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MEP Infrastructure Developers Limited (MEP)

₹0.68 +1.49% last close, 16 Oct

📊 NSE: MEP 🏢 Construction 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY24)

In its latest reported quarter, Q4 FY24, MEP Infrastructure's revenue was ₹20.0 Cr (+0.0% year on year, +81.8% on the previous quarter), and net profit ₹-605 Cr (a bigger loss than a year earlier); the operating margin was -3000.0%.

Q4 FY24 (₹ Cr)	Value	YoY vs Q4 FY23	QoQ
Revenue	₹20.0	+0.0%	+81.8%
Operating profit	₹-600	loss widened	loss widened
Net profit	₹-605	loss widened	loss widened
EPS (₹)	-32.97	loss widened	loss widened
Operating margin	-3000.0%	—	—

Full quarterly financials → Results calendar →

MEP exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at its upper price band (circuit) on 16 Oct, one of 10 band closes in about the last 20 sessions.

₹0.68NSE close · +1.49%

Circuit stocks →

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

MEP Infrastructure Closes Trading Window From Oct 1, 2026 for H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 04:28 PM

MEP Infrastructure Developers Limited has announced the closure of its trading window starting Thursday, October 1, 2026, in compliance with SEBI insider trading regulations. The closure is for the finalization of un-audited standalone and consolidated financial results for the half year ended September 30, 2026. The window will reopen 48 hours following the dissemination of the results. The company notes it continues to operate under the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated March 28, 2024.

Trading window closed from Thursday, October 1, 2026
Closure applies for un-audited results for the half year ended September 30, 2026
Trading window to reopen 48 hours after financial results are declared
Company remains under Corporate Insolvency Resolution Process pursuant to NCLT order dated March 28, 2024

💡 Track the upcoming board/RP meeting date when H1 FY27 financial results will be formally considered, alongside updates regarding the ongoing Corporate Insolvency Resolution Process.

MEP Infrastructure: Resignation of Company Secretary & Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Aug 2026, 06:28 PM

MEP Infrastructure Developers Limited announced the resignation of Mrs. Nitisha Sohoni from the position of Company Secretary and Compliance Officer, effective August 20, 2026. The resignation was accepted by Resolution Professional Mr. Ravindra Kumar Goyal as the company remains under Corporate Insolvency Resolution Process (CIRP) initiated on March 28, 2024. The company confirmed it has shortlisted potential candidates to fill the vacancy and will notify the exchanges upon appointment.

Resignation of Company Secretary & Compliance Officer Mrs. Nitisha Sohoni effective August 20, 2026
Resignation was submitted on May 21, 2026, citing personal reasons and career opportunities
Company is currently under CIRP pursuant to NCLT order dated March 28, 2024, managed by RP Ravindra Kumar Goyal
Shortlisting of suitable replacement candidates is underway

💡 Track the appointment of a new Compliance Officer and monitor key updates regarding the CIRP resolution plan and creditor proceedings.

MEP Infrastructure Submits Quarterly Compliance Certificate for Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 07:12 PM

MEP Infrastructure Developers Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that securities received for dematerialization during the quarter ended June 30, 2026, were processed according to regulatory standards. The registrar confirmed that security certificates were mutilated and cancelled after verification, with depository names updated in the register of members. This is a standard administrative filing with no impact on the company's financial or operational standing.

Compliance certificate submitted for the quarter ended 30th June, 2026
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
Securities received for dematerialization were confirmed/rejected within prescribed timelines
Security certificates were mutilated and cancelled after due verification by the depository participant

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material updates on business performance.

MEP Infrastructure to Close Trading Window from July 1 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 06:03 PM

MEP Infrastructure Developers Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This routine regulatory action is in preparation for the finalization of un-audited standalone and consolidated financial results for the quarter ending June 30, 2026. 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 submitted to the stock exchanges.

Trading window closure effective from Wednesday, July 1, 2026, for Q1 FY27 results.
Window to reopen 48 hours after the dissemination of un-audited financial results.
Company is currently under Corporate Insolvency Resolution Process (CIRP) since March 28, 2024.
The filing is signed by Mr. Ravindra Kumar Goyal, the appointed Resolution Professional.

💡 This is a standard regulatory filing with no immediate impact on stock valuation; however, investors should exercise caution given the company's ongoing insolvency proceedings. Monitor the upcoming Q1 results for updates on the company's financial health and the status of the resolution process.

MEP Infrastructure Promoter Declares No New Share Encumbrances for FY 2025-26

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 12 Jun 2026, 08:07 PM

Jayant D. Mhaiskar, representing the Promoter and Promoter Group of MEP Infrastructure Developers Limited, has submitted a mandatory annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations. The declaration confirms that no new encumbrances or pledges were created on the company's shares, directly or indirectly, during the financial year 2025-26. This excludes any encumbrances that were already disclosed to the exchanges during the period. Such filings are standard procedural requirements to maintain transparency regarding promoter shareholding status.

Annual disclosure submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoter group confirms no additional encumbrances were made during the Financial Year 2025-26.
The declaration covers all shares held by the Promoter and Promoter Group as of March 31, 2026.
Filing confirms compliance with transparency norms regarding promoter share pledging and encumbrance.

💡 This is a routine regulatory filing; investors should verify the existing level of promoter pledges in the latest shareholding pattern to assess overall risk.

MEP Promoters Declare No New Share Encumbrances for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Jun 2026, 02:38 PM

The Promoter and Promoter Group of MEP Infrastructure Developers Limited have filed their annual declaration under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ending March 31, 2026. The filing confirms that no new encumbrances or pledges were created on their shareholding, either directly or indirectly, during the fiscal year. This disclosure excludes any pledges that were already reported to the stock exchanges in previous filings. Such declarations are standard regulatory requirements to ensure transparency regarding promoter debt and share security.

Promoters declared no additional encumbrances on shares for the Financial Year 2025-26.
Compliance submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The declaration covers the entire Promoter and Promoter Group of MEP Infrastructure Developers Limited.
The filing confirms that only previously disclosed encumbrances exist as of the fiscal year-end.

💡 This is a routine regulatory filing and does not require any immediate action. Investors should continue to monitor the overall percentage of pledged promoter shares in the company's quarterly shareholding patterns.

MEP Infrastructure Developers Conducts 23rd Committee of Creditors Meeting

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 03 Jun 2026, 05:32 PM

MEP Infrastructure Developers Limited held its 23rd Committee of Creditors (CoC) meeting on June 2, 2026, as part of its ongoing insolvency process. The company has been under the Corporate Insolvency Resolution Process (CIRP) since the NCLT order dated March 28, 2024. A moratorium under Section 14 of the Insolvency and Bankruptcy Code remains in effect, with Mr. Ravindra Kumar Goyal serving as the Resolution Professional. This meeting signifies the continued effort to find a resolution for the company's debt obligations.

23rd meeting of the Committee of Creditors (CoC) was successfully held on June 2, 2026.
Company has been under Corporate Insolvency Resolution Process (CIRP) since March 28, 2024.
Moratorium under Section 14 of the IBC 2016 is currently in effect.
Mr. Ravindra Kumar Goyal is the designated Resolution Professional overseeing the process.

💡 Investors should remain extremely cautious as the company is in a formal insolvency process where equity holders typically face significant risk of total loss. Monitor for any announcements regarding the approval of a resolution plan or potential liquidation.

MEP Infrastructure CFO Rajendra Pawar Resigns Amid Ongoing Insolvency Process

🔴 NEGATIVE ⭐ 7/10

MANAGEMENT 📅 01 Jun 2026, 08:41 PM

MEP Infrastructure Developers Limited has announced the resignation of its Chief Financial Officer, Mr. Rajendra Pawar, effective May 31, 2026. This leadership change occurs while the company is under the Corporate Insolvency Resolution Process (CIRP), which commenced on March 28, 2024. The resignation is attributed to new professional opportunities, and the company is currently managed by a Resolution Professional. Such turnover in key managerial personnel during a bankruptcy process typically adds to organizational uncertainty.

Mr. Rajendra Pawar resigned as Chief Financial Officer effective May 31, 2026.
The company has been under Corporate Insolvency Resolution Process (CIRP) since March 28, 2024.
Management is currently overseen by Resolution Professional Mr. Ravindra Kumar Goyal.
The outgoing CFO held zero shares in the company at the time of resignation.

💡 Investors should remain highly cautious as the company is in insolvency and losing key management; focus on the progress of the CIRP and potential resolution plans.

MEP Infrastructure Submits Quarterly SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Apr 2026, 04:59 PM

MEP Infrastructure Developers Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Pvt. Ltd., confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed within the prescribed timelines. The filing is signed by an Interim Resolution Professional (IRP), indicating the company is currently undergoing a corporate insolvency resolution process. This is a standard administrative filing required for all listed entities in India.

Confirmation of compliance with SEBI Regulation 74(5) for the quarter ended March 31, 2026.
Registrar MUFG Intime India confirmed that security certificates received for dematerialization were processed and cancelled.
The name of the depositories has been substituted in the register of members as the registered owner.
The document is authorized by Ravindra Kumar Goyal, the Interim Resolution Professional (IRP).

💡 This is a routine regulatory filing with no impact on stock valuation. Investors should instead monitor updates regarding the company's insolvency resolution process (CIRP).

MEP Infrastructure Holds 22nd Committee of Creditors Meeting Under Insolvency Process

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 10 Apr 2026, 01:06 PM

MEP Infrastructure Developers Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated March 28, 2024. The company conducted its 22nd Committee of Creditors (CoC) meeting on April 9, 2026, to discuss ongoing resolution efforts. A moratorium under Section 14 of the Insolvency and Bankruptcy Code remains in effect, with Ravindra Kumar Goyal serving as the Resolution Professional. The continuation of CoC meetings indicates that a final resolution plan is still being negotiated or finalized two years after the initial order.

22nd Meeting of the Committee of Creditors (CoC) successfully held on April 9, 2026.
Company has been under the Corporate Insolvency Resolution Process since March 28, 2024.
Moratorium under Section 14 of the IBC 2016 remains in force, restricting legal actions against the firm.
Resolution Professional Ravindra Kumar Goyal continues to manage the company's affairs and the resolution process.

💡 Investors should remain extremely cautious as equity shareholders typically face significant value erosion or total loss during insolvency proceedings. Monitor for any announcements regarding the approval of a specific resolution plan by the NCLT.

MEP Infrastructure to Close Trading Window from April 1, 2026 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 12:53 PM

MEP Infrastructure Developers Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure precedes the announcement of the audited financial results for the fourth quarter and the full year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially declared. The company remains under the Corporate Insolvency Resolution Process (CIRP) as per the NCLT order dated March 28, 2024.

Trading window closure effective from Wednesday, April 1, 2026.
Closure pertains to the audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026.
The window will reopen 48 hours after the financial results are announced to the exchanges.
The company continues to be under Corporate Insolvency Resolution Process (CIRP) since March 28, 2024.
Management is currently overseen by Resolution Professional Mr. Ravindra Kumar Goyal.

💡 This is a routine regulatory filing and does not impact the company's valuation. Investors should focus on the progress of the insolvency resolution process rather than this administrative update.

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.

View All MEP Announcements on Live Market Tracking →

💰 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.