Meghna Infracon Infrastructure Ltd (538668)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Meghna Infracon's revenue was ₹8.4 Cr (-19.5% year on year, -54.4% on the previous quarter), and net profit ₹0.6 Cr (-62.9% year on year); the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹8.4 | -19.5% | -54.4% |
| Operating profit | ₹0.9 | -55.0% | -66.7% |
| Net profit | ₹0.6 | -62.9% | -67.9% |
| EPS (₹) | 0.25 | -60.9% | -72.8% |
| Operating margin | 10.9% | — | — |
📢 Recent Corporate Announcements
Meghna Infracon Infrastructure Limited has announced that its shareholders approved the appointment of Ms. Naysaa Vikram Lodha as a Non-Executive Non-Independent Director at the 19th Annual General Meeting held on September 30, 2026. This formalizes her role change from Additional Director to Director for an indefinite term. Ms. Lodha is the daughter of Director Vikram Lodha and Meghna Lodha, and sister to CEO Ishaan Lodha, while currently pursuing a degree in marketing. The operational and financial profile of the company remains unchanged.
- Shareholder approval granted at the 19th Annual General Meeting on 30/09/2026
- Designation changed from Additional Director to Non-Executive Non-Independent Director
- Term of appointment stated as indefinite
- Direct relative of promoters: daughter of Director Vikram Lodha and sister of CEO Ishaan Lodha
Meghna Infracon Infrastructure has fixed September 17, 2026 as the record date for determining shareholder eligibility for its final dividend of Rs 0.25 per equity share (face value Rs 10) for FY 2025-26. The total dividend payout amounts to approximately Rs 0.54 crore across 2,17,23,750 equity shares, subject to shareholder approval at the 19th AGM on September 30, 2026. If approved, the dividend will be disbursed on or before October 29, 2026. The board also appointed M/s. Hemal K Shah & Associates as internal auditor for FY 2026-27.
- Final dividend of Rs 0.25 per share recommended on 2,17,23,750 equity shares of Rs 10 face value
- Record date finalized as September 17, 2026 for dividend entitlement
- 19th Annual General Meeting scheduled for September 30, 2026 via VC/OAVM
- Dividend payment to be completed on or before October 29, 2026 if approved
- Appointed M/s. Hemal K Shah & Associates as internal auditor for FY 2026-27
Meghna Infracon Infrastructure released its revised Q1 FY27 investor presentation showing a 19% YoY decline in revenue from operations to ₹8.43 Cr (₹84.32 Mn). EBITDA dropped 53.6% YoY to ₹0.93 Cr with margins contracting by 813 bps to 11.02%. Net profit (PAT) fell 63% YoY to ₹0.57 Cr compared to ₹1.53 Cr in Q1 FY26. On the operational front, presales bookings stood at ₹19.0 Cr across 7,705 sq. ft., with collections reaching ₹8.43 Cr across its 12-project portfolio.
- Revenue from operations fell 19.0% YoY to ₹8.43 Cr (₹84.32 Mn) in Q1 FY27
- EBITDA contracted 53.6% YoY to ₹0.93 Cr (₹9.30 Mn) with margins at 11.02% vs 19.15% in Q1 FY26
- Net profit declined 63.0% YoY to ₹0.57 Cr (₹5.67 Mn) from ₹1.53 Cr (₹15.33 Mn)
- Q1 presales bookings recorded at ₹19.0 Cr (₹190 Mn) with collections of ₹8.43 Cr
- Total project pipeline has ₹1,000 Cr current Gross Development Value (GDV) with 2,53,230 sq. ft under development
Meghna Infracon Infrastructure reported a weak Q1 with revenue declining 19% YoY to ₹8.43 crore (₹84.32 Mn) compared to ₹10.47 crore in Q1 FY26. EBITDA dropped 53.6% YoY to ₹0.93 crore with EBITDA margin compressing 858 bps to 11.02%. Net profit fell 63% YoY to ₹0.57 crore from ₹1.53 crore. On the operational front, presales bookings stood at ₹56.7 crore (₹567 Mn) with collections of ₹13.0 crore across 1.25 million sq. ft under development.
- Q1 Revenue declined 19.5% YoY to ₹8.43 crore vs ₹10.47 crore in Q1 FY26
- Net Profit dropped 63.0% YoY to ₹0.57 crore with PAT margin falling to 6.72%
- Sales bookings reached ₹56.7 crore (₹567 Mn) with collections of ₹13.0 crore (₹130 Mn)
- Total area under development stood at 1,253,230 sq. ft across residential and commercial projects
Meghna Infracon Infrastructure Limited has received 'Permission to Trade' on the Capital Market Segment of the National Stock Exchange of India (NSE) with effect from August 17, 2026. A total of 2,17,23,750 equity shares with a face value of Rs 10 each are now available for dealing under the symbol 'MIIL'. The company's primary listing remains on BSE Limited. This admission improves liquidity and access for a wider base of market participants on NSE.
- 2,17,23,750 equity shares admitted to dealings on NSE's Capital Market Segment under the symbol MIIL.
- Effective trading date on NSE commenced on August 17, 2026, with a market lot size of 1 share.
- Face value per equity share is Rs 10 under ISIN INE898Q01015.
- Primary exchange listing continues to remain with BSE Limited (Scrip Code: 538668).
Meghna Infracon Infrastructure reported Q1 FY27 consolidated revenue of ₹8.44 crore (₹84.38 million) and a net profit (PAT) of ₹0.57 crore (₹5.67 million) with an EPS of ₹0.25. Operating EBITDA stood at ₹0.93 crore (₹9.30 million) with an EBITDA margin of 11.03% and PAT margin of 6.72%. Management highlighted that the quarter reflected project cycle and revenue recognition timings, while ongoing projects hold an estimated Gross Development Value (GDV) of ₹283 crore (₹2,830 million). Additionally, the company is preparing for upcoming project launches through December 2026 with a planned GDV exceeding ₹840 crore (₹8,400 million).
- Revenue from operations reached ₹84.38 million (₹8.44 crore) in Q1 FY27.
- PAT reported at ₹5.67 million (₹0.57 crore) with an EBITDA margin of 11.03% and PAT margin of 6.72%.
- Estimated GDV of ongoing projects stands at ₹2,830 million (₹283 crore).
- Upcoming project launches planned through December 2026 represent an additional GDV exceeding ₹8,400 million (₹840 crore).
Meghna Infracon Infrastructure reported Q1 FY27 revenue from operations of Rs 84.38 million (Rs 8.44 Cr) and Profit After Tax (PAT) of Rs 5.67 million (Rs 0.57 Cr), translating to an EPS of Rs 0.25. EBITDA stood at Rs 9.30 million with an EBITDA margin of 11.03%. Management highlighted that ongoing projects carry an estimated Gross Development Value (GDV) of Rs 2,830 million, with additional launches planned through December 2026 representing over Rs 8,400 million in GDV.
- Q1 FY27 revenue from operations reported at Rs 84.38 million (Rs 8.44 Cr).
- EBITDA stood at Rs 9.30 million, delivering an EBITDA margin of 11.03%.
- Net profit after tax (PAT) was Rs 5.67 million with a PAT margin of 6.72% and EPS of Rs 0.25.
- Ongoing development pipeline has an estimated GDV of Rs 2,830 million.
- Upcoming launches scheduled through December 2026 represent an additional GDV of over Rs 8,400 million.
Meghna Infracon Infrastructure has appointed Mr. Ishaan Vikram Lodha as Chief Executive Officer (CEO) effective August 14, 2026, until the ensuing Annual General Meeting, following his resignation as Non-Executive Director. Concurrently, Ms. Naysaa Vikram Lodha has been appointed as an Additional Director (Non-Executive). Both appointees are the children of Directors Mr. Vikram Lodha and Mrs. Meghna Lodha. The leadership transition comes as the company trades at a market cap of ₹1,492 crore against TTM revenue of ₹8 crore.
- Appointment of Mr. Ishaan Vikram Lodha as Chief Executive Officer with effect from August 14, 2026, up to the ensuing AGM
- Resignation of Mr. Ishaan Vikram Lodha from the position of Non-Executive Director with immediate effect on August 14, 2026
- Induction of Ms. Naysaa Vikram Lodha as Additional Non-Executive Director with effect from August 14, 2026
- Board meeting concluded in 30 minutes (04:00 PM to 04:30 PM on August 14, 2026)
Meghna Infracon Infrastructure announced the approval of its un-audited financial results for the quarter ended June 30, 2026, alongside key management restructuring. The company appointed Mr. Ishaan Vikram Lodha, who is currently pursuing a BBA and CFA qualification, as Chief Executive Officer (CEO) following his resignation as a Non-Executive Director. Additionally, Ms. Naysaa Vikram Lodha was appointed as an Additional Non-Executive Director. The statutory auditor highlighted delayed EPFO/ESI compliance up to May 2026 and the discontinuation of share trading activities effective April 1, 2026.
- Appointed Mr. Ishaan Vikram Lodha as CEO effective August 14, 2026, up to the ensuing Annual General Meeting
- Appointed Ms. Naysaa Vikram Lodha as Additional Non-Executive Director effective August 14, 2026
- Discontinued share trading operations from April 1, 2026, reclassifying inventory to investments (Rs 4.38 lakh internal transfer)
- Auditor flagged delayed EPFO registration in June 2026 and absence of statutory PF/ESI deposits prior to May 2026
- Subsidiaries and partnership firms recorded revenue of Rs 661.50 lakh and PAT of Rs 26.70 lakh for Q1 ended June 30, 2026
Meghna Infracon Infrastructure announced key leadership changes alongside its Q1 FY27 results in a board meeting on August 14, 2026. Mr. Ishaan Vikram Lodha resigned as Non-Executive Director and was appointed as Chief Executive Officer (CEO) with immediate effect, while Ms. Naysaa Vikram Lodha was appointed as an Additional Non-Executive Director. The statutory auditor highlighted an emphasis of matter regarding delayed EPFO/ESI statutory registrations until June 2026 and the discontinuation of share trading activities from April 1, 2026. In the consolidated results, subsidiaries/partnership entities accounted for Rs 661.50 lakh in revenue and Rs 26.70 lakh in profit after tax for the quarter ended June 30, 2026.
- Mr. Ishaan Vikram Lodha appointed as Chief Executive Officer (CEO) effective August 14, 2026.
- Ms. Naysaa Vikram Lodha inducted as Additional Non-Executive Director effective August 14, 2026.
- Auditor noted Rs 661.50 lakh revenue and Rs 26.70 lakh PAT contributed by subsidiaries/partnerships for Q1 ended June 30, 2026.
- Discontinued share trading operations from April 1, 2026, reclassifying Rs 4.38 lakh inventory to investments.
- Auditor emphasized delayed EPFO/ESI compliance up to May 2026, with registrations completed in June 2026.
Meghna Infracon Infrastructure Ltd has scheduled a board meeting for August 14, 2026, to review and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company is currently in a transition phase, pivoting from securities to Mumbai-based infrastructure and re-development projects. With a TTM revenue of only Rs 8 Cr against a market capitalization of Rs 1541 Cr, these results are critical for justifying its current high P/E valuation of 286.0. The trading window for company securities has been closed since July 1, 2026.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Trading window for insiders closed from July 1, 2026, until 48 hours post-result declaration.
- Company reported a TTM revenue of Rs 8 Cr and TTM PAT of Rs 5 Cr.
- Market capitalization stands at Rs 1541 Cr, reflecting high growth expectations relative to current scale.
Meghna Infracon has received the Occupation Certificate (OC) for its 'Riviera' redevelopment project in Goregaon West, Mumbai, within 16 months of the Commencement Certificate. The project spans ~40,000 sq. ft. and serves over 35 families. For a company with a TTM revenue of just Rs 8 Cr, this successful delivery is a critical proof-of-concept for its pivot into the Mumbai redevelopment market, potentially leading to significant revenue recognition in upcoming quarters.
- Received Occupation Certificate (OC) for the Riviera project in 16 months from the first CC.
- Project size is approximately 40,000 sq. ft. located in Goregaon West, Mumbai.
- The building is a Ground + 9-storey residential structure serving over 35 families.
- Company TTM revenue stands at Rs 8 Cr, making project completions vital for financial growth.
Meghna Infracon has launched 'Meghna One', a 2.8 lakh sq. ft. Grade-A commercial project in Thane's Wagle Estate with an estimated Gross Development Value (GDV) of ₹300 crore. This marks the company's strategic entry into large-format commercial real estate, diversifying from its residential re-development focus. The 17-storey biophilic tower is IGBC Gold-certified and offers flexible office spaces from 569 to 10,500 sq. ft. The project leverages the company's near debt-free balance sheet (D/E 0.06) and recent capital efficiency gains (ROCE increased to 46% in FY25).
- Estimated Gross Development Value (GDV) of approximately ₹300 crore for the new project
- Total development area of 2.8 lakh sq. ft. across a 17-storey commercial tower
- Flexible office configurations ranging from 569 sq. ft. to full floors of 10,500 sq. ft.
- Company ROCE improved significantly from 25% in FY24 to 46% in FY25
- Maintains a low Debt-Equity ratio of 0.06, providing financial headroom for expansion
Financial Performance
Revenue Growth by Segment
Total revenue from operations and other income decreased by 60.47% YoY, falling from INR 54.97 Cr in FY 2023-24 to INR 21.73 Cr in FY 2024-25, primarily due to the cyclical nature of project completions in the residential real estate segment.
Geographic Revenue Split
100% of revenue is derived from the Indian market, specifically concentrated in the Mumbai Metropolitan Region (Goregaon and surrounding micro-markets) where the company's primary projects like Ashraya Heights are located.
Profitability Margins
Net Profit Ratio improved significantly from 6% in FY 2023-24 to 71% in FY 2024-25, a relative increase of 1,083% in margin efficiency, driven by the recognition of high-margin project phases and reduced operational overhead.
EBITDA Margin
EBITDA (Profit before Finance Cost, Depreciation, and Tax) stood at INR 11.50 Cr in FY 2024-25, representing a 52.9% margin, compared to INR 51.51 Cr (93.7% margin) in the previous year, reflecting a 77.67% decrease in absolute EBITDA value.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, though the company is actively investing in the acquisition of new re-development projects to expand its portfolio pipeline.
Credit Rating & Borrowing
The company maintains a low-leverage profile with a Debt-Equity Ratio of 0.06 in FY 2024-25 (up from 0 in FY 2023-24). Finance costs were INR 0.046 Cr, representing a 73.18% decrease from INR 0.171 Cr in the previous year.
Operational Drivers
Raw Materials
Key construction commodities include steel, cement, and sand; while specific percentage splits are not provided, the company identifies rising commodity prices as a primary challenge to project profitability.
Import Sources
Sourced domestically within India, primarily from suppliers in Maharashtra to support projects located in Mumbai.
Capacity Expansion
The company successfully completed the 'Ashraya Heights' project and is currently expanding its capacity through new re-development projects in the pipeline to transform its portfolio from a securities-focused entity to an infrastructure-focused one.
Raw Material Costs
Construction costs are impacted by rising commodity prices; the company manages this through a prudent business model aimed at ensuring steady cash flow even during adverse pricing scenarios.
Manufacturing Efficiency
Return on Capital Employed (ROCE) increased from 25% in FY 2023-24 to 46% in FY 2024-25, indicating an 84% improvement in the efficiency of capital utilization.
Strategic Growth
Growth Strategy
The company is pivoting towards the high-growth Mumbai re-development market. Strategy includes adding new re-development projects to the portfolio, leveraging the completion of 'Ashraya Heights' as a track record, and targeting new micro-markets opened by Mumbai's infrastructure expansion.
Products & Services
Residential real estate units, apartments in re-development projects, and infrastructure development services.
Brand Portfolio
Meghna Infracon, Ashraya Heights.
New Products/Services
New re-development projects in the pipeline are expected to be the primary revenue contributors as the company transitions fully into the infrastructure sector.
Market Expansion
Targeting the Mumbai commercial capital and surrounding micro-markets where commuting is becoming easier due to new infrastructure projects.
External Factors
Industry Trends
The industry is seeing a paradigm shift with Tier 2 and Tier 3 cities emerging as fresh trends, alongside a massive push for infrastructure in Mumbai to transform it into a modern city.
Competitive Landscape
Operates in a highly fragmented and regulated real estate market with competition from both established developers and local players in the re-development space.
Competitive Moat
Competitive advantage is derived from the company's focus on the niche re-development market in Mumbai and its ability to maintain a near debt-free balance sheet (Debt-Equity 0.06).
Macro Economic Sensitivity
Highly sensitive to interest rates and home ownership sentiment; the post-pandemic shift has reinstated the importance of home ownership, boosting demand for residential properties.
Consumer Behavior
Shift toward valuing home ownership post-pandemic and a preference for projects in well-connected micro-markets.
Geopolitical Risks
Global slowdowns are noted, but the Indian real estate market has shown resilience, setting new sales records in 2024 despite global headwinds.
Regulatory & Governance
Industry Regulations
Subject to RERA, land acquisition laws, and construction approval processes. Procedural delays in land use and project launches are cited as significant regulatory threats.
Taxation Policy Impact
Provision for taxation (including deferred tax) was INR 0.76 Cr in FY 2024-25, a significant increase from INR 0.067 Cr in FY 2023-24 due to higher taxable profits.
Legal Contingencies
The company reported NIL shareholder complaints for the financial year 2024-25 and no pending requests for share transfers or dematerialization.
Risk Analysis
Key Uncertainties
Unanticipated delays in project approvals and rising manpower/construction costs are the primary business uncertainties that could impact project IRR by 10-15%.
Geographic Concentration Risk
100% of operations are concentrated in Mumbai, Maharashtra, making the company highly vulnerable to regional policy changes or local economic shifts.
Third Party Dependencies
Dependent on trained labor force and commodity suppliers; manpower cost increases are noted as a specific challenge.
Technology Obsolescence Risk
Low risk of technical obsolescence, but the company emphasizes the need for specialized professional skills in strategic thinking and financial management.
Credit & Counterparty Risk
The company maintains a high Debt Service Coverage Ratio (DSCR) of 138.72, indicating exceptionally low credit risk and high ability to service its minimal debt.
