MBL Infrastructure shareholders approved all resolutions at its 31st Annual General Meeting held on September 12, 2026. The virtual meeting concluded with the adoption of FY26 financial statements and key management reappointments.

The meeting commenced at 3:00 pm and concluded at 4:10 pm via Video Conferencing/Other Audio Visual Means (VC/OAVM). Mr. Anjanee Kumar Lakhotia, Chairman & Managing Director, chaired the proceedings from the company's registered office in New Delhi. Ms. Anjali Yadav served as the scrutinizer for the voting process.

Board Appointments

Shareholders approved the following management transitions:

• Reappointment of Mr. Anjanee Kumar Lakhotia as Director, replacing himself upon retirement by rotation.
• Approval of remuneration for Mr. Lakhotia as Managing Director for a two-year tenure effective May 25, 2027.
• Reappointment of Mr. Surender Aggarwal as Executive Director/Whole Time Director from October 1, 2026, to September 30, 2027.

Mr. Ram Dayal Modi, Independent Director, chaired the proceedings during these specific resolutions.

Voting Results

Remote e-voting was conducted on the NSDL platform from September 9 to September 11, 2026. A total of 23,734 shareholders were on record as of September 5, 2026. Of these, 60 shareholders attended the meeting via VC/OAVM, comprising 7 from the promoter group and 53 from the public category.

The promoter group holds 114,782,976 shares, while public institutions hold 660,237 shares and non-institutional public shareholders hold 38,986,043 shares. Total outstanding shares stood at 154,429,256.

Promoter group support was unanimous (100%) across all resolutions. For the financial statements, promoters polled 98.10% of their votes. For the CMD’s reappointment and remuneration, where promoters were interested parties, they abstained from voting as per regulations, resulting in a lower poll percentage but still securing approval through public shareholder votes.

Financials and Governance

The members adopted the audited standalone and consolidated financial statements for the year ended March 31, 2026. The Statutory Auditors Report dated May 30, 2026, and the Secretarial Auditor Report dated May 27, 2026, contained no qualifications or observations.

Other agenda items included:

• Approval of related-party transactions under Section 188 of the Companies Act, 2013.
• Ratification of remuneration for M/s Dipak Lal & Associates as Cost Auditors for FY27.

MBL Infrastructure Limited reported a consolidated revenue of ₹271.59 crore for the fiscal year ended March 31, 2026 (FY26), rising from ₹248.35 crore in FY25. The infrastructure firm posted a net loss of ₹22.36 crore for the year, a significant shift from the net profit of ₹169.60 crore recorded in FY25, which was largely influenced by exceptional items.

The company’s operational performance showed marked improvement in profitability margins. Consolidated EBITDA surged to ₹106.02 crore in FY26, compared to ₹11.54 crore in FY25. This expansion drove the EBITDA margin up to 39.04% from 4.64% in the preceding year. However, finance costs remained elevated at ₹38.47 crore, down slightly from ₹60.61 crore in FY25, while depreciation stood at ₹54.29 crore.

Financial Performance

The consolidated profit and loss statement highlights the divergence between operational gains and bottom-line results due to tax provisions and exceptional items.

In FY25, the company benefited from an exceptional income of ₹278.42 crore, contributing to the high profit before tax figure. In FY26, exceptional items contributed ₹16.55 crore. The substantial deferred tax provision of ₹52.22 crore in FY26 turned the pre-tax profit into a post-tax loss.

Balance Sheet and Liquidity

As on March 31, 2026, total assets stood at ₹2,949.61 crore, down from ₹2,999.53 crore in FY25. Total borrowings decreased to ₹988.33 crore (combining non-current and current liabilities), compared to ₹954.84 crore in FY25. Trade receivables increased to ₹2,104.88 crore (non-current plus current), up from ₹1,996.01 crore in FY25, indicating higher outstanding dues from clients.

Cash and cash equivalents declined to ₹11.20 crore from ₹18.44 crore in FY25. Other bank balances saw a significant rise to ₹40.67 crore from ₹0.41 crore, suggesting potential liquidity management adjustments or restricted funds.

What the Numbers Show

The most striking feature of the FY26 results is the divergence between operational profitability and net earnings. While EBITDA margin expanded dramatically to 39.04%, signaling strong core business performance likely driven by project completions or cost efficiencies, the net result was a loss. This disconnect is primarily attributable to a deferred tax provision of ₹52.22 crore, which consumed nearly all of the ₹29.81 crore profit before tax. Investors should note that the prior year’s profit was heavily skewed by a one-time exceptional gain of ₹278.42 crore, making FY26 a more representative period for ongoing operations despite the headline loss.

Business Overview

MBL Infrastructure operates across roads, highways, railways, and urban infrastructure. The company has implemented its resolution plan under the Insolvency and Bankruptcy Code (IBC), with banks declaring September 4, 2024, as the implementation date. Promoters’ holding stands at 74.57%. The company continues to pursue claims totaling ₹3,120.68 crore, with arbitration awards securing ₹229.95 crore.