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M&B Engineering Ltd (MBEL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544470 NSE: MBEL Engineering - Industrial Equipments | Small Cap | M&B Engineering Share Price
₹259.60 5.20 (2.04%)
As on 22-Sep'26 12:05
M&B Engineering Ltd (MBEL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544470 NSE: MBEL Engineering - Industrial Equipments | Small Cap | M&B Engineering Share Price
₹259.60 5.20 (2.04%)
As on 22-Sep'26 12:05
Key Metrics
Valuation Multiples
Market Cap
₹1,454 Cr.
Current Price
₹259.6
52-Week Low / High
₹225 / 536
TTM EPS
₹16.9
TTM Sales
₹1,313 Cr.
Book Value per Share
₹118.8
P/E Ratio
15.06
Lower than its 5-year historical median
Industry PE
59.2
Price to Book (P/B)
2.14
Lower than its 5-year historical median
Price to Sales (P/S)
1.11
Lower than its 5-year historical median
EV/EBITDA
7.88
Lower than its 5-year historical median
Dividend Yield
0.39%
Profitability Efficiency
Return on Equity (ROE)
19.23%
Outperforms industry median
Return on Capital Employed (ROCE)
22.95%
Outperforms industry median
Return on Assets (ROA)
9.22%
Operating Profit Margin
11.7%
Net Profit Margin
7.35%
Gross Profit Margin
11.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
19.32%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
11.99%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
20.23%
Asset Quality
Promoter Holding
70.61%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹622 Cr.
Equity
₹57.2 Cr.
Face Value
₹10
All Time Low / High
₹224.90 / 535.85
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Weak
Is M&B Engineering Ltd a good quality company?
M&B Engineering Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does M&B Engineering Ltd performance compare with that of its Peers?
Revenue growth of M&B Engineering Ltd vs industry peers?
M&B Engineering Ltd revenue CAGR is 24.90%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of M&B Engineering Ltd?
Promoters hold 70.61% of the M&B Engineering Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of M&B Engineering Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -39.16% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
M&B Engineering Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.7% | 14.3% | 18.8% | 15.5% | 11.7% | 21.2% | 24.3% | 22% | 25% | 19.9% | - |
| Value Creation Index ⓘ | -0.2 | 0.0 | 0.3 | 0.1 | -0.2 | 0.5 | 0.7 | 0.6 | 0.8 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 414 | 439 | 623 | 520 | 413 | 687 | 859 | 787 | 909 | 1,085 | 1,121 |
| Sales YoY Gr. | - | 6.2% | 41.9% | -16.6% | -20.6% | 66.5% | 24.9% | -8.3% | 15.5% | 19.3% | - |
| Adj EPS ⓘ | 1 | 1.5 | 3.3 | 2.5 | 1.5 | 5.3 | 8.2 | 9.5 | 14.6 | 14.7 | 13.7 |
| YoY Gr. | - | 46.1% | 120.8% | -24.6% | -39.9% | 253.7% | 56% | 15.5% | 53.7% | 0.5% | - |
| BVPS (₹) ⓘ | 17.3 | 18.8 | 21.8 | 24.1 | 25.6 | 30.8 | 38.9 | 48.3 | 62.9 | 114.8 | 117.4 |
| Adj Net Profit ⓘ | 5.1 | 7.4 | 16.5 | 12.4 | 7.4 | 26.4 | 41.1 | 47.5 | 72.9 | 83.8 | 78 |
| Cash Flow from Ops. ⓘ | 35.3 | 20 | 64.7 | 47.6 | 19.8 | 39.7 | 33.6 | -0.8 | 32.1 | -36.2 | - |
| Debt/CF from Ops. ⓘ | 3.5 | 6.1 | 1.4 | 2.4 | 5.2 | 2.3 | 4.2 | -245 | 5.8 | -2.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.3% | 21.3% | 8.1% | 19.3% | ||||
| Adj EPS ⓘ | 34.5% | 58% | 21.3% | 0.5% | ||||
| BVPSⓘ | 23.4% | 35% | 43.4% | 82.5% | ||||
| Share Price | - | - | - | -38.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 6.1 | 8.2 | 16.2 | 10.8 | 6 | 18.7 | 23.6 | 21.8 | 26.2 | 17.3 | 11.8 |
| Op. Profit Mgn % ⓘ | 6.9 | 8.2 | 7.5 | 7.6 | 6.9 | 7.8 | 8.6 | 10.3 | 13.4 | 11.8 | 10.5 |
| Net Profit Mgn % ⓘ | 1.2 | 1.7 | 2.6 | 2.4 | 1.8 | 3.8 | 4.8 | 6 | 8 | 7.7 | 7 |
| Debt to Equity ⓘ | 1.4 | 1.3 | 0.9 | 1 | 0.8 | 0.6 | 0.7 | 0.8 | 0.6 | 0.1 | - |
| Working Cap Days ⓘ | 172 | 192 | 160 | 191 | 225 | 162 | 151 | 166 | 186 | 198 | 115 |
| Cash Conv. Cycle ⓘ | 82 | 93 | 62 | 63 | 65 | 53 | 49 | 79 | 88 | 90 | 56 |
Valuation of M&B Engineering - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 520 | 415 | 688 | 880 | 795 | 989 | 1,260 |
| Operating Expenses ⓘ + | 483 | 388 | 646 | 814 | 715 | 862 | 1,118 |
| Operating Profit ⓘ | 37 | 27 | 42 | 66 | 80 | 126 | 142 |
| Operating Profit Margin (%) | 7.2% | 6.5% | 6.1% | 7.5% | 10.0% | 12.8% | 11.2% |
| Other Income ⓘ + | 5 | 8 | 11 | 9 | 13 | 8 | 16 |
| Interest ⓘ | 17 | 16 | 19 | 19 | 23 | 20 | 17 |
| Depreciation ⓘ | 9 | 9 | 11 | 10 | 9 | 13 | 15 |
| Profit Before Tax ⓘ | 17 | 10 | 23 | 45 | 61 | 102 | 124 |
| Tax ⓘ | 6 | 4 | 7 | 13 | 15 | 25 | 31 |
| Profit After Tax | 11 | 6 | 16 | 33 | 46 | 77 | 93 |
| PAT Margin (%) | 2.1% | 1.4% | 2.4% | 3.7% | 5.7% | 7.8% | 7.4% |
| Adjusted EPS (₹) | 2.2 | 1.2 | 4.0 | 6.8 | 9.2 | 15.4 | 16.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 6.20% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 120 | 125 | 145 | 181 | 233 | 307 | 657 | ||||
| Debt + | 114 | 112 | 98 | 147 | 203 | 178 | 78 | ||||
| Minority Interest | 0 | 4 | 0 | -1 | 0 | 0 | 0 | ||||
| Trade Payables | 139 | 111 | 202 | 134 | 93 | 224 | 214 | ||||
| Others Liabilities ⓘ | 54 | 71 | 102 | 98 | 104 | 141 | 212 | ||||
| Total Liabilities ⓘ | 426 | 423 | 547 | 559 | 633 | 849 | 1,161 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 68 | 70 | 71 | 79 | 77 | 176 | 180 | ||||
| CWIP ⓘ | 1 | 4 | 2 | 2 | 66 | 2 | 14 | ||||
| Investments ⓘ | 3 | 2 | 6 | 5 | 7 | 5 | 4 | ||||
| Inventories | 128 | 128 | 204 | 175 | 196 | 322 | 349 | ||||
| Trade Receivables | 94 | 92 | 120 | 119 | 139 | 192 | 239 | ||||
| Cash Equivalents | 91 | 85 | 92 | 126 | 99 | 85 | 279 | ||||
| Others Assets ⓘ | 42 | 43 | 53 | 54 | 49 | 67 | 95 | ||||
| Total Assets ⓘ | 426 | 423 | 547 | 559 | 633 | 849 | 1,161 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 48 | 8 | 37 | 29 | 6 | 33 | -31 |
| Cash Flow From Investing Activity ⓘ + | -4 | -9 | -2 | -12 | -62 | -32 | -39 |
| Cash Flow From Financing Activity ⓘ + | 9 | -13 | -33 | 30 | 32 | -45 | 136 |
| Net Cash Flow ⓘ | 53 | -15 | 1 | 47 | -25 | -44 | 66 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.98 | 4.79 | 12.06 | 20.2 | 22.07 | 28.56 | 19.23 | |||
| ROCE (%) | 14.3 | 10.84 | 17.35 | 22.53 | 21.88 | 26.26 | 22.95 | |||
| Asset Turnover Ratio | 1.22 | 0.98 | 1.42 | 1.59 | 1.33 | 1.33 | 1.25 | |||
| PAT to CFO Conversion(x) | 4.36 | 1.33 | 2.31 | 0.88 | 0.13 | 0.43 | -0.33 | |||
| Working Capital Days | ||||||||||
| Receivable Days | 66.10 | 82 | 56.20 | 49.60 | 59.30 | 61.20 | 62.50 | |||
| Inventory Days | 90.10 | 112.70 | 87.80 | 78.40 | 85 | 95.70 | 97.30 | |||
| Payable Days | 156.60 | 181 | 127.60 | 101.30 | 81.30 | 96.90 | 109.50 | |||
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M&B Engineering Ltd FAQs
The current trading price of M&B Engineering on 22-Sep-2026 12:05 is ₹259.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of M&B Engineering stood at ₹1,454.2 Cr
The latest P/E ratio of M&B Engineering as of 21-Sep-2026 is 18.61.
The latest P/B ratio of M&B Engineering as of 21-Sep-2026 is 2.17.
The 52-week high of M&B Engineering is ₹535.9 and the 52-week low is ₹224.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of M&B Engineering is ₹1,121 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that M&B Engineering Ltd is a good quality company.
The key valuation ratios of M&B Engineering Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of M&B Engineering Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About M&B Engineering Ltd
M&B Engineering was originally incorporated as ‘Manibhai and Brothers (Construction) Private Limited’ a private limited company under the Companies Act, 1956 through a certificate of incorporation dated June 16, 1981, issued by the RoC. The name of the company was changed to “M&B Engineering Limited” pursuant to a Shareholders’ resolution dated March 24, 2011 and Board resolution dated March 5, 2011. Consequently, a fresh certificate of incorporation dated March 30, 2011 was issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli to reflect the change in name.
The company is one of India’s leading Pre-Engineered Buildings (PEBs) players. The company’s business is structured into a Phenix division which provides comprehensive solutions for PEBs and complex structural steel components; and Proflex division which provides self-supported steel roofing solutions. The company offers its customers a comprehensive turn-key solutions which includes project design, engineering, manufacturing and erection in accordance with customer requirements across industrial and infrastructure segments. The company has delivered solutions for its customers engaged in diverse sectors including general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles, and railways.
Business area of the company:
The company is engaged in the business of PEB, structural steel, self-supported steel roofing and components thereof. The company offers its customers a comprehensive turn-key solutions which includes project design, engineering, manufacturing and erection in accordance with customer requirements across industrial and infrastructure segments.
Awards, accreditations, and recognitions of the company and subsidiaries:
- 2012: Phenix Construction Technologies, awarded certificate of honour for best safety performer of the year in contractor category and contributing in achieving safety excellence during occasion of 41st National Safety Week - 2012, by Adani Hazira Port Pvt Ltd.
- 2016: Phenix Construction Technologies awarded certificate for best contractor in safety competition on 45th national safety day celebration, by Mundra Solar Technopark Private Limited.
- 2017: Phenix Construction Technologies awarded certificate of safety appreciation by Takenaka India Private Limited for the best safety performance at site Daikin Phase - II Neemrana for the year 2016-2017.
- 2017: The company was awarded certificate of appreciation by SMCC Construction India Limited, for the unique performance and contribution to the environment, health, safety for Green Metal Project, Building No. 3, Techno Trends Avto Park, Vithlapur, Ahmedabad.
- 2020: The company was awarded by Tata Steel Limited, for their excellent work done towards the installation and commissioning of the shed (130 x 104) meter and the gable end (20x104) meter, at Tata Steel Growth Shop, Ghamaria and completion of the building erection, sheeting works as per SOP, discipline and without any single LTI.
- 2020: Certificate of Safety Appreciation by Takenaka for the best safety improvement at ASTI India Project
- 2021: Awarded certificate of appreciation for the best HSE Performer for calendar year 2020-21 by Adani Wilmar AWL- Mundra OLEO Chemical Building.
- 2021: ISO 9001:2015 and ISO 45001: 2018 certificate for design, manufacture, erection and commissioning and sales of pre-engineered steel buildings, complex structures & components.
- 2022: ISO/IEC 17025: 2017 certificate for ‘general requirements for the competence of testing and calibration laboratories’ for its facility at plot no. 30P, Village Naranpura, Ahmedabad, Gujarat, India.
- 2023: The company was awarded certificate of appreciation by Zydus Pharmaceuticals Limited, for supply and erection of pre-engineering building for Zydus Pharmaceuticals Limited, Pharm SEZ Matoda, Gujarat. Pharm SEZ.
- 2024: The company was granted certificate of appreciation by Toyota Forms India Private Limited, for supply and erection of pre-engineering building for Toyota Forms India Private Limited, Bavla, Gujarat.
- 2024: Phenix Building Solutions Private Limited awarded certificate of achievement in recognition of achieving monthly HSE audit benchmark consistently in construction jobs of PV Solar Project at Jamnagar by Reliance Industries Limited.
- 2023/2024: Phenix Construction Technologies awarded Best Performing Business Partner by Voltas.
- 2024: Phenix Construction Technologies accredited FM approval from FM Global Group. 2025 Membership certificate from the Confederation of Indian Industry, to certify its Phenix Construction Technologies’ - A division of M and B Engineering Ltd is an annual membership of Indian Green Building Council.
- 2025: Phenix Construction Technologies was granted the certificate of registration for certification of manufacturers of steel building systems by Canadian Welding Bureau Registration.
History and milestones of the company and subsidiaries:
- 2013: Phenix Building Solutions Private Limited awarded completion certificate by Tebodin Consultants & Engineers India Private Limited, for successfully completing design, manufacture, supply and erection of the pre-engineered steel building for Gestamp Sungwoo Stamping & Assemblies Private Limited, with an overall built-up area of 17,000 sq. mtr.
- 2014-2015: Phenix Building Solutions Private Limited awarded certificate of appreciation by Thyssenkrup Industries India Private Limited for achieving 0.26 million LTI free safe man-hours, at CCPP Construction site at Reliance Project Management Group (RPMG), Dahej
- 2017: The company incorporated its wholly owned subsidiary, Phenix Construction Technologies Inc., in USA 2021 Awarded certificate of appreciation by Voltbek Home Appliances Pvt Ltd for achieving 380,000 safe man hours
- 2021: The company was granted certificate of appreciation by Haier North Industrial Park Project, Noida in recognition of its team’s contribution and ongoing commitment toward safety, health, and environment which has resulted in achievement of one million safe man hours without lost time injury from the period October, 2019 to March, 2021, during the construction of Haier North Industrial Park Project, Greater Noida
- 2024: The company has acquired Phenix Building Solutions Private Limited
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