1. At a Glance
If infra companies were people, Man Infraconstruction (MICL) would be that guy who turns up late to every party but still gets credit for bringing the best snacks. Q1 FY26 sawrevenue drop 46% QoQandPAT fall 28% YoY, yet they’re flexing about being “almost debt-free” and sitting on ₹800 Cr liquidity. Also, they’ve raised ₹512 Cr via preferential issue and haven’t deviated a single rupee from the plan — a rare thing in an industry where “plan” usually means “Swiss bank account.”
2. Introduction
Founded in the early 2000s, MICL started as anEPC contractor— building ports, roads, and industrial projects — but soon figured out thatresidential and commercial real estatehad fatter margins and faster cash churn (well, faster in infra terms, which means only a few years).
Today, the business is split between:
- EPC contractsfor ports, roads, and industrial buildings.
- Real estate developmentin Mumbai and surrounding high-value pockets.
And while peers are drowning in debt for capex, MICL is playing the rare game of “let’s not owe the banks our soul.”
3. Business Model (WTF Do They Even Do?)
Think of MICL as atwo-headed construction beast:
- EPC arm– Executes turnkey infrastructure projects.
- Developer arm– Launches premium residential projects under the MICL brand.
The secret sauce? Using EPC execution skills to cut middlemen and keep costs lean in real estate projects — and of course, making more money per square foot than your neighbourhood chaiwala makes per litre.
4. Financials Overview – Q1 FY26
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 183 | 342 | 294 | -46.5% | -37.8% |
| EBITDA (₹ Cr) | 41 | 84 | 106 | -51.2% | -61.3% |
| PAT (₹ Cr) | 58 | 84 | 97 | -31.0% | -40.2% |
| EPS (₹) | 1.44 | 2.09 | 2.05 | -31.1% | -29.8% |
Commentary:YoY and QoQ both look grim. Revenue has almost halved YoY, and EBITDA margins have shrunk. PAT is cushioned by a fat “Other Income” line item of ₹45 Cr (thanks, investments), without which the bottom line would’ve looked even more anaemic.
5. Valuation – Fair Value Range Only
a) P/E Method
- TTM EPS = ₹6.92
- Sector average P/E (infra + developers) ~ 25x
- FV = ₹173
b) EV/EBITDA Method
- TTM EBITDA = ₹236 Cr
- Net Debt ≈ Borrowings ₹36 Cr – Cash ₹133 Cr = Negative net debt (cash surplus).
- Sector EV/EBITDA ~ 12x → FV ≈ ₹165
c) DCF (Simplified)
- Assuming 8% growth, 12% discount rate → FV ≈ ₹170
Fair Value Range:₹165 – ₹175Disclaimer: Educational purposes only, not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Preferential Issue– ₹512 Cr raised, fully on plan per monitoring agency.
- Liquidity– ₹800 Cr war chest for new launches.
- Collections– ₹234 Cr this
