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MEP - MEP Infrast.

📊 NSE: MEP 🏢 Construction 📅 Last Updated: 12/14/2025 9:49

📢 Recent Corporate Announcements

MEP Infrastructure Conducts 21st CoC Meeting Amid Ongoing Insolvency Process

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 27 Jan 2026, 11:50 AM

MEP Infrastructure Developers Limited held its 21st Committee of Creditors (CoC) meeting on January 23, 2026, as part of its ongoing insolvency proceedings. The company has been under the Corporate Insolvency Resolution Process (CIRP) since March 28, 2024, following an order by the Hon’ble NCLT. A moratorium under Section 14 of the IBC is currently in effect, and the process is being managed by Resolution Professional Ravindra Kumar Goyal. This meeting is a continuation of the efforts to reach a resolution for the company's outstanding debts.

21st CoC meeting convened on January 23, 2026, to discuss resolution progress.
Company has been under CIRP for approximately 22 months since the March 2024 NCLT order.
Moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016, remains active.
Resolution Professional (RP) Ravindra Kumar Goyal continues to oversee the company's affairs.

💡 Equity shareholders should be aware that insolvency proceedings typically result in significant capital loss or total wipeout. Avoid fresh positions until a clear resolution plan is approved and its impact on equity is disclosed.

MEP Infrastructure Files Q3 FY26 SEBI Regulation 74(5) Compliance Certificate

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Jan 2026, 12:52 PM

MEP Infrastructure Developers Limited has submitted its quarterly compliance certificate for the period ending December 31, 2025, as required under SEBI (Depositories and Participants) Regulations. The Registrar, MUFG Intime India, confirmed that all dematerialization requests were processed and security certificates were cancelled within prescribed timelines. Notably, the company remains under the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated March 28, 2024. A moratorium is currently in place, and a Resolution Professional is managing the company's affairs.

Submission of Regulation 74(5) certificate for the quarter ended December 31, 2025.
Confirmation from Registrar MUFG Intime India regarding timely dematerialization of securities.
Company continues to be under Corporate Insolvency Resolution Process (CIRP) since March 28, 2024.
Resolution Professional Mr. Ravindra Kumar Goyal is currently overseeing the company's operations.
Moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 remains in effect.

💡 This is a routine administrative filing and does not impact the company's ongoing insolvency status. Investors should remain cautious and focus on updates regarding the resolution plan and NCLT proceedings.

MEP Infrastructure Holds 20th Committee of Creditors Meeting Under Ongoing CIRP

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 30 Dec 2025, 02:56 PM

MEP Infrastructure Developers Limited conducted its 20th Committee of Creditors (CoC) meeting on December 29, 2025, as part of its ongoing insolvency process. The company has been under the Corporate Insolvency Resolution Process (CIRP) since March 28, 2024, following an order by the Hon’ble NCLT. Mr. Ravindra Kumar Goyal continues to act as the Resolution Professional, managing the company's affairs during the moratorium period. This meeting is a routine but critical step in determining the future of the company's debt resolution or potential liquidation.

20th Meeting of the Committee of Creditors held on December 29, 2025
Company has been under Corporate Insolvency Resolution Process since March 28, 2024
Moratorium under Section 14 of the IBC remains in effect for over 21 months
Resolution Professional Mr. Ravindra Kumar Goyal is overseeing the insolvency proceedings

💡 Investors should remain highly cautious as equity shareholders typically face significant dilution or total loss during insolvency resolutions. Monitor for any announcements regarding the approval of a resolution plan or liquidation orders.

MEP Infrastructure Enters Insolvency (CIRP); Reports FY24 Compliance Deviations and Fines

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 24 Dec 2025, 07:29 PM

MEP Infrastructure Developers has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Mumbai as of March 28, 2024. A moratorium is currently in effect, and Mr. Ravindra Kumar Goyal has been appointed as the Resolution Professional to manage the company. The FY24 Secretarial Compliance Report reveals multiple reporting delays, including financial results for Q1 and Q3, which resulted in penalties from both NSE and BSE. The company's management powers are now vested with the Resolution Professional as per the Insolvency and Bankruptcy Code.

NCLT Mumbai initiated Corporate Insolvency Resolution Process (CIRP) against the company on March 28, 2024
Fines of ₹20,000 each imposed by NSE and BSE for delayed submission of Q1 FY2023-24 financial results
Penalties of ₹10,000 each from NSE and BSE for delay in reporting Postal Ballot voting results from March 2023
Additional fine of ₹5,000 by NSE for delayed submission of Q3 FY2023-24 financial results
A moratorium under Section 14 of the IBC is currently in effect, suspending certain legal proceedings against the company

💡 Investors should be extremely cautious as the company is under insolvency proceedings, which typically results in high risk to equity value. Monitor the Resolution Professional's updates regarding the resolution plan and potential restructuring.

MEP Infrastructure to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Dec 2025, 04:04 PM

MEP Infrastructure Developers Limited has announced the closure of its trading window starting January 1, 2026, for all designated persons. This routine regulatory action is taken ahead of the finalization and approval of un-audited financial results for the third quarter ending December 31, 2025. The company remains under the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated March 28, 2024. The trading window will reopen 48 hours after the financial results are officially declared and disseminated to the stock exchanges.

Trading window for designated persons to remain closed from January 1, 2026.
Closure is related to the approval of un-audited financial results for the quarter ending December 31, 2025.
Company continues to operate under Corporate Insolvency Resolution Process (CIRP) since March 28, 2024.
Trading window will reopen 48 hours after the dissemination of Q3 results to the exchanges.

💡 This is a routine regulatory filing with no immediate impact on stock valuation. Investors should remain cautious due to the company's ongoing insolvency proceedings under the IBC.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated turnover increased by 21.20% to INR 2,815 Cr in FY19 from INR 2,322 Cr in FY18. Segmental sales in 4Q19 were dominated by Toll Collection & O&M at 78% and Construction at 22%.

Geographic Revenue Split

Significant revenue contributions from the Delhi Entry Point (DEP) project at INR 1,091 Cr (up 64% from INR 665 Cr), HRBC, RGSL, and Mumbai Entry Point projects. Operations are primarily concentrated in Maharashtra, Delhi, and Gujarat.

Profitability Margins

PAT margin was 2% in 4Q19, down from 3% in 4Q18. EBIT margin stood at 19% in 4Q19 compared to 20% in 4Q18. Profit before tax (PBT) for 4Q19 was INR 15 Cr.

EBITDA Margin

EBIT for 4Q19 was INR 131.9 Cr, a 16% decrease from INR 157.5 Cr in 4Q18, primarily due to a 50% increase in operating and maintenance expenses driven by higher concession fees.

Capital Expenditure

The company is executing 10 Hybrid Annuity Model (HAM) projects and maintains an outstanding order book of approximately INR 6,500 Cr as of May 2019.

Credit Rating & Borrowing

Long-term and short-term ratings reaffirmed at 'ACUITE D' (Default) as of July 2023. The rating was downgraded from 'ACUITE B+' in April 2022 due to lenders classifying accounts as delinquent and non-standard. Total bank facilities rated are INR 885.00 Cr.

⚙️ Operational Drivers

Raw Materials

Construction materials including bitumen, cement, and steel for EPC contracts, though specific % of total cost is not disclosed.

Import Sources

Sourced primarily from domestic suppliers within India, specifically for projects in Maharashtra, Gujarat, and Delhi.

Capacity Expansion

Current execution includes 10 HAM projects at various stages. The Thane-Vadape project commenced in January 2019, while Ausa-Chakur, Chakur-Loha, and Loha-Warang projects received appointed dates in March 2019.

Raw Material Costs

Materials are provided to contractors in EPC projects, allowing for higher margins (20-25%) compared to back-to-back contracts. O&M expenses rose 50% in FY19 due to higher concession fees.

Logistics & Distribution

Distribution costs are reflected in O&M expenses, which increased 10% YoY in 4Q19 to INR 337.6 Cr.

📈 Strategic Growth

Growth Strategy

Strategic shift toward Long-Term (LT) projects, which accounted for 100% of 4Q19 revenue. Growth is targeted through the execution of the INR 6,500 Cr order book and 10 HAM projects.

Products & Services

Toll collection services, Operate Maintain and Transfer (OMT) business, Engineering Procurement and Construction (EPC) contracts, and Hybrid Annuity Model (HAM) road projects.

Brand Portfolio

MEP Infrastructure Developers Limited (MEPIDL).

New Products/Services

Expansion into Hybrid Annuity Model (HAM) projects with six projects awarded in FY2016 and ten active by FY2019.

Market Expansion

Focus on road and highway infrastructure in India, specifically ring roads and state highways in Maharashtra and Gujarat.

Market Share & Ranking

Established player in toll collection and OMT business for roads and highways in India.

Strategic Alliances

Joint ventures with Sanjose for multiple road projects including Nagpur Ring Road and Talaja-Mahuva Road.

🌍 External Factors

Industry Trends

Industry shift toward HAM and OMT models. The company is positioning itself by moving away from short-term contracts to long-term projects (1-16 years).

Competitive Landscape

Operates in a competitive infrastructure sector with EPC and BOT players; however, specific competitor names are not listed.

Competitive Moat

Management experience in the infrastructure sector and a large portfolio of long-term contracts provide a competitive advantage, though currently threatened by insolvency.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and NHAI policy shifts regarding tolling and HAM models.

Consumer Behavior

Traffic shifts to new expressways (EPE/WPE) directly reduce toll revenue at existing points.

⚖️ Regulatory & Governance

Industry Regulations

Subject to NHAI tolling regulations and the Insolvency and Bankruptcy Code (IBC) due to the ongoing CIRP process.

Taxation Policy Impact

Tax credit of INR 2.1 Cr was recorded in 4Q19 compared to a tax expense of INR 13.7 Cr in 4Q18.

Legal Contingencies

The company is under Corporate Insolvency Resolution Process (CIRP) as of April 2024. Auditors noted material uncertainty regarding the company's ability to continue as a going concern due to eroded net worth in 21 subsidiaries and 7 JVs.

⚠️ Risk Analysis

Key Uncertainties

Material uncertainty exists regarding the 'Going Concern' status as net worth is fully eroded for the majority of 21 subsidiaries and 7 jointly controlled entities as of March 31, 2023.