Mason Infratech Limited (MASON)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Mason Infratech's revenue was ₹79.0 Cr (+5.3% year on year, +52.5% on the previous half-year), and net profit ₹14.0 Cr (+16.7% year on year); the operating margin was 26.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹79.0 | +5.3% | +52.5% |
| Operating profit | ₹21.0 | +10.5% | +52.4% |
| Net profit | ₹14.0 | +16.7% | +79.3% |
| EPS (₹) | 5.88 | -16.6% | +41.0% |
| Operating margin | 26.6% | — | — |
MASON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 71.43% of the MASON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.92%. That is lower than usual for this stock. Turnover was only ₹7 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 73.4% · 84.2% · 98.4% · 97.2% · 71.4%
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
Mason Infratech has released the voting results and scrutinizer's report from its Annual General Meeting held on September 29, 2026. All ordinary resolutions were passed unanimously by votes cast (100% in favour), including the declaration of dividend for FY26 and multiple material related-party transactions (RPTs) such as with Megastone Projects Private Limited. Promoters abstained from voting on related-party resolutions, where public turnout was approximately 7.83% of total shares. The approval validates ongoing strategic joint ventures, including the company's real estate transition via Megastone.
- All resolutions passed with 100% of votes polled in favour.
- Total voting turnout for ordinary business stood at 60.45% (14,470,875 shares out of 23,940,000 total shares).
- Material related-party transactions approved with Megastone Projects, Niraj Mason JV, and others with 1,873,376 public votes polled (7.83% of total equity).
- A total of 32 shareholders attended the AGM via video conference (6 promoter group, 26 public).
Mason Infratech has announced that the Implementation Monitoring Committee (IMC) approved the allotment of shares of Sabve Rohini Contractors Private Limited on September 22, 2026. Following this allotment under the NCLT-approved Resolution Plan, Sabve Rohini will become a wholly owned subsidiary of Mason Infratech. The company clarified that this step is an implementation milestone and the acquisition will officially close upon full payment of the Total Bid Value. Total Bid Value and resolution consideration amounts were not disclosed in the filing.
- IMC approved allotment of shares of Sabve Rohini Contractors on September 22, 2026
- Sabve Rohini Contractors will become a 100% wholly owned subsidiary of Mason Infratech upon allotment completion
- Acquisition closure is contingent on the payment of the Total Bid Value (amount not disclosed)
- Resolution follows prior NCLT order pronouncement dated March 25, 2026
Mason Infratech Limited has bagged a ₹73.26 crore (exclusive of taxes) lock-and-key construction order from Magicmind Infratech LLP. The project entails constructing Ground/Stilt plus 23 upper floors for a residential project in Charkop, Kandivali-West, Mumbai, with an execution timeframe of 36 months. The contract represents approximately 30.1% of the company's TTM revenue of ₹243 crore. This contract is classified as a related-party transaction at arm's length, as Mason Infratech holds a 27.5% profit-sharing capital contribution in Magicmind Infratech LLP.
- Received contract valued at approximately ₹73.26 crores (exclusive of taxes)
- Execution timeline set at 36 months from receipt of LoI, site clearance, or 'Good for Construction' drawings
- Scope covers lock-and-key construction of Ground/Stilt + 23 Upper Floors in Kandivali-West, Mumbai
- Related-party transaction: Mason Infratech holds a 27.5% capital contribution/profit-sharing ratio in client Magicmind Infratech LLP
Mason Infratech Limited has bagged an order worth approximately ₹12.90 crores (inclusive of taxes) from Cowtown Infotech Services Limited, an entity of Lodha Group. The contract entails core and shell civil work for Hanging Garden-Waterfront T2 (13th to 35th floors) at the Palava Waterfront project in Kalyan, Thane. The execution timeline is set at 18 months. Relative to Mason's TTM revenue of ₹243 crores, this order represents about 5.3%, offering modest revenue visibility.
- Order value of approximately ₹12.90 crores inclusive of taxes
- Execution timeline set at 18 months
- Awarded by Cowtown Infotech Services Limited, an entity of Lodha Group
- Scope covers core and shell civil work for 13th to 35th floors at Palava Waterfront AS/Tower-2 in Thane
Mason Infratech has received a domestic work order worth approximately ₹12.90 crore (inclusive of taxes) from Cowtown Infotech Services Limited, an entity of the Lodha Group. The project entails core and shell civil work for Hanging Garden-Waterfront T2 (13th to 35th floors) at Palava, Thane. The execution period is set at 18 months. Relative to Mason's TTM revenue of ₹243 crore, this order represents about 5.3% of annual top line.
- Order value of approximately ₹12.90 crores (inclusive of taxes)
- Execution timeline specified as 18 months
- Work entails core and shell civil work for 13th to 35th floors at Palava Waterfront AS/Tower-2, Thane
- Awarded by Cowtown Infotech Services Limited (Lodha Group entity) with no promoter interest or related-party connection
Mason Infratech Limited has secured an order worth approximately ₹12.90 crores (inclusive of taxes) from Cowtown Infotech Services Limited, an entity of the Lodha Group. The project entails core and shell civil work for Hanging Garden-Waterfront T2 (13th to 35th Floor) at Palava, Thane. The contract is slated to be executed over an 18-month timeline. The order value represents approximately 5.3% of Mason Infratech's TTM revenue of ₹243 crores.
- Order value is approximately ₹12.90 crores (inclusive of taxes)
- Execution timeline is set for 18 months
- Client is Cowtown Infotech Services Limited, an entity of Lodha Group
- Scope covers core and shell civil work for 13th to 35th floors of Palava Waterfront AS/Tower-2 in Thane
Mason Infratech has announced that its 3rd Annual General Meeting (AGM) will be held via video conference on September 29, 2026. The record date to determine eligibility for remote e-voting is set for September 22, 2026. Remote e-voting will run from September 25, 2026 (09:00 AM) to September 28, 2026 (05:00 PM). This is a standard corporate governance procedure with no operational or financial impact.
- 3rd Annual General Meeting scheduled for Tuesday, September 29, 2026, at 12:00 PM
- Record date for e-voting eligibility set as Tuesday, September 22, 2026
- Remote e-voting opens on September 25, 2026, at 09:00 AM and closes on September 28, 2026, at 05:00 PM
Mason Infratech Limited has issued the notice for its 3rd Annual General Meeting scheduled for September 29, 2026. Key agenda items include the adoption of FY26 financial statements and approval of a recommended dividend of INR 0.10 per share (face value INR 10). The company is also seeking member approvals for re-appointing Whole-time Director Ashutosh Jayantilal Juthani, auditor appointments, and material related-party transactions with Megastone Projects Private Limited. Tax deduction details for the proposed dividend mandate submission of relevant documents by September 15, 2026.
- 3rd Annual General Meeting scheduled on Tuesday, September 29, 2026, at 12:00 PM via video conference.
- Proposed dividend of INR 0.10 per equity share of face value INR 10 for FY 2025-26.
- Shareholders must submit tax residency and TDS documents on or before September 15, 2026.
- Includes special business for approving material Related Party Transactions with Megastone Projects Private Limited.
- Secretarial Auditor appointment of M/s Abhay Kumar Pal & Co. proposed for a 5-year term from FY27 to FY31.
Mason Infratech Limited announced the appointment of M/s Abhay Kumar Pal & Co. as its new Secretarial Auditors effective September 05, 2026, for a 5-year tenure covering FY 2026-27 through FY 2030-31. The appointment fills a casual vacancy following the resignation of previous auditor M/s Nishtha Khandelwal & Associates due to professional pre-occupations. The outgoing auditor confirmed there were no other material reasons for the resignation. The appointment remains subject to shareholder approval at the ensuing Annual General Meeting.
- Appointment of M/s Abhay Kumar Pal & Co. as Secretarial Auditor effective September 05, 2026
- Term spans 5 financial years from FY 2026-27 to FY 2030-31, subject to shareholder approval
- Resignation of M/s Nishtha Khandelwal & Associates effective September 05, 2026 due to professional pre-occupation
- Outgoing auditor confirmed no other material reasons for resignation
Mason Infratech Limited announced the resignation of its Secretarial Auditor, M/s Nishtha Khandelwal & Associates, effective September 05, 2026, citing pre-occupation with professional assignments. To fill the casual vacancy, the Board has approved the appointment of M/s Abhay Kumar Pal & Co. as Secretarial Auditors for a term spanning FY 2026-27 to FY 2030-31, subject to shareholder approval at the ensuing AGM. The outgoing auditor confirmed there are no material reasons for their resignation.
- M/s Nishtha Khandelwal & Associates resigned as Secretarial Auditor effective September 05, 2026
- Outgoing auditor cited pre-occupation with professional assignments with no other material reasons
- M/s Abhay Kumar Pal & Co. appointed to fill the casual vacancy for FY 2026-27 to FY 2030-31
- Appointment is subject to the approval of members at the upcoming Annual General Meeting
Mason Infratech has fixed September 15, 2026, as the record date to determine shareholder eligibility for the FY 2025-26 dividend, to be approved at its 3rd Annual General Meeting (AGM) scheduled for September 29, 2026. The cut-off date for remote e-voting is set for September 22, 2026. Additionally, the company appointed M/s Abhay Kumar Pal & Co. as Secretarial Auditors for FY 2026-27 to FY 2030-31 following the resignation of M/s Nishtha Khandelwal & Associates. Whole-time Director Mr. Ashutosh Jayantilal Juthani, holding 46,30,326 equity shares, is proposed for reappointment.
- Dividend record date established as September 15, 2026, for the FY 2025-26 dividend declaration.
- 3rd Annual General Meeting convened for September 29, 2026, via Video Conferencing.
- E-voting cut-off date determined as September 22, 2026.
- Appointment of M/s Abhay Kumar Pal & Co. as Secretarial Auditors for a 5-year term (FY 2026-27 to FY 2030-31).
- Re-appointment of Whole-time Director Mr. Ashutosh Jayantilal Juthani, who holds 46,30,326 equity shares.
Mason Infratech has approved the appointment of M/s Abhay Kumar Pal & Co. as its Secretarial Auditor for FY 2026-27 to FY 2030-31 following the resignation of M/s Nishtha Khandelwal & Associates due to pre-occupation. The Board scheduled its 3rd Annual General Meeting (AGM) for September 29, 2026, and fixed September 15, 2026, as the record date for determining dividend eligibility for FY 2025-26. Additionally, the re-appointment of Whole-time Director Mr. Ashutosh Jayantilal Juthani (remuneration Rs 118 Lacs p.a., holding 46,30,326 shares) was approved subject to shareholder voting.
- Appointed M/s Abhay Kumar Pal & Co. as Secretarial Auditor for FY 2026-27 to FY 2030-31
- Fixed September 15, 2026 as the Record Date for FY 2025-26 dividend entitlement
- 3rd Annual General Meeting scheduled for September 29, 2026 via Video Conferencing
- Proposed re-appointment of Whole-time Director Ashutosh Jayantilal Juthani (holding 46,30,326 equity shares)
Mason Infratech has scheduled its 3rd Annual General Meeting (AGM) for Tuesday, September 29, 2026. The Board approved September 15, 2026, as the record date to determine eligibility for the FY 2025-26 dividend, and September 22, 2026, as the cut-off date for remote e-voting. The Board also appointed M/s Abhay Kumar Pal & Co. as Secretarial Auditors for FY 2026-27 to FY 2030-31 following the resignation of M/s Nishtha Khandelwal & Associates. Additionally, the re-appointment of Whole-time Director Ashutosh Jayantilal Juthani (holding 46,30,326 shares, remuneration of Rs 118 Lacs p.a.) was approved subject to shareholder voting.
- 3rd Annual General Meeting scheduled for September 29, 2026 via VC/OAVM
- Record date for FY 2025-26 dividend eligibility fixed as September 15, 2026
- E-voting cut-off date set as September 22, 2026
- M/s Abhay Kumar Pal & Co. appointed Secretarial Auditor for FY 2026-27 to FY 2030-31
- Re-appointment of Whole-time Director Ashutosh Juthani (holds 46,30,326 shares; remuneration Rs 118 Lacs p.a.)
Mason Infratech Limited announced the resignation of Ms. Bhavana Naresh Chandak from the position of Company Secretary and Compliance Officer (Key Managerial Personnel), effective from the close of business hours on September 04, 2026. The resignation was tendered due to personal occupancy, with confirmation from management that no other material reasons exist. The company has commenced the shortlisting process to appoint a successor within the prescribed SEBI timelines.
- Resignation of Ms. Bhavana Naresh Chandak as CS and Compliance Officer effective September 04, 2026
- Reason stated is personal occupancy, with no other material reasons reported
- Company has initiated shortlisting for a replacement within SEBI LODR prescribed timelines
Mason Infratech Limited received a cautionary email from the National Stock Exchange (NSE) on August 18, 2026, regarding shareholder voting results submitted in XBRL format for meetings held between January and March 2026. The exchange noted that promoter group entities cast votes in favor of resolutions in which they were recorded as interested parties. The NSE advised the company to exercise due diligence in filings and ensure promoters abstain from voting on interested resolutions. Mason Infratech stated that this administrative notice has zero financial or operational impact on the company.
- Received cautionary email from NSE on August 18, 2026
- Pertains to XBRL voting disclosures for shareholder meetings held between January and March 2026
- Promoter group voted in favour of resolutions where they were listed as interested parties
- Financial and operational impact quantified as nil
Financial Performance
Revenue Growth by Segment
Revenue grew 39.85% YoY in H1 FY26 to INR 51.81 Cr from INR 37.05 Cr. The order book is segmented into Full Labour Oriented (FLO) at 75%, Lock & Key at 15%, and Part Material Full Labour (PMFL) at 10%.
Geographic Revenue Split
100% of revenue is derived from the Mumbai Metropolitan Region (MMR), specifically Mumbai and Thane, Maharashtra.
Profitability Margins
Net Profit Margin improved to 15.07% in H1 FY26 from 12.71% in H1 FY25. FY24 margins were 22.48% for Operating Profit and 15.24% for Net Profit, up from 17.17% and 12.42% respectively in FY23.
EBITDA Margin
Operating profit before working capital changes for H1 FY26 was INR 14.08 Cr, representing a margin of 27.18%, compared to INR 28.02 Cr for the full year FY25.
Capital Expenditure
Property, Plant and Equipment increased by INR 2.52 Cr to INR 14.05 Cr as of September 30, 2025, from INR 11.53 Cr in March 2025.
Credit Rating & Borrowing
Not disclosed in available documents. Finance costs for H1 FY26 were INR 2.39 Cr on total borrowings of INR 49.20 Cr, suggesting an approximate annualized borrowing cost of 9.7%.
Operational Drivers
Raw Materials
Steel, Cement, Bricks, and Sand; material costs consumed were INR 10.07 Cr in H1 FY26, representing 19.4% of total revenue.
Import Sources
Primarily sourced from within Maharashtra and neighboring states to support projects in Mumbai and Thane.
Capacity Expansion
Current capacity allows for >1.6 Lac sq.ft of construction completion annually. The company is executing the Foresta project (3.15 lakh sq.ft) and recently completed a 42-storey building.
Raw Material Costs
Raw material costs were 19.4% of revenue in H1 FY26 (INR 10.07 Cr). Procurement strategies focus on managing fluctuating material costs which are a key industry risk.
Manufacturing Efficiency
Efficiency is measured by the ability to complete high-rise structures (e.g., 42 storeys) and large-scale projects like Foresta within 30-month timelines.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Growth will be achieved by transitioning from a contractor to a developer through a 50% stake in Megastone Projects (3.74 lakh sq.ft area), targeting the Mumbai SRA/Redevelopment market, and utilizing INR 91.36 Cr raised via preferential issue for expansion.
Products & Services
High-rise residential buildings, commercial structures, Slum Rehabilitation Authority (SRA) projects, and redevelopment contracting services.
Brand Portfolio
Mason Infratech
New Products/Services
Transitioning into real estate development via Megastone Projects, which is expected to provide 50% profit sharing and 15% profit on EPC contracts.
Market Expansion
Expanding presence in the Thane geography due to government-backed infrastructure pushes and industrial growth.
Strategic Alliances
Megastone Projects (50% stake), Milestone Projects (30% stake), Ekkam Infra Build LLP (30% stake), and Magicmind Infratech LLP (27.5% stake).
External Factors
Industry Trends
The Mumbai redevelopment market is growing at a high rate due to land constraints. Regulatory changes in DCPR-2034 have reduced SRA consent requirements from 70% to 51%, accelerating project timelines.
Competitive Landscape
Competes with other mid-sized construction firms in the MMR region; market dynamics are driven by developer relationships and execution track records.
Competitive Moat
Moat is based on specialized expertise in high-rise construction and strategic positioning in the Mumbai SRA market. Sustainability is driven by the transition to a developer model which captures higher value.
Macro Economic Sensitivity
Highly sensitive to Mumbai real estate demand, interest rates, and urban redevelopment policies.
Consumer Behavior
Shift toward modern amenities and safety in redevelopment projects is driving demand for upgraded residential buildings.
Geopolitical Risks
Minimal direct impact; primarily affected by domestic economic conditions and material supply chains.
Regulatory & Governance
Industry Regulations
Operations are governed by the Real Estate (Regulation and Development) Act (RERA) and the Development Control and Promotion Regulation (DCPR-2034) for Mumbai.
Taxation Policy Impact
Effective tax rate was 25.1% in H1 FY26, with current tax expense of INR 2.61 Cr on PBT of INR 10.38 Cr.
Risk Analysis
Key Uncertainties
Negative operating cash flow of INR 54.02 Cr in H1 FY26 due to working capital buildup; project concentration risk with only 4 developers.
Geographic Concentration Risk
100% of revenue from Mumbai and Thane regions.
Third Party Dependencies
High dependency on 4 developers for project pipeline and Milestone Projects for a recent INR 47.74 Cr order.
Technology Obsolescence Risk
Low risk; company uses modern construction tech like Aluminium Formwork and Concrete Pumps.
Credit & Counterparty Risk
Trade receivables stood at INR 2.57 Cr increase in H1 FY26; debtors turnover ratio of 1.97 in FY24 indicates a collection cycle of ~185 days.
