M&B Engineering Ltd. Q2 FY26 Concall Decoded: – ₹930 crore order book, 49% topline growth, but margins caught in tariff crossfire
1. Opening Hook
Just when everyone thought infra companies had cracked the “exports + growth + margins” holy trinity, US tariffs walked in like an uninvited wedding guest. M&B Engineering clocked headline growth numbers that scream blockbuster, but the footnotes quietly whisper “margin pressure.”
Q2 FY26 delivered a 49% revenue jump, exports finally showed up in size, and the order book swelled to a jaw-dropping ₹930 crore. Management sounded confident, almost cheerful, while calmly explaining why profits took a tariff-induced body blow.
Between railways roofing, US exports, brownfield expansions, and EBITDA promises that hover stubbornly at 13%, this concall had everything—optimism, excuses, and a few accounting gymnastics.
Stick around. The real story isn’t the growth—it’s whether this growth can stop leaking margins in H2. Things get spicy later 😏
2. At a Glance
Revenue up 49% – Growth came fast, furious, and slightly weather-dependent.
H1 revenue at ₹544 crore – Already crossed 40% of full-year dreams.
Order book at ₹930 crore – Enough work to keep plants busy and managers smiling.
EBITDA margin at 12% – Tariffs and forex decided to party together.
Exports at ₹54 crore in Q2 – US finally noticed M&B, bill arrived with it.
Working capital at 79 days – Cash took a holiday while creditors got paid early.
3. Management’s Key Commentary
“We achieved overall strong growth on all fronts.” (Growth button pressed successfully, margin button slightly jammed.) 😏
“Exports to the US stood at ₹54 crores versus ₹3 crores in Q1.” (From zero to hero, courtesy delayed revenue recognition.)
“Margins were impacted due to forex loss and US tariffs.” (Translation: geopolitics beat operational efficiency this quarter.)
