M & B Engineering Limited (MBEL)
₹290.32 +6.46% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, M & B's revenue was ₹291 Cr (+22.5% year on year, -20.0% on the previous quarter), and net profit ₹21.9 Cr (+22.0% year on year); the operating margin was 10.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹291 | +22.5% | -20.0% |
| Operating profit | ₹30.7 | +4.1% | -19.0% |
| Net profit | ₹21.9 | +22.0% | -18.9% |
| EPS (₹) | 3.75 | +4.5% | -21.2% |
| Operating margin | 10.5% | — | — |
MBEL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 2.9% of the MBEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.55%. The price rose 6.46% on unusually low delivery, so more of the move than usual was intraday trading. It traded 41.2 times its average daily volume. 22 bulk or block deals were reported in MBEL in the last 60 days: ₹190 Cr bought and ₹189 Cr sold.
Delivery in the last 5 sessions: 26.2% · 8.5% · 40.2% · 29.1% · 2.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 16 Oct | Sell | Nk Securities Research Private Limited | ₹37.16 Cr | ₹297.05 | 1,251,116 | Bulk |
| 16 Oct | Buy | Nk Securities Research Private Limited | ₹37.14 Cr | ₹296.89 | 1,251,116 | Bulk |
| 16 Oct | Buy | Junomoneta Finsol Private Limited | ₹32.57 Cr | ₹296.60 | 1,098,187 | Bulk |
| 16 Oct | Sell | Junomoneta Finsol Private Limited | ₹32.32 Cr | ₹296.71 | 1,089,315 | Bulk |
| 16 Oct | Sell | Blitzquant Research Llp | ₹21.71 Cr | ₹298.40 | 727,685 | Bulk |
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
M & B Engineering Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October, 2026, confirms that security certificates received for dematerialisation were duly processed, cancelled, and listed on exchanges within prescribed timelines. This is a standard quarterly administrative filing with no impact on operations or financials.
- Compliance submission under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended 30th September, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited on 3rd October, 2026
- Filing submitted to NSE and BSE on 8th October, 2026
At the 44th Annual General Meeting on September 17, 2026, shareholders of M & B Engineering Limited approved the re-appointment of two Whole-time Directors. Ms. Birva Chirag Patel and Mr. Aditya Vipinbhai Patel have both been re-appointed for a 3-year term running from April 2, 2027 to April 1, 2030. Ms. Patel holds 40,17,500 shares (7.03% stake), while Mr. Patel holds 20,16,988 shares (3.53% stake) and leads domestic and international business development. The re-appointments ensure continued executive leadership across legal compliance and business expansion.
- Re-appointment of Ms. Birva Chirag Patel as Whole-time Director for a 3-year term from April 2, 2027 to April 1, 2030
- Re-appointment of Mr. Aditya Vipinbhai Patel as Whole-time Director for a 3-year term from April 2, 2027 to April 1, 2030
- Ms. Patel holds 40,17,500 equity shares, representing 7.03% of the company
- Mr. Patel holds 20,16,988 equity shares, representing 3.53% of the company
M & B Engineering Limited concluded its 44th Annual General Meeting on September 17, 2026, passing all 8 agenda items with virtually 100% approval. Key resolutions approved include a final dividend of Rs 1.00 per share (face value Rs 10) and the re-appointment of whole-time directors Ms. Birva Chirag Patel and Mr. Aditya Vipinbhai Patel for 3-year terms effective April 2, 2027. Total votes polled stood at 44,553,842 shares, representing 77.96% of the 57,148,215 total share capital. The meeting also ratified audited FY26 financial statements and cost auditor remuneration.
- Final dividend of Rs 1.00 per equity share approved by shareholders
- Total 44,553,842 votes polled out of 57,148,215 shares (77.96% turnout)
- Resolutions passed with near-unanimous approval (~100% in favour across items)
- Re-appointment of Ms. Birva Chirag Patel and Mr. Aditya Vipinbhai Patel as Whole-time Directors approved for 3 years from April 2, 2027
M & B Engineering Limited has received EU Certification for its manufacturing facility located in Sanand, Gujarat. This certification serves as a key regulatory clearance enabling the company to market and export its pre-engineered building (PEB) and structural steel solutions to the United Kingdom and European Union. While no immediate order wins or revenue targets were quantified in the filing, this complements the company's existing export drive into international markets. MBEL generated TTM revenue of ₹1,313 Cr and TTM PAT of ₹97 Cr as of June 2026.
- Received EU Certification for manufacturing facility at Sanand, Gujarat
- Certification enables market access to pursue opportunities in the UK and European markets
- Enhances compliance credentials alongside existing export focus which generated ₹54 Cr in Q2 FY2026
- Filing announced on 17th September, 2026 under SEBI Regulation 30
M&B Engineering Limited has submitted the notice for its 44th Annual General Meeting (AGM) along with its Annual Report for FY 2025-26. The report highlights the company's two core divisions: Phenix Construction Technologies, with an aggregate manufacturing capacity of approximately 1,24,000 MTPA across Sanand and Cheyyar facilities, and Proflex, which has executed over 2 crore square meters of self-supported roofing. For FY26, the company reported consolidated annual revenue of ₹1,259.72 crore and net profit of ₹92.64 crore. This filing is a standard annual statutory disclosure.
- Submitted Notice of 44th Annual General Meeting and Annual Report for FY 2025-26 on 25th August, 2026
- Phenix division commands a combined production capacity of ~1,24,000 MTPA across Sanand (Gujarat) and Cheyyar (Tamil Nadu)
- Proflex division has installed over 2 crore square meters of roofing across 10,000+ completed projects, including 500+ for Indian Railways
- International presence spans 22+ countries through Phenix Construction Technologies Inc. (USA) and exports
M & B Engineering Limited (MBEL) announced its schedule to participate in-person at the Systematix Group – Recycled Materials & Steel Infrastructure Conference 2026 on Tuesday, August 25, 2026. The company confirmed that discussions will rely strictly on publicly available information without sharing any unpublished price-sensitive information (UPSI). With MBEL trading at a market capitalization of ₹1,579 Cr and TTM revenue of ₹1,313 Cr, this routine investor interaction is part of normal investor relations activities.
- Scheduled date of meeting: Tuesday, August 25, 2026
- Event: Systematix Group – Recycled Materials & Steel Infrastructure Conference 2026
- Mode of interaction: In-person
- Compliance confirmation: No unpublished price sensitive information (UPSI) will be discussed
MBEL reported a 23% YoY revenue growth to Rs 291 Cr in Q1 FY27, with PAT rising 22% to Rs 22 Cr. The order book stands at a robust Rs 1,053 Cr, representing approximately 80% of TTM revenue, providing strong visibility. Management announced a new Rs 30 Cr investment for a 10,000-ton heavy structural steel line to target data centers and high-rise buildings. Despite margin pressure from rising freight costs, the company maintained its FY27 revenue growth guidance of 25%+, supported by upcoming capacity expansions.
- Order book grew 25% YoY to Rs 1,053 Cr as of June 30, 2026, with Phenix division contributing 79%.
- Approved new Rs 30 Cr investment for a fully automated heavy structural steel line at Sanand, operational by Q1 FY28.
- Sanand brownfield expansion of 20,000 TPA is on track for commissioning in October 2026.
- Export revenue reached Rs 28 Cr (10% of total) with a pending export order book of Rs 278 Cr for FY27 execution.
- Management guided for 25%+ revenue growth in FY27 and a 20% CAGR over the next 3-4 years.
M & B Engineering Limited (MBEL) has issued a corrigendum to its previous board meeting outcome dated August 10, 2026. The company clarified that the 44th Annual General Meeting (AGM) will be held on Thursday, September 17, 2026, correcting a typographical error that previously listed the day as Tuesday. This administrative update does not change the financial results or other disclosures made for the quarter ended June 30, 2026.
- Correction of the 44th Annual General Meeting day from Tuesday to Thursday
- AGM date remains fixed for 17th September, 2026
- Follows the board meeting outcome originally submitted on 10th August, 2026
- Company maintains TTM revenue of ₹1,260 Cr and PAT of ₹93 Cr as per latest filings
M & B Engineering Limited (MBEL) has issued a corrigendum to its previous board meeting outcome dated 10th August 2026. The company clarified that its 44th Annual General Meeting (AGM) will be held on Thursday, 17th September 2026, correcting a typographical error that previously listed the day as Tuesday. This filing is purely administrative and does not alter the financial results or other disclosures previously submitted for the quarter ended 30th June 2026.
- Corrected the day of the 44th AGM to Thursday, 17th September 2026
- Original board meeting outcome was dated 10th August 2026
- The correction is limited only to the day of the week for the AGM
- Company maintains a TTM revenue of ₹1,260 Cr as of FY26
- Promoter holding remains stable at 70.61% as of June 2026
M & B Engineering Limited (MBEL) has released the audio recording of its earnings conference call held on August 10, 2026, regarding the financial results for the quarter ended June 30, 2026. The call featured senior management, including the Joint Managing Directors and the CFO, discussing the company's performance. This disclosure is a standard regulatory requirement following the release of quarterly results. Investors can access the recording on the company's website to gain insights into management's commentary on the civil construction and PEB segments.
- Earnings conference call conducted on August 10, 2026, for the quarter ended June 30, 2026.
- Management representation included two Joint Managing Directors, one Director, and the CFO.
- Company reported TTM revenue of Rs 1,260 Cr and TTM PAT of Rs 93 Cr as of the latest annual cycle.
- Audio recording made available on the company's website under the investor relations section.
M & B Engineering Limited (MBEL) has submitted its quarterly statement confirming zero deviation or variation in the utilization of its ₹275 crore IPO proceeds for the quarter ended June 30, 2026. The funds were raised via a fresh issue allotted on August 4, 2025. As of the reporting date, the company has utilized ₹23.75 crore out of the ₹130.58 crore allocated for capital expenditure, which includes machinery, building works, and solar rooftop projects. Crisil Ratings Limited is acting as the monitoring agency for these funds.
- Total funds raised through the IPO Fresh Issue amounted to ₹275 Crores.
- ₹23.75 Crores utilized for capital expenditure against an original allocation of ₹130.58 Crores.
- Original allocation for Information Technology investment stands at ₹5.20 Crores.
- Monitoring agency Crisil Ratings Limited confirmed no deviations from the IPO object clause.
- Shares were originally allotted on August 4, 2025, following the public issue.
M & B Engineering Limited (MBEL) has allotted 12,503 equity shares to employees following the exercise of options under the company's 2024 ESOP plan. The shares were issued at an exercise price of Rs 196.50 per share, resulting in a total capital infusion of approximately Rs 24.57 lakhs. This is a routine administrative action to fulfill employee stock option obligations. The newly allotted shares will rank equally with the existing equity shares of the company.
- Allotment of 12,503 equity shares of face value Rs 10 each
- Exercise price fixed at Rs 196.50 per share
- Total aggregate value of the allotment is Rs 24,56,839.50
- Issued under the M&B Engineering Limited Employee Stock Option Plan 2024
MBEL reported a 22.5% YoY revenue growth to ₹291.10 Cr for Q1 FY27, driven by steady execution in its Phenix and Proflex divisions. While PAT grew 20.8% to ₹21.90 Cr, EBITDA margins saw a contraction of 189 bps to 12.28% compared to 14.17% in Q1 FY26. The order book stands at a robust ₹1,053 Cr, representing approximately 84% of TTM revenue, providing strong revenue visibility. Management has guided for over 25% revenue growth in FY27, supported by export momentum and capacity expansions in Sanand and Cheyyar.
- Revenue from operations grew 22.5% YoY to ₹291.10 Cr in Q1 FY27.
- Order book increased 24.9% YoY to ₹1,053 Cr as of June 30, 2026.
- Export orders account for ₹278 Cr of the total order book, with Q1 export revenue at ₹28 Cr.
- EBITDA margins compressed to 12.28% from 14.17% in the corresponding quarter last year.
- Phenix division dominates the order book with ₹837 Cr (79.5% share).
M & B Engineering Limited (MBEL) reported a 22.5% YoY revenue growth to ₹291 Cr for Q1 FY27, with PAT rising 20.8% to ₹21.90 Cr. The company maintains a robust order book of ₹1,053 Cr, equivalent to approximately 84% of its FY26 TTM revenue. Management has provided a strong growth guidance of over 25% for FY27, supported by a significant increase in export orders which now stand at ₹278 Cr. A clear capacity expansion roadmap is in place to reach 1,54,000 TPA by Q3 FY28, up from the current 72,000 MTPA base.
- Revenue from operations grew 22.5% YoY to ₹291 Cr in Q1 FY27.
- Order book stands at ₹1,053 Cr, with the Phenix (PEB) division accounting for 79.5%.
- Export orders jumped to ₹278 Cr, with a focus on the US market following AISC certification.
- Total PEB and Structural Steel capacity targeted to reach 1,54,000 TPA by Q3 FY28.
- Incurred ₹27 Cr capex in Q1 for mobile manufacturing units and a 2.5 MW solar plant.
M & B Engineering Limited (MBEL) has recommended the re-appointment of Ms. Birva Chirag Patel and Mr. Aditya Vipinbhai Patel as Whole-Time Directors for a three-year term effective from April 2, 2027, to April 1, 2030. Ms. Birva Patel, holding a 7.03% stake, brings over 20 years of experience in corporate law, while Mr. Aditya Patel, holding a 3.53% stake, leads the company's international business development for the 'Phenix' brand. These re-appointments are subject to shareholder approval at the upcoming Annual General Meeting. The move signals management continuity as the company pursues its 22-25% growth target and US market expansion.
- Re-appointment of two Whole-Time Directors for a 3-year term starting April 2, 2027
- Ms. Birva Chirag Patel holds 40,17,500 equity shares, representing a 7.03% stake
- Mr. Aditya Vipinbhai Patel holds 20,16,988 equity shares, representing a 3.53% stake
- Mr. Aditya Patel leads international business development, which contributed to Rs 54 Cr in exports in Q2 FY2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 57% YoY in H1 FY2026 to INR 544.5 Cr. The Phenix (PEB) division grew 61% YoY in H1 FY2026, while the Proflex (Roofing) division grew 45% YoY in the same period. Q2 FY2026 consolidated revenue was INR 306.85 Cr, up 49% YoY.
Geographic Revenue Split
Domestic India remains the primary market, but US exports are scaling rapidly, reaching INR 54 Cr in Q2 FY2026 (approx. 17.6% of quarterly revenue) compared to just INR 3 Cr in Q1 FY2026. Management targets an export contribution of 20% of total sales.
Profitability Margins
Operating margins improved to 13% in FY2025 from 10.15% in FY2024. Q2 FY2026 PAT margin stood at 7.23% (INR 22.20 Cr) compared to 6.31% (INR 13.03 Cr) in Q2 FY2025. Management guides for a blended EBITDA margin of approximately 13% for FY2026.
EBITDA Margin
EBITDA margin for Q2 FY2026 was 12.00% (INR 36.82 Cr), a slight contraction from 12.70% (INR 26.23 Cr) in Q2 FY2025. The dip is attributed to a one-off accounting income of INR 14.66 Cr in the previous year's base and increased raw material costs in the Proflex division.
Capital Expenditure
Planned capital expenditure of INR 130.58 Cr funded via IPO proceeds to increase manufacturing capacity by 40,000 tonnes per annum. An additional INR 5.2 Cr is allocated for software upgrades.
Credit Rating & Borrowing
Ratings upgraded in August 2025 to 'Crisil A/Stable/Crisil A1' from 'Crisil A-/Stable/Crisil A2+'. Borrowing costs are expected to decrease as the company uses INR 58.75 Cr of IPO proceeds to prepay its entire term debt, aiming for a gearing ratio below 0.5 time.
Operational Drivers
Raw Materials
Steel coils and metal sheets are the primary raw materials, representing a significant portion of the cost of sales. Specific percentage of total cost is not disclosed, but inventory levels of 137 days are maintained to hedge against price volatility.
Import Sources
Imports are a key source for the Proflex division to ensure material quality and price hedging, though specific countries are not listed beyond general mentions of long transit times for imports.
Capacity Expansion
Current capacity is being expanded by 40,000 tonnes per annum (TPA) using IPO proceeds. The company is also setting up a new plant for PEBs in Chennai to expand its footprint in South India.
Raw Material Costs
Raw material costs are currently under pressure, particularly in the Proflex division due to higher import costs at an exchange rate of approximately 88 INR/USD. The company attempts to pass these costs through selling price increases.
Manufacturing Efficiency
Phenix division sales quantity reached 15,809 metric tons in Q2 FY2026, up 22.8% from 12,870 metric tons in Q2 FY2025. Proflex sales volume grew 63.5% YoY to 366.675 lakh square meters in Q2 FY2026.
Logistics & Distribution
Export business to the US is conducted on a 'delivered-at-site' basis, meaning other expenses (freight, tariffs, local US transport) increase as export volume grows, though these are offset by higher export gross margins.
Strategic Growth
Expected Growth Rate
22-25%
Growth Strategy
Growth will be driven by a 40,000 TPA capacity expansion, a new manufacturing facility in Chennai to capture South Indian demand, and aggressive expansion into the US export market which offers higher margins than domestic PEB projects.
Products & Services
Pre-Engineered Buildings (PEB), Steel Structural works, and Self-Supported Steel Roofing Systems.
Brand Portfolio
Phenix (PEB division) and Proflex (Roofing division).
New Products/Services
Expansion into the US market with delivered-at-site PEB solutions is the primary new revenue driver, with Q2 FY2026 exports jumping to INR 54 Cr.
Market Expansion
Geographic expansion into South India via a new Chennai plant and international expansion focused on the United States market.
External Factors
Industry Trends
The PEB industry is growing as a faster, more efficient substitute for traditional civil construction. MBEL is positioning itself by shifting toward higher-margin exports and expanding domestic capacity by 40,000 TPA.
Competitive Landscape
Faces intense competition from several unorganized players in the domestic PEB market, which keeps operating margins rangebound between 10-13%.
Competitive Moat
Moat is built on a 20-year track record, technical project management capabilities, and a strong promoter channel network. However, the moat is challenged by low entry barriers for unorganized competitors.
Macro Economic Sensitivity
Highly sensitive to industrial capex cycles in India and the US, as PEBs are primary substitutes for traditional civil construction in industrial segments.
Consumer Behavior
Industrial clients are increasingly opting for PEB over civil construction for faster project turnaround and cost-effectiveness.
Geopolitical Risks
US import tariffs and international shipping disruptions could impact the cost structure of the export business.
Regulatory & Governance
Industry Regulations
Operations are subject to standard engineering and construction manufacturing standards; the company must manage import/export regulations and tariffs for its US business.
Risk Analysis
Key Uncertainties
Volatility in steel prices could impact margins by more than 2-3% if inventory hedging is ineffective. The successful ramp-up of the new 40,000 TPA capacity is critical for meeting growth targets.
Geographic Concentration Risk
Historically concentrated in Western India (Ahmedabad base), now diversifying into South India (Chennai) and the US (20% revenue target).
Third Party Dependencies
Dependency on steel suppliers and international shipping lines for the export/import-heavy Proflex and Phenix divisions.
Technology Obsolescence Risk
Low risk, but the company is investing INR 5.2 Cr in software upgrades to maintain design competitiveness.
Credit & Counterparty Risk
Receivables stood at 71 days as of March 2025. High non-fund-based limit utilization (85.39%) reflects heavy reliance on Letters of Credit for procurement.
