Man Infraconstruction Limited

Industrials — Engineering & Construction · NSE

₹113.22−₹2.17 (−1.88%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

The 60-second version of Man Infraconstruction Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Man Infraconstruction Limited provides engineering, procurement, and construction services in India and internationally.

IndustryEngineering & Construction

SectorIndustrials

Employees216

Annual revenue₹623 Cr

How does it make money?

Turns over ₹623 Cr a year. Of every ₹100 of sales, about ₹32 reaches shareholders as profit, with ₹45 left at the operating level before interest, tax and depreciation. Each of its 216 employees supports ₹2.88 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.88 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 12.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -66% while net margin moved +130% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-66%

Margin effect+130%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 30.4% a year
✗ Profit has declined at 8.1% a year

Quality vs. Valuation

Company Quality

47/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

21.1x

3Y Median

22.3x

40 monthly readings · mean 22.4x · range 10.3x–34.3x

Sector Median

30.1x

median of 3 sector peers

🟡Currently trading close to its 3y median of 22.3x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 30% below the peer median of 30.1x.

vs. its own history

Fair

22.3x median over 40 months · -6%

vs. sector peers

Cheap

30.1x median of 3 peers · -30%

vs. generic bands

Fair

15x–35x

EV/EBITDA

15.7x

PEG

0.99

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 24.5% to 45.5% over 3 years.
Debt is being paid down
Total debt is down 69% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 23.7% to 8.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 38.1% to 12.3% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 2 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 2.77x — earnings must service borrowings before shareholders see anything.
🔴Inventory building faster than salesFinancial
Inventory up 94% against revenue up -66% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹55 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 22% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 24.5% to 45.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 69% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 30% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.77x. Interest is payable whether or not the business has a good year.
Returns on shareholder capital are falling
ROE has dropped from 23.7% to 8.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 43%✓ 45.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹55 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 9%✓ 12.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 22.3x✓ 21.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 6 neutral · 2 weak

Market Cap

₹4,472 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.1x

Fair

Fairly valued against the generic band

P/B Ratio

2.02x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.37

Profitable

Profitable on a per-share basis

ROE

8.9%

Moderate

Moderate capital efficiency

ROCE

12.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

2.77x

High

High leverage

Revenue Growth (YoY)

19.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

21.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.03%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹55 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

31.3%

Good

Healthy core-business profitability

Net Margin

33.5%

Good

Strong bottom-line conversion

Current Ratio

5.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.65

Defensive

Steadier than the market

52W Range Position

50%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

121.9 / 119.1

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

10.3

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,851 Cr	₹1,232 Cr	₹1,100 Cr	₹623 Cr	-30.4%
EBITDA	₹453 Cr	₹417 Cr	₹411 Cr	₹283 Cr	-14.5%
EBITDA Margin	24.5%	33.8%	37.4%	45.5%	—
PAT (Net Profit)	₹259 Cr	₹300 Cr	₹283 Cr	₹201 Cr	-8.1%
EPS	₹6.96	₹8.06	₹7.59	₹5.07	-10.0%
ROE	23.7%	20.5%	16.0%	8.9%	—
ROCE	38.1%	26.1%	22.0%	12.3%	—
Total Debt	₹206 Cr	₹131 Cr	₹36 Cr	₹64 Cr	-32.3%
Free Cash Flow	₹441 Cr	₹573 Cr	₹130 Cr	-₹55 Cr	—

🔴 Revenue has shrunk at 30.4% a year over 3 years.

🔴 EBITDA has shrunk at 14.5% a year over 3 years.

🟢 EBITDA Margin has risen from 24.5% to 45.5% over 3 years (+21.0 pts).

🔴 PAT (Net Profit) has shrunk at 8.1% a year over 3 years.

🔴 EPS has shrunk at 10.0% a year over 3 years.

🔴 ROE has fallen from 23.7% to 8.9% over 3 years (-14.9 pts).

🔴 ROCE has fallen from 38.1% to 12.3% over 3 years (-25.8 pts).

🟢 Total Debt has shrunk at 32.3% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹441 Cr to -₹55 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,778 Cr

Total Liabilities

₹465 Cr

Cash & Equivalents

₹86 Cr

Operating Cash Flow

-₹50 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

1.6%

Insider Holding

66.0%

Corporate Actions

Dividend Rate

₹1.17

Ex-Dividend Date

19 May 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

3 positive3 general

Man Infraconstruction buys back 2 lakh shares at ₹115.89 avg price

scanx.trade, 16 Oct

Man Infraconstruction vs Nifty 50: Returns Compared

Univest, 05 Oct

Man Infra board approves share buyback, stock rises

Moneycontrol.com, 01 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Man InfraConstruction Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Man Infra Approves Share Buyback At ₹171 Per Share Via Open Market Route

Sahi, 01 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Man Infraconstruction share price: Board to consider first-ever buyback on September 1

CNBC TV18, 27 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality

MiddlingFinancial Health · Profitability · Valuation · Risk

WeakGrowth

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑