.0 crore against ₹160.18 crore, and capital expenditure was ₹71.57 crore against ₹10.3 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,086 | 1,102 |
| Total equity | 692.02 | 655.96 |
| Borrowings | 105.52 | 78.98 |
| Cash and equivalents | 40.42 | 89.43 |
| Inventories | 332.26 | 340.07 |
| Trade receivables | 192.05 | 186.50 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 10.81 | 7.47 |
| Cash from investing | −75.34 | −154.76 |
| Cash from financing | 16 | 160.18 |
| Capital expenditure | 71.57 | 10.30 |
Source: Company's results filing (XBRL).
How has M & B Engineering done over the last 6 quarters?
Revenue has risen in each of the last two quarters on a year-on-year basis. Standalone revenue reached ₹328.34 crore in Q2 FY27, above ₹314.31 crore in Q4 FY26 and the low of ₹228.33 crore in Q1 FY26.
Net profit in the latest quarter was ₹25.10 crore, higher than ₹19.28 crore in Q4 FY26 and ₹14.64 crore in Q1 FY27. The earlier peak in the series was ₹25.8 crore in Q3 FY26, while the low was ₹14.64 crore in Q1 FY27.
The EBITDA margin bottomed at 7.8% in Q1 FY27 and then rose to 11.5% in Q2 FY27. It was 14.1% in Q3 FY26 and 8.9% in Q4 FY26, before the earlier low of 11.0% in Q1 FY26.
What else did the company announce?
The company filed a board meeting intimation on 30 October 2026 for the meeting held on 5 November 2026 to consider the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. The trading window for designated persons remained closed until 48 hours after the results were declared.
In its outcome of board meeting filing, the company said the board took on record the unaudited standalone and consolidated results along with limited review reports dated 5 November 2026. The investor presentation and press release for the quarter and half year were also filed with the exchanges. No dividend or fund raise was reported in the same-day filings.
What did M & B Engineering's management say?
Management said the company remained confident of delivering over 25% revenue growth in FY27, supported by the enquiry pipeline, existing order book, capacity expansion and domestic and international opportunities. Over the medium term, it continues to target over 20% CAGR for the next 3–4 years, along with progressive improvement in profitability.
Malav Patel, Joint Managing Director, said the company achieved its highest-ever quarterly and half-yearly revenue, with growth across both Phenix and Proflex divisions. Orders on hand stood at ₹1,109 crore, up 19% year on year, while Q2 FY27 order inflows were ₹441 crore, up 12% year on year and 69% quarter on quarter.
Management said Phase I of the brownfield expansion at Sanand began commercial production and added 20,000 MTPA, taking combined Sanand and Cheyyar PEB capacity to approximately 124,000 MTPA. The Sanand facility received CE certification from TÜV NORD, which the company said supports European PEB and structural-steel opportunities, alongside continued focus on expanding US exports.
The presentation flagged that the net working-capital cycle lengthened to 79 days from 62 days, with inventory days at 106 against 96 and receivable days at 75 against 66. Management also noted that ₹103.44 crore of IPO capital-expenditure proceeds remained unutilised at 30 September 2026, with only 23.82% used.
How did M & B Engineering shares react?
The shares moved higher after the filing, rising 4.4% within 5 minutes, 5.2% within 15 minutes and 8.7% within 30 minutes from the price when the results appeared. No reaction-day, one-day or five-day close figures or sector and market comparisons were available.
Results-day moves on earlier announcements were negative on four of the past five occasions: 11.3% on 10 August 2026, 10.1% on 12 May 2026, 3.0% on 9 February 2026 and 14.7% on 11 November 2025. The move on 25 August 2025 was 0.3%.
| After the filing | Stock |
|---|---|
| 5 minutes | +4.4% |
| 15 minutes | +5.2% |
| 30 minutes | +8.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | −11.3% |
| 12 May 2026 | −10.1% |
| 9 February 2026 | −3.0% |
| 11 November 2025 | −14.7% |
| 25 August 2025 | +0.3% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Among the 27 Civil Construction companies compared for this quarter, the median revenue growth was 8.3%. Eighteen peers grew slower than M & B Engineering and nine grew faster than the company.
Of the 27 peers whose profit was compared, 20 reported higher profit. M & B Engineering's standalone revenue growth of 26.2% in Q2 FY27 was above the industry median.
| M & B Engineering revenue growth (YoY) | +26.2% |
|---|---|
| Median of 27 other Civil Construction companies | +8.3% |
| Companies with slower revenue growth than M & B Engineering | 18 of 27 |
| Companies with faster revenue growth than M & B Engineering | 9 of 27 |
| Companies whose net profit rose | 20 of 27 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was M & B Engineering's revenue in Q2 FY27?
Revenue from operations was ₹328.34 crore, up 26.2% from ₹260.20 crore in Q2 FY26 (standalone).
Did M & B Engineering make a profit in Q2 FY27?
Yes. Net profit was ₹25.10 crore, against a net profit of ₹18.42 crore in Q2 FY26.
What was M & B Engineering's EPS in Q2 FY27?
Basic earnings per share were ₹4.33, against ₹3.38 in Q2 FY26.
When did M & B Engineering announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting For Taking On Record Unaudited Financial Results For The Quarter & Half Year Ended On 30Th September, 2026 (BSE, 30 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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