MBL Infrastructure Ltd Q2 FY26 Results – From Insolvency to Insanity: ₹17.65 Cr Profit, ₹303 Cr Bank Revival, and ₹68 Cr Arbitration Jackpot!

1. At a Glance

What happens when a construction company goes from “NCLT horror story” to “profit re-entry arc”? You getMBL Infrastructure Ltd, the EPC survivor that decided to wake up in FY26 like Rocky Balboa after 12 rounds of debt restructuring.

With amarket cap of ₹555 croreand a share price hovering around ₹36.4, MBL is trading atjust 0.57x book value— the kind of valuation where even the company’s bulldozers feel undervalued. ItsROE remains negative (-12.8%), but FY26 has finally delivered some light: aconsolidated profit of ₹17.65 crore, thanks toexceptional incomeandarbitration awardsthat finally hit the books like overdue karmic justice.

In the last three months, the stock is down8.95%, but who cares when the banks have restored₹303.63 crore worth of non-fund-based facilitiesand theresolution planis now fully implemented? After years of insolvency and courtroom drama, MBL might just be the “Phoenix Contractor” of the Indian EPC scene.

The revenue forQ2 FY26stands at₹50.11 crore, whilePATcame in at ₹7.65 crore (standalone ₹23.32 crore), a strong turnaround from the graveyard of red ink. The company now claims to bedebt-free in MPTRCL, with arbitration wins piling up like traffic jams on a highway they didn’t build.

2. Introduction

Once upon a time in India’s infrastructure jungle,MBL Infrastructurewas another typical EPC contractor — over-leveraged, underpaid, and perpetually at war with both banks and bureaucrats. Then cameNCLT, the great equalizer of overambitious infra dreams. By 2017, MBL had hit the bankruptcy bin, and for years, the company wandered through legal labyrinths like a lost tollbooth operator.

But 2025 changed the script. TheSupreme Court upheldthe NCLT resolution plan, thebanks finally woke up, and MBL’s boardrooms started seeing green numbers again (albeit with some “exceptional” help). The story is less of “corporate revival” and more of a Netflix-worthy docuseries:How to Survive IBC and Still Build Roads.

Yet, underneath the humor, lies a serious pivot. Arbitration wins of over₹60 crore, multiple court orders fromUttarakhand PWDandReliance Infra, and a steadypromoter infusionof more than₹128 croreunder the resolution plan have re-injected life into this long-dead contractor.

Of course, profitability remains as fragile as Indian roads during monsoons —negative OPM (-41.45%)in the latest quarter is proof that the road to redemption is full of potholes. But for now, MBL has done the impossible: resurrected from insolvency, and actually reported a profit.

3. Business Model – WTF Do They Even Do?

MBL Infrastructure is the kind of company that buildseverything— highways, flyovers, rail corridors, metro segments, urban housing, and government buildings. In essence, if it involves concrete and chaos, MBL is (or was) there.

They follow theEPC + BOT hybridmodel, meaning they not only build roads for government clients but occasionally own and operate toll projects (until the debt collector knocks). Their portfolio covers:

• EPC contractsfor highways and urban infrastructure
• BOT ProjectslikeSuratgarh–BikanerandWaraseoni–Lalbarra
• Operation & Maintenance (O&M)for select stretches
• In-house design, engineering, and raw material divisions, including their ownstone aggregate quarriesand concrete units

The company’sself-reliant ecosystem— from quarry to construction site — is a classic example of vertical integration done right (until the debt spiral).

Clients? Only the biggest names in Indian bureaucracy:NHAI, DMRC, PWD Haryana, MP Road Development Corporation, and the World Bank(yes, even the World Bank had a file on them).

They even maintainDelhi’s Outer and Inner Ring Roads, which means the next time you curse a pothole, you might actually be stepping on their project.

But what really sets MBL apart now is theirarbitration lottery. In the last 18 months alone, they’ve received or been awarded:

• ₹68.75 crore from Uttarakhand PWD (Dec 2024)
• ₹17.24 crore from another Uttarakhand order (Jun 2024)
• ₹77.85 crore follow-up (Aug 2025)

If infrastructure contracting were a casino, MBL just hit the jackpot — thrice.

4. Financials Overview

Let’s break downQ2 FY26— the “post-resurrection quarter”: