MBL Infrastructure Limited released its investor presentation for Q1FY26, detailing a substantial turnaround in operational performance following the implementation of its Resolution Plan under the Insolvency and Bankruptcy Code (IBC), 2016. The company reported a consolidated EBITDA of ₹106.02 crore for FY26, a sharp increase from ₹11.54 crore in the previous year, driven by a reduction in operating expenses to ₹165.57 crore from ₹236.81 crore. Total income for the period rose to ₹271.59 crore compared to ₹248.35 crore in FY25.

The implementation of the Resolution Plan, approved by the National Company Law Tribunal (NCLT), was declared effective on September 4, 2024. As part of the plan, promoters have infused ₹111.65 crore, comprising ₹88.46 crore in fresh induction and ₹23.19 crore from existing dues, increasing their holding to 74.57%. The company has access to fund-based facilities of ₹303.63 crore and non-fund based facilities of ₹37.38 crore, with additional permissions to raise ₹100 crore in fund-based and ₹250 crore in non-fund based facilities for new contracts.

Financial Performance

The company’s financial statements reflect the transition from the Corporate Insolvency Resolution Process (CIRP) to normal operations. On a standalone basis, MBL reported an EBITDA of ₹86.68 crore for FY26, with an EBITDA margin of 40.86%, compared to an EBITDA of ₹24.00 crore in FY25. Profit after tax for the standalone entity stood at ₹9.23 crore for the year.

Consolidated Financials (₹ in Cr)

Operational Updates and Projects

MBL Infrastructure continues to execute civil engineering projects across Roads & Highways, Building, Housing, and Urban Infrastructure. The presentation highlights current projects, including the Development & Operation of the Bikaner-Suratgarh Section of NH-62 in Rajasthan and maintenance contracts for the Waraseoni-Lalbarra Road in Madhya Pradesh. The company is also actively managing claims totaling ₹3,120.68 crore, with arbitration awards of ₹229.95 crore.

The company has issued Non-Convertible Debentures (NCDs) aggregating ₹836.74 crore to assenting banks, repayable in 39 unequated quarterly installments starting September 30, 2024, with a coupon rate of 0.10% per annum and a 10% premium payable at maturity. All bank accounts have been standardized to 'Regular' status.

MBL Infrastructure reported a standalone net profit of ₹923 lakh for the year ended March 31, 2026, a decrease from ₹4,879 lakh in the previous year. The company’s revenue from operations for the fiscal year stood at ₹12,231 lakh, compared to ₹8,556 lakh in FY25. The Board of Directors approved the audited standalone and consolidated financial results for the year in a meeting held on May 30, 2026.

The statutory auditors provided an unmodified opinion on the standalone financial results. However, the auditors emphasized matters regarding the implementation of the Resolution Plan approved under the Insolvency and Bankruptcy Code (IBC), 2016, and the recoverability of non-current investments in wholly owned subsidiaries. The auditors noted that claims not forming part of the approved Resolution Plan stand extinguished and that the treatment of corporate guarantees is subject to reconciliation and legal remedies.

Financial Performance

The company’s total income for FY26 was ₹21,214 lakh, up from ₹20,341 lakh in the previous year. Total expenses for the year decreased to ₹15,044 lakh from ₹19,488 lakh in FY25. Profit before exceptional items and tax for the year was ₹6,170 lakh, a significant increase from ₹853 lakh in the prior year. The company recorded an exceptional item loss of ₹13 lakh for the year, compared to a gain of ₹4,026 lakh in FY25.

Board Decisions and Corporate Actions

Pursuant to the Resolution Plan approved under IBC, 2016, the Board approved the allotment of 14,50,000 equity shares of ₹10 each fully paid-up to SMHDKG LLP, a promoter group entity. Following this allotment, the aggregate shareholding of promoters and promoter group entities increased to 74.57%. The paid-up capital of the company rose to ₹15,58,79,256 shares.

The Board also approved the re-appointment of Mr. Surender Aggarwal as Whole Time Director and Executive Director effective from October 1, 2026, to September 30, 2027, subject to shareholder approval. Additionally, M/s V P C & Associates, Chartered Accountants, were appointed as internal auditors for FY 2026-27.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹2,263 lakh for FY26, compared to a net profit of ₹16,949 lakh in the previous year. Total consolidated income for the year was ₹27,159 lakh, while total expenses stood at ₹25,833 lakh. The consolidated results included exceptional items amounting to a gain of ₹1,655 lakh, primarily relating to the implementation of the Resolution Plan for a subsidiary and one-time charges related to New Labour Codes.