Man Infra Q4 FY26 earnings call

Man Infra reported FY26 sales of approximately INR 1,800 crores with collections of INR 990 crores, selling over 5 lakh square feet. For Q4 FY26, sales were INR 438 crores and collections were INR 279 crores, driven by projects in Tardeo, Vile Parle, BKC, Mulund, and Dahisar. Consolidated revenue from operations for FY26 stood at INR 630 crores, and consolidated PAT after minority interest was INR 201 crores for FY26 and INR 43 crores for Q4 FY26.

The company's real estate portfolio has an estimated GDV of over INR 17,500 crores, with a balance sales pipeline of INR 13,300 crores. Man Infra aims to double its development portfolio to over INR 35,000 crores GDV by 2030 through sustained business development and strategic expansion in Mumbai's prime locations. The company has set a combined sales target of over INR 5,000 crores for FY27 and FY28, supported by upcoming launches and continued momentum.

MICL Group expects to deliver over 1 million square feet of carpet area across multiple ongoing developments in the next 6 to 18 months. Key projects include Aaradhya Parkwood (first two towers nearing delivery), Aaradhya Avaan (38-story tower delivered in under 2.5 years), Aaradhya One Park (expected completion by March 2027), and Atmosphere O2 (Tower G expected completion in 18 months, 70% sold out). These deliveries are anticipated to generate strong operating cash flows.

MICL is introducing 'MS Collection Residences', an ultra-luxury vertical focused on boutique sea-view residences, distinct from the Aaradhya brand. The company also expanded its global residential portfolio by acquiring a minority stake in a luxury property in Miami Beach, Florida, with an estimated GDV of over US$1 billion. This move is expected to strengthen MICL's brand in the U.S.A. and complements its existing US portfolio of approximately US$1.4 billion GDV.

The current EPC order book stands at INR 392 crores, expected to be executed over the next 3 to 4 years. The company's upcoming development pipeline includes a construction area of about 1 crore square feet, with approximately 50% expected to add to the EPC order book once launched in FY27. This will improve the visibility of the EPC business for the near future, though the company's focus is shifting more towards real estate.

As of March 2026, consolidated net worth stood at approximately INR 2,266 crores, and consolidated liquidity was INR 686 crores. Consolidated debt remained extremely low at approximately INR 58 crores, maintaining a net debt-free position. The company benefits from interest income generated from capital deployed across various project entities, with cumulative investment across projects standing at INR 1,461 crores.

Management remains optimistic about the medium- and long-term outlook for the Mumbai residential market, particularly in the premium and luxury segments where demand remains resilient. They noted a shift in consumer mindset post-COVID towards larger apartment sizes, with 3 BHKs now trending up to 1,500 square feet and larger 3-bed sizes selling out first. This trend supports the company's strategy to focus on the luxury residential segment.