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Man Infraconstruction Q2 FY27 results: net profit up 8.7% to ₹65.23 crore, revenue up 78.8%
Man Infraconstruction Limited reported consolidated revenue of ₹266.01 crore for Q2 FY27, up 78.8% from Q2 FY26, while net profit rose 8.7% to ₹65.23 crore. EBITDA increased to ₹80.57 crore and the margin expanded to 30.3% from 24.6%, although EPS was ₹1.56 against ₹1.38 a year earlier.
Key points
- Consolidated Q2 FY27 revenue was ₹266.01 crore, up 78.8% from ₹148.75 crore in Q2 FY26 and 21.8% from ₹218.31 crore in Q1 FY27.
- EBITDA was ₹80.57 crore in Q2 FY27, up 120.3% year on year, while the EBITDA margin rose to 30.3% from 24.6%.
- Net profit for the quarter was ₹65.23 crore, compared with ₹60.01 crore in Q2 FY26 and ₹62.74 crore in Q1 FY27; basic EPS was ₹1.56.
- Real Estate revenue rose 135.1% to ₹203.21 crore, while EPC revenue was ₹62.98 crore, down 0.2% from the year-ago quarter.
- The board approved Q2 and H1 FY27 consolidated and standalone results and material related-party transactions, which are subject to shareholder approval by postal ballot.
How did Man Infraconstruction perform in Q2 FY27?
Man Infraconstruction reported consolidated revenue of ₹266.01 crore for Q2 FY27, up ₹117.26 crore or 78.8% from ₹148.75 crore in Q2 FY26. Revenue also rose ₹47.70 crore or 21.8% from ₹218.31 crore in Q1 FY27. Total income was ₹282.6 crore, against ₹187.23 crore a year earlier and ₹234.92 crore in the previous quarter.
EBITDA rose to ₹80.57 crore from ₹36.58 crore in Q2 FY26, while the margin increased to 30.3% from 24.6%. Against Q1 FY27, EBITDA was higher by ₹9.05 crore and the margin was lower by 2.5 percentage points at 32.8%.
Profit before tax was ₹88.08 crore, up 25.3% year on year and 10.5% from the previous quarter, while net profit was ₹65.23 crore against ₹60.01 crore and ₹62.74 crore, respectively. Basic EPS was ₹1.56, compared with ₹1.38 in Q2 FY26 and ₹1.77 in Q1 FY27. On the standalone basis, revenue was ₹123.5 crore and profit after tax was ₹42.05 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 266.01 | 218.31 | 148.75 | +78.8% | +21.8% |
| Other income | 16.59 | 16.61 | 38.48 | −56.9% | −0.1% |
| Total expenses | 194.52 | 155.23 | 116.93 | +66.4% | +25.3% |
| EBITDA | 80.57 | 71.52 | 36.58 | +120.3% | +12.7% |
| EBITDA margin | 30.3% | 32.8% | 24.6% | +5.7 pp | −2.5 pp |
| Profit before tax | 88.08 | 79.69 | 70.30 | +25.3% | +10.5% |
| Tax | 25.99 | 21.88 | 18.05 | +44.0% | +18.8% |
| Net profit | 65.23 | 62.74 | 60.01 | +8.7% | +4.0% |
| EPS (₹) | 1.56 | 1.77 | 1.38 | +13.0% | −11.9% |
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 Man Infraconstruction's costs and profit?
Total expenses increased ₹77.59 crore, or 66.4%, to ₹194.52 crore from ₹116.93 crore in Q2 FY26. Other expenses accounted for most of the rise, increasing ₹97.04 crore to ₹177.35 crore, while cost of materials fell ₹18.63 crore to ₹32.78 crore.
Employee cost was ₹16.99 crore, up ₹0.38 crore from ₹16.61 crore. Finance costs rose ₹3.86 crore to ₹5.69 crore and depreciation increased ₹0.46 crore to ₹3.39 crore. There was no exceptional item in either quarter.
Other income fell ₹21.89 crore, or 56.9%, to ₹16.59 crore from ₹38.48 crore, while tax increased ₹7.94 crore to ₹25.99 crore from ₹18.05 crore. PBT therefore rose by ₹17.78 crore, while net profit increased by ₹5.22 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 32.78 | 51.41 | −18.63 | −36.2% |
| Employee cost | 16.99 | 16.61 | +0.38 | +2.3% |
| Finance costs | 5.69 | 1.83 | +3.86 | +210.9% |
| Depreciation | 3.39 | 2.93 | +0.46 | +15.7% |
| Other expenses | 177.35 | 80.31 | +97.04 | +120.8% |
| Total expenses | 194.52 | 116.93 | +77.59 | +66.4% |
| Other income | 16.59 | 38.48 | −21.89 | −56.9% |
| Tax | 25.99 | 18.05 | +7.94 | +44.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹484.32 crore, up ₹152.67 crore or 46.0% from ₹331.65 crore in H1 FY26. Total income increased 25.2% to ₹517.52 crore from ₹413.3 crore.
PBT rose 12.9% to ₹167.77 crore from ₹148.62 crore, while net profit increased 8.1% to ₹127.97 crore from ₹118.33 crore. Basic EPS increased from ₹2.85 to ₹3.33.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 484.32 | 331.65 | +46.0% |
| Profit before tax | 167.77 | 148.62 | +12.9% |
| Net profit | 127.97 | 118.33 | +8.1% |
| EPS (₹) | 3.33 | 2.85 | +16.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,917.92 crore, up from ₹2,777.94 crore at 31 March 2026. Total equity rose to ₹2,414.66 crore from ₹2,313.02 crore, while borrowings fell to ₹48.05 crore from ₹57.86 crore. Cash increased to ₹119.54 crore from ₹85.7 crore.
Inventories rose to ₹823.12 crore from ₹737.98 crore, trade receivables increased to ₹95.66 crore from ₹71.4 crore, and trade payables fell to ₹46.19 crore from ₹73.85 crore. H1 FY27 operating cash flow was ₹14.82 crore, compared with ₹16.13 crore in H1 FY26.
Investing cash flow was ₹63.26 crore in H1 FY27 against an outflow of ₹365.96 crore a year earlier. Financing cash flow was an outflow of ₹39.58 crore, compared with an inflow of ₹287.53 crore, while capital expenditure was ₹8.77 crore against ₹17.86 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,918 | 2,778 |
| Total equity | 2,415 | 2,313 |
| Borrowings | 48.05 | 57.86 |
| Cash and equivalents | 119.54 | 85.70 |
| Inventories | 823.12 | 737.98 |
| Trade receivables | 95.66 | 71.40 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 14.82 | 16.13 |
| Cash from investing | 63.26 | −365.96 |
| Cash from financing | −39.58 | 287.53 |
| Capital expenditure | 8.77 | 17.86 |
Source: Company's results filing (XBRL).
How has Man Infraconstruction done over the last 8 quarters?
Revenue reached ₹293.8 crore in Q4 FY25, the highest quarterly level in the series, before falling to a low of ₹145.52 crore in Q4 FY26. It then rose to ₹218.31 crore in Q1 FY27 and ₹266.01 crore in Q2 FY27; revenue rose year on year in each of the last two quarters.
Quarterly profit after tax was highest at ₹97.15 crore in Q4 FY25 and lowest at ₹41.04 crore in Q4 FY26. It increased to ₹62.74 crore in Q1 FY27 and ₹65.23 crore in Q2 FY27; profit also rose year on year in each of the last two quarters.
The EBITDA margin fell from 44.0% in Q3 FY25 to 13.0% in Q4 FY26, then recovered to 32.8% in Q1 FY27 before easing to 30.3% in Q2 FY27. The current direction is upward for revenue and profit, while the margin remains below the Q1 FY27 level.
Which businesses drove the quarter?
Real Estate reported revenue of ₹203.21 crore in Q2 FY27, up 135.1% from ₹86.42 crore in Q2 FY26. Segment EBIT was ₹57.19 crore, compared with ₹50.61 crore in the year-ago quarter, and the reported EBIT margin was 28.1%.
EPC revenue was ₹62.98 crore, compared with ₹63.1 crore in Q2 FY26, a decline of 0.2%. Segment EBIT rose to ₹28.59 crore from ₹16.26 crore, while the reported EBIT margin was 45.4%. Unallocated EBIT was ₹5.56 crore against ₹13.02 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| EPC (Engineering, Procurement and Contracting) | 62.98 | −0.2% | 28.59 | 45.4% |
| Real Estate | 203.21 | +135.1% | 57.19 | 28.1% |
| Unallocated | 0 | 5.56 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026. It also approved material related-party transactions, subject to shareholder approval by postal ballot.
The company filed that it bought back 40,000 fully paid-up equity shares from the open market on 29 October 2026 at an average price of ₹111.1898. Total cumulative shares bought back stood at 1,03,50,000 as on that date, according to the filing.
What did Man Infraconstruction's management say?
Management said new launches were expected to drive sales momentum in H2 and set a combined real-estate sales target of ₹5,000+ Cr for FY27 and FY28. It also stated a target of ₹35,000+ Cr of real-estate GDV by 2031, while identifying Tardeo 2.0 and Trishul CHSL for expected launches in FY27.
Management said the Godrej Properties collaboration for Marine Lines would retain a revenue-sharing arrangement for Man Infraconstruction, with ₹6,000+ Cr of project GDV linked to recouping its ₹300+ Cr investment. H1 real-estate sales were ₹702 crore, with ₹599 crore collected, and management expected the project launches to support sales momentum.
Management said the open-market buyback had a maximum size of ₹169.29 Cr and was due to close on or before 16 December 2026. It also noted that project approvals and implementation remained at different stages, the sales target and timelines were indicative, and GDV figures could change with design modifications, approvals and market conditions.
Management flagged concentration of real-estate exposure in Mumbai and MMR, with 7.48 L sq. ft. unsold across the ongoing portfolio as of September 2026. It also said H1 FY27 EPC revenue from operations was lower year on year at ₹144.3 Cr versus ₹163.8 Cr in H1 FY26.
How did Man Infraconstruction shares react?
Earlier reaction-day moves were negative, including 3.0% on 12 August 2026, 7.8% on 13 May 2026 and 5.6% on 11 February 2026. The latest reaction-day decline was 1.4%.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −0.2% | |
| 30 minutes | −0.3% | |
| Reaction day | −1.4% | +0.6% |
| Next day | −4.0% | −0.9% |
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 |
|---|---|
| 12 August 2026 | −3.0% |
| 13 May 2026 | −7.8% |
| 11 February 2026 | −5.6% |
| 12 November 2025 | −2.1% |
| 13 August 2025 | −4.4% |
| 20 May 2025 | −2.3% |
| 3 February 2025 | −4.0% |
| 12 November 2024 | −5.7% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 34 other Residential Commercial Projects companies that filed for the quarter as of 4 November 2026, the median revenue growth was 17.6%. Of these peers, 25 grew slower than Man Infraconstruction and 9 grew faster than the company.
The peers data covered 34 companies for profit, of which 19 reported higher profit. Man Infraconstruction’s own result was not included in these peer counts.
| Man Infraconstruction revenue growth (YoY) | +78.8% |
|---|---|
| Median of 34 other Residential Commercial Projects companies | +17.6% |
| Companies with slower revenue growth than Man Infraconstruction | 25 of 34 |
| Companies with faster revenue growth than Man Infraconstruction | 9 of 34 |
| Companies whose net profit rose | 19 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Man Infraconstruction's revenue in Q2 FY27?
Revenue from operations was ₹266.01 crore, up 78.8% from ₹148.75 crore in Q2 FY26 (consolidated).
Did Man Infraconstruction make a profit in Q2 FY27?
Yes. Net profit was ₹65.23 crore, against a net profit of ₹60.01 crore in Q2 FY26.
What was Man Infraconstruction's EPS in Q2 FY27?
Basic earnings per share were ₹1.56, against ₹1.38 in Q2 FY26.
How did Man Infraconstruction shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.4% from the previous close; the median Residential Commercial Projects stock moved +0.6%.
When did Man Infraconstruction announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Un-Audited Financial Results (Standalone & Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Of Man Infraconstruction Limited Held On October 29, 2026 (BSE, 29 October 2026) · PDF
- The investor presentation (29 October 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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