Man infraconstruction Limited has achieved significant recognition in the real estate industry, winning four prestigious awards at major industry events. The company's excellence in development and innovation has been acknowledged through multiple accolades that underscore its market leadership position.

Award Recognition at ET Now Realty Conclave & Awards 2026

The company received three distinguished awards at the ET Now Realty Conclave & Awards 2026, demonstrating its comprehensive excellence across different segments:

At the conclave, Managing Director Manan Shah shared his vision for enduring real estate excellence, emphasizing the importance of building consumer-focused products that stand the test of time and creating offerings that instill pride of ownership in both residential and commercial spaces.

Leadership Recognition and Industry Vision

Manan Shah received additional recognition with the Real Estate Visionary of the Year award from Bright Outdoor Media Limited REAL Awards. This honor reflects his leadership in driving the company's strategic direction and innovation in the real estate sector.

Shah emphasized the company's approach to development, stating that MICL focuses on creating high-entry-barrier residential developments backed by disciplined execution and financial prudence. The recognition reaffirms MICL's continued commitment to product innovation and design leadership.

Award-Winning Project Portfolio

The recognized projects showcase MICL's diverse development capabilities:

Jade Park represents the first organized cluster redevelopment in the micro-market located on S.V. Road in Vile Parle West, marking another successful cluster development by MICL Group.

Aaradhya Avaan stands as one of India's tallest residential towers with a height of over 1,000 ft, elevating India's skyline to global standards. Located in Tardeo, South Mumbai, this project exemplifies the company's luxury development expertise.

Company's Market Position and Philosophy

MICL has established itself as a developer known for its nuanced understanding of global luxury lifestyles and its ability to seamlessly integrate these standards into thoughtfully curated community living experiences. This approach creates a distinctive product appeal that sets its developments apart in a competitive market.

The company's focus on creating iconic communities with purpose and precision has resulted in recognition across multiple categories, from overall development excellence to specific project achievements. The awards validate MICL's strategy of combining innovation with execution excellence in the real estate sector.

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.