1. At a Glance
Man Infraconstruction is one of those EPC companies that quietly shifted gears into high-margin real estate without shouting from the rooftops (ironically, it builds them). Nearly debt-free, 24% ROCE, growing sales and profit—but retail investors still ask, “Man Who?”
2. Introduction with Hook
Imagine an EPC company that went from laying ports to launching penthouses—and didn’t crash in the process. That’s Man Infra. Like an engineering nerd who suddenly became the lead in a rom-com, it’s doing numbers in real estate now.
- ROCE: 24%
- 5Y Profit CAGR: 111%
- Net debt: Almost zilch
And yet the stock’s down 8% YoY. Maybe it’s time to stop overlooking this silent compounder.
3. Business Model (WTF Do They Even Do?)
1. EPC Segment (Legacy):
- Infra construction: Ports, roads, commercial projects
- Clients include Adani, JNPT, DP World
- Currently a smaller revenue contributor (~15–20%)
2. Real Estate (Core Driver Now):
- MICL Group is its in-house luxury housing brand
- Focus on Mumbai (Chembur, Ghatkopar, Vile Parle), Navi Mumbai, and Miami (yes, Florida)
- Mix of self-developed and JV projects
3. Monetisation & Rentals:
- Leasehold/LLC investments in Miami (TIGERTAIL, NW2 ST LLC)
- Rental yield & capital appreciation model overseas
New Kids on the Block:
- Merger with Manaj Tollway + Man Projects
- ₹3,400 Cr sales targeted in FY26 vs ₹2,251 Cr in FY25
4. Financials Overview
Key Metrics (FY25):
| Metric | Value |
|---|---|
| Revenue | ₹1,108 Cr |
| Net Profit | ₹313 Cr |
| EBITDA Margin | 27% |
| ROCE | 23.6% |
| ROE | 17.5% |
| Debt | ₹36 Cr |
| EPS (Diluted) | ₹7.53 |
5-Year Trends:
- Revenue grew 33% CAGR
- PAT 10x in 5 years
- Margins and returns steady post-COVID shift to realty
5. Valuation
CMP: ₹181
P/E: 24x
Book Value: ₹47
P/B: ~3.84
Dividend Yield: 0.5%
Valuation Peers:
| Company | P/E | ROCE | Sector Type |
|---|---|---|---|
| L&T | 31 | 14.5 | Infra |
| NBCC | 50 | 33.4 | Govt EPC |
| Techno Electric | 46 | 16.5 | Power EPC |
| Man Infra | 24 | 23.6 | Hybrid (Realty) |
EduVal™ Fair Value Estimate:
| Method | Range ₹ |
|---|---|
| P/E (20–25x FY26E EPS ₹9.5) | ₹190 – ₹240 |
| NAV method (Real estate basis) | ₹210 – ₹250 |
Fair Value Range: ₹200 – ₹240
6. What’s Cooking – News, Triggers, Drama
- MICL launches ₹1,600 Cr worth of projects in FY25
- Acquired 36% of MRHPL, now a full subsidiary
- US Investment: Stake in two Miami LLCs, part of overseas luxury game
- 3x jump in FY25 sales
- Merger of Manaj Tollway + Man Projects = operational consolidation
- Promoter dilution: 1.52% drop in stake in June ’25
- Q4FY25 OPM at 36%, highest in 12 quarters
7. Balance Sheet
| Item | FY25 (₹ Cr) |
|---|---|
| Equity Share Capital | 75 |
| Reserves | 1,688 |
| Total Borrowings | 36 |
| Other Liabilities | 378 |
| Fixed Assets | 49 |
| Investments | 272 |
| Other Assets | 1,856 |
| Total Assets | 2,177 |
Verdict:
A lean, mean, asset-light real estate machine.
8. Cash Flow – Sab Number Game Hai
| Cash Flow Item | FY25 (₹ Cr) |
|---|---|
| Cash from Ops | 133 |
| Cash from Investing | -115 |
| Cash from Financing | -116 |
| Net Cash Flow | -98 |
Commentary:
- Positive operating cash for 4 years straight
- Investing in new projects & Miami holdings
- Financing outflows mainly from warrant conversions + repayments
9. Ratios – Sexy or Stressy?
| Ratio | FY25 | FY24 | FY23 |
|---|---|---|---|
| ROCE | 24% | 28% | 32% |
| ROE | 17.5% | 18% | 22% |
| OPM | 27% | 26% | 22% |
| D/E | 0.02 | 0.06 | 0.12 |
TL;DR:
This is how a hybrid EPC + Real Estate firm should look: juicy margins, zero fat (aka debt), and predictable earnings.
10. P&L Breakdown – Show Me the Money
| Year | Revenue ₹ Cr | EBITDA ₹ Cr | PAT ₹ Cr | EPS ₹ | Dividend % |
|---|---|---|---|---|---|
| FY23 | 1,890 | 414 | 289 | 6.96 | 13% |
| FY24 | 1,263 | 326 | 303 | 8.09 | 20% |
| FY25 | 1,108 | 301 | 313 | 7.53 | 12% |
Takeaway:
Revenue dipped post-peak realty launch in FY23, but margins and profits stayed solid. That’s rare in EPC-land.
11. Peer Comparison
| Company | P/E | ROCE % | Sales ₹ Cr | PAT ₹ Cr | OPM % | Mcap ₹ Cr |
|---|---|---|---|---|---|---|
| L&T | 31 | 14.5 | 2.55 L Cr | 15,224 | 13.4 | 4.76 L Cr |
| NBCC | 50 | 33.4 | 12,038 | 610 | 5.2 | 30,604 |
| Kalpataru Projects | 36 | 16 | 22,315 | 561 | 9.1 | 20,414 |
| Man Infra | 24 | 23.6 | 1,108 | 313 | 27.1 | 6,793 |
Conclusion:
Man Infra’s OPM & ROCE are better than peers—but market still values it like a stepchild.
12. Miscellaneous – Shareholding, Promoters
| Category | Jun ’25 |
|---|---|
| Promoter | 65.09% |
| FII | 4.25% |
| DII | 2.12% |
| Public | 28.51% |
Insights:
- Promoter dilution: 2% in last year
- FII stake up: from 0.5% in Sep ’22 to 4.25% now
- Increasing retail traction: 95k+ shareholders
13. EduInvesting Verdict™
Man Infra is not your classic infra play. It’s a real estate stealth compounding story with EPC legacy, minimal debt, fat margins, and a taste for Miami condos.
Ignore the muted YoY returns and look at the fundamentals: consistent earnings, margin expansion, international diversification, and well-timed launches.
EduNote™:
For investors who prefer silent execution over noisy headlines, this one’s a sleeping bulldozer.
Metadata
– Written by EduInvesting Analyst Team | 18 July 2025
– Tags: Man Infraconstruction, Real Estate, EPC, MICL, Luxury Projects, Infra Stocks, Mumbai Builders
