Manglam Infra & Engineering Limited (MIEL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Manglam Infra's revenue was ₹21.9 Cr (-21.4% year on year, +68.0% on the previous half-year), and net profit ₹1.6 Cr (against a loss a year earlier); the operating margin was 13.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹21.9 | -21.4% | +68.0% |
| Operating profit | ₹2.9 | +366.1% | +21.9% |
| Net profit | ₹1.6 | from loss | +8.8% |
| EPS (₹) | 0.91 | from loss | +8.3% |
| Operating margin | 13.2% | — | — |
MIEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the MIEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.05%. That is close to its usual level. Turnover was under ₹1 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
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
Manglam Infra & Engineering Limited has received Letters of Award (LoA) from Madhya Pradesh Rural Road Development Authority (MPRRDA) totaling Rs 95.94 lakh (Rs 95,93,750). The contracts involve DPR consultancy works under Kshatigrast Bridge Nirman Yojana across three packages in Mandla and Sehore districts. The execution period for all three packages is 3 months. Against the company's TTM revenue of Rs 80 crore, the order size represents ~1.2%, making it relatively small but part of regular operational flow.
- Total order value received is Rs 95,93,750 (~Rs 0.96 crore) from MPRRDA
- Comprises 3 packages: Package 14 (Mandla) for Rs 39,43,750, Package 15 (Mandla) for Rs 41,97,500, and Package 19 (Sehore) for Rs 18,52,500
- Execution timeline is short at 3 months for each of the contracts
- Contracts are domestic DPR consultancy works awarded on general contract conditions
Manglam Infra & Engineering Limited announced the outcome of its 3rd Annual General Meeting held on September 11, 2026. Shareholders approved all resolutions, including the re-appointment of Mr. Ajay Verma as Managing Director and Mr. Yogendra Kumar Singh as Whole Time Director. Both re-appointments are for a 3-year term effective December 1, 2026, through November 30, 2029. Both directors are key promoters, ensuring continuity of executive leadership as the company executes its ₹150 Cr+ order book.
- Shareholders approved all agenda items at the 3rd AGM held on September 11, 2026
- Mr. Ajay Verma re-appointed as Managing Director for a 3-year term from December 1, 2026 to November 30, 2029
- Mr. Yogendra Kumar Singh re-appointed as Whole Time Director for a 3-year term from December 1, 2026 to November 30, 2029
- Both re-appointed promoter directors have over 15 and 27 years of infrastructure sector experience, respectively
Shareholders of Manglam Infra & Engineering Limited approved the re-appointment of promoter Ajay Verma as Managing Director for a 3-year term effective December 1, 2026, to November 30, 2029. Additionally, Yogendra Kumar Singh was re-appointed as Whole Time Director for the identical 3-year tenure. The approvals were confirmed at the company's Third Annual General Meeting held on September 11, 2026. Both executives oversee the execution of the company's infrastructure consulting and EPC projects, supporting its existing order book.
- Re-appointment of Mr. Ajay Verma as MD for a term of 3 years from December 01, 2026 to November 30, 2029
- Re-appointment of Mr. Yogendra Kumar Singh as Whole Time Director for 3 years from December 01, 2026 to November 30, 2029
- Shareholder approval granted at the 3rd AGM concluded on September 11, 2026
Manglam Infra & Engineering Limited has announced the voting results of its 3rd Annual General Meeting held on September 11, 2026. All 4 resolutions, including the adoption of FY26 financial statements and the re-appointment of Managing Director Ajay Verma and Whole Time Director Yogendra Kumar Singh, were approved. A total of 12,686,700 votes (representing 72.10% of total shares) were cast, with 100% votes in favor and zero dissenting votes. The outcome ensures leadership continuity for another three-year term from December 1, 2026, to November 30, 2029.
- All 4 ordinary and special resolutions approved with 100% votes in favor (12,686,700 votes)
- Re-appointment of Managing Director Ajay Verma approved for a 3-year term from Dec 1, 2026, to Nov 30, 2029
- Re-appointment of Whole Time Director Yogendra Kumar Singh approved for a 3-year term from Dec 1, 2026, to Nov 30, 2029
- Total voter turnout stood at 72.0970% of total outstanding shares (17,596,700 total shares)
Manglam Infra & Engineering Limited conducted its 3rd Annual General Meeting on September 11, 2026, with 13 shareholders attending via video conference. The agenda included the adoption of FY26 standalone financial statements and 3-year term renewals for Managing Director Ajay Verma and Whole Time Director Yogendra Kumar Singh from December 1, 2026, to November 30, 2029. Both the statutory and secretarial audit reports were presented with no qualifications or adverse remarks. Official voting outcomes will be disclosed within 2 working days.
- 3rd Annual General Meeting held via video conference on September 11, 2026, spanning 32 minutes (12:00 PM to 12:32 PM)
- Total of 13 shareholders attended the meeting via video conference
- Special resolutions tabled for the re-appointment of MD Ajay Verma and WTD Yogendra Kumar Singh for 3 years (Dec 1, 2026, to Nov 30, 2029)
- Remote e-voting held between September 8, 2026, and September 10, 2026; scrutinizer report due within 2 working days
Manglam Infra & Engineering Limited has issued physical letters containing web-links to access the Notice of the 3rd Annual General Meeting (AGM) and the Annual Report for FY 2025-26. This dispatch complies with Regulation 36(1)(b) of SEBI LODR for shareholders whose email addresses are not registered with the RTA or Depository Participants. The 3rd AGM is scheduled to be held on September 11, 2026, at 12:00 Noon IST via Video Conferencing.
- Dispatched physical letters with web-links for 3rd AGM Notice and FY25-26 Annual Report pursuant to SEBI Regulation 36(1)(b)
- The 3rd Annual General Meeting (AGM) is scheduled for September 11, 2026 at 12:00 Noon IST via VC/OAVM
- Shareholders are requested to update KYC and email details with RTA Bigshare Services Private Limited
Manglam Infra & Engineering Limited has issued the notice for its 3rd Annual General Meeting (AGM) to be held virtually on September 11, 2026. The key agenda includes the adoption of FY26 financial statements and special resolutions for the 3-year re-appointments of Managing Director Ajay Verma and Whole-Time Director Yogendra Kumar Singh from December 01, 2026, to November 30, 2029. The cut-off date for remote e-voting eligibility is set for September 04, 2026, with the voting window open from September 08 to September 10, 2026.
- 3rd Annual General Meeting scheduled for September 11, 2026, at 12:00 Noon IST via Video Conferencing.
- Cut-off date for remote e-voting set as September 04, 2026.
- Remote e-voting period runs from September 08, 2026 (9:00 AM) to September 10, 2026 (5:00 PM).
- Special resolution proposed to re-appoint MD Ajay Verma for 3 years (Dec 01, 2026 – Nov 30, 2029).
- Special resolution proposed to re-appoint WTD Yogendra Kumar Singh for 3 years (Dec 01, 2026 – Nov 30, 2029).
Manglam Infra & Engineering Limited (MIEL) has received a Letter of Acceptance for a consultancy contract worth Rs 1.09 crore from the Government of Assam. The project involves feasibility studies, design, and DPR preparation for approximately 123 bridges under the World Bank-funded Assam Resilient Rural Bridge Program. While the contract value is relatively small at approximately 1.36% of TTM revenue (Rs 80 Cr), it highlights the company's technical consultancy capabilities. The execution timeline is notably short at just 2 months.
- Contract value of Rs 1,09,11,825 (including GST) awarded by Assam Public Works Roads Department.
- Scope includes feasibility study and DPR preparation for approximately 123 bridges in Group C.
- Execution timeline is set for a rapid 02 months.
- Project is part of the World Bank-funded Assam Resilient Rural Bridge Program (ARRBP).
Manglam Infra & Engineering Limited (MIEL) has finalized the schedule for its 3rd Annual General Meeting (AGM), to be held on September 11, 2026, via video conferencing. The board has approved the annual report for FY26 and set September 4, 2026, as the cut-off date for shareholder e-voting eligibility. The e-voting period will run from September 8 to September 10, 2026. Additionally, the company updated its internal policies, including the Code of Conduct for Prevention of Insider Trading, to ensure regulatory compliance.
- 3rd Annual General Meeting scheduled for September 11, 2026, via Video Conferencing.
- Cut-off date for remote e-voting eligibility set as September 4, 2026.
- Remote e-voting period to commence at 09:00 AM on September 8 and end at 05:00 PM on September 10, 2026.
- Board approved the Board's Report and annexures for the financial year ended March 31, 2026.
- Updated various company policies, including the Code of Conduct for Prevention of Insider Trading.
Manglam Infra & Engineering Limited (MIEL) has finalized the schedule for its 3rd Annual General Meeting (AGM), to be held on September 11, 2026, via video conferencing. The board has approved the annual report for the financial year ended March 31, 2026, and appointed NSDL as the e-voting agency. A cut-off date of September 4, 2026, has been established to determine shareholder eligibility for voting. Additionally, the company updated its internal Code of Conduct for Prevention of Insider Trading to align with current SEBI regulations.
- 3rd Annual General Meeting (AGM) scheduled for September 11, 2026.
- Cut-off date for remote e-voting eligibility set for September 4, 2026.
- Remote e-voting period runs from September 8, 2026 (09:00 AM) to September 10, 2026 (05:00 PM).
- Board approved the FY26 Annual Report for the period ending March 31, 2026.
- Updated the Code of Conduct for Prevention of Insider Trading in line with SEBI norms.
Manglam Infra & Engineering Limited (MIEL) has secured a consultancy contract worth approximately Rs 6.51 crore from the PW(R&B) Department, Jammu Zone. The project involves consultancy services for an elevated corridor (flyover) in Jammu, stretching from Amphalla Chowk to Roop Nagar. This order represents approximately 8.1% of the company's TTM revenue of Rs 80 crore. A key highlight is the exceptionally short execution timeline of just 3 months, which suggests rapid revenue recognition for this high-margin consultancy work.
- Secured a consultancy contract valued at approximately Rs 6.51 crore.
- The order represents ~8.1% of the company's TTM revenue of Rs 80 crore.
- Project execution period is strictly defined as 03 months.
- Client is the Office of the Chief Engineer, PW(R&B) Department, Jammu Zone.
- Scope involves consultancy for an elevated corridor/flyover from Amphalla Chowk to Roop Nagar T-Junction.
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents. The company operates in a single segment (Infrastructure/Engineering) and does not provide a breakdown by specific service lines like consultancy vs. construction.
Geographic Revenue Split
Not disclosed in available documents. While the company is headquartered in Bhopal, Madhya Pradesh, and targets new geographies, the exact percentage contribution from different states is not provided.
Profitability Margins
Net Profit Margin was 6.49% in FY25, a significant decrease from 19.08% in FY24. This compression was driven by a 39.4% increase in other expenses (INR 30.22 Cr in FY25 vs INR 21.67 Cr in FY24), which outpaced revenue growth.
EBITDA Margin
EBITDA Margin was 13.16% in FY25, down from 28.81% in FY24. This 1,565 bps drop reflects higher operational costs and potentially lower-margin projects in the current mix compared to the previous fiscal.
Capital Expenditure
Gross block increased from INR 6.07 Cr in FY24 to INR 9.15 Cr in FY25, representing a 50.7% increase to support expanded project execution and equipment fleet ownership.
Credit Rating & Borrowing
CRISIL BB/Stable (Long-term) and CRISIL A4+ (Short-term). The company maintains a healthy financial risk profile with gearing below 0.3 times and term debt obligations of less than INR 0.45 Cr.
Operational Drivers
Raw Materials
Steel, bitumen, and diesel. These are critical inputs for civil construction projects, though their specific percentage of total cost is not disclosed.
Import Sources
Not disclosed in available documents. Procurement is likely domestic given the nature of civil construction in India.
Key Suppliers
Not disclosed in available documents. Specific vendor names for steel or bitumen were not provided.
Capacity Expansion
Gross block grew 50.7% to INR 9.15 Cr in FY25. The company focuses on expanding its owned equipment fleet and technical manpower (298 employees as of March 2025) to support its INR 150 Cr+ order book.
Raw Material Costs
Not disclosed as a specific % of revenue, but identified as a key challenge. Volatility in input costs impacts gross margins, especially in fixed-price contracts where cost escalations cannot be passed to clients.
Manufacturing Efficiency
Not applicable. Operational efficiency is influenced by seasonal labor dynamics, particularly during the April to June quarter, which factors into production planning.
Strategic Growth
Expected Growth Rate
10%+
Growth Strategy
Manglam Infra plans to achieve its double-digit revenue growth target through diversification into high-growth verticals such as renewable energy civil works, water EPC, and rail infrastructure; increased bid participation in high-value EPC tenders; and geographic expansion into new regions.
Products & Services
Civil construction projects, infrastructure policy development, strategic consulting, design management of civil projects, and project management services.
Brand Portfolio
Manglam Infra & Engineering Limited (formerly Manglam Associates).
New Products/Services
Expansion into renewable energy civil works, water EPC, and rail infrastructure. These new verticals are expected to support the double-digit revenue growth trajectory over the next 2-3 years.
Market Expansion
Targeting new geographies and high-growth verticals across India to reduce regional and project concentration risk.
External Factors
Industry Trends
The Indian infrastructure sector is growing, supported by government initiatives. Trends include a shift toward high-value EPC projects and the integration of digital tools for project lifecycle management.
Competitive Landscape
The industry is fragmented with many unorganized players, leading to intense competition. MIEL competes by leveraging its technical expertise and owned equipment fleet.
Competitive Moat
The moat is based on the promoters' 20+ years of experience and established empanelment with key agencies like NHAI. This is sustainable as it creates a barrier for new entrants who lack the required track record.
Macro Economic Sensitivity
Highly sensitive to Indian government infrastructure spending and changes in tax laws or regulations. A slowdown in government project approvals would directly reduce order book inflow.
Geopolitical Risks
Minimal direct impact as operations are domestic, though global commodity price shifts (e.g., oil impacting bitumen/diesel) pose indirect risks to project margins.
Regulatory & Governance
Industry Regulations
Compliance with NHAI, MoHUA, and State PWD standards is critical. Any change in bidding eligibility criteria or project execution norms could impact the company's ability to secure new work.
Environmental Compliance
Focus on ESG awareness and safety culture at project sites. Specific ESG spending was not disclosed.
Taxation Policy Impact
Effective tax rate of ~30.6% in FY25 (Current tax of INR 1.22 Cr on PBT of INR 4.00 Cr). Changes in corporate tax laws would directly impact net profitability.
Legal Contingencies
No material pending court cases or disputes were reported in the FY25 secretarial audit. The company complied with statutory provisions, though some forms were filed with late fees.
Risk Analysis
Key Uncertainties
Input cost volatility (steel/bitumen/diesel) and project execution delays due to land clearance or approvals are the primary risks, potentially impacting margins by 5-10%.
Geographic Concentration Risk
Headquartered in Madhya Pradesh. While expanding, a significant portion of the current INR 150 Cr+ order book is likely concentrated in central India.
Third Party Dependencies
Dependent on government agencies for project awards and seasonal labor for execution efficiency.
Technology Obsolescence Risk
Risk of losing competitiveness if the company fails to adopt modern construction practices or digital project management tools like ERP and project dashboards.
Credit & Counterparty Risk
Exposure to government agencies (NHAI/PWD). While credit risk is low, the 'intense' working capital management noted by CRISIL suggests potential delays in the payment cycle.
