Man Infraconstruction Limited (MANINFRA)
₹114.00 -1.20% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Man Infraconstruction's revenue was ₹218 Cr (+19.3% year on year, +50.0% on the previous quarter), and net profit ₹62.7 Cr (+8.2% year on year); the operating margin was 32.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹218 | +19.3% | +50.0% |
| Operating profit | ₹71.5 | +74.4% | +276.4% |
| Net profit | ₹62.7 | +8.2% | +53.0% |
| EPS (₹) | 1.77 | +22.9% | +67.0% |
| Operating margin | 32.8% | — | — |
MANINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.22% of the MANINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.63%. The price fell 1.20% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 31.8% · 57.4% · 55.6% · 39.6% · 53.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Man Infraconstruction Limited has extinguished 69,25,000 fully paid-up equity shares of face value ₹2 each bought back via open market between September 9, 2026, and September 30, 2026. Following this action, the company's issued and paid-up equity share capital decreased from 40,36,66,505 shares (₹80.73 Cr) to 39,67,41,505 shares (₹79.35 Cr). The extinguished shares represent approximately 1.72% of the company's pre-extinguishment equity base. This reduces the outstanding share count marginally, which is mathematically accretive to future earnings per share.
- Extinguished 69,25,000 equity shares of face value ₹2 each bought back between Sep 9 and Sep 30, 2026
- Paid-up equity capital reduced by ₹1,38,50,000 from ₹80,73,33,010 to ₹79,34,83,010
- Total outstanding share count reduced to 39,67,41,505 shares from 40,36,66,505 shares
- Depository debit execution completed on October 07, 2026 via NSDL
Man Infraconstruction Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing, verification, and dematerialisation of share certificates received during the period. This is an ordinary administrative filing required every quarter, carrying no operational or financial implications.
- Compliance certificate filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Submitted to BSE and NSE on October 07, 2026
Man Infraconstruction Limited (MICL) has partnered with Godrej Properties Group to develop a 2.5-acre sea-facing residential project at Marine Lines, South Mumbai. As part of the transaction, development rights jointly held by MICL and Shreepati Group have been transferred to Godrej. MICL will recoup over ₹300 crore of its existing investment in the project and participate via a revenue-sharing model. The project carries an estimated overall revenue potential of ₹6,000+ crore, significantly larger than MICL's TTM revenue of ₹576 crore.
- Overall estimated project revenue potential is ₹6,000+ crore.
- MICL to recoup ₹300+ crore of its existing invested capital from the transaction.
- Project spans approximately 2.5 acres of prime sea-facing land in South Mumbai.
- MICL transitions from Development Manager to a revenue-sharing partner with Godrej Properties under a joint branding arrangement.
Man Infraconstruction Limited announced the scrutinizer's report and voting results for its postal ballot concluded on September 21, 2026. Shareholders approved the appointment of Mr. Vatsal P. Shah as a Non-Executive Non-Independent Director with 99.57% favorable votes. Additionally, the appointment of Mr. Sivaramakrishnan S. Iyer as an Independent Director for a 5-year term was approved with nearly 100% (99.9975%) votes in favor. Total valid votes cast stood at 28.61 crore shares across both resolutions, representing 70.89% of outstanding shares.
- Appointment of Mr. Vatsal P. Shah approved with 99.57% votes in favor and 0.43% against
- Appointment of Mr. Sivaramakrishnan S. Iyer as Independent Director approved with ~100.00% (99.9975%) votes in favor
- Total remote e-votes polled represented 70.8870% of total outstanding shares (28,61,46,891 votes polled on 40,36,66,505 shares)
- Voting period concluded on September 21, 2026, across 90,500 total shareholders on record as of August 14, 2026
Man Infraconstruction has dispatched electronic communications to shareholders regarding its open-market buyback offer of up to ₹169.29 Cr at a maximum price of ₹171 per share. The buyback represents up to 99,00,000 equity shares, or 2.45% of the total paid-up equity capital. The offer opens on or before September 9, 2026, and will close by December 16, 2026, or upon full deployment of the funds. The maximum buyback price represents an approximate 37.5% premium over the recent trading price of ₹124.4.
- Maximum buyback size fixed at ₹169.29 Cr, representing ~3.5% of total market cap and ~8.1% of net worth.
- Maximum buyback price set at ₹171 per equity share (face value ₹2 each).
- Indicative maximum shares proposed to be bought back is 99,00,000 (2.45% of existing paid-up capital).
- Buyback opens on or before September 9, 2026, and closes on earlier of full deployment or December 16, 2026.
Man Infraconstruction Limited has submitted its Public Announcement dated September 2, 2026, for the buyback of fully paid-up equity shares (face value ₹2 each) via the open market stock exchange mechanism. This follows board approval granted at the meeting held on September 1, 2026, in compliance with SEBI Buyback Regulations. The public notice was published across national and regional newspapers on September 3, 2026, with Cumulative Capital Private Limited appointed as the Manager to the Buyback.
- Approved buyback of fully paid-up equity shares of face value ₹2 each via open market route
- Board resolution approved the buyback on September 1, 2026
- Public Announcement published on September 3, 2026 across major newspapers
- Cumulative Capital Private Limited appointed as Manager to the Buyback
Man Infraconstruction's Board has approved an open market share buyback for an aggregate amount not exceeding ₹169.29 crore at a maximum price of ₹171 per share. The maximum buyback price represents an ~38% premium over the recent trading price of ₹124 and ~50.2% over pre-intimation prices. The total buyback size represents 7.99% of consolidated paid-up capital and free reserves as of March 31, 2026, and ~3.5% of the company's current market capitalization (₹4,854 crore). The company will deploy at least ₹126.97 crore (75% minimum size), repurchasing a minimum of 74.25 lakh shares.
- Approved open market buyback of up to ₹169.29 crore at a maximum price of ₹171 per share.
- Represents 8.66% of standalone and 7.99% of consolidated net worth/free reserves as of March 31, 2026.
- Indicative maximum shares to be repurchased is 99,00,000 shares (~2.5% of total equity shares).
- Mandatory minimum utilization set at 75% (₹126.97 crore), with at least 40% (₹67.72 crore) to be deployed in the initial half of the offer period.
Man Infraconstruction's Board has approved an open-market share buyback of up to ₹169.29 Cr at a maximum price of ₹171 per equity share (face value ₹2). The indicative maximum shares to be repurchased stand at 99,00,000, representing 2.45% of total paid-up equity capital. Promoters will not participate, leading to an increase in their shareholding from 62.52% to 64.09% post completion. The maximum buyback size accounts for 7.99% of consolidated net worth and free reserves as of March 31, 2026.
- Approved open-market buyback for an aggregate maximum amount of ₹169.29 Cr
- Maximum buyback price fixed at ₹171 per equity share (vs current market price of ₹124.0)
- Indicative buyback volume of up to 99,00,000 shares, representing 2.45% of paid-up equity
- Promoter holding to rise from 62.52% to 64.09% as promoters are excluded from participation
- Buyback represents 8.66% of standalone and 7.99% of consolidated paid-up capital and free reserves
Man Infraconstruction has published the transcript of its Q1 FY27 Virtual Analyst Meet held on August 21, 2026. Management highlighted steady progress across its Mumbai portfolio, including receipt of the Occupation Certificate for 50% of Aaradhya Parkwood (₹925 crore sales potential, 90% sold) and an Intimation of Approval (IOA) for the ₹1,000+ crore GDV Berkeley House project at Mount Mary. Newly launched Marina Vista in Pali Hill (₹500 crore potential) achieved 30% sales within two months. Management guided for bottom-line expansion towards the ₹500 crore mark over the next 2-3 years, up from ₹192 crore reported in FY26.
- Received Occupation Certificate for Towers C & D (50%) of Aaradhya Parkwood; project has ₹925 crore sales potential and is 90% sold
- Secured IOA for ultra-luxury redevelopment project Berkeley House at Mount Mary with over ₹1,000 crore GDV potential
- Marina Vista (Pali Hill) achieved 30% bookings in two months post-launch against a total sales potential of ~₹500 crore
- Atmosphere Tower G (Mulund) has achieved 75% pre-sales across 3.2 lakh sq. ft. carpet area
- Management reaffirmed ambition to expand bottom line towards ₹500 crore over the next 2 to 3 years
Man Infraconstruction Limited has informed the exchanges that the audio recording for its Q1 FY27 Virtual Analyst Meet held on August 21, 2026, is now accessible on its website. The analyst meet follows the company's recent Q1 performance where it recorded quarterly revenue of Rs 218.31 crore and net profit of Rs 62.74 crore. The company also confirmed that a written transcript of the call will be submitted to the stock exchanges in due course.
- Audio recording of the Q1 FY27 Virtual Analyst Meet held on August 21, 2026, uploaded to company website
- Furtherance to the prior intimation letter dated August 18, 2026
- Written transcript of the analyst meet will be submitted to exchanges in due course
- Company reported Jun 2026 (Q1 FY27) revenue of Rs 218.31 crore and PAT of Rs 62.74 crore
Man Infraconstruction Limited has issued a Postal Ballot Notice seeking shareholder approval for the appointment of two directors. The resolutions cover the appointment of Mr. Vatsal P. Shah (promoter group, holding 8.67% equity) as a Non-Executive Non-Independent Director and Mr. Sivaramakrishnan S. Iyer as an Independent Director for a 5-year term. The remote e-voting window opens on August 23, 2026, and closes on September 21, 2026. The record/cut-off date for eligibility to vote was August 14, 2026.
- Shareholder approval sought for appointment of Mr. Vatsal P. Shah as Non-Executive Non-Independent Director (holds 3,49,97,069 shares or 8.67%).
- Shareholder approval sought for appointment of Mr. Sivaramakrishnan S. Iyer as Independent Director for a term of 5 consecutive years.
- Remote e-voting period runs from August 23, 2026 (9:00 AM IST) to September 21, 2026 (5:00 PM IST).
- Cut-off date for determining voting rights was August 14, 2026.
Man Infraconstruction Limited has scheduled its Q1 FY27 Virtual Analyst Meet on Friday, August 21, 2026, at 04:00 P.M. IST. The session will be hosted by Go India Advisors with Managing Director Mr. Manan Shah and senior management attending as speakers. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction.
- Q1 FY27 Virtual Analyst Meet scheduled for Friday, August 21, 2026, at 04:00 P.M. IST
- Hosted by Go India Advisors with Managing Director Mr. Manan Shah as a primary speaker
- Explicitly stated that no Unpublished Price Sensitive Information (UPSI) is intended to be discussed
Man Infraconstruction Limited has acquired an additional 16% partnership interest in its associate entity, MICL Properties LLP, on August 17, 2026. Following this transaction, Maninfra's partnership interest in the LLP has reached 50%. The acquisition was completed for a nominal cash consideration of Rs 16,000 against the LLP's total fixed capital contribution of Rs 1,00,000. The target entity operates in the real estate sector and reported Nil turnover across FY24, FY25, and FY26.
- Acquired additional 16% partnership interest in MICL Properties LLP on August 17, 2026
- Total partnership holding in the associate LLP increased to 50%
- Acquisition completed for a nominal cash consideration of Rs 16,000
- Target entity has fixed capital contribution of Rs 1,00,000 and reported Nil turnover for the last 3 financial years
Man Infraconstruction Limited has cancelled its scheduled Earnings Conference Call and Analyst/Institutional Investor meeting originally set for August 13, 2026. The company cited a medical exigency involving the management as the reason for the withdrawal. The meeting was intended to discuss the financial performance for the quarter ended June 30, 2026. A fresh schedule for the interaction will be intimated in due course.
- Earnings Conference Call scheduled for August 13, 2026, has been withdrawn/cancelled.
- Cancellation is attributed to a medical exigency on the part of the Company's Management.
- The meeting was to cover financial results for the quarter ended June 30, 2026.
- Company to announce a fresh schedule for the Analysts/Investors Meeting in due course.
Mr. Berjis Desai has retired as a Non-Executive Non-Independent Director and Chairman of Man Infraconstruction Limited effective August 12, 2026. The retirement occurred at the conclusion of the company's 24th Annual General Meeting as Mr. Desai did not seek re-appointment following his selection as a Member of the National Commission on Minorities by the Government of India. The Board has decided not to fill the resulting vacancy at this time. This transition comes as the company manages a significant real estate pipeline with a sales potential exceeding ₹14,500 Cr.
- Mr. Berjis Desai ceased to be a Director and Chairman effective August 12, 2026.
- The retirement was triggered by his appointment to the National Commission on Minorities by the Government of India.
- The Board decided not to fill the vacancy pursuant to Section 152 of the Companies Act, 2013.
- Company continues to focus on a development pipeline with ₹14,500+ Cr sales potential.
- Man Infraconstruction reported TTM revenue of ₹457 Cr and TTM PAT of ₹192 Cr as of the latest filing.
Financial Performance
Revenue Growth by Segment
Consolidated Total Operating Income (TOI) declined 13% YoY to INR 1,100 Cr in FY25 (from INR 1,263 Cr in FY24) due to delays in revenue recognition. The Real Estate segment contributed ~60% of revenue, while the EPC segment contributed ~40%. Real Estate revenue previously grew 45% YoY in FY23 to INR 935 Cr.
Geographic Revenue Split
100% of operations and revenue are concentrated in the Mumbai Metropolitan Region (MMR), specifically in high-value pockets like Tardeo, Marine Lines, Ghatkopar, and Dahisar.
Profitability Margins
Net Profit Margin improved to 23.0% in FY25 (INR 283 Cr) from 22.1% in FY24 (INR 300 Cr). H1FY26 margins further expanded to 26.8% (INR 111 Cr) due to the high-margin Development Management (DM) model.
EBITDA Margin
Standalone EBITDA margin stood at 23.0% in FY25 (INR 90.8 Cr), a slight increase from 22.3% in FY24. This stability is maintained by shifting toward asset-light project management fees which carry lower overheads.
Capital Expenditure
The company raised INR 543 Cr via a preferential issue in Dec-23 for business expansion; INR 183 Cr was received by Mar-25, with the remaining INR 360 Cr scheduled for receipt by July 2025 to fund new project acquisitions.
Credit Rating & Borrowing
CARE Ratings revised the outlook from 'Stable' to 'Positive' in FY25. The company is Net Debt Free with a gross debt of only INR 36 Cr against cash reserves of INR 570 Cr as of March 2025.
Operational Drivers
Raw Materials
Key inputs include construction materials (Steel, Cement, and RMC) and Sub-contract/Labour charges. Standalone material costs represented 29.4% of revenue (INR 116.13 Cr) and sub-contracting represented 17.4% (INR 68.80 Cr) in FY25.
Import Sources
Sourced primarily from domestic suppliers within Maharashtra and neighboring states to minimize logistics costs for Mumbai-based projects.
Key Suppliers
Not specifically named in documents, but procurement is managed through an ERP system implemented across all sites to optimize vendor selection.
Capacity Expansion
Current ongoing portfolio covers ~24.5 Lakh sq. ft. of carpet area. Planned expansion includes an upcoming pipeline of ~23.3 Lakh sq. ft., bringing the total development potential to ~47.8 Lakh sq. ft.
Raw Material Costs
Standalone material costs decreased 64% YoY to INR 116.13 Cr in FY25, reflecting the shift from pure EPC execution to the DM model where the partner often bears material costs.
Manufacturing Efficiency
Efficiency is tracked via ERP software; the company sold 62% of its total saleable area (12.58 out of 20.03 lakh sq. ft.) in ongoing projects by June 2024, indicating high inventory turnover.
Logistics & Distribution
Distribution costs are minimal as the final products (apartments) are location-bound; marketing and sales commissions are the primary distribution-related expenses.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is driven by a pipeline with INR 14,500+ Cr sales potential. Strategy involves focusing on the 'DM Model' (Development Management) to earn high-margin fees without land acquisition costs, and targeting ultra-luxury redevelopment projects in South Mumbai (e.g., Tardeo, Marine Lines).
Products & Services
Luxury and ultra-luxury residential apartments, commercial real estate, and EPC services for port infrastructure and residential buildings.
Brand Portfolio
MICL (Man Infraconstruction Limited), Aaradhya (e.g., Aaradhya Avaan, Aaradhya OnePark, Aaradhya Parkwood).
New Products/Services
Launch of 'Artek Park' in BKC (Oct-2025) and upcoming projects in Pali Hill and Marine Lines with a combined potential of INR 6,600+ Cr.
Market Expansion
Deepening presence in the Mumbai Metropolitan Region (MMR) through society redevelopment (SRA/MHADA) and joint development agreements.
Market Share & Ranking
Recognized as a leading player in the Mumbai redevelopment market, particularly in the Ghatkopar and Dahisar regions.
Strategic Alliances
Joint Ventures (JVs) for projects like Atmosphere Tower G (30% stake) and Artek Park (34% stake) to share risks and capital requirements.
External Factors
Industry Trends
The industry is shifting toward organized developers and redevelopment projects in land-starved Mumbai. MICL is positioned to benefit from this via its asset-light DM model which captures 20%+ margins.
Competitive Landscape
Faces competition from local and national players in Mumbai; however, its brand image in specific suburbs like Ghatkopar acts as a competitive barrier.
Competitive Moat
Moat is built on a 'Net Debt Free' balance sheet and a 3-decade execution track record. This allows the company to secure prime redevelopment projects that require high financial credibility.
Macro Economic Sensitivity
Highly sensitive to Mumbai real estate cycles and interest rate changes which affect home loan affordability and customer advances.
Consumer Behavior
Shift in demand toward luxury and ultra-luxury segments in South Mumbai, where MICL has a pipeline of INR 5,000+ Cr.
Geopolitical Risks
Low direct impact, though global commodity price spikes (Steel/Cement) can impact construction margins by 5-10%.
Regulatory & Governance
Industry Regulations
Subject to RERA (Real Estate Regulatory Authority) compliance and Mumbai's Development Control and Promotion Regulations (DCPR).
Environmental Compliance
Actively implementing ESG parameters including solar panels and sustainable building materials to meet evolving green building norms.
Taxation Policy Impact
Effective tax rate for standalone operations was ~22.6% in FY25 (INR 45.9 Cr tax on INR 202.5 Cr PBT).
Legal Contingencies
The company has disclosed pending litigations in Note 4.03 of its financial statements; auditors noted no material foreseeable losses on long-term contracts.
Risk Analysis
Key Uncertainties
Revenue recognition timing remains the primary uncertainty, as evidenced by the 13% revenue drop in FY25 despite strong sales.
Geographic Concentration Risk
100% of the project portfolio is in Mumbai, making the company highly vulnerable to regional policy changes or local economic downturns.
Third Party Dependencies
High dependency on joint venture partners and society members for redevelopment approvals and land access.
Technology Obsolescence Risk
Mitigated by the successful implementation of Enterprise Resource Planning (ERP) software across all sites to digitize project tracking.
Credit & Counterparty Risk
Strong receivables quality; however, the company has provided loans/guarantees of ~INR 558 Cr to subsidiaries and JVs, creating internal credit exposure.
