1. At a Glance
The PEB and roofing veteran from Gujarat is hitting Dalal Street with a ₹650 Cr issue (₹275 Cr fresh + ₹375 Cr OFS). Price band ₹366–₹385, listing Aug 6, 2025. With 9,500+ projects executed and exports to 22 countries, the story is solid. But at a post-IPO P/E of 28.5×, the valuation has already climbed the ladder.
2. Introduction – The Analogy Party
Imagine a roofer telling you he’ll cover your house for ₹10,000, but then charges ₹15,000 because “premium steel”. That’s M&B’s IPO: solid business, but priced with a premium. PAT grew 69% in FY25, debt manageable, order book fat—but will this roof hold during market storms?
3. Business Model – WTF Do They Even Do?
M&B isn’t a fancy tech unicorn. They make Pre-Engineered Buildings (PEBs) and Self-Supported Steel Roofs.
- Phenix Division: Designs & manufactures PEB frames, claddings, standing seam roofs.
- Proflex Division: Mobile roofing units fabricate
