M & B Engineering Ltd(MBEL)

NSE: MBELBSE: 544470

₹ 252.6-5.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,444 crWebsite: www.mbel.inUpdated: 24 Oct 2026

About

M&B Engineering Ltd manufactures Pre-Engineered Buildings (Phenix division) and self-supported roofing systems (Proflex division), serving industrial, commercial and infrastructure customers across India and increasingly in North America. The company reported FY26 revenue of ₹1,259.72 cr, its highest ever, and holds a 10 - 12% share of the Indian PEB market. It operates two AISC-certified PEB plants at Sanand (Gujarat) and Cheyyar (Tamil Nadu), and is expanding capacity toward ~1,54,000 MTPA.^[1][2][3]

Business segments

Phenix (PEB): contributed ₹214 cr (74% of revenue) in Q1 FY27, growing 22% YoY; manufactures pre-engineered steel buildings for industrial, commercial and export markets.^[3]
Proflex (self-supported roofing): contributed ₹77 cr (26% of revenue) in Q1 FY27, growing 25% YoY; leads the self-supported roofing segment in India.^[3]
Full-year FY26: Phenix accounted for the majority of consolidated revenue of ₹1,259.72 cr (+27% YoY); Proflex delivered FY26 revenue of ₹275 cr (+23% YoY).^[2][1]

Order book and inflows

Unexecuted order book stood at ₹1,053 cr as of Q1 FY27 end, up 25% YoY; Phenix ₹837 cr and Proflex ₹216 cr.^[3]
Q1 FY27 order inflow was ₹262 cr. FY26 full-year order inflows were ₹1,539 cr (+28% YoY), the highest ever.^[3][2]
Inquiry pipeline stands at ~₹4,000 cr in Phenix and ~₹200 cr in Proflex as of Q1 FY27, described as one of the strongest seen.^[3]
Export orders outstanding in Phenix are ₹278 cr as of Q1 FY27, scheduled for execution in FY27.^[3]

Manufacturing capacity and utilisation

Sanand (Gujarat) PEB plant capacity is currently 72,000 MTPA; running at 75 - 80% utilisation in Q1 FY27.^[3]
Cheyyar (Tamil Nadu) PEB plant operated at ~50 - 55% utilisation in FY26; targeted at ~60% in FY27.^[2][3]
Proflex installed capacity increased to 21 lakh sqm per annum in Q1 FY27 following commissioning of two mobile manufacturing units.^[3]
Existing heavy structural steel capacity at Sanand is 12,000 MT per annum.^[3]

Key operating volumes

Phenix volume: 17,086 MT in Q1 FY27; FY26 full-year volume was 73,010 MT.^[3][2]
Proflex volume: 4,23,859 sqm in Q1 FY27; FY26 full-year volume was 15,14,820 sqm.^[3][2]
Export revenue reached ₹28 cr (10% of total) in Q1 FY27, up from ₹3 cr in Q1 FY26; FY26 full-year export revenue was ₹165.62 cr (+156% YoY) on 7,045 MT.^[3][2]
Operating EBITDA margin was 11.4% in Q1 FY27, down from 14.2% in Q1 FY26; export EBITDA margin is 15 - 16% at current elevated freight costs vs 17 - 18% in normal conditions.^[3]
Net working capital days were 39 days in FY26, up 6 days YoY.^[2]

Customers, distribution and exports

North America is the primary export market; Q3 FY26 saw the single largest export order to date of ₹212 cr from the United States.^[4]
Both PEB facilities (Sanand and Cheyyar) are now AISC-certified; Cheyyar received its AISC certification in Q1 FY27.^[3]
Proflex division has completed 8,600 projects over 24 years and installed 20.3 mn sqm till the end of FY26.^[2]
End-market mix includes industrial, defence, data centres, EMS/semiconductor manufacturing, renewable energy, railways and agri-warehousing.^[4]

Expansion and capex

Sanand brownfield PEB expansion of 20,000 MTPA is at advanced implementation stage; expected to commission in October 2026, taking Sanand capacity to 92,000 MTPA.^[3]
Board approved ₹30 cr investment in a fully automated heavy structural steel processing line at Sanand, adding 10,000 MT to reach 22,000 MT capacity; targeted operational by Q1 FY28.^[3]
Cheyyar brownfield PEB expansion of 20,000 MTPA to commence in FY27 and complete by Q3 FY28; combined with other capacity, total PEB and structural capacity is targeted at ~1,54,000 MTPA.^[3]
A third PEB plant in North India is being actively scouted; no location or timeline announced as of Q1 FY27.^[3]
FY27 capex is guided at ~₹100 cr, covering the Sanand expansion, part of the Cheyyar expansion in H2, and regular capex.^[2]
IPO proceeds utilisation stood at 57% (₹146.69 cr of ₹259.32 cr) as of Q1 FY27.^[3]

Recent developments

Cheyyar received AISC certification in Q1 FY27; this enables West Coast US exports via Pacific route from Cheyyar starting FY28.^[3]
International freight costs are running at USD 10,000 - 12,000 per 40-ft container in Q1 FY27, approximately 2 - 2.5x normal levels, compressing export margins.^[3]
Data centre pipeline active: as of Q4 FY26 call, management was working on inquiries representing 50,000 - 60,000 tonnes of potential PEB demand, with each data centre averaging ~12,000 - 15,000 tonnes.^[2]

Market Cap

₹1,444 Cr

High / Low

₹536 / 225

Stock P/E

15.0

Price / Book

2.2

Book Value

₹115

EPS

₹16.3

No. of Shares

5.71 Cr

ROCE

19.2%

ROE

14.2%

OPM

11.1%

Debt / Equity

0.12

Sales

₹1,260 Cr

Net Profit

₹93 Cr

Promoter holding

70.6%

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