Man Infraconstruction Limited has officially announced its unaudited financial results for Q3 and nine months ended December 31, 2025, following the Board of Directors meeting held on February 11, 2026. The company reported consolidated revenue from operations of ₹153.30 crores for Q3 FY26, with diversified contributions from real estate and EPC business segments.

Board Meeting and Regulatory Compliance

The Board of Directors meeting commenced at 11:00 AM and concluded at 12:50 PM on February 11, 2026. The company has submitted its unaudited consolidated and standalone financial results to NSE (Symbol: MANINFRA) and BSE (Scrip Code: 533169) under Regulation 33 of SEBI LODR Regulations. The results were reviewed by statutory auditors M/s. G. M. Kapadia & Co., Chartered Accountants.

Financial Performance Overview

The company's quarterly performance reflects strong profitability metrics across both business segments. Real estate operations contributed ₹85.93 crores while EPC operations added ₹67.96 crores to the total revenue.

Real Estate Sales Performance

During Q3 FY26, the company achieved robust real estate sales value of ₹447 crores with area sold of 1.21 lakh sq. ft. Collections during the quarter reached ₹294 crores. For the nine-month period, real estate sales totaled ₹1,362 crores with area sold of 3.86 lakh sq. ft. and collections of ₹711 crores.

Artek Park Project Launch

Man Infraconstruction launched the Artek Park project in BKC, Mumbai during Q3 FY26. This redevelopment project spans 1.6 acres with construction area of approximately 5.4 lakh sq. ft., featuring a 26-storey tower with spacious 3 & 4 BHK residences.

Balance Sheet Strength

The company maintains robust financial health with cash and cash equivalents of ₹723.30 crores as of December 31, 2025, compared to ₹569.70 crores in March 2025. Total borrowings stood at ₹26.90 crores, significantly lower than ₹35.60 crores in the previous year.

Equity Warrant Conversion

As of December 31, 2025, the company successfully converted 3,24,16,100 equity warrants into fully paid-up equity shares upon receipt of balance 75% of the issue price. The paid-up equity share capital increased to ₹80.73 crores from ₹75.06 crores, while 26,30,000 unexercised warrants were cancelled due to non-exercise within the stipulated period.

Project Portfolio and Future Outlook

The company's ongoing projects portfolio includes six major developments across Mumbai with total carpet area of 24.43 lakh sq. ft. Total units sold across ongoing projects reached 1,595 out of 2,366 total units. The company maintains an EPC order book of ₹300 crores and continues expansion in western suburbs of Mumbai, MMR, and South Mumbai through asset-light models.

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.