Meghna Infracon Infrastructure Ltd(MIIL)

NSE: MIILBSE: 538668

₹ 665-0.49%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,445 crWebsite: www.meghnarealty.comUpdated: 24 Oct 2026

About

Meghna Infracon Infrastructure Ltd (MIIL) is a Mumbai-focused real estate developer operating primarily in residential redevelopment and, from mid-2026, commercial office space. Real estate activity contributed 97.3% of FY26 revenue (Rs. 45.07 Cr), with the company reporting Rs. 46.2 Cr in total revenue from operations for FY26. Its total ongoing and upcoming development portfolio carries an estimated GDV exceeding Rs. 2,100 Cr across Mumbai and adjoining markets.^[1][2][3]

Business segments

Real Estate Activity: Rs. 45.07 Cr revenue, 97.3% of total in FY26, with EBIT of Rs. 11.71 Cr (26.0% margin).^[1]
Sale of shares, investment & other financing activities: Rs. 1.25 Cr revenue, 2.7% of total in FY26, with EBIT of Rs. 0.37 Cr (29.7% margin).^[1]

Key operating numbers

Pre-sales were Rs. 190 Mn in Q1 FY27, compared with Rs. 329 Mn for full FY26 and Rs. 352 Mn for FY25.^[4]
Collections were Rs. 84.31 Mn in Q1 FY27, vs Rs. 249.20 Mn in FY26 and Rs. 182.30 Mn in FY25.^[4]
Area sold was 7,705 sq ft in Q1 FY27; 27 units were sold in full FY26.^[4][3]
Average realisation improved to Rs. 52,571 per sq ft in FY26 from Rs. 46,822 per sq ft in FY25, a ~12% increase driven by a shift toward premium project mix.^[3]
Debt-to-equity ratio was ~0.27x as of FY26, with total equity of Rs. 268.98 Mn and total borrowings of Rs. 224.46 Mn.^[4]

Operations and project pipeline

Six ongoing projects with 253,230 sq ft under development as of Q1 FY27: Riviera Society (handing over), Rivaan (70%), Shree Pranam (20%), Meghna One (1%), Josville (10%), Manju Villa (70%).^[4]
Ongoing projects carry ~290,000 sq ft and GDV of ~Rs. 280 Cr; total portfolio GDV (ongoing + upcoming) exceeds Rs. 2,100 Cr as of FY26.^[3]
Current GDV (ongoing projects) reported at Rs. 1,000 Cr in Q1 FY27.^[4]
Riviera (Goregaon West) reached OC with only one unsold unit remaining, completing in a record 16 months from commencement.^[3]
Three subsidiaries operate project-level vehicles: Meghna Constructions LLP (turnover 1,215.42, PBT 245.31), Vikmegh Meghna Infracon LLP (turnover 2,133.39, PBT 134.84), and Navkhanda Developers AOP (turnover 519.22, PBT 204.82) in FY26.^[5]

Products and positioning

Core product is residential redevelopment in Mumbai, primarily in micro-markets of Goregaon, Andheri, and Versova, with a capital-light model; outright land acquisitions capped at 20% of GDV.^[3]
In Q1 FY27, MIIL launched Meghna One at Thane (Wagle Estate), marking entry into commercial Grade A gold-certified green office space with GDV of Rs. 300 Cr.^[4][3]
Ultra-luxury villas were also launched in Q1 FY27, diversifying the residential product range.^[4]
Joshville (Santa Cruz West) had ~70% of total GDV pre-sold at launch with only ~15% inventory remaining as of Q4 FY26.^[3]

Expansion and capex

Next set of project launches targeting addition of over Rs. 600 Cr GDV by September 2026, with construction area of current and upcoming launches to exceed 1 million sq ft by December 2026.^[3]
Residential project in Bandra West (GDV Rs. 240 Cr) targeted for launch in Q2 FY27 with bookings in Q3 FY27.^[3]
Residential project in Khar West (GDV Rs. 60 Cr) and Juhu/Vile Parle West (GDV Rs. 80 Cr) both targeted for Q2 FY27.^[3]
Total portfolio GDV targeted to grow from Rs. 2,100 Cr to over Rs. 4,200 Cr over the next two years from FY26.^[3]
Targeting 3 - 5 new project additions annually as part of a rolling pipeline strategy, with target execution 15 - 20% faster via advanced construction technologies.^[4]

Geographic strategy

Core development clusters are Goregaon, Andheri, and Versova in Mumbai's western suburbs; expansion planned into South Mumbai luxury redevelopment market (Dadar/Prabhadevi).^[4]
Foreign exchange earnings and outgo were nil in FY26, reflecting a purely domestic business.^[5]

Market Cap

₹1,445 Cr

High / Low

₹819 / 500

Stock P/E

318.2

Price / Book

53.0

Book Value

₹13

EPS

₹2.5

No. of Shares

2.17 Cr

ROCE

31.3%

ROE

28.9%

OPM

21.2%

Debt / Equity

0.82

Sales

₹46 Cr

Net Profit

₹6 Cr

Promoter holding

47.0%

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Meghna Infracon Infrastructure Ltd(MIIL)

About

Business segments

Key operating numbers

Operations and project pipeline

Products and positioning

Expansion and capex

Geographic strategy

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