$Man Infraconstruction logo$

Man Infraconstruction financials: balance sheet, profit and loss, cash flow

NSE: MANINFRABSE: 533169RealtySmall Cap

Man Infraconstruction Limited · Face value ₹2 · Listed Mar 2010

₹110.66₹1.45 (1.29%)BSE ₹110.75

Share price at the NSE close on 29 Oct 2026. Previous close ₹112.11.

29 Oct: open ₹114.74, high ₹116.10, low ₹108.50

52-week range of traded prices to 29 Oct 2026

₹77.12Low, 30 Mar 2026₹150.00High, 31 Oct 2025

Market cap: ₹4,467 Cr824th largest listed
P/E: Owners' profit not stated
P/B: 1.96
Dividend yield: 1.06%
ROCE: 7.7%
Debt to equity: 0.02
Volume, NSE: 14,48,54818.6% delivered

Man Infraconstruction's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Man Infraconstruction annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,890 Cr, year to Mar 2023; lowest ₹267 Cr, year to Mar 2020A loss in 1 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.6% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue630
Materials and goods−3.4
Employee costs−75
Other expenses−423
Operating profit129
Depreciation−12
Other income+162
One-off items0.0
Finance costs−10
Profit before tax268
Tax−74
Joint ventures+17
Net profit211

What the company owns

Plant, investments and other assets₹1,326 Cr
Inventory₹738 Cr
Cash and bank₹435 Cr
Current investments₹207 Cr
Receivables₹71 Cr

What pays for it: net worth and liabilities

Net worth₹2,313 Cr
Other liabilities₹333 Cr
Owed to suppliers₹74 Cr
Borrowings₹58 Cr

Man Infraconstruction business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Man Infraconstruction segment results by quarter

Revenue by segment

₹633 CrTotal

Real Estate₹329 Cr52.0% of total
EPC (Engineering, Procurement and Contracting)₹304 Cr48.0% of total

Profit by segment

Real Estate₹163 Cr67.1% of total
EPC (Engineering, Procurement and Contracting)₹80 Cr32.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Real Estate
Revenue, ₹ crore
166
182
296
642
973
530
698
329
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
52
19
101
137
291
206
219
163
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EPC (Engineering, Procurement and Contracting)
Revenue, ₹ crore
252
135
207
493
1,025
803
413
304
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
63
1
4
129
136
158
106
80
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	418	316	504	1,135	1,998	1,334	1,112	633
Company revenue, as in its results	371	267	427	961	1,890	1,263	1,108	630
Revenue	166	182	296	642	973	530	698	329
Revenue growth	–	9.7%	63.1%	116.5%	51.7%	−45.5%	31.7%	−52.8%
Profit	52	19	101	137	291	206	219	163
Profit growth	–	−62.8%	421.1%	34.7%	112.8%	−29.3%	6.7%	−25.7%
Margin	31.6%	10.7%	34.2%	21.3%	29.9%	38.7%	31.4%	49.5%
Return on capital	11.8%	5.3%	26.8%	20.2%	45.3%	30.5%	29.5%	10.4%
Assets	534	480	489	737	755	971	931	1,855
Liabilities	90	109	111	60	113	297	189	293
Capital employed	443	371	378	677	642	675	742	1,563
Revenue	252	135	207	493	1,025	803	413	304
Revenue growth	–	−46.6%	53.9%	138.2%	107.7%	−21.6%	−48.5%	−26.5%
Profit	63	1	4	129	136	158	106	80
Profit growth	–	−97.8%	198.8%	2,969.7%	5.2%	16.4%	−32.6%	−24.8%
Margin	24.9%	1.0%	2.0%	26.1%	13.2%	19.6%	25.7%	26.3%
Return on capital	47.2%	1.8%	40.4%	494.5%	128.5%	–	314.7%	422.1%
Assets	190	172	149	193	435	204	155	138
Liabilities	57	93	139	167	329	211	121	119
Capital employed	133	79	10	26	105	−7	34	19
	0	0	0	0	0	0	0	0
Profit	24	2	8	175	29	69	90	52
Assets	13	18	36	787	591	979	1,092	784
Liabilities	463	426	531	630	249	183	105	100

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Man Infraconstruction quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026Filed 13 May	Sep 2026Twelve monthsFiled 29 Oct
Revenue from operations	452	652	371	267	427	961	1,890	1,263	1,108	630	783
	346	452	272	270	331	714	1,476	937	784	502	579
Materials and goods bought	–	78	26	63	95	196	747	248	204	3	−71
Employee costs	–	–	40	37	36	58	71	79	74	75	76
Other expenses	–	–	206	170	199	461	659	610	507	423	575
Operating profit before depreciation	106	199	100	−3	97	247	414	326	324	129	204
Operating margin	23.4%	30.6%	26.8%	−1.0%	22.6%	25.7%	21.9%	25.8%	29.3%	20.4%	26.0%
Materials, % of revenue	–	–	7.1%	23.5%	22.3%	20.4%	39.5%	19.6%	18.4%	0.5%	−9.1%
Employee costs, % of revenue	–	–	10.7%	13.7%	8.5%	6.0%	3.8%	6.2%	6.6%	11.9%	9.7%
Other expenses, % of revenue	–	–	55.4%	63.8%	46.6%	47.9%	34.8%	48.3%	45.7%	67.1%	73.4%
Depreciation and amortisation	8	8	7	7	9	9	11	10	8	12	14
Operating profit after depreciation	98	191	92	−10	87	238	403	316	316	116	190
Other income	47	44	32	27	25	201	48	97	123	162	113
Finance costs	39	56	53	57	58	62	58	35	15	10	16
One-off items	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	107	180	70	−39	54	378	392	378	424	268	287
	47	70	43	−22	22	80	108	94	88	74	82
Current tax	44	–	43	19	23	94	85	68	91	67	89
Deferred tax	3	–	0	−41	−2	−13	23	26	−4	7	−7
Share of profit of joint ventures and associates	5	−1	15	5	1	1	5	19	−24	17	16
	53	67	43	−12	33	299	289	303	313	211	221
Belonging to the company's shareholders	53	67	42	−12	33	299	–	303	313	211	–
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	–	0	–	0	–
Other comprehensive income	–	–	42	−1	0	−1	4	2	4	13	11
Total comprehensive income	–	–	84	−13	33	297	293	306	317	224	232
Net margin	11.7%	10.2%	11.5%	−4.6%	7.8%	31.0%	15.3%	24.0%	28.2%	33.5%	28.2%
Net margin without joint ventures and associates	10.6%	10.4%	7.4%	−6.5%	7.5%	30.9%	15.0%	22.5%	30.4%	30.8%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2023: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026Filed 13 May	Sep 2026Half yearFiled 29 Oct
	737	689	694	930	1,145	1,517	1,844	2,313	2,415
	694	670	675	860	1,089	1,463	1,763	2,266	2,285
Share capital	50	50	50	74	74	74	75	81	81
Reserves	644	620	625	785	1,015	1,389	1,688	2,186	2,204
Belonging to outside owners of subsidiaries	43	19	19	70	56	53	81	47	130
	450	396	462	557	206	131	36	58	48
Repayable after a year	403	363	324	377	12	63	0	18	0
Repayable within a year	47	33	138	180	194	67	36	40	48
	203	241	433	398	608	551	317	422	477
Trade payables	29	40	79	104	199	123	79	74	46
Other financial liabilities	20	30	62	20	77	58	39	31	39
Other liabilities	82	135	149	89	119	286	145	264	319
Provisions	21	2	2	3	7	9	8	12	14
Tax owed	4	1	2	2	12	7	11	2	10
	407	368	329	389	28	86	16	42	26
Other financial liabilities	1	2	2	6	8	14	9	12	15
Provisions	3	3	3	6	8	8	6	7	7
Deferred tax	0	0	0	0	0	0	1	5	4
	1,347	1,298	1,456	1,717	1,781	2,155	2,177	2,778	2,918
Held for sale or for a demerger	–	–	–	–	–	3	3	–	–
	578	434	339	308	384	268	274	434	485
Plant in use, after depreciation	32	36	42	49	53	43	40	48	–
Plant being built	2	0	1	2	0	–	0	0	–
Goodwill	0	1	1	2	2	2	2	2	2
Intangible assets being developed	130	–	–	–	0	–	–	–	–
Property held to earn rent	51	45	16	9	6	8	7	6	6
Investments	7	5	4	5	10	24	30	34	47
Stakes in joint ventures and associates	10	17	8	9	101	139	141	289	305
Other financial assets	10	5	6	8	9	16	29	28	33
Deferred tax	8	49	51	65	42	16	20	19	28
Trade receivables	6	1	2	2	62	5	2	2	1
Other assets	322	277	208	157	100	14	3	7	10
	769	864	1,118	1,409	1,397	1,884	1,900	2,344	2,433
Inventories	385	380	403	449	380	505	530	738	823
Trade receivables	135	82	104	125	333	144	87	71	96
Cash and cash equivalents	40	63	77	210	115	246	168	86	120
Other bank balances	97	78	135	151	183	303	255	350	199
Current investments	8	1	52	136	3	114	101	207	328
Loans given	46	23	59	148	259	404	674	788	755
Other financial assets	22	167	187	73	64	106	63	72	73
Tax paid in advance	1	0	0	0	1	9	1	1	4
Other assets	35	70	100	116	60	54	21	30	36
Net debt	305	254	197	61	−94	−532	−488	−585	−598

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026Filed 13 May	Sep 2026Half year
	78	187	448	573	133	−50	15
	103	282	524	648	213	25	68
	14	34	103	313	−114	−114	−86
Receivables	−23	−17	−268	239	60	13	−24
Inventories	−23	−41	69	−124	−25	−208	−85
Payables	34	26	96	−75	−41	−4	−28
Other working capital	27	66	206	272	−108	86	51
Tax paid	−25	−95	−76	−75	−80	−75	−53
Capital spending	16	21	15	14	9	25	9
Free cash flow	62	165	433	558	124	−74	6
	−84	28	−102	−397	−115	−323	63
Plant and property sold	3	8	3	24	4	19	4
Companies bought	−2	−10	−140	−46	0	0	0
Interest received	26	188	38	64	85	127	19
Dividends received	0	0	0	14	0	0	0
	20	−82	−458	−28	−116	306	−40
Borrowings raised	205	354	171	200	12	53	41
Borrowings repaid	−105	−302	−539	−217	−130	−15	−46
Interest paid	−52	−59	−55	−37	−9	−12	−5
Lease payments	0	0	0	0	0	−2	−1
Dividends paid	23	31	33	84	35	35	29
Shares bought back	0	44	0	0	0	0	0
Shares issued	2	0	0	5	47	330	0
Net change in cash	14	132	−111	148	−98	−67	38

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Man Infraconstruction dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026Filed 13 May
	₹1.43	₹1.79	₹1.13	−₹0.19	₹0.86	₹5.83	₹6.96	₹8.09	₹7.59	₹5.07
As stated that year	₹2.14	₹2.69	₹1.69	−₹0.29	₹1.29	₹5.83	₹6.96	₹8.09	₹7.59	₹5.07
	₹1.43	₹1.79	₹1.13	−₹0.19	₹0.86	₹5.83	₹6.96	₹8.06	₹7.59	₹5.07
As stated that year	₹2.14	₹2.69	₹1.69	−₹0.29	₹1.29	₹5.83	₹6.96	₹8.06	₹7.59	₹5.07
	₹0.72	–	₹0.84	₹0.37	₹0.60	₹0.84	₹1.26	₹1.26	₹1.35	₹1.17
As declared that year	₹1.08	–	₹1.26	₹0.55	₹0.90	₹1.26	₹1.26	₹1.26	₹1.35	₹1.17
	–	–	₹18.69	₹18.04	₹18.18	₹23.15	₹29.34	₹39.42	₹46.99	₹56.15
On that year's share count	–	–	₹28.04	₹27.06	₹27.27	₹23.15	₹29.34	₹39.42	₹46.99	₹56.15
Dividend payout	50.4%	–	73.8%	–	66.7%	10.4%	–	15.4%	16.2%	22.4%
Shareholder yield	–	–	–	–	2.1%	1.9%	1.3%	1.0%	−0.2%	−9.3%
Market cap at the year end (₹ crore)	1,157	1,241	1,009	410	1,032	3,878	2,532	7,587	5,582	3,166

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Man Infraconstruction PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 20 May	Mar 2026Filed 13 May
Revenue growth	99.1%	44.3%	−43.0%	−28.1%	60.0%	125.1%	96.6%	−33.2%	−12.3%	−43.1%
Operating profit growth	194.9%	88.3%	−50.0%	–	–	156.3%	67.3%	−21.2%	−0.7%	−60.2%
Net profit growth	299.7%	25.5%	−36.0%	–	–	795.3%	−3.2%	5.0%	3.1%	−32.5%
Earnings per share growth	296.3%	25.7%	−37.2%	–	–	577.9%	19.4%	16.2%	−6.2%	−33.2%
	–	–	6.1%	−1.8%	5.0%	38.9%	–	23.8%	19.4%	10.5%
	–	–	–	−7.9 pts	6.8 pts	34.0 pts	–	–	−4.4 pts	−8.9 pts
From the net margin	–	–	–	−8.5 pts	4.8 pts	14.8 pts	–	–	4.2 pts	3.6 pts
From asset turnover	–	–	–	0.7 pts	1.6 pts	18.8 pts	–	–	−5.7 pts	−11.6 pts
From borrowing	–	–	–	0.0 pts	0.3 pts	0.4 pts	–	–	−2.9 pts	−1.0 pts
Return on capital employed	–	–	7.8%	−0.9%	7.6%	16.0%	29.8%	19.2%	16.8%	4.9%
Cash conversion	–	–	–	–	234.8%	62.6%	155.1%	188.8%	42.5%	−23.6%
Interest cover	2.5	3.4	1.7	–	1.5	3.9	6.9	9.0	21.4	11.4
Debt to equity	–	–	0.61	0.58	0.67	0.60	0.18	0.09	0.02	0.03
Receivable days	–	–	132	112	89	48	64	42	29	41
Inventory days	–	–	5,345	2,211	1,545	837	186	743	951	79,018
Payable days	–	–	396	233	303	195	97	181	141	7,907
Cash conversion cycle, days	–	–	5,081	2,089	1,332	690	153	604	838	71,151
Working capital days	–	–	460	702	477	264	132	213	361	763
Asset turnover	–	–	0.28	0.20	0.31	0.61	1.08	0.64	0.51	0.25
Assets per rupee of net worth	–	–	1.94	1.94	2.05	2.07	1.79	1.54	1.34	1.23
Sales per rupee of plant	–	–	11.65	7.49	10.06	19.63	35.58	29.60	27.49	13.21
Capital spending to depreciation	–	–	–	–	1.76	2.30	1.30	1.43	1.11	1.99
Plant being built, % of plant in use	–	–	5.4%	0.0%	2.2%	4.1%	0.0%	–	0.0%	0.0%

Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.5%
Cash from operations against operating profit: −38.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.8%	8.1%	−30.7%
Profit growth, yearly rate	31.9%	44.6%	–
Return on equity, average	–	23.1%	17.9%
Return on capital employed, average	–	17.3%	13.6%
Operating margin, average	22.6%	24.6%	25.2%
Net margin, average	16.9%	26.4%	28.6%
Asset turnover, average	–	0.62	0.47
Cash conversion cycle, days, average	–	14,687	24,198
Interest cover, average	6.9	10.5	14.0
Debt to equity, average	–	0.18	0.04

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,291	656	−50
Cash from investing	−909	−834	−323
Cash from financing	−378	162	306
Capital spending	84	48	25
Dividends paid	219	154	35
Shares bought back	44	0	0
Shares issued for cash	382	382	330
Borrowings raised	790	266	53
Borrowings repaid	1,203	362	15

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	6	7	5	2
Altman Z-scorePublished threshold 1.1	–	–	6.20	5.98	5.95	8.31	8.36	9.94	14.46	13.00
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−1.56	−1.38	−4.03	−2.27	−2.14
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.85	5.31	−3.29	6.47	13.61	23.55
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.15	1.36	1.27	0.79
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−11.14	−32.37	−105.02	68.53	−23.49	−27.32	25.12
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−139.85	−45.65	−94.24	−296.78	99.50	22.93	137.52
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	67.37	11.73	−10.17	−3.43	3.44	−7.43	2.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.06	0.13	0.00	–	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	43.70	38.67	60.95	–	40.39	21.29	27.55	24.83	20.71	27.60
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.82	8.26	4.87	1.74	−0.26

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Nov 2025	CARE Ratings Limited	Fund-based - LT-Cash Credit	CARE A+Review, Re-affirm	Stable	32.50
19 Nov 2025	CARE Ratings Limited	Non-fund-based-LT/ST	CARE A+ / CARE A1Review, Re-affirm	Stable	387

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.