1. At a Glance
Let’s start with the elephant in the Goregaon living room. Meghna Infracon Infrastructure Ltd is a ₹1,227 crore market-cap company doing ₹39.8 crore in annual sales and ₹7.31 crore in PAT, yet the stock trades at a P/E of ~168 and a Price-to-Book of ~50x. That’s not a typo, that’s the valuation equivalent of ordering vadapav at Taj prices and convincing yourself it’s artisanal.
The company claims to be a real estate player now—builders, hotels, the works. But FY24 revenue breakup shows 96% of revenue still coming from sale of shares, and only 4% from trading & F&O. Actual real estate cash flows are just beginning to peek out of the balance sheet like a shy intern on day one.
Latest quarterly numbers?
- Q3 FY26 sales: ₹8.46 crore (QoQ down, YoY also not impressive)
- Q3 FY26 PAT: ₹0.95 crore (down ~72% YoY)
- EPS Q3 FY26: ₹0.44
Yet ROE is reported at 52.6% and ROCE at 70.1%, mainly because equity is tiny and profits are optically boosted by structure, not scale.
So the big question before we even begin:
👉 Is this a real estate company in early innings… or a stock-market company cosplaying as a builder?
Let’s put on our detective hat 🕵️♂️.
2. Introduction – From Naysaa Securities to Meghna Infracon
Meghna Infracon Infrastructure Ltd was incorporated in 2007, but for most of its life it answered to a very different name and identity: Naysaa Securities Limited. Yes, securities. Shares. Trading. That thing your cousin does on his phone during office hours.
In FY24, the company officially changed its name to Meghna Infracon Infrastructure Limited, signaling a pivot from paper assets to concrete, bricks, lifts that don’t work on day one, and society WhatsApp groups.
On paper, the transformation sounds ambitious:
- Exit securities business
- Enter real estate development
- Launch residential projects in Mumbai
- Play the redevelopment game
- Become a mini realty story
But here’s the catch: business models don’t change just because names do. Cash flows tell the truth, and FY24 numbers clearly show the company was still largely earning from sale of shares, not sale of flats.
That’s not illegal. It’s not even unusual. Many companies pivot slowly. But when the market prices the
company like a premium real estate developer, while the income statement still looks like a trading desk, eyebrows go up. Auditor eyebrows. Journalist eyebrows. Retail investor “bhai ye kya hai” eyebrows.
And then come the governance events:
- CFO resignation
- Auditor resignation
- CEO appointment and resignation within months
- Another CEO appointed
- Bonus issue
- Capital increase
That’s a lot of movement for a ₹40 crore revenue company, no?
Before judging, let’s understand what Meghna actually does now.
3. Business Model – WTF Do They Even Do?
Officially, Meghna Infracon is now in:
- Real estate development
- Residential projects
- Potential hotel operations
Practically, the business has three phases running simultaneously:
Phase 1: Legacy Securities DNA
FY24 revenue tells us the company was still heavily reliant on:
- Sale of shares (96%)
- Trading & F&O income (4%)
This explains:
- High margins
- Low asset base
- Volatile quarterly profits
This is not annuity income. This is market-linked, mood-dependent income. When markets smile, profits smile. When markets sneeze, profits catch COVID.
Phase 2: Real Estate Entry Mode
Projects undertaken include:
- Ashraya Heights, Goregaon (West) – completed ahead of time (credit where due)
- Rivaan, Siddhanth Nagar – ongoing
- Manju Villa, Jawahar Nagar – ongoing
New launches:
- Andheri (West) residential project
- RIVIER / RIVIERA project, Goregaon (West)
These are premium Mumbai micro-markets. Land is expensive. Approvals are slow. Cash flows are lumpy. Execution risk is real.
Phase 3: Redevelopment Aspirations
In June 2025, the company announced entry into a Dadar/Prabhadevi redevelopment project with estimated revenue of ₹800 million (₹80 crore), to
