MEP
MEP Infrastructure Developers financials
- Market cap
- ₹12 Cr
- Sector
- Services
What MEP Infrastructure Developers Limited does
MEP Infrastructure Developers Limited, established in 2002, is engaged in integrated road infrastructure development in India. Through its subsidiaries and joint ventures it operates toll collection and Operate-Maintain-Transfer (OMT) contracts on highways, executes EPC (engineering, procurement, construction) road-building works, and develops projects under the Hybrid Annuity Mode (HAM). It earns user fees from toll plazas (collected electronically via RFID/FASTag) and contract revenue from road construction and widening works for authorities such as NHAI and state PWDs.
Segments
- Toll Collection & O&M
- EPC / Hybrid Annuity Mode (HAM) Construction
- Toll & road project portfolio (FY19)
- 9 named projects across OMT, LT-Toll and EPC (incl. MEPIPL, Hyderabad–Bangalore, Rajiv Gandhi Sea Link, Vidyasagar Setu, Kalyan Shilphata, MEPIDL LT-Toll, MEPIDL EPC, BTPL, Tormato)
- Geographic presence
- Maharashtra, Rajasthan and Madhya Pradesh
- Ongoing EPC/HAM road projects (FY23)
- 2 (Thane–Vadape NH3 widening; Solapur Outer Ring Road HAM)
- Thane–Vadape EPC project scope
- 24 km stretch of NH3 (km 539.202 to 563.00) widened from 4 to 6/8 lanes, incl. 2 major sea-creek bridges, 8 underpasses, 1 flyover, 1 rail-over-bridge, 82 box culverts
- Toll collection technology
- RFID-based FASTag electronic toll collection at project toll plazas
Quarterly results
Q4 FY24: revenue up 0.0%, net profit down 764.3% against the same quarter last year.
| Line item | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 8 | 16 | 20 | 16 +0% | 3 −62% | 11 −31% | 20 +0% |
| EBITDA | -28 | -9 | 3 | -60 | -15 +46% | -27 −200% | -24 −900% | -600 −900% |
| Net profit | -42 | -17 | -3 | -70 | -20 +52% | -40 −135% | -93 −3000% | -605 −764% |
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 −57.1% 1Y
1Y: ₹1.56 on 10 Sept 2025 → ₹0.67. High ₹2.82 (6 Nov 2025), low ₹0.51 (30 Jul 2026).
Financials, as filed
Revenue fell 49.2% a year over 2 years, FY22 to FY24. Operating margin narrowed to -1332.0%.
| Year ending | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue | ₹194 Cr | ₹60 Cr | ₹50 Cr |
| Operating profit | ₹9 Cr | ₹-94 Cr | ₹-666 Cr |
| Operating margin | 4.6% | -156.7% | -1332.0% |
| Interest | ₹42 Cr | ₹42 Cr | ₹40 Cr |
| Depreciation | ₹83 Cr | ₹8 Cr | ₹4 Cr |
| Net profit | ₹-46 Cr | ₹-132 Cr | ₹-758 Cr |
| Net margin | -23.7% | -220.0% | -1516.0% |
| Cash from operations | ₹-152 Cr | ₹6 Cr | — |
| Free cash flow | ₹-126 Cr | ₹15 Cr | — |
| ROCE | -8.0% | -14.0% | -401.0% |
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 ending | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|---|
| Equity capital | ₹163 Cr | ₹183 Cr | ₹183 Cr | ₹183 Cr | ₹183 Cr | ₹186 Cr |
| Reserves | ₹475 Cr | ₹634 Cr | ₹487 Cr | ₹265 Cr | ₹220 Cr | ₹-584 Cr |
| Borrowings | ₹363 Cr | ₹399 Cr | ₹419 Cr | ₹341 Cr | ₹288 Cr | ₹392 Cr |
| Other liabilities | ₹1.0k Cr | ₹1.3k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹1.1k Cr | ₹3.2k Cr |
| Total liabilities | ₹2.0k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹2.7k Cr | ₹1.8k Cr | ₹3.2k Cr |
| Fixed assets | ₹73 Cr | ₹43 Cr | ₹93 Cr | ₹88 Cr | ₹36 Cr | ₹39 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹779 Cr | ₹819 Cr | ₹853 Cr | ₹853 Cr | ₹841 Cr | ₹53 Cr |
| Other assets | ₹1.2k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹1.8k Cr | ₹890 Cr | ₹3.1k Cr |
| Total assets | ₹2.0k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹2.7k Cr | ₹1.8k Cr | ₹3.2k 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 Jun 2025, the public added +4.29 pp while promoters trimmed −3.40 pp. The shareholder count shrank 2% to 33,564.
- Promoters
- 23.4%
- FIIs
- 0.1%
- DIIs
- 4.4%
- Public
- 72.1%
Since Jun 2025
- Public +4.29 pp
- Promoters −3.40 pp
- DIIs −0.89 pp
How it drifted, 12 quarters
Over this window the public went from 51.2% to 72.1% — +20.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 39.4%, FIIs 3.9%, DIIs 5.5%, Public 51.2%.Dec '23: Promoters 39.1%, FIIs 3.8%, DIIs 5.4%, Public 51.8%.Mar '24: Promoters 32.4%, FIIs 3.6%, DIIs 10.0%, Public 54.0%.Jun '24: Promoters 31.0%, FIIs 3.6%, DIIs 6.4%, Public 59.1%.Sep '24: Promoters 30.6%, FIIs 0.4%, DIIs 7.3%, Public 61.7%.Dec '24: Promoters 28.2%, FIIs 0.4%, DIIs 5.8%, Public 65.5%.Mar '25: Promoters 28.2%, FIIs 0.1%, DIIs 5.3%, Public 66.4%.Jun '25: Promoters 26.8%, FIIs 0.1%, DIIs 5.3%, Public 67.8%.Sep '25: Promoters 25.9%, FIIs 0.1%, DIIs 5.3%, Public 68.7%.Dec '25: Promoters 25.9%, FIIs 0.1%, DIIs 4.4%, Public 69.5%.Mar '26: Promoters 25.7%, FIIs 0.1%, DIIs 4.4%, Public 69.8%.Jun '26: Promoters 23.4%, FIIs 0.1%, DIIs 4.4%, Public 72.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of MEP Infrastructure Developers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| A J Tolls Private Limited | 7.87% | unchanged |
| Ideal Toll And Infrastructure Private Limited | 6.08% | unchanged |
| Sudha Dattatray Mhaiskar | 5.19% | unchanged |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 4.41% | unchanged |
| Anuya Jayant Mhaiskar | 3.77% | −2.32 pp |
| Vani Agencies Private Limited | 2.66% | unchanged |
| Aparna Chand | 2.58% | unchanged |
| Tarun Jain HUF | 1.64% | unchanged |
| Rohitsava Chand | 1.51% | unchanged |
| Manju Parekh | 1.36% | unchanged |
| Jagat Navratna Lodha | 1.36% | unchanged |
| Jayant Dattatray Mhaiskar | 0.43% | 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 MEP
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹0 Cr
- 1 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹0 Cr
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹0 Cr | held | Dec '22 |
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
0 added, 0 trimmed — net 0 shares (+0.0%)
- Held by funds
- ₹0 Cr
- 1 schemes
Shares held by these funds −1%
Aug '23 80.83 L shares Jul '26
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