Meghna Infracon Infrastructure Ltd Q2FY26 – From Penny Stock to Penthouse Builder: 250% Profit Growth, Bonus Shares, and Real Estate Reinvention Gone Wild

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 fromNaysaa Securities LtdtoMeghna Infraconis like watching a small-time trader suddenly start selling luxury penthouses in Andheri West.

At₹526 per shareand amarket cap of ₹1,143 crore, the company has defied gravity — or at least investor logic. The stock trades at an eye-wateringP/E of 117, aprice-to-book of 46.7, and aROCE of 70.1%. If that doesn’t scream “Mumbai real estate energy,” what does?

Quarterly sales jumped167% YoYto ₹8.78 crore, while profit skyrocketed250%to ₹1.05 crore. Even with such high-octane numbers, the dividend yield is a tragic0.01%, 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. FromNaysaa Securities LtdtoMeghna 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 — with96% from sale of sharesand 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 — fromJayantilal Lodha’s resignationtoDhaval 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 likeAshraya Heightsin Goregaon (delivered 15 months ahead of time — a miracle in Mumbai’s builder universe), they’re now developingRivaan,Siddhanth Nagar, andManju Villain Goregaon West.

Theirnew launchesinclude:

• “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 anISO 9001:2015 and 14001:2015 certification(read: “We can print certificates too”).

The latest drama? A1:1 bonus share issueand a bump inauthorized share capitalfrom ₹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

Commentary:The company’s income statement looks like a sugar rush — massive YoY growth but uneven quarter-to-quarter swings. With anEBITDA margin of 15.3%, MIIL’s financial discipline still seems in construction mode. The volatility screams: “We’re still figuring this real