Man Infra — Q4 FY25 earnings call

Call held 20 May 2025

Management summary

Man Infraconstruction Limited reported a transformational FY25, achieving record pre-sales of ₹2,251 crores, a three-fold increase year-on-year, driven by strong project launches and macroeconomic tailwinds. The company maintained robust profitability with a full-year EBITDA margin of 29.3% and remains net debt-free. Management outlined aggressive plans for new project launches and portfolio expansion, targeting significant growth in sales potential and maintaining strong margins in the coming years.

Highlights

  • Full year FY25 pre-sales reached a record ₹2,251 crores, a 3x increase over FY24's ₹744 crores.

  • Q4 FY25 pre-sales stood at ₹743 crores, marking a 90% year-on-year growth from ₹391 crores in Q4 FY24.

  • Full year FY25 carpet area sold was 8 lakh square feet, up 160% YoY from 3 lakh square feet in FY24.

  • Q4 FY25 revenue from operations was ₹294 crore, with full year FY25 revenue at ₹1,108 crore.

  • EBITDA for Q4 FY25 grew to ₹106 crore with a margin of 36.2%; full year FY25 EBITDA was ₹324 crores with a 29.3% margin.

  • Net profit after minority interest for Q4 FY25 was ₹77 crore (23.5% margin), and ₹283 crore for full year FY25 (23% margin).

  • The company remains net debt-free with a healthy liquidity of ₹570 crores.

  • Upcoming project launches in FY26 (Marine Lines, BKC, Pali Hill) have an estimated sales potential of ₹3,400 crores across 7.5 lakh sq ft.

Key financials

2 periods

Q4 FY25

  • Pre-sales
    ₹743 Cr
    YoY +90%
  • Revenue from Operations
    ₹294 Cr
  • EBITDA
    ₹106 Cr
  • EBITDA Margin
    36.2%
  • Net Profit
    ₹77 Cr
  • Net Profit Margin
    23.5%

FY25

  • Pre-sales
    ₹2,251 Cr
    YoY +202%
  • Revenue from Operations
    ₹1,108 Cr

What they filed

Q1 FY27: revenue up 4.0%, net profit down 1.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue71 86 131 99 58 −18%64 −26%65 −50%103 +4%
EBITDA14 20 21 27 11 −21%11 −45%13 −38%71 +163%
Net profit30 43 39 61 30 +0%30 −30%33 −15%60 −2%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Guidance & targets

Project Launches

  • Estimated sales potential from new projects Project Launches · FY26 · Medium confidence ₹3,400 crores
    Looking ahead, we plan to launch multiple new projects in the luxury segment with a total carpet area of approximately 7.5 lakh, having an estimated sales potential of ₹3,400 crores. These highly anticipated projects located at Marine Lines, BKC, Pali Hill are currently at various stages of approvals, and we are hopeful that we launch these projects in the year of FY'26.

    — Manan Shah, Managing Director

Portfolio Expansion

  • Estimated sales potential from new project additions Portfolio Expansion · next 12 months · Medium confidence ₹3,000 crores to ₹3,500 crores
    we are hopeful to add these projects with an estimated sales potential of upwards between of ₹3,000 crores to ₹3,500 crores in the next 12 months.

    — Manan Shah, Managing Director

Portfolio Strength

  • Total portfolio sales potential Portfolio Strength · Longer term · High confidence ₹18,000 crores to ₹20,000 crores

    Previously ₹12,000 crores → ₹18,000 crores to ₹20,000 crores

    So the intention is to multiply the growth from ₹12,000 crores. Like you're saying, yes, we intend to go 18,000 crores to ₹20,000 crores, which doesn't look very difficult and that's the reason this money is going to be required for to increase the portfolio strength.

    — Manan Shah, Managing Director

Profitability

  • EBITDA Margin Profitability · near future · High confidence ~30%
    On a yearly basis, we have done nearly 30%, which is a healthy margin for any industry... And we are definitely bullish on this where we at least tend to maintain these margins in the near future as well.

    — Manan Shah, Managing Director

Pre-sales

  • Pre-sales Pre-sales · FY26 · High confidence ₹2,500 crores
    We have already answered in the previous questions. And it would be roughly around ₹2,500-odd crores in terms of FY '26 pre-sales.

    — Yashesh Parekh, DGM – Investor Relations and Corporate Finance

Risks & concerns

Areas of evasion (2)

  • Specific financial returns/investments for US operations
  • Precise timeline/magnitude for EPS growth

Q&A highlights

1 direct
Collection trend versus pre-sales trend Direct
So, the project is just launched and that's what happens, the collection depends on the construction stage. Because the projects had just begun, usually the cash flow which comes in terms of collection is 10% to 20%. And what you saw in terms of pre-sales number that collection will be due in the upcoming year, which is this year you might see a strong collection coming in because the construction stage has also reached significant stage.

Analyst questioned a potential discrepancy in cash flow generation, and management provided a clear explanation tied to project lifecycle.

Asked by Manish Ostwal

Financial performance and returns from US operations Partial
So, micro detail numbers you can be in touch with Yashesh, he can share with you and you can discuss. But to give you a broad perspective, I'll just elaborate that the first project which we had started as a Villa project is already completed 100%. One Villa is already sold. The other inventory is in our stock, which would be up for sale soon.

Analyst sought specific financial details and comparison of efficiency between Indian and US operations, but management provided only project updates and strategic differences, deferring financial specifics to IR.

Asked by Manish Ostwal

EPS growth timeline and magnitude for FY26 Partial
See, basically, once the new capital is raised and it is put to effective use, so as Mr. Manan mentioned that there are quite a few projects in pipeline. So once the utilization of the funds available is used for the projects and growth, it will definitely result in the increase in the EPS. Depending on the project to project. The revenue recognition for lot of projects is yet to start.

Analyst asked for a specific timeline and magnitude for EPS growth, but management gave a general positive outlook linked to fund utilization and project-specific revenue recognition, without concrete numbers or dates.

Asked by Shuboh Mukherjee

3 min read 7 chapters

Detailed narrative

Q4 & FY25 Financial Performance Overview

Man Infraconstruction Limited reported strong financial results for Q4 and full year FY25. Q4 FY25 revenue from operations stood at ₹294 crore, contributing to a full-year revenue of ₹1,108 crore. EBITDA for Q4 FY25 was ₹106 crore, achieving a robust margin of 36.2%, while the full-year EBITDA reached ₹324 crores with a 29.3% margin. Net profit after minority interest for Q4 FY25 was ₹77 crore (23.5% margin), and for the full year, it was ₹283 crore (23% margin).

Record Sales and Carpet Area Sold

FY25 was a landmark year for sales, with pre-sales reaching a record ₹2,251 crores, tripling the ₹744 crores achieved in FY24. Q4 FY25 alone contributed ₹743 crores in pre-sales, a 90% year-on-year growth from ₹391 crore in Q4 FY24. In terms of volume, the company sold approximately 8 lakh square feet of carpet area in FY25, a 160% increase from 3 lakh square feet in FY24. Q4 FY25 saw 3.2 lakh square feet sold, more than double the 1.5 lakh square feet sold in Q4 FY24.

Strategic Portfolio Realignment & Upcoming Launches

The company strategically realigned its portfolio towards mid-to-luxury residential segments in Mumbai, exiting certain development rights to enhance cash flows and profitability. The current real estate portfolio stands at 4.8 million square feet. For FY26, MICL plans to launch multiple new luxury projects in Marine Lines, BKC, and Pali Hill, with an estimated total carpet area of 7.5 lakh square feet and a sales potential of ₹3,400 crores. These projects are currently in various stages of approval.

Business Development & EPC Outlook

Man Infra continues to focus on the Mumbai Metropolitan Region for business development, targeting an additional ₹3,000-3,500 crores in sales potential from new projects within the next 12 months. The external EPC order book stands at ₹503 crores as of March 2025. Additionally, the company's in-house real estate projects constitute over 1 crore square feet of construction area, valued at more than ₹5,000 crores, to be executed by its contracting team over the next 3-5 years, contributing significantly to EPC income.

International Expansion: US Operations

Through its wholly-owned subsidiary MICL Global, the company has acquired two new luxury projects in Miami, Florida. These include a 10,000 square feet project in Coconut Grove with a 25% economic interest and a 40,000 square feet project named 'Botanic' in Brickell with a 40% economic interest. Management noted Miami's favorable climate and taxation, making it a key focus for initial US operations, with project cash flows expected to support further expansion locally.

Project Performance & Customer Value Proposition

Recently launched projects like Aaradhya OnePark (Ghatkopar) and Aaradhya Avaan (Tardeo) have contributed over ₹1,600 crores in sales to date, achieving about 40% of their total sales potential. The company also launched JadePark at Vile Parle West and two towers of Aaradhya Parkwood in Q4 FY25, collectively clocking nearly ₹700 crores in sales from an estimated ₹1,600 crores potential. Management emphasized MICL's brand philosophy of creating unique, lifestyle-oriented projects with superior amenities and construction speed, which drives strong customer traction and premium pricing.

Liquidity and Capital Structure

Man Infra maintains a net debt-free status with a healthy liquidity of ₹570 crores. The company also raised ₹543 crore through preferential warrants, with ₹183 crore already received and the balance ₹360 crore expected by mid-July 2025. This capital infusion is intended to further strengthen the company's 'war chest' for expansion and support its ambitious growth targets, including scaling its portfolio sales potential from ₹12,000 crores to ₹18,000-20,000 crores.

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