1. At a Glance
Once upon a time, this company was just another bored stockbroker flipping shares for pocket change. Today, Meghna Infracon Infrastructure Ltd (BSE: 538668) has gone full Mumbai — trading its spreadsheets for skyscrapers. The metamorphosis from Naysaa Securities Ltd to Meghna Infracon is like watching a small-time trader suddenly start selling luxury penthouses in Andheri West.
At ₹526 per share and a market cap of ₹1,143 crore, the company has defied gravity — or at least investor logic. The stock trades at an eye-watering P/E of 117, a price-to-book of 46.7, and a ROCE of 70.1%. If that doesn’t scream “Mumbai real estate energy,” what does?
Quarterly sales jumped 167% YoY to ₹8.78 crore, while profit skyrocketed 250% to ₹1.05 crore. Even with such high-octane numbers, the dividend yield is a tragic 0.01%, proving again that in Indian smallcaps, love may flow freely — but cash doesn’t.
2. Introduction
Imagine you’re a Mumbaikar who used to buy and sell shares of others’ companies, but one day you look at your brokerage terminal and think, “Why not build the companies instead?” That’s pretty much Meghna Infracon’s origin story.
Once a sleepy share-trading entity, MIIL has rebranded itself harder than a Bollywood actor with a failed debut. From Naysaa Securities Ltd to Meghna Infracon Infrastructure Ltd, the shift isn’t just cosmetic — it’s architectural. The company is now knee-deep in real estate development across Mumbai’s choicest zip codes: Goregaon, Andheri, and even the holy land of redevelopment—Dadar-Prabhadevi.
While the company’s revenue breakdown still shows a hangover from its old life — with 96% from sale of shares and just 4% from trading and F&O — management insists the focus has shifted to premium residential projects. It’s as if they still have one foot on Dalal Street and the other on a construction site.
And yes, the boardroom has seen more traffic than a Western Express Highway signal. CFOs, CEOs, and auditors have rotated faster than tenants in a rental flat — from Jayantilal Lodha’s resignation to Dhaval Lapasia’s appointment as CEO. Even the secretarial auditor passed away during the reshuffle — poetic symbolism for how fast things are moving.
3. Business Model – WTF Do They Even Do?
In short? They build homes. Fancy ones. And occasionally trade shares on the side — just in case cement prices go up.
Meghna Infracon Infrastructure Ltd (MIIL) is a hybrid creature of sorts — half builder, half financial chameleon. Having completed projects like Ashraya Heights in Goregaon (delivered 15 months ahead of time — a miracle in Mumbai’s builder universe), they’re now developing Rivaan, Siddhanth Nagar, and Manju Villa in Goregaon West.
Their new launches include:
- “Shree Pranam” in Andheri West — expected revenue ₹600 million (FY25).
- “Riviera” in Goregaon West — another ₹800 million project announced for FY25.
So yes,
the company’s total project pipeline is nearing ₹1,400 million in value — not bad for a firm that had ₹40 crore in sales last year.
And if you thought that’s it, hold on — they’ve also bagged an ISO 9001:2015 and 14001:2015 certification (read: “We can print certificates too”).
The latest drama? A 1:1 bonus share issue and a bump in authorized share capital from ₹20 crore to ₹25 crore. The Lodha family isn’t just building towers; they’re building their equity empire one bonus issue at a time.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹8.78 Cr | ₹3.29 Cr | ₹10.47 Cr | 167% | -16% |
| EBITDA | ₹1.35 Cr | ₹0.53 Cr | ₹2.05 Cr | 155% | -34% |
| PAT | ₹1.20 Cr | ₹0.24 Cr | ₹1.53 Cr | 400% | -21% |
| EPS (₹) | 0.48 | 0.14 | 0.64 | 243% | -25% |
Commentary:
The company’s income statement looks like a sugar rush — massive YoY growth but uneven quarter-to-quarter swings. With an EBITDA margin of 15.3%, MIIL’s financial discipline still seems in construction mode. The volatility screams: “We’re still figuring this real estate thing out.”
5. Valuation Discussion – Fair Value Range
Let’s attempt a sober valuation, though sobriety isn’t exactly this stock’s strength.
P/E Method:
EPS (TTM): ₹4.50
Industry P/E: 35.4
→ Fair Range = ₹4.5 × (35 to 40) = ₹157 – ₹180
EV/EBITDA Method:
EV/EBITDA = 92.5 (current) — way above sane levels.
If normalized to industry average (20–25x), fair value = ₹526 × (25 / 92.5) ≈ ₹142 – ₹175
DCF (Educational Guess):
Assuming ₹10 Cr profit growing 15% CAGR for 5 years with 10% discount → ₹180–₹200
✅ Fair Value Range (Educational Purpose Only): ₹150 – ₹200 per share.
This range is not investment advice; it’s more like “reality check advice.”
6. What’s Cooking – News, Triggers, Drama
2025 has been a Bollywood year for Meghna Infracon. Every month there’s a new episode:
- June 2025: Company enters Dadar/Prabhadevi redevelopment project (~₹800 mn potential revenue).
- May 2025: Announces 1:1 bonus shares and raises authorized capital to ₹25
