Man Infraconstruction has filed its quarterly monitoring agency report for Q3FY26 with stock exchanges, detailing the utilization of proceeds from its preferential warrant issue. The report, prepared by ICRA Limited and reviewed by the company's Board of Directors and Audit Committee, covers the quarter ended December 31, 2025.

Warrant Issue and Proceeds Overview

The company's preferential warrant issue details reveal the impact of undersubscription on fund availability:

The reduced proceeds of INR 512.64 crore, compared to the original issue size of INR 543.22 crore, resulted from undersubscription of the warrants. ICRA Limited is monitoring this revised amount for the current reporting period.

Fund Utilization Progress

The company's fund deployment across various business objectives shows steady progress during Q3FY26:

During Q3FY26, the company utilized INR 57.35 crore, bringing cumulative utilization to INR 221.45 crore. The largest deployment was INR 48.21 crore for expanding EPC and real estate business through new project acquisitions.

Deployment of Unutilized Funds

The remaining INR 291.19 crore has been strategically deployed in interest-bearing instruments to optimize returns:

Fixed Deposits with Banks:

• Bank of Baroda: Multiple deposits totaling INR 148.06 crore with returns ranging from 6.25% to 7.15%
• Union Bank: Deposits worth INR 90.05 crore earning 5.99% to 6.40% returns
• Maturity periods extend from May 2026 to December 2026

Mutual Fund Investments:

• HSBC Overnight Fund: INR 14.53 crore (5.36% return)
• Aditya Birla Sunlife Overnight Fund: INR 9.54 crore (5.37% return)
• Various other funds totaling INR 26.25 crore

Revised Cost Structure

The Board of Directors approved revised cost allocations in November 2025 to reflect the undersubscribed warrant proceeds:

Monitoring Agency Assessment

ICRA Limited, serving as the monitoring agency, confirmed no material deviations from the stated objects of the warrant issue. The agency verified that all utilization aligns with disclosures in the offer document and the revised cost structure approved by the Board. The monitoring process involved reviewing peer-reviewed CA certificates, management confirmations, and bank statements of the proceeds account.

The company has deployed general corporate purpose funds totaling INR 16.25 crore primarily for issue-related expenses and consulting services. No delays in implementation of stated objects were reported, and the company continues to progress toward its expansion objectives in the EPC and real estate sectors.

Man Infraconstruction Limited has announced its financial results for Q3 and 9M FY26, showcasing steady performance across its real estate and EPC business segments. The company reported consolidated revenue from operations of ₹153.3 crores for Q3 FY26, with real estate contributing ₹85.9 crores and EPC operations adding ₹67.4 crores.

Financial Performance Overview

The company's quarterly performance reflects a diversified revenue stream with strong profitability metrics. For the nine-month period ending December 2025, consolidated revenue reached ₹484.9 crores.

Real Estate Sales Performance

The company demonstrated strong sales momentum during Q3 FY26, achieving real estate sales value of ₹447 crores with area sold of 1.21 lakh sq. ft. Collections during the quarter amounted to ₹294 crores. For the nine-month period, real estate sales reached ₹1,362 crores with total area sold of 3.86 lakh sq. ft. and collections of ₹711 crores.

New Project Launch - Artek Park

During Q3 FY26, Man Infraconstruction launched the Artek Park project in BKC, Mumbai. This redevelopment project spans 1.6 acres with construction area of approximately 5.4 lakh sq. ft. The project features a 26-storey tower with spacious 3 & 4 BHK residences, offering only 2 residences per floor.

Balance Sheet Strength

The company maintains robust financial health with cash and cash equivalents of ₹723.3 crores as of December 2025, compared to ₹569.7 crores in March 2025. Total borrowings stood at ₹26.9 crores, significantly lower than ₹35.6 crores in the previous year. The company's equity attributable to shareholders reached ₹2,216.0 crores as of December 2025.

Project Portfolio Update

As of December 2025, the company's ongoing projects portfolio includes six major developments across Mumbai with total carpet area of 24.43 lakh sq. ft. The portfolio comprises projects under different business models including subsidiaries, joint ventures, and development management arrangements. Total units sold across ongoing projects reached 1,595 out of 2,366 total units, with 771 units remaining unsold.

Future Growth Strategy

Man Infraconstruction continues to focus on expansion in western suburbs of Mumbai, MMR, and South Mumbai through asset-light models including joint ventures and development management. The company maintains an EPC order book of ₹300 crores as of December 2025 and has established international presence in Miami, Florida, USA through multiple residential projects.