MBL Infrastructure Limited (MBLINFRA)
₹23.05 +6.71% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, MBL Infrastructure's revenue was ₹37.5 Cr (-29.7% year on year, -28.0% on the previous quarter), and net profit ₹-5.2 Cr (against a profit a year earlier); the operating margin was 27.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹37.5 | -29.7% | -28.0% |
| Operating profit | ₹10.1 | from loss | +70.0% |
| Net profit | ₹-5.2 | to loss | loss narrowed |
| EPS (₹) | -0.34 | loss narrowed | loss narrowed |
| Operating margin | 27.0% | — | — |
MBLINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 79.63% of the MBLINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.05%. That is close to its usual level. Turnover was only ₹10 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 78.9% · 63.7% · 65.9% · 73.3% · 79.6%
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
MBL Infrastructure Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited. The RTA confirmed that zero requests for dematerialization or rematerialization were received during the quarter. This filing is purely statutory and reflects standard procedural reporting.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
- RTA MUFG Intime India Pvt. Ltd. confirmed nil demat/remat requests received during the period
- Requirements for mutilation and substitution of share certificates were not applicable
- Submission dated October 14, 2026 to BSE and NSE
The Commercial Court, Dehradun, directed the Public Works Department (PWD) of Uttarakhand on October 5, 2026, to deposit ₹81.14 crores regarding an arbitration award dated December 14, 2024. The dispute relates to the road improvement project in Udham Singh Nagar (Package No. C-2). The award also accrues continuing interest at 12% p.a. until full payment is realized. This ₹81.14 crore award is substantial, representing ~39.4% of MBL's TTM revenue of ₹206 crore and ~16.6% of its market capitalization of ₹488 crore.
- Commercial Court Dehradun directed Uttarakhand PWD on 05.10.2026 to deposit ₹81.14 crores
- Arbitration award originates from a decision dated 14.12.2024 for road works in Udham Singh Nagar (Package No. C-2)
- Interest is continuing @12% p.a. till the final date of payment to the company
- Award amount represents ~39.4% of TTM revenue (₹206 Cr) and ~16.6% of market cap (₹488 Cr)
The Commercial Court in Dehradun has directed the Public Works Department (PWD), Government of Uttarakhand, to deposit an arbitration award amount of ₹81.14 crore in favor of MBL Infrastructure Limited. The order, dated October 5, 2026, pertains to an award originally dated December 14, 2024, for road works in Udham Singh Nagar. The award carries ongoing interest at 12% p.a. until the date of payment. Relative to MBL's TTM revenue of ₹206 crore and market cap of ₹488 crore, the award of ₹81.14 crore represents ~39.4% of revenue and ~16.6% of market cap.
- Commercial Court directed PWD Uttarakhand to deposit ₹81.14 crore arbitration award
- Award carries continuing interest at 12% p.a. until realization date
- Award amount represents ~39.4% of company's TTM revenue of ₹206 crore
- Order relates to road project in District of Udham Singh Nagar (Package No. C-2)
MBL Infrastructure concluded its 31st Annual General Meeting held on September 12, 2026, where shareholders approved all six ordinary and special resolutions with over 99.9% majority. Key approvals included the re-appointment and remuneration of Managing Director Anjanee Kumar Lakhotia and the re-appointment of Whole Time Director Surender Aggarwal through September 2027. Additionally, resolutions concerning FY26 financial statements and related-party transactions were passed. Voting participation stood at 75.25% of total outstanding shares, heavily led by promoter holding (74.57%).
- All 6 resolutions approved with 99.99% votes cast in favour
- Shareholder turnout reached 75.25% with 116,208,128 total votes polled out of 154,429,256 shares
- Remuneration of Managing Director Anjanee Kumar Lakhotia approved for a 2-year tenure w.e.f. May 25, 2027
- Surender Aggarwal re-appointed as Executive Director from October 1, 2026 to September 30, 2027
- Related-party transaction resolutions ratified by shareholders
MBL Infrastructure Limited concluded its 31st Annual General Meeting held on September 12, 2026, via video conferencing. The meeting transacted ordinary business, including the adoption of FY26 standalone and consolidated financial statements, as well as the reappointment of Chairman & MD Anjanee Kumar Lakhotia. Special resolutions were tabled for MD remuneration w.e.f. May 25, 2027, the re-appointment of Executive Director Surender Aggarwal through September 30, 2027, and approval of Related Party Transactions under Section 188. Detailed voting results and the Scrutinizer's report will be disclosed subsequently.
- 31st AGM held and concluded on September 12, 2026, between 3:00 PM and 4:10 PM IST
- Approval sought for remuneration of CMD Anjanee Kumar Lakhotia for 2 years w.e.f. 25.05.2027
- Proposed reappointment of Surender Aggarwal as Whole Time Director from 01.10.2026 till 30.09.2027
- Ratification of remuneration for Cost Auditors M/s Dipak Lal & Associates for FY 2026-27
MBL Infrastructure Limited has submitted its August 2026 corporate presentation to the stock exchanges under Regulation 30. The presentation summarizes the company's business verticals, historical milestones—including the formal implementation of its IBC Resolution Plan on September 4, 2024—and promoter shareholding at 74.57%. For FY26, standalone total income was reported at ₹212.14 crore with a profit after tax of ₹9.23 crore. Consolidated total borrowings stood at ₹988.33 crore against a consolidated net worth of ₹956.00 crore as of FY26 end.
- Promoter shareholding stood at 74.57% as of August 2026
- Standalone FY26 total income reached ₹212.14 crore with PAT of ₹9.23 crore
- Consolidated borrowings totaled ₹988.33 crore (₹683.34 crore non-current, ₹304.99 crore current) in FY26
- Consolidated total equity stood at ₹956.00 crore as of FY26
MBL Infrastructure Limited has announced that its 31st Annual General Meeting (AGM) will be held on September 12, 2026, via video conferencing. The company has fixed September 5, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. The register of members and share transfer books will remain closed from September 5 to September 12, 2026. This is a standard regulatory procedure and does not impact the company's financial standing or operations.
- 31st Annual General Meeting scheduled for September 12, 2026, at 3:00 p.m.
- Cut-off date for e-voting eligibility set for September 5, 2026.
- Book closure period defined from September 5, 2026, to September 12, 2026 (8 days inclusive).
- Meeting to be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).
MBL Infrastructure reported a standalone revenue of ₹26.59 Cr for Q1 FY27, up 43% from ₹18.57 Cr in Q1 FY26. The company posted a net profit of ₹3.76 Cr, largely supported by 'Other Income' of ₹18.38 Cr, which primarily consists of Ind-AS accounting adjustments rather than operational cash flow. A significant portion of the company's value remains locked in three subsidiaries (MBL Projects, MHDCL, and SBTRCPL) with a combined investment of ₹275.99 Cr, all of which are facing contract terminations or insolvency proceedings. Specifically, the ₹185.05 Cr investment in SBTRCPL is currently under the Corporate Insolvency Resolution Process (CIRP).
- Standalone revenue from operations increased to ₹26.59 Cr in Q1 FY27 compared to ₹18.57 Cr in Q1 FY26.
- Other income of ₹18.38 Cr, including ₹18.09 Cr of Ind-AS adjustments, significantly bolstered the Profit Before Tax of ₹19.70 Cr.
- Investment of ₹185.05 Cr in subsidiary SBTRCPL is under CIRP as of December 1, 2025; MBL has submitted a resolution plan.
- Non-current investments in MBL Projects Ltd and MBL Highway Development Company Ltd stand at ₹39.84 Cr and ₹51.10 Cr respectively, despite project terminations.
- Finance costs for the quarter were ₹4.55 Cr, representing approximately 17% of operational revenue.
The Commercial Court, Dehradun, has dismissed petitions filed by the Public Works Department (PWD), Uttarakhand, against an arbitration award favoring MBL Infrastructure. The award, including interest, is valued at Rs 82.77 crores as of July 27, 2026, which is approximately 43.6% of the company's current market capitalization. Additionally, the award continues to accrue interest at 12% p.a. until the final payment is received. This legal victory is material for the company's liquidity, considering its TTM revenue of Rs 222 crores and current loss-making status.
- Arbitration award value of Rs 82.77 crores as of July 27, 2026, including interest.
- Ongoing interest rate of 12% p.a. applicable until the date of actual payment.
- Commercial Court, Dehradun, dismissed petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996.
- The award pertains to the 'Improvement and Strengthening of Roads' project in Udham Singh Nagar, Uttarakhand.
- Award value represents approximately 37.3% of the company's TTM revenue of Rs 222 crores.
MBL Infrastructure has received a favorable ruling from the Commercial Court, Dehradun, which dismissed petitions filed by the Public Works Department (PWD), Uttarakhand, against an arbitration award. The award, valued at ₹82.77 crores including interest as of July 27, 2026, pertains to a road project in Udham Singh Nagar. The company is entitled to further interest at 12% p.a. until the actual payment date. This award is highly material, representing approximately 44% of the company's current market capitalization and 37% of its TTM revenue.
- Arbitration award value stands at ₹82.77 crores as of July 27, 2026
- Commercial Court dismissed PWD Uttarakhand's petitions filed under Section 34 of the Arbitration Act
- Ongoing interest will accrue at 12% p.a. until the final payment is made to the company
- The dispute relates to the 'Improvement and Strengthening of Roads' project in Udham Singh Nagar (Package No. C-2)
MBL Infrastructure reported a standalone net profit of Rs 3.76 Cr for the quarter ended June 30, 2026, compared to Rs 2.96 Cr in the same period last year. While revenue from operations grew 43% YoY to Rs 26.59 Cr, total income actually declined by 16% to Rs 44.97 Cr due to a sharp drop in 'Other Income' from Rs 34.88 Cr to Rs 18.38 Cr. Profitability was supported by a 50% reduction in total expenses, primarily driven by lower 'Other Expenses'. However, the bottom line was significantly weighed down by a deferred tax expense of Rs 15.94 Cr.
- Standalone revenue from operations increased to Rs 26.59 Cr from Rs 18.57 Cr in the year-ago quarter.
- Other Income contributed Rs 18.38 Cr, accounting for 41% of the total income for the quarter.
- Total expenses were halved to Rs 25.27 Cr from Rs 50.49 Cr in Q1 FY26.
- Net profit of Rs 3.76 Cr was achieved despite a high deferred tax charge of Rs 15.94 Cr.
- The company confirmed the implementation date of its Resolution Plan as September 04, 2024.
MBL Infrastructure Limited has submitted its periodic certificate under the SEBI (Depositories and Participants) Regulations, 2018. This filing, dated July 20, 2026, is a standard procedural requirement for listed companies to confirm the processing of share dematerialization requests. It contains no information regarding the company's financial performance, order book, or strategic direction. Such filings are mandatory for maintaining regulatory compliance with the stock exchanges.
- Filing submitted on July 20, 2026
- Compliance pertains to SEBI (Depositories and Participants) Regulations, 2018
- Document digitally signed by Anubhav Maheshwari at 15:33:25 IST
MBL Infrastructure released its June 2026 corporate presentation, outlining an ambitious growth strategy to target ₹1,000 Cr in new orders for FY26 and ₹2,800 Cr for FY27. This FY26 target is significant, representing approximately 4.5x the company's TTM revenue of ₹222 Cr. The company is currently bidding for projects worth ₹1,645 Cr, leveraging its track record as an early mover in NHAI projects. However, the company remains loss-making with a TTM PAT of -₹12 Cr and carries a substantial debt of ₹732 Cr.
- Targeting new orders of ₹1,000 Cr in FY26 and ₹2,800 Cr in FY27 to drive growth.
- Promoter holding stands at a high 74.57% as of May 2026.
- Government allocated ₹3.10 lakh crore to MoRTH in Union Budget 2026-27, providing a large addressable market.
- Company is actively bidding for new infrastructure tenders worth ₹1,645 Cr.
- Debt-free status achieved in 6 out of 8 subsidiaries, though consolidated debt remains at ₹732 Cr.
MBL Infrastructure Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the un-audited standalone and consolidated financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. This is a standard regulatory procedure for listed companies during the earnings reporting cycle.
- Trading window closure commences on July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ended June 30, 2026.
- The restriction applies to both standalone and consolidated financial statements.
- Trading window will reopen 48 hours after the official announcement of the financial results.
- The notice covers all Designated Persons, their immediate relatives, and Connected Persons.
MBL Infrastructure reported a standalone net profit of ₹52.34 crore for the full year ended March 31, 2026, compared to ₹48.79 crore in FY25. Total income saw a modest increase to ₹212.14 crore from ₹203.41 crore in the previous fiscal. A significant development is the allotment of 14.5 lakh equity shares to the promoter group entity SMHDKG LLP, bringing the total promoter shareholding to 74.57%. Despite the annual profit, the Q4 FY26 net profit was relatively low at ₹81 lakhs, and the company continues to deal with IBC-related resolution plan implementations and subsidiary insolvency proceedings.
- Standalone Net Profit for FY26 increased to ₹52.34 crore from ₹48.79 crore in FY25.
- Allotted 14,50,000 equity shares to promoter group entity SMHDKG LLP, increasing promoter stake to 74.57%.
- Total Standalone Income for FY26 grew to ₹212.14 crore, up from ₹203.41 crore in the prior year.
- Paid-up equity share capital increased to ₹155.88 crore following the allotment under the IBC Resolution Plan.
- Mr. Surender Aggarwal re-appointed as Whole Time Director for a one-year term effective October 1, 2026.
Financial Performance
Revenue Growth by Segment
Standalone total income grew 10.46% YoY to INR 203.41 Cr in FY25 from INR 184.15 Cr in FY24. Consolidated total income decreased 2.02% to INR 248.35 Cr in FY25 from INR 253.46 Cr in FY24. Segment-specific growth percentages for Roads, Buildings, and Railways were not disclosed.
Geographic Revenue Split
The company executes projects PAN India, but specific percentage contribution from each region is not disclosed in available documents.
Profitability Margins
Standalone Net Profit Margin improved from 3.62% in FY24 to 4.85% in FY25. Operating Profit Margin declined from 11.54% in FY24 to 9.98% in FY25. Standalone net profit for Q2 FY26 was INR 23.32 Cr, a 687.8% increase from INR 2.96 Cr in Q1 FY26.
EBITDA Margin
Operating Profit Margin was 9.98% in FY25, down from 11.54% in FY24, representing a 13.5% YoY decline in core operational profitability due to non-normal operations during the resolution plan implementation.
Capital Expenditure
Not disclosed in available documents, though the company maintains a large fleet of construction equipment to support its EPC and BOT projects.
Credit Rating & Borrowing
Bank accounts were restored to 'Standard' status on September 4, 2024. Previous credit rating was BWR D (withdrawn in 2019). The company has secured INR 303.63 Cr in non-fund based working capital limits (BGs/LCs) under its approved Resolution Plan.
Operational Drivers
Raw Materials
Specific raw materials like bitumen, steel, and cement are required for road and building construction, but their individual percentage of total cost is not disclosed.
Capacity Expansion
Current capacity includes a large fleet of construction equipment. Expansion is focused on order book growth with a target of INR 1,000 Cr in new orders for FY26 and INR 2,800 Cr for FY27.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but operational profit margins of 9.98% reflect the impact of material and execution costs.
Manufacturing Efficiency
Capacity utilization metrics are not disclosed; however, the company was an early mover in NHAI maintenance and corridor projects, indicating high execution efficiency.
Strategic Growth
Expected Growth Rate
180%
Growth Strategy
Growth will be achieved by targeting new orders of INR 1,000 Cr in FY26 and INR 2,800 Cr in FY27. The strategy includes bidding for projects worth INR 1,645 Cr, leveraging debt-free status in 6 of 8 subsidiaries, and utilizing restored bank limits of INR 303.63 Cr to support new project execution.
Products & Services
Civil engineering infrastructure projects including Roads & Highways (Construction, BOT, O&M), Building, Housing & Urban Infrastructure, and Railways/Metro projects.
Brand Portfolio
MBL Infrastructure Ltd (MBL).
New Products/Services
Recent wins include a INR 1.06 Cr NH-62 Change of Scope order. Future revenue will be driven by the identified INR 1,000 Cr order target for FY26.
Market Expansion
The company executes projects PAN India and is actively bidding for new infrastructure tenders across its core segments to expand its order book.
External Factors
Industry Trends
The industry is shifting toward large-scale integrated infrastructure projects. MBL is positioning itself by resolving legacy debt issues, with 6 of 8 subsidiaries now debt-free, to regain eligibility for major government tenders.
Competitive Landscape
Competes with other national-level EPC and BOT infrastructure companies for NHAI and state PWD contracts.
Competitive Moat
MBL's moat is based on its track record as one of the first contractors for NHAI's North South East West Corridor and its large owned equipment fleet, which provides cost advantages over competitors who lease equipment.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and interest rate fluctuations affecting the cost of debt for BOT projects.
Consumer Behavior
Not applicable as the company serves government and institutional clients.
Geopolitical Risks
Primarily domestic operations; risks are limited to local political and regulatory changes affecting infrastructure contracts.
Regulatory & Governance
Industry Regulations
Operations are governed by NHAI standards, PWD specifications, and the Insolvency and Bankruptcy Code (IBC) 2016, under which the company's resolution plan was implemented.
Environmental Compliance
The company maintains ISO 45001:2018 certification for health and safety and environmental management systems.
Legal Contingencies
Pending arbitration claims total INR 3,219.53 Cr. A specific award of INR 177.85 Cr plus interest is due from Uttarakhand PWD. A subsidiary, SBTRCPL, is facing CIRP initiated by SBI for a facility of INR 450 Cr.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful resolution of the remaining two debt-laden subsidiaries and the timing of realization for INR 3,219.53 Cr in contractual claims, which represents a significant portion of potential liquidity.
Third Party Dependencies
Dependent on government bodies for project awards and timely payments/dispute resolutions.
Technology Obsolescence Risk
Low risk in civil construction, but the company monitors technological risks through its risk management framework.
Credit & Counterparty Risk
Exposure to government entities (NHAI, PWD) is high; while credit risk is low, payment delays (receivables) are a significant factor, as evidenced by the high volume of arbitration.
