Manav Infra Projects Limited (MANAV)
📢 Recent Corporate Announcements
Manav Infra Projects Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled for September 11, 2026. Key special resolutions include re-appointing Managing Director Mahendra Narayan Raju and Executive Director Dinesh Shivnath Yadav for 5-year terms starting in 2027. The company is also seeking shareholder approval to set borrowing powers and charge creation limits up to Rs. 20 Crores (compared to current debt of Rs. 6 Crores). Additionally, proposed revisions cap the gross remuneration of the Managing Director at Rs. 60 Lakhs and Executive Director at Rs. 12 Lakhs.
- 17th AGM scheduled for September 11, 2026 via video conferencing, with a cut-off date of September 04, 2026.
- Special resolution proposed to set Section 180(1)(c) borrowing limit at up to Rs. 20 Crores.
- Re-appointment of Managing Director Mahendra Raju for 5 years (May 2027 to May 2032) with revised gross pay up to Rs. 60 Lacs.
- Re-appointment of Executive Director Dinesh Yadav for 5 years (June 2027 to June 2032) with revised gross pay up to Rs. 12 Lacs.
Manav Infra Projects Limited has announced the schedule and book closure dates for its 17th Annual General Meeting (AGM). The AGM will be conducted via Video Conferencing on Friday, September 11, 2026, at 11:00 AM. The company has fixed Friday, September 04, 2026, as the cut-off date for establishing shareholder voting eligibility. The Register of Members and Share Transfer Books will remain closed from September 04 to September 11, 2026.
- 17th Annual General Meeting scheduled on September 11, 2026 at 11:00 AM via Video Conferencing
- Cut-off date for AGM voting rights set as September 04, 2026
- Register of Members and Share Transfer Books closed from September 04, 2026 to September 11, 2026
Manav Infra Projects Limited has issued the notice for its 17th Annual General Meeting scheduled for September 11, 2026. Key special resolutions include approval of borrowing powers and creation of security up to Rs 20 crore under Section 180 of the Companies Act, which represents ~167% of its Rs 12 crore net worth. The company is also seeking shareholder approval to re-appoint CMD Mahendra Narayan Raju for five years with a pay revision up to Rs 60 lakh per annum, alongside pay revisions for Executive Director Dinesh Yadav (up to Rs 12 lakh) and Non-Executive Director Mahalakshmi Raju (up to Rs 18 lakh).
- 17th AGM scheduled to be conducted on Friday, September 11, 2026, via Video Conferencing.
- Proposed borrowing limit and charge creation under Section 180(1)(c) and 180(1)(a) set up to Rs 20 Crores.
- Re-appointment and pay revision of CMD Mahendra Narayan Raju for 5 years with gross pay up to Rs 60 Lakhs.
- Proposed remuneration cap of up to Rs 12 Lakhs for Executive Director Dinesh Yadav and up to Rs 18 Lakhs for Non-Executive Director Mahalakshmi Raju.
Manav Infra Projects has scheduled its 17th Annual General Meeting (AGM) for September 11, 2026. The board has approved the re-appointment of Managing Director Mahendra Narayan Raju and Executive Director Dinesh Shivnath Yadav for five-year terms starting in 2027. Proposed annual remuneration includes ₹60 lakhs for the MD and ₹12 lakhs for the ED, totaling ₹72 lakhs for executive roles. Additionally, the board approved borrowing limits under Section 180 of the Companies Act, subject to shareholder approval.
- Re-appointment of MD Mahendra Narayan Raju for 5 years effective May 5, 2027
- Proposed MD remuneration of ₹60 lakhs per annum, representing approximately 8.5% of TTM PAT
- 17th AGM scheduled for September 11, 2026, with a cut-off date of September 4, 2026
- Non-Executive Director remuneration approved up to ₹18 lakhs per annum for Mrs. Mahalakshmi Mahendra Raju
- Board approved borrowing limits under Section 180(1)(c) and 180(1)(a) of the Companies Act
Manav Infra Projects has approved the re-appointment of its Managing Director and Executive Director for five-year terms starting in 2027. The board proposed a total annual remuneration of ₹90 lakhs for key management and a non-executive director, which represents approximately 12.8% of the company's TTM PAT of ₹7 crore. Additionally, the board has scheduled the 17th Annual General Meeting (AGM) for September 11, 2026, and approved new borrowing limits under the Companies Act.
- MD Mahendra Narayan Raju re-appointed for 5 years from May 5, 2027, at ₹60 lakhs per annum
- ED Dinesh Shivnath Yadav re-appointed for 5 years from June 22, 2027, at ₹12 lakhs per annum
- Non-Executive Director Mahalakshmi Mahendra Raju approved for remuneration up to ₹18 lakhs per annum
- 17th AGM scheduled for September 11, 2026, with a book closure starting September 4, 2026
- Board approved borrowing limits under Section 180(1)(c) and 180(1)(a) subject to shareholder approval
Manav Infra Projects has scheduled a board meeting for August 11, 2026, to finalize the 17th Annual General Meeting (AGM) and approve the FY25-26 Annual Report. The board will also consider the re-appointment and remuneration of directors. Crucially, the meeting will address approvals under Section 180(1)(c) and 180(1)(a) of the Companies Act, which pertain to borrowing limits and the creation of charges on company assets. With a current debt of ₹6 Cr against a net worth of ₹12 Cr (D/E 0.47), any significant increase in borrowing limits could signal future expansion or capital needs.
- Board meeting scheduled for August 11, 2026, to approve the 17th AGM notice and calendar.
- Approval sought for the Annual Report and Board's Report for the Financial Year 2025-26.
- Review of remuneration for the Managing Director, Executive Directors, and Mrs. Mahalakshmi Raju.
- Proposed approval under Section 180(1)(c) and 180(1)(a) for borrowing powers and asset charges.
- Re-appointment of directors retiring by rotation to be considered.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, infrastructural services, which experienced historical revenue growth of approximately 72.7% over a three-year period (FY14-FY17), increasing from INR 11 crore to INR 19 crore.
Geographic Revenue Split
The company faces significant geographical concentration risk, with operations primarily focused in Mumbai and the Maharashtra region, as evidenced by recent project awards in Marine Lines East.
Profitability Margins
PBILDT margins are moderately comfortable but fluctuating, ranging between 10% and 25% during FY14-FY17, depending on the mix of excavation and piling activities in the sales mix.
EBITDA Margin
PBILDT margin of 10-25% reflects core profitability that varies based on the requirement for materials and sub-contractors for specific infrastructure projects.
Capital Expenditure
Historical and planned capital expenditure figures are not disclosed in available documents.
Credit Rating & Borrowing
CARE assigned a rating of 'CARE BB; Stable' for bank facilities of INR 3.80 crore in January 2018, which was subsequently withdrawn in December 2018 at the company's request.
Operational Drivers
Raw Materials
Key materials include steel reinforcement, concrete, and diesel/fuel for heavy machinery; specific cost percentages for each are not disclosed.
Key Suppliers
Specific supplier names are not disclosed, but the company is noted to have significant supplier concentration risk.
Capacity Expansion
Current installed capacity and planned expansion timelines are not disclosed in available documents.
Raw Material Costs
Raw material costs fluctuate based on the proportion of excavation versus piling activities; specific YoY cost changes are not disclosed.
Manufacturing Efficiency
Capacity utilization metrics are not disclosed; efficiency is tied to the timely execution of site-based infrastructural services.
Logistics & Distribution
Distribution costs as a percentage of revenue are not disclosed.
Strategic Growth
Growth Strategy
Growth is pursued through securing new work orders in the Mumbai region, such as the INR 2.58 crore piling project at Marine Lines East, and maintaining relationships with reputed clients like J. Kumar Infra and Kanakia Spaces.
Products & Services
Specialized infrastructural services including piling work, excavation activities, and site services for real estate and infrastructure projects.
Brand Portfolio
Manav Infra Projects Limited.
New Products/Services
Recent project award for piling work at Marine Lines East, Mumbai, valued at approximately INR 2.58 crore.
Market Expansion
Market expansion plans are focused on the Mumbai infrastructure and real estate sectors; specific timelines are not disclosed.
External Factors
Industry Trends
The infrastructure services industry is growing but remains highly competitive and cyclical, with a shift toward specialized piling and excavation for urban development.
Competitive Landscape
Key competitors include larger infrastructure players such as J. Kumar Infra Projects Limited, Simplex Infrastructure Private Limited, and NCC Limited.
Competitive Moat
The company's moat is based on an established track record and highly experienced promoters in specialized excavation and piling, which are sustainable but subject to intense competition.
Macro Economic Sensitivity
The business is highly sensitive to the cyclical nature of the infrastructure and construction industries and broader economic growth in the Maharashtra region.
Consumer Behavior
Not applicable for B2B infrastructure services; demand is driven by corporate and government infrastructure spending.
Geopolitical Risks
Geopolitical risks are minimal due to the domestic focus of operations in Mumbai, India.
Regulatory & Governance
Industry Regulations
Operations are subject to local construction norms and pollution standards in Mumbai; specific regulatory impacts are not disclosed.
Environmental Compliance
ESG and environmental compliance costs are not disclosed in available documents.
Taxation Policy Impact
Specific tax rates and fiscal policy impacts are not disclosed in available documents.
Legal Contingencies
The company reported no pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Key risks include the relatively small scale of operations (INR 11-19 crore revenue) and high customer concentration (88.35% from top 5).
Geographic Concentration Risk
High geographic concentration with nearly 100% of revenue likely derived from the Mumbai/Maharashtra region.
Third Party Dependencies
Significant dependency on a small number of suppliers and sub-contractors for project execution.
Technology Obsolescence Risk
Technology risk is moderate, related to the maintenance and modernization of specialized piling and excavation machinery.
Credit & Counterparty Risk
Credit exposure is concentrated among a few large clients; receivables quality is critical to managing the working-capital-intensive nature of the business.
