Man Infra

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).

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.

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.

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.

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.

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.

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.