Man Infra Q4 & FY26 Results: PAT ₹200.6 Cr, Dividend ₹0.72/Share Declared

Man Infraconstruction Limited's Board of Directors approved the audited financial results (Consolidated and Standalone) for the quarter and year ended March 31, 2026, at their meeting held on May 13, 2026. Statutory auditors M/s G. M. Kapadia & Co., Chartered Accountants, issued an audit report with an unmodified opinion on both the Consolidated and Standalone Financial Results. The board declared an interim dividend of ₹0.72 per equity share (i.e., 36%) on 40,36,66,505 equity shares having a face value of ₹2/- each, for the financial year 2026-27. The record date for the interim dividend has been fixed as Tuesday, May 19, 2026, and the dividend shall be paid on Friday, June 05, 2026.

Consolidated Financial Performance

The company reported a decline in revenue for the year ended March 31, 2026. Revenue from operations stood at ₹630.5 Cr, compared to ₹1,108.1 Cr in the previous year. Profit after tax and non-controlling interest for the year was ₹200.6 Cr, against ₹282.7 Cr in the prior year. EBITDA (excluding other income) for FY26 stood at ₹128.9 Cr, reflecting an EBITDA margin of 20.40%, compared to ₹324.2 Cr and 29.30% in FY25. PAT margin for FY26 was 25.30% versus 23.00% in FY25. Other income for the year was ₹161.6 Cr, which includes interest income of ₹101.64 crores earned on funds deployed by the MICL Group in entities engaged in the development of various real estate projects.

The following table summarises key consolidated financial metrics across periods:

Metric: Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Revenue from Operations (₹ Cr): 145.5 153.3 293.8 630.5 1,108.1 — Real Estate: 75.6 85.9 161.0 329.4 698.5 — EPC: 69.9 67.4 132.8 301.1 409.6 Other Income (₹ Cr): 41.4 38.5 34.0 161.6 123.2 Total Income (₹ Cr): 186.9 191.8 327.8 792.0 1,231.2 Total Expenses (₹ Cr): 126.6 120.5 187.3 501.6 783.9 EBITDA excl. Other Income (₹ Cr): 18.9 32.8 106.5 128.9 324.2 EBITDA Margin (%): 13.00% 21.40% 36.20% 20.40% 29.30% Profit After Tax (₹ Cr): 41.0 51.6 97.2 211.0 312.8 PAT after Non-Controlling Interest (₹ Cr): 42.8 47.0 76.9 200.6 282.7 PAT Margin (%): 22.90% 24.50% 23.50% 25.30% 23.00% Basic EPS (₹): 1.06 1.16 2.05 5.07 7.59

Segment-Wise Performance

The company operates across EPC and Real Estate segments. For the year ended March 31, 2026, the EPC segment contributed revenue of ₹30,378.75 lakhs, while the Real Estate segment contributed ₹32,939.04 lakhs. Segment results for EPC stood at ₹7,989.66 lakhs and Real Estate at ₹16,303.82 lakhs.

Segment: Q4 FY26 Revenue (₹ Lakhs) FY26 Revenue (₹ Lakhs) FY25 Revenue (₹ Lakhs) EPC: 7,048.89 30,378.75 41,338.66 Real Estate: 7,559.53 32,939.04 69,846.88 Net Sales / Income from Operations: 14,551.78 63,046.14 1,10,806.85

Standalone Financial Performance

On a standalone basis, total income for the year ended March 31, 2026 was ₹437.8 Cr, compared to ₹518.1 Cr in the prior year. Profit after tax stood at ₹154.8 Cr versus ₹156.8 Cr previously. EBITDA (excluding other income) for FY26 was ₹62.5 Cr, with an EBITDA margin of 21.90%. PAT margin improved to 35.40% from 30.30% in FY25. Other income includes interest income of ₹89.32 crores for the year. The standalone balance sheet as at March 31, 2026 reflects total equity of ₹2,101 Cr, zero borrowings, and cash and equivalents of ₹593 Cr. Loans and equity deployed in real estate projects stood at ₹1,461 Cr.

Metric: Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Revenue from Operations (₹ Cr): 64.8 63.6 130.8 285.6 394.7 Other Income (₹ Cr): 35.5 34.0 33.8 152.2 123.4 Total Income (₹ Cr): 100.3 97.6 164.6 437.8 518.1 Total Expenses (₹ Cr): 51.4 52.4 110.1 223.0 304.0 EBITDA excl. Other Income (₹ Cr): 13.4 11.2 20.7 62.5 90.8 EBITDA Margin (%): 20.70% 17.60% 15.90% 21.90% 23.00% Profit Before Tax (₹ Cr): 45.4 41.6 51.2 201.0 202.5 Profit After Tax (₹ Cr): 33.3 30.4 39.2 154.8 156.8 PAT Margin (%): 33.20% 31.20% 23.80% 35.40% 30.30% Basic EPS (₹): 0.83 0.75 1.04 3.91 4.21

Consolidated Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects a strong financial position. Total equity (including non-controlling interest) stood at ₹2,313 Cr, while total borrowings were ₹58 Cr, resulting in a debt-to-equity ratio of 0.025x. The company is net cash positive with a net debt-to-equity ratio of -0.27x. Cash and cash equivalents stood at ₹686 Cr. Total assets were ₹2,77,794.26 lakhs, up from ₹2,17,744.04 lakhs in the prior year, while inventories increased to ₹73,798.02 lakhs from ₹53,017.22 lakhs. The company holds a CARE credit rating of A+ (Long Term) and A1 (Short Term), both with a Stable Outlook.

Balance Sheet Item: Mar 31, 2026 Mar 31, 2025 Total Assets (₹ Lakhs): 2,77,794.26 2,17,744.04 Total Equity (₹ Lakhs): 2,31,301.56 1,84,399.59 Total Non-Current Liabilities (₹ Lakhs): 4,243.43 1,603.95 Total Current Liabilities (₹ Lakhs): 42,249.27 31,740.50 Total Borrowings (₹ Cr): 58 — Cash & Cash Equivalents (₹ Cr): 686 — Debt-to-Equity Ratio: 0.025x — Net Debt / Equity: -0.27x —

Consolidated Cash Flow Summary

The consolidated statement of cash flows for the year ended March 31, 2026 shows net cash used in operating activities of ₹4,969.57 lakhs, compared to net cash from operating activities of ₹13,298.75 lakhs in the prior year. Net cash used in investing activities was ₹32,284.56 lakhs, against ₹11,499.92 lakhs previously. Net cash from financing activities stood at ₹30,585.59 lakhs, driven in part by proceeds of ₹32,988.19 lakhs from the issue of equity shares on conversion of warrants. Cash and cash equivalents at the end of the year stood at ₹7,251.65 lakhs, compared to ₹13,920.19 lakhs at the start of the year.

Cash Flow Item: FY26 (₹ Lakhs) FY25 (₹ Lakhs) Net Cash from / (used in) Operating Activities: (4,969.57) 13,298.75 Net Cash used in Investing Activities: (32,284.56) (11,499.92) Net Cash from / (used in) Financing Activities: 30,585.59 (11,576.45) Cash & Cash Equivalents at End of Year: 7,251.65 13,920.19

Standalone Cash Flow Summary

On a standalone basis, net cash from operating activities for the year ended March 31, 2026 was ₹4,679.50 lakhs, compared to ₹1,538.91 lakhs in the prior year. Net cash used in investing activities was ₹35,316.68 lakhs, against ₹6,106.57 lakhs previously. Net cash from financing activities was ₹28,447.46 lakhs, supported by proceeds of ₹32,988.19 lakhs from equity share issuances on conversion of warrants. Cash and cash equivalents at the end of the year stood at ₹2,129.25 lakhs, compared to ₹4,318.97 lakhs at the beginning of the year.

Cash Flow Item: FY26 (₹ Lakhs) FY25 (₹ Lakhs) Net Cash from Operating Activities: 4,679.50 1,538.91 Net Cash used in Investing Activities: (35,316.68) (6,106.57) Net Cash from Financing Activities: 28,447.46 944.78 Cash & Cash Equivalents at End of Year: 2,129.25 4,318.97

Real Estate Portfolio and Vision 2031

As per the investor presentation, Man Infraconstruction's combined real estate portfolio spans 51.7 lakh sq. ft. of carpet area with a total estimated GDV of ₹17,575+ Cr and a balance sales pipeline of ₹13,300+ Cr. The ongoing portfolio covers 24.5 lakh sq. ft. of carpet area with an estimated GDV of ₹7,975+ Cr, of which 56% has been sold. The upcoming project pipeline carries an estimated GDV of ₹9,600+ Cr across 27.2 lakh sq. ft. of carpet area. Three South Mumbai projects alone represent a combined GDV of ₹8,000+ Cr across approximately 5.75 million sq. ft. of cumulative construction area. The company has set an ambition to achieve a GDV of ₹35,000+ Cr by 2031, representing more than double its current estimated portfolio GDV.

Portfolio Category: Carpet Area Estimated GDV Ongoing Projects: 24.5 Lakh sq. ft. ₹7,975+ Cr Upcoming Projects: 27.2 Lakh sq. ft. ₹9,600+ Cr Combined Portfolio: 51.7 Lakh sq. ft. ₹17,575+ Cr Balance Sales Pipeline: — ₹13,300+ Cr Vision 2031 Target GDV: — ₹35,000+ Cr

Ongoing Projects Update (as on Mar-26)

Across ongoing residential projects, Man Infraconstruction reported the following sales and inventory status:

Project: Location Model Total Units Units Sold (Mar-26) Units Unsold Total Carpet Area (sq. ft.) Aaradhya Parkwood: Nr. Dahisar Own 1,001 884 117 5,31,821 Aaradhya One Park: Ghatkopar East Own 248 126 122 4,33,086 Atmosphere Tower – G: Mulund JV 441 306 135 3,16,398 Artek Park: BKC, Bandra East JV 79 18 61 1,65,283 Aaradhya Avaan: Tardeo DM 325 211 114 6,55,396 JadePark: Vile Parle West DM 269 151 118 3,44,687

EPC Order Book and Global Expansion

The EPC order book as on March 31, 2026 stood at ₹392 Cr, diversified across infrastructure and owned residential projects. Infrastructure projects include the BMCT project at Nhava Sheva (100 hectares under execution) and the Trident Agro PMC contract. Residential PMC contracts cover Aaradhya Avaan (Tardeo), JadePark (Vile Parle), and Atmosphere Tower G (Mulund), while the EPC contract covers Artek Park at BKC, Mumbai. On the global front, MICL Global is building luxury residential projects in Florida, USA, with a portfolio valued at $1.4B, spanning projects in Miami Beach and Miami.