MBEL

M & B Engineering share price & financials

Price
₹321.35
Market cap
₹1.5k Cr
Sector
Construction
Calls analysed
5
Latest concall · Q1 FY27 · call held 10 Aug 2026

M & B Engineering Limited Q1 FY27

Revenue from Operations ₹291 cr +23%EBITDA ₹36 cr Operating EBITDA Margin 11.4%

What went well

  • Consolidated revenue from operations grew by approximately 23% year on year to ₹291 crores.
  • Order book remained robust at ₹1,053 crores at the end of Q1FY27, representing approximately 25% year on year growth.
  • Profit after taxes (PAT) grew 22% to ₹22 crores in Q1 FY27 compared to ₹18 crores in Q1 FY26.

What to watch

  • Operating EBITDA margin was 11.4%, with management noting pressure due to increased freight costs and geopolitical tensions.
  • Management deferred specific margin guidance for the full year, preferring to wait one more quarter due to continuing uncertainty on the cost front.
Read the full call →

What M & B Engineering Limited does

M&B Engineering designs, manufactures and installs pre-engineered steel buildings (PEBs) and complex structural steel components through its Phenix division, and self-supported steel roofing systems through its Proflex division. Phenix's structures are fabricated in-factory and assembled on-site, offering a lighter, faster alternative to conventional RCC construction, while Proflex's arch-design roofs eliminate the need for trusses or intermediate supports. The company serves customers across industrial, warehousing, infrastructure and railway segments from manufacturing facilities in Gujarat and Tamil Nadu, and exports through its wholly owned US subsidiary, Phenix Construction Technologies Inc.

Segments

  • Phenix
  • Proflex
Manufacturing facilities
2 (Sanand, Gujarat; Cheyyar, Tamil Nadu)
Combined PEB installed capacity
~1,03,800 MTPA (Sanand 72,000 MTPA + Cheyyar 31,800 MTPA)
Proflex installed capacity
1.9 Mn sq. m. per annum via 15 mobile manufacturing units
Permanent employees
1,631
Customer groups served
2,000+ pan-India
Export footprint
Customers in 23 countries including US, Canada, Brazil, South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya and Seychelles
Founded 1981Headquarters Ahmedabad, Gujarat, IndiaEmployees 1,631 (2026-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 5 delivered 1 missed 12 open
  • Sanand PEB Brownfield Operationalization delayed said Q1 FY26 Promised: Operational in the 1st quarter of FY 2027 Q1 FY27: Delayed again. Now expected to be commissioned in October 2026 (Q3 FY27).
  • FY26 Topline Growth delivered said Q1 FY26 Promised: Overall topline growth of over 25% in FY 2026 Q4 FY26: Achieved. FY26 revenue at Rs. 1,259.7 cr, representing 27% YoY growth.
  • FY26 EBITDA Margin missed said Q1 FY26 Promised: Confident of further improving our EBITDA margins in FY 2026 Q4 FY26: Missed. FY26 EBITDA margin came in at 12.5%, below the revised guidance of 12.75% and the original goal of improving on FY25's 13.6%.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.2%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue182 295 290 228 260 +43%282 −4%314 +8%265 +16%
EBITDA37 31 41 25 29 −22%40 +29%28 −32%21 −16%
Net profit22 16 28 15 18 −18%26 +63%19 −32%15 +0%
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.

Performance −40.7% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 12 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹428.85 on 10 Sept 2025 → ₹254.2. High ₹514.25 (10 Nov 2025), low ₹226.45 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−10.3%
10 Aug
Q4 FY26
−11.1%
12 May
Q3 FY26
−3.6%
9 Feb
Q2 FY26
−15.2%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 19.3% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.3%.

Year endingFY25FY26
Revenue₹909 Cr₹1.1k Cr
Operating profit₹123 Cr₹122 Cr
Operating margin13.5%11.3%
Interest₹19 Cr₹17 Cr
Depreciation₹12 Cr₹16 Cr
Net profit₹73 Cr₹78 Cr
Net margin8.0%7.2%
Cash from operations₹32 Cr₹-36 Cr
Free cash flow₹-10 Cr₹-67 Cr
ROCE25.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹20 Cr₹20 Cr₹20 Cr₹50 Cr₹57 Cr₹57 Cr
Reserves₹108 Cr₹134 Cr₹175 Cr₹191 Cr₹538 Cr₹599 Cr
Borrowings₹104 Cr₹92 Cr₹141 Cr₹204 Cr₹114 Cr₹84 Cr
Other liabilities₹167 Cr₹284 Cr₹219 Cr₹176 Cr₹305 Cr₹362 Cr
Total liabilities₹398 Cr₹530 Cr₹555 Cr₹622 Cr₹1.0k Cr₹1.1k Cr
Fixed assets₹63 Cr₹63 Cr₹79 Cr₹77 Cr₹178 Cr₹180 Cr
Capital work in progress₹3 Cr₹1 Cr₹1 Cr₹66 Cr₹1 Cr₹14 Cr
Investments₹7 Cr₹9 Cr₹5 Cr₹20 Cr₹5 Cr₹18 Cr
Other assets₹326 Cr₹457 Cr₹470 Cr₹458 Cr₹830 Cr₹889 Cr
Total assets₹398 Cr₹530 Cr₹555 Cr₹622 Cr₹1.0k Cr₹1.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Sep 2025, the public added +7.54 pp while FIIs trimmed −3.91 pp. The shareholder count grew 7% to 33,955.

Promoters
70.6%
FIIs
0.8%
DIIs
9.6%
Public
18.9%

Since Sep 2025

  • Public +7.54 pp
  • FIIs −3.91 pp
  • DIIs −3.82 pp

How it drifted, 4 quarters

Over this window the public went from 11.3% to 18.9% — +7.5 pp.

Sep '25Dec '25Jun '26

Ownership split by quarter, oldest first. Sep '25: Promoters 70.5%, FIIs 4.8%, DIIs 13.5%, Public 11.3%.Dec '25: Promoters 70.5%, FIIs 4.3%, DIIs 10.2%, Public 15.1%.Mar '26: Promoters 70.5%, FIIs 2.9%, DIIs 9.7%, Public 16.9%.Jun '26: Promoters 70.6%, FIIs 0.8%, DIIs 9.6%, Public 18.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of M & B Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Girishbhai Manibhai Patel 27.16%unchanged
Chirag Hasmukhbhai Patel 24.74%unchanged
Birva Chirag Patel 7.03%unchanged
Aditya Vipinbhai Patel 3.53%unchanged
Vipinbhai Kantilal Patel 3.52%unchanged
Umaben Girishbhai Patel 2.83%unchanged
Abakkus Growth Fund-2 AIF2.03%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Small Cap Fund Mutual fund1.96%unchanged
Malav Girishbhai Patel 1.77%unchanged
HDFC Mutual Fund - HDFC Manufacturing Fund Mutual fund1.65%+0.18 pp
Kotak Infrastructure & Economic Reform Fund Mutual fund1.10%unchanged
MGM5 Family Trust 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MBEL

Filings to Jul 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +0.05 L shares (+0.5%).

Held by funds
₹28 Cr
1 schemes
Biggest holder
HDFC Manufacturing Fund
₹28 Cr · 0.3% of that fund
SchemeHoldingLast month
HDFC Manufacturing Fund HDFC Mutual Fund₹28 Cr+0.05 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

1 added, 0 trimmed — net +4,846 shares (+0.5%)

Funds are sitting on
-15%
vs est. average cost
Held by funds
₹28 Cr
1 schemes · ≈ 2.0% of the company

Shares held by these funds −3%

Jul '25 9.45 L shares Jul '26

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse M & B Engineering Limited

Guides on how to read this kind of business and the numbers that matter.