MoneyWorks4Me

Man InfraConstruction Ltd (MANINFRA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533169 NSE: MANINFRA Engineering - Construction | Small Cap | Man InfraConstruct. Share Price

₹123.95 -2.55 (-2.02%)

As on 01-Oct'26 12:40

Man InfraConstruction Ltd (MANINFRA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533169 NSE: MANINFRA Engineering - Construction | Small Cap | Man InfraConstruct. Share Price

₹123.95 -2.55 (-2.02%)

As on 01-Oct'26 12:40

Key Metrics
Valuation Multiples
Market Cap
₹5,106 Cr.
Current Price
₹124
52-Week Low / High
₹78 / 151
TTM EPS
₹5.4
TTM Sales
₹666 Cr.
Book Value per Share
₹57.6
P/E Ratio
23.57
Lower than its 5-year historical median
Industry PE
23.7
Price to Book (P/B)
2.20
Lower than its 5-year historical median
Price to Sales (P/S)
7.67
Lower than its 5-year historical median
EV/EBITDA
16.04
Lower than its 5-year historical median
Dividend Yield
0.73%
Profitability Efficiency
Return on Equity (ROE)
10.79%
Outperforms industry median
Return on Capital Employed (ROCE)
14.32%
Outperforms industry median
Return on Assets (ROA)
8.58%
Operating Profit Margin
19.6%
Net Profit Margin
33.47%
Gross Profit Margin
44.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-27.66%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-61.83%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-32.55%
Asset Quality
Promoter Holding
62.52%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,244 Cr.
Equity
₹80.7 Cr.
Face Value
₹2
All Time Low / High
₹9.67 / 262.50

Man InfraConstruction stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Overvalued

Price Trend

Strong
Q.1 Is Man InfraConstruction Ltd a good quality company?
Man InfraConstruction 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 Man InfraConstruction Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Man InfraConstruction Ltd vs industry peers?
Man InfraConstruction Ltd revenue CAGR is 8.10%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Man InfraConstruction Ltd?
Promoters hold 62.52% of the Man InfraConstruction Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Man InfraConstruction Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.4% 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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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.
Man InfraConstruction 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ13.7%14.6%18.7%10.7%12.4%13.6%19.8%20.9%13.1%10.9%-
Value Creation
Index ⓘ
0.00.00.3-0.2-0.10.00.40.60.0-0.2-

Growth Parameters ⓘ

Sales ⓘ158193166107120237798708395286289
Sales YoY Gr.-21.8%-13.7%-35.7%11.8%97.8%237.2%-11.2%-44.3%-27.7%-
Adj EPS ⓘ1.41.72.91.92.52.84.45.84.23.83.8
YoY Gr.-28.9%67.8%-35.6%32.5%13.7%56.9%30.2%-28%-9.6%-
BVPS (₹) ⓘ18.419.621.723.225.12730.636.440.95253.5
Adj Net
Profit ⓘ
5064.410869.992.4105165214156152153
Cash Flow from Ops. ⓘ35.226.7-9.715.42315.924.823015.446.8-
Debt/CF from Ops. ⓘ00-1.10000.4000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ6.8%19%-29%-27.7%
Adj EPS ⓘ12.1%8.6%-5.4%-9.6%
BVPSⓘ12.3%15.7%19.4%27.1%
Share Price 15.2% 11.1% -6.5% -16.7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
7.79.114.18.410.310.915.416.49.98.17.2
Op. Profit
Mgn % ⓘ
16.8924.4-0.13.825.817.222.3232236.9
Net Profit
Mgn % ⓘ
31.633.465.165.377.244.420.730.339.653.253.1
Debt to
Equity ⓘ
0000000000-
Working Cap
Days ⓘ
9859431,3402,3862,1981,1463804328061,2121,122
Cash Conv.
Cycle ⓘ
20411271108595132211101,057

Valuation of Man InfraConstruct. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales4526523712674279611,8901,2631,108630
Operating Expenses ⓘ + 3474522712693317141,476937784507
Manufacturing Costs214279154107125275527509429371
Material Costs61782663951967472482043
Employee Cost 39454037365871797475
Other Costs ⓘ 33495163741861321027858
Operating Profit ⓘ 105200100-297248414326324124
Operating Profit Margin (%) 23.2%30.7%27.0%-0.9%22.6%25.7%21.9%25.8%29.3%19.6%
Other Income ⓘ + 49453227252014897123167
Exceptional Items ⓘ 0000000000
Interest ⓘ 40565457586258351510
Depreciation ⓘ 8877991110812
Profit Before Tax ⓘ 11217985-3455379397397401285
Tax ⓘ 477043-222280108948874
Profit After Tax 6610943-1233299289303313211
PAT Margin (%) 14.5%16.8%11.5%-4.6%7.8%31.1%15.3%24.0%28.2%33.5%
Adjusted EPS (₹)1.41.81.1-0.20.95.87.08.17.55.0
Dividend Payout Ratio (%)25.20%20.10%74.60%-191.10%69.60%21.60%12.90%20%12%18.10%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6546886946706758601,0891,3281,6432,266
Share Capital ⓘ 49.5049.5049.5049.5049.5074.2574.2574.2575.0680.73
Reserves ⓘ 6056396446206257851,0151,2531,5682,186
Debt +2964374503984625572061313658
Long Term Debt2493894033653243771263018
Short Term Debt47484733138180194673640
Minority Interest43744319197056538147
Trade Payables57522944781041991237974
Others Liabilities ⓘ 1409312311717161189504320315
Total Liabilities ⓘ 1,1901,3431,3381,2491,4051,6521,7392,1392,1582,759

Fixed Assets

Net Fixed Assets ⓘ +40343236435155454255
Gross Block55555665788997888598
Accumulated Depreciation15212429343842444344
CWIP ⓘ 1301301320120000
Investments ⓘ 16897242263150113277272530
Inventories233320385380403449380505530738
Trade Receivables9596135821041253331448771
Cash Equivalents 183143137141213360298549423435
Others Assets ⓘ 341524494587578514560619803930
Total Assets ⓘ 1,1901,3431,3381,2491,4051,6521,7392,1392,1582,759
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 94-169168878187448573133-50
PBT ⓘ 11217985-3455379397397401285
Adjustment ⓘ 637192734-13124-62-73-146
Changes in Working Capital ⓘ 17-312-471191434103313-114-114
Tax Paid ⓘ -41-73-42-24-25-95-76-75-80-75
Cash Flow From Investing Activity ⓘ + -598711984-8428-102-397-115-323
Capex 411-205284-77-3-5
Net Investments -115809142-110-86-23-32370-363
Others ⓘ 1554837-2109-71-81-18246
Cash Flow From Financing Activity ⓘ + -1744-129-13720-91-458-28-116306
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -42-36-59-65-52-59-55-37-9-12
Dividend Paid ⓘ 0-41-61-27-23-31-33-84-35-35
Others ⓘ 25121-9-4695-1-36993-72353
Net Cash Flow ⓘ 18-3963514123-111148-98-67
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)10.4416.266.16-1.794.9638.9129.6525.121.0610.79
ROCE (%)16.4822.5712.322.0610.0633.9233.5929.9324.4914.32
Asset Turnover Ratio0.410.510.280.210.320.631.110.650.520.26
PAT to CFO Conversion(x)1.42-1.550.37N/A2.360.631.551.890.42-0.24
Working Capital Days
Receivable Days88.3053.50113.3014879.6043.6044.2068.9038.1045.90
Inventory Days160.80154.90346.40522.90334.40161.7080.10127.80170.40367.10
Payable Days269.20252.30556.70211.30235.20170.5074.10236.90180.808,162.90

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Man InfraConstruction Ltd FAQs

The current trading price of Man InfraConstruct. on 01-Oct-2026 12:40 is ₹124.0.

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 30-Sep-2026 the market cap of Man InfraConstruct. stood at ₹5,106.4 Cr

The latest P/E ratio of Man InfraConstruct. as of 30-Sep-2026 is 33.28.

The latest P/B ratio of Man InfraConstruct. as of 30-Sep-2026 is 2.36.

The 52-week high of Man InfraConstruct. is ₹150.7 and the 52-week low is ₹77.75.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Man InfraConstruct. is ₹289 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Man InfraConstruction Ltd is a good quality company.

The key valuation ratios of Man InfraConstruction 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 Strong which suggest that the price of Man InfraConstruction Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Man InfraConstruction Ltd

The company was incorporated as Man Construction Private Limited on August 16, 2002. The name was changed to “Man Construction Limited” on July 15, 2004, reflecting the change in the constitution of the company from a private limited company to a public limited company under the Companies Act, 1956. The name was further changed to “Man Infraconstruction Limited” on November 3, 2006 pursuant to a special resolution of the shareholders of the company at an extraordinary general meeting held on September 18, 2006 to reflect the change in the primary business focus of the company. The fresh certificate of incorporation consequent upon the change of name was granted on November 3, 2006 by the RoC.

The promoters of the company are Parag K. Shah and Mansi P. Shah, who along with the promoter group, hold 71.61% of the pre-issue share capital of the company. Pursuant to share subscription agreements dated August 14, 2008 and February 16, 2009, SA 1 Holding Infrastructure Company Private Limited, Standard Chartered Private Equity (Mauritius) II Limited and Standard Chartered Private Equity (Mauritius) III Limited hold 9.23%, 1.71% and 5.20%, respectively, of the equity share capital of the company

It is a construction company headquartered in Mumbai. It has undertaken projects in the six states including Maharashtra, Kerala, Gujarat, West Bengal, Goa and Tamil Nadu. It provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. The company has executed significant onshore port infrastructure projects in the following ports in India: Jawaharlal Nehru Port Trust, Mundra Port, Chennai Port, Vallarpadam Port and Pipavav Port. Port infrastructure projects are complex and their execution generally requires strict adherence to exacting international quality standards and tight timelines.

In the residential sector, the company works with real estate developers in Mumbai and Pune in Maharashtra and is in the process of constructing a residential complex in the western suburbs of Mumbai with an aggregate area of 1.95 million square feet, a slum rehabilitation authority project in Mumbai consisting of the construction of a township aggregating 5.16 million square feet and the construction of 5,166 tenements at a mass housing project at Pune.

Business area:

The company provides construction services for the five sectors-

Port Infrastructure: In the port infrastructure sector, it provides the following services: (i) Construction of onshore container terminals, which consist of reclamation, soil consolidation, paving and operational services that include fire fighting systems, sewerage and drainage services; (ii) construction of container freight stations, which consist of the preparation of sub-base, paving and operational services that include fire fighting systems, sewerage and drainage services; (iii) repair and maintenance services at onshore container terminal; and (iv) construction of operational buildings and workshops.

Residential: In the residential sector, it provides the following services: (i) Construction of townships including the construction of infrastructural facilities and the construction of residential housing; and (ii) construction of high-rise buildings

Commercial: In the commercial sector, its services consist of the construction of structures such as shopping malls and multiplexes, IT parks, warehouse facilities, hospitals and schools.

Industrial: In the industrial sector, our services consist of the construction of manufacturing facilities such as industrial factories and workshops.

Road Infrastructure: In the road infrastructure sector, it provides the following services: earthwork, paving, sewerage, storm water drainage, electrification, landscaping and arboriculture.

Projects undertaken:

The construction of an onshore container terminal and the provision of reclamation and soil consolidation services and strengthening and ground improvement work for NSICT;

  • The construction of a CFS for MICT;
  • The construction of an onshore container terminal, a railway network and an administrative office building, and the provision of paving work, for Gateway;
  • The construction of a self contained township and club house spread over a land area of 2.87 million square feet for MICT;
  • Reclamation work for Simplex for a port at Navi Mumbai, Maharashtra.

Milestones:

  • August 16, 2002 - Man Construction Private Limited was incorporated.
  • July 15, 2004 - The name of Man Construction Private Limited was changed to Man Construction Limited reflecting the change in the constitution of the company from a private limited company to a public limited company under the Companies Act, 1956.
  • May 12, 2006 - Pathare Real Estate and Developers Limited became a 100% subsidiary of the company.
  • June 1, 2006 - Pathare Real Estate and Developers Limited, a wholly-owned subsidiary, merged with and into the company.
  • August 23, 2006 - The company signed an MoU with Neelkanth Mansions and Infrastructure Limited for “most-favored customer”.
  • September 19, 2006 - Man Infraproject Limited became a subsidiary of the company.
  • November 3, 2006 - The name of the company was changed from Man Construction Limited to Man Infraconstruction Limited to reflect the change in the primary business focus of the company.
  • November 9, 2006 - Man Infraproject Limited became a 100% subsidiary of the company.
  • November 29, 2006 - The company signed a MoU with Dynamix Group of Companies for “most-favored customer”. December 1, 2006 - Man Infraproject Limited, a wholly owned subsidiary of the company, merged with and into the company effective December 1, 2006.
  • August 30, 2007 - Man Projects Limited was acquired as a subsidiary of the Company.
  • August 14, 2008 - The company and the promoters entered into a Share Subscription, Share Purchase and Shareholders’ Agreement with SA 1 Holding Infrastructure Company Private Limited pursuant to which SA 1 Holding subscribed to 1,800,000 equity shares and purchased a further 900,000 equity shares from Indira K. Shah.
  • February 16, 2009 - The company and the promoters entered into a Share Subscription, Share Purchase and Shareholders’ Agreement with SA1 Holding, Standard Chartered Private Equity (Mauritius) II Limited and Standard Chartered Private Equity (Mauritius) III Limited pursuant to which SCPE II subscribed to 500,000 Equity Shares and SCPE III purchased 950,000 equity shares from Indira K Shah.
  • March 24, 2009 - Man Ajwani Infraconstruction Limited was incorporated as a subsidiary of the company, pursuant to a memorandum of understanding with Ajwani Infrastructure Private Limited.
  • October 1, 2009 - Man Nirmal Infraconstruction Limited was incorporated as a subsidiary of the company.

Awards/ Achievements

  • The company’s experience in the execution of port infrastructure projects and residential projects has given us the expertise to provide quality services in both basic as well as complex construction projects.
  • It has also been awarded an ISO 9001:2008 certification in respect of its construction services in July 2009 by SGS United Kingdom Limited Systems and Services Certification.
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