Man Infraconstruction Limited's Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at their meeting held on May 13, 2026. The board declared an interim dividend of ₹0.72 per equity share for the financial year 2026-27, with a record date of May 19, 2026 and payment date of June 05, 2026. The company reported a consolidated Profit After Tax (PAT) after Non-Controlling Interest of ₹200.6 Cr for FY26, compared to ₹282.7 Cr in the previous year. Revenue from operations stood at ₹630.5 Cr, while EBITDA was ₹128.9 Cr with a margin of 20.40%. Other income for the year included interest income of ₹101.64 Cr on a consolidated basis. The audited results were reviewed by the Audit Committee and approved by the Board of Directors, with statutory auditors M/s G. M. Kapadia & Co. issuing an unmodified audit opinion.

Consolidated Financial Performance

The company's financial performance for the year reflected a decline in revenue but maintained healthy margins. Total income for FY26 was ₹792.0 Cr. The PAT margin improved to 25.30% from 23.00% in FY25. On a standalone basis, total income was ₹437.8 Cr, and PAT stood at ₹154.8 Cr. The standalone balance sheet remains robust with zero borrowings and cash and equivalents of ₹593 Cr. The standalone other income includes interest income of ₹89.32 Cr for the year. The Q4 FY26 results also reflected a year-on-year decline, with net profit at ₹42.8 Cr against ₹76.9 Cr in Q4 FY25, and revenue at ₹145.5 Cr compared to ₹290 Cr in the prior-year quarter. EBITDA for Q4 FY26 stood at ₹18.9 Cr versus ₹106 Cr in Q4 FY25, with the EBITDA margin contracting to 13.01% from 36.24% year-on-year.

Segment Performance

The company operates across two primary segments — EPC (Engineering, Procurement and Contracting) and Real Estate. For FY26, the EPC segment reported revenue of ₹30,378.75 lakhs and segment results of ₹7,989.66 lakhs, compared to ₹41,338.66 lakhs and ₹10,629.60 lakhs respectively in FY25. The Real Estate segment recorded revenue of ₹32,939.04 lakhs and segment results of ₹16,303.82 lakhs for FY26, against ₹69,846.88 lakhs and ₹28,200.60 lakhs in FY25. Basic and diluted EPS for FY26 stood at ₹5.07 on a consolidated basis, compared to ₹7.59 in FY25. On a standalone basis, basic and diluted EPS for FY26 stood at ₹3.91, compared to ₹4.21 in FY25.

Real Estate Portfolio and Vision 2031

Man Infraconstruction has outlined an ambitious growth strategy targeting a Gross Development Value (GDV) of ₹35,000+ Cr by 2031, more than double its current estimated portfolio GDV of ₹17,575+ Cr. The combined real estate portfolio spans 51.7 lakh sq. ft. of carpet area. The ongoing portfolio covers 24.5 lakh sq. ft. with an estimated GDV of ₹7,975+ Cr, of which 56% has been sold. The upcoming project pipeline carries an estimated GDV of ₹9,600+ Cr across 27.2 lakh sq. ft. of carpet area. Three South Mumbai projects represent a combined GDV of ₹8,000+ Cr.

Management Guidance and FY27 Outlook

In its post-results concall, management shared key strategic guidance across sales, launches, and revenue recognition. The company has set a combined sales target of over INR5,000 crores for FY27 and FY28, with FY27 alone targeting no less than INR2,500 crore. Management aims for the best-ever real estate sales in FY27, supported by the largest-ever launch pipeline of approximately INR5,600 crores GDV. For FY27, the company expects 35% to 40% growth in revenue recognition compared to the previous year, driven by 1 million square feet of project launches and key projects nearing completion. Management also anticipates higher margins from ultra-luxury projects and expressed confidence in surpassing FY25's overall performance. The company's policy is not to consider price appreciation in project feasibility studies, focusing instead on maintaining a healthy bottom line through absorption of inventory.

EPC Order Book and Global Expansion

The EPC order book as on March 31, 2026 stood at ₹392 Cr, diversified across infrastructure and owned residential projects. Infrastructure projects include the BMCT project at Nhava Sheva and the Trident Agro PMC contract. Residential PMC contracts cover projects in Tardeo, Vile Parle, and Mulund. On the global front, MICL Global is developing luxury residential projects in Florida, USA, with a portfolio valued at $1.4B.

Balance Sheet and Cash Flow

The consolidated balance sheet as at March 31, 2026 reflects a strong financial position with total equity of ₹2,313 Cr and total borrowings of ₹58 Cr, resulting in a debt-to-equity ratio of 0.025x. The company is net cash positive with a net debt-to-equity ratio of -0.27x. Cash and cash equivalents stood at ₹686 Cr on a consolidated basis. On a standalone basis, the company maintained zero borrowings with cash and equivalents of ₹593 Cr. The consolidated cash flow statement shows net cash used in operating activities of ₹4,969.57 lakhs for FY26, while net cash from financing activities was ₹30,585.59 lakhs, primarily driven by proceeds from the issue of equity shares on conversion of warrants amounting to ₹32,988.19 lakhs. The standalone net cash from operating activities stood at ₹4,679.50 lakhs for FY26. The company holds a CARE credit rating of A+ (Long Term) and A1 (Short Term), both with a Stable Outlook.

Man Infraconstruction Limited filed its Monitoring Agency Report for the quarter ended March 31, 2026, with BSE Limited and the National Stock Exchange of India Limited. The report, submitted by ICRA Limited, confirms that there was no deviation or variation in the utilization of proceeds from the preferential issue of convertible warrants. The Audit Committee reviewed and approved the statement on May 13, 2026, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Overview

The preferential issue comprised 3,50,46,100 warrants at INR 155.00 each, with an original issue size of INR 543.215 crore. Due to undersubscription, the actual net proceeds credited to the Preferential Issue account stood at INR 512.641 crore. Following a Board Resolution dated November 12, 2025, the cost of objects was revised. The table below details the original and revised cost allocations:

Progress in Utilization of Proceeds

As of the end of Q4FY26, a cumulative total of INR 355.508 crore had been utilized out of the monitored proceeds of INR 512.641 crore, leaving INR 157.134 crore unutilized. The working capital deployment objective has been fully completed, while the remaining objects are on schedule for completion by FY2027. The detailed quarter-wise progress is presented below:

Deployment of Unutilized Proceeds

The unutilized proceeds of INR 157.134 crore have been deployed in fixed deposits with Bank of Baroda and Union Bank. The total market value of these investments as at the end of the quarter stood at INR 158.027 crore, with earnings of INR 0.893 crore net of TDS. Key placements include deposits maturing in May, June, and July 2026, with returns ranging from 5.99% to 7.15%.

General Corporate Purpose Utilization

Of the revised General Corporate Purpose allocation of INR 124.641 crore, INR 16.265 crore has been utilized towards issue-related expenses and consulting services as of Q4FY26. ICRA Limited confirmed no deviation in the utilization of proceeds across all objects and noted that all implementation timelines remain on schedule with no delays reported.