Man Infraconstruction Ltd(MANINFRA)

NSE: MANINFRABSE: 533169

₹ 102-3.27%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,117 crNext results: 29 Oct 2026Website: www.maninfra.comUpdated: 24 Oct 2026

About

Man Infraconstruction Ltd (MICL) is a Mumbai-based group that develops premium-to-ultra-luxury residential real estate across the Mumbai Metropolitan Region and delivers infrastructure and construction projects through its EPC division. The group has over six decades of experience, having delivered 60+ million sq. ft. of construction, 60+ projects and 20,000+ units.^[1][2][3]

Business segments

Real Estate: 52% of FY26 consolidated revenue (₹329.39 cr), developing premium-to-ultra-luxury residential projects in MMR; EBIT margin 49.5% in FY26.^[3]
EPC (Engineering, Procurement and Contracting): 48% of FY26 consolidated revenue (₹303.79 cr), delivering infrastructure and construction projects including for the group's own developments; EBIT margin 26.3% in FY26.^[3]

Products and brands

MICL operates two residential brands: Aaradhya for gated community projects and the newly introduced MS Collection Residences, an ultra-luxury vertical for boutique sea-view developments at its most distinguished addresses.^[1][4]
The group focuses on redevelopment of private societies, cluster development, MHADA societies and SRA projects across the MMR, alongside high-rise tower construction.^[1]
MICL uses an asset-light model, growing through Joint Development Agreements, Joint Ventures and the Development Manager model, with select own-land projects.^[1]
The EPC division earns contracting revenue from infrastructure projects such as ports and government residential projects, as well as for the group's own residential developments. MICL built its name in port construction, delivering 8 ports in different phases across India.^[1]

Operations and portfolio

Ongoing and upcoming India portfolio spans 12 projects with a combined GDV of ₹18,625+ cr and 5.3 million sq. ft. of carpet area as of FY26, reaching from South Mumbai through prime western and central suburbs.^[1]
South Mumbai portfolio across Tardeo and Marine Lines has a combined GDV of over ₹8,000 cr as of FY26.^[1][4]
Bandra portfolio spanning Artek Park (BKC), Pali Hill and off-Bandstand represents a combined GDV of ₹2,350+ cr as of FY26.^[1][5]
EPC division has 4.4 million sq. ft. of construction area under execution in FY26, comprising PMC contracts for Tardeo, Vile Parle and Mulund, plus the EPC contract at BKC.^[1]
MICL Global (international arm) operates across Miami, Miami Beach and Fort Lauderdale, Florida, USA with a combined development value of over USD 1.4 billion across five developments.^[1][4]

Key operating numbers

India portfolio GDV (ongoing + upcoming) reached ₹18,125+ cr as of Jun-26, approximately double the prior year portfolio, driven by additions of Tardeo 2.0, Marine Lines, Berkeley House and Royal Netra (Goregaon).^[5]
Q1 FY27 pre-sales: 0.85 lakh sq. ft. (₹290 cr); collections ₹244 cr. FY26 full-year pre-sales were ~₹1,800 cr on 5 lakh sq. ft. sold.^[5][4]
External EPC order book stood at ₹305 cr as of Jun-26, down from ₹392 cr at Mar-26. In-house construction pipeline across own real estate projects is valued at ₹9,000 - 10,000 cr.^[5][4]
EBITDA margin (consolidated, ex-other income) expanded to 32.8% in Q1 FY27 from 29.9% in Q1 FY26; full-year FY26 margin was 20.4%.^[5][4]
20+ delivered real estate projects spanning 8.0 million sq. ft. construction area and 3.1 million sq. ft. carpet area; every project delivered ahead of schedule and nearly fully sold out.^[1]

Balance sheet and liquidity

Cash and cash equivalents rose to ₹767 cr as of Jun-26 from ₹686 cr at Mar-26. Total borrowings stood at only ₹78 cr, keeping MICL net-debt-free at consolidated level.^[5][1]
CARE A+ credit rating with stable outlook as of FY26.^[1]

Expansion and upcoming launches

Upcoming launch pipeline totals ~11 lakh sq. ft. carpet area and ₹6,600+ cr GDV planned for FY27, comprising Marine Lines (6.2 lakh sq. ft., ₹3,100+ cr GDV, DM model), Tardeo 2.0 (3.0 lakh sq. ft., ₹2,000+ cr GDV) and Berkeley House (Bandstand, ~1.0 lakh sq. ft., ₹1,000+ cr GDV).^[5][6]
Royal Netra (Goregaon, SRA project): ₹10,000+ cr GDV, 30 lakh sq. ft. carpet area; stabilisation expected in approximately 2 years.^[5]
Vision 2031: management ambition to double the development portfolio to ₹35,000+ cr GDV from the current base.^[4][1]

Recent developments

Marina Vista (Pali Hill, Bandra West): ultra-luxury JV project (0.6 lakh sq. ft., ₹500+ cr GDV, 34% stake) launched in June 2026; 30% of inventory pre-sold within two months of launch.^[5]
Berkeley House (Mount Mary, Bandstand, Bandra West): Intimation of Approval secured in Q1 FY27 for ultra-luxury project with ~1.0 lakh sq. ft. carpet area and ₹1,000+ cr GDV, expanding the Bandra portfolio to ₹2,350+ cr GDV across three projects.^[5]
Aaradhya Parkwood Towers C&D received occupation certificates in Q1 FY27, delivered in 45 months. Over 90% of total project inventory across four towers sold as of Q1 FY27.^[5]
A large external EPC order is at final negotiation stage as of Q1 FY27; announcement expected within the next two quarters.^[5]
551 Bayshore (Fort Lauderdale, USA): membership interest reduced from 50% to 25% effective January 2026.^[6]

Market Cap

₹4,117 Cr

High / Low

₹150 / 78

Stock P/E

19.1

Price / Book

1.8

Book Value

₹56

EPS

₹5.2

No. of Shares

40.37 Cr

ROCE

13.8%

ROE

10.5%

OPM

35.1%

Debt / Equity

0.03

Sales

₹630 Cr

Net Profit

₹211 Cr

Promoter holding

62.5%

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Man Infraconstruction Ltd(MANINFRA)

About

Business segments

Products and brands

Operations and portfolio

Key operating numbers

Balance sheet and liquidity

Expansion and upcoming launches

Recent developments

Signal history

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Verdict

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