Man Infraconstruction Limited - From Ports & Civil Infra to Real Estate Development

Tried searching VP forum about Man Infra but suprisingly no thread found, so creating a new one.

Man Infraconstruction Limited (MIL) is a construction company engaged in the business of civil construction. The Company provides construction services for port infrastructure, such as land reclamation, soil consolidation, and operational services; residential constructions, such as high rise building, townships and luxury villas; commercial and institutional constructions, such as information technology parks, office complexes, shopping malls, schools and hotels; industrial constructions, such as factories, cold storages, heavy engineering and warehouse facilities, and road constructions, such as earthwork and paving, electrification, landscaping, upgradation and drainage. Its residential projects include Blue Ridge, SRA Township, Lifescapes Amber, Signia Sky, Mundra Township and Neelkanth Greens. Its infrastructure projects include Gateway Terminal and Vallarpadam ICTT. Its commercial and industrial projects include Kohinoor Education Complex, Sai Complex and Viraj Profiles Ltd.

Bright future on the back of a strong order book: As on 30th June, 2017 the company’s EPC order book stands at Rs. 7,096mn majority of it contributed from the port infrastructure sector followed by the residential sector and commercial and industrial sector constituting a very negligible portion. The government recently has received the development rights from the urban development department of the government of Maharashtra for 14 buildings in MHADA Layout in Ghatkopar East and 2 buildings in Vikhroli East. In April, 2017 the company also launched their first phase of land redovolopment projects in Ghatkopar East having an estimated value of Rs. 1250mn. Man Projects Limited, a subsidiary of Man Infraconstruction Limited received a prestigious order worth Rs. 7516.9mn from Bharat Mumbai Container Terminals Private Limited for development of the fourth container terminal at Jawaharlal Nehru Port, Mumbai. The project is expected to be completed and executed in FY18.

Asset Light Real Estate Operations: As against the general real estate model of purchasing land with upfront cash payments, Man Infra has built a 50 lakh sq. ft. project pipeline in Mumbai by partnering with existing land owners / redevelopment projects. We think this is the best strategy in Mumbai real estate model where the Land Cost forms a significantly higher proportion of the total cost of project.

Debt Free Cash Surplus Real Estate Company: Man Infra is one of the few companies in the sector with zero debt at standalone level.

Strong Cliental: The company has a strong cliental in both their major business segment i.e Port Infrastructure and Civil Infrastructure. To name a few in the port infrastructure segment the company has clients such DP World, Port Pipavav, Century Ply, MAERSK etc. While in the civil infrastructure segment the company has clients such as Tata Housing, Godrej, DB Realty, Adani, Goddrey Phillip, Bharti Airtel etc. The company also has a history of repeat orders from these marquee clients.

Strong Execution Capabilities: In total the company has executed onshore port infrastructure work for 7 ports in India and completed a total of 3 residential real estate projects. A total of 7.5mn sq. ft of residential projects area are ongoing/upcoming in Mumbai/MMR. The company is also expected to start recognizing revenue for 2 of it’s ongoing real estate projects in FY18.

Robust Project Pipeline: Based on its existing projects, Man Infra along with its partners / JVs have a pipeline of almost 50 lakhs sq. ft. of projects to be executed over next 5-7 years. This provides tremendous visibility of sales and profits for 5-7 years. All its projects are in residential space as follows:

Highlights on Main projects:

a) Mulund Project: ‘Atmosphere’, a real estate project in Mulund, is being developed in joint venture with Wadhwa and Chandak Realtors, with an approximate saleable area of 2.3 million sq. ft. Within a few days of the launch of the project, 40% of phase I was sold indicating strong demand. For this project, 100% contracting work is awarded to Man Infra where it will also earn a contracting (EPC) margin.

b) MHADA Development Project at Ghatkopar, Mumbai: Man Infra has already signed MoU for redeveloping 12 MHADA colony buildings. As a part of the deal, Man has to provide residential accommodation to existing tenants of MHADA and in return it will be able to construct and sell 4.65 lakh sq. ft of residential apartments. This project will be a very rewarding project for Man Infra and should be completed in next 3-4 years.

c) Dahisar Project: Through Man Vastucon LLP (where Man holds 99.9%), Man Infra has obtained development rights to develop 59700 sq. meters plot which will convert into approx 26.4 lakh sq. feet of saleable area at Dahisar. Man Vastucon LLP will undertake the development of the property. The other JV partner will be compensated by sharing 35% of gross sales realization as land cost. This project is in continuation to Man’s asset light policy, where in the company will save huge upfront investment cost and minimize the investment risk.

d) Multiple Other Projects: There are multiple individual building projects like Aaradhya Residency, Aaradhya Saphalya, Aaradhya Nalanda, Aaradhya Signature in and around Central Mumbai. 4. Perfect Project Location: We believe that location of the project for a real estate company is of supreme importance. With respect to Man Infra, all its existing projects are located in popular and densely populated areas of Mumbai – Mulund, Ghatkopar, Sion and Dahisar. Owing to a strong demand in these areas, the price correction (if at all) is very limited. Eventually this should translate in better sales realisation and margins for Man Infra as and when projects start.

Good Reputation as a Builder: Real estate buyers always look for some trusted brand or name on which they can rely upon. Man Infra has lived up to the brand by providing quality construction and timely delivery of its projects. In March 2015, the company completed one of its residential projects at Ghatkopar East in Mumbai where it has also obtained Occupation Certificate ahead of scheduled delivery of the project by 6 months. Its past execution as EPC provider to companies like Godrej, Wadhwa and Tata among others is further testimony to its execution skills. We believe that all of this will help the company to sell better than the competition.

High cash Balance which provides higher Liquidity: The company is sitting on a high cash & bank balance worth Rs. 4,852mn in FY17 and Rs. 5,373mn in Q1FY18 which provides the company with higher liquidity.

Investment Risks

Heavy Dependence on Residential Segment Man Infra is heavily depended on revenues from the Residential Segment. Moreover major part of its order book also consists of orders from the Residential Segment. Such dependence on a single segment may prove to be very dangerous for the company if this segment faces some slowdown in the future.

Competition from New and Existing Players India’s Infrastructure needs have got attention from major national and international players. It is very likely that Man would be facing tough competition particularly in the Port Infrastructure segment from other established companies. Winning of contract bids (both private as well as public) may just become that much more difficult.

Regulatory Delay for Approval of Projects: As the company has a policy of starting projects only after all approvals are in place, any delay in regulatory approvals can lead to subsequent delay in project implementation.

Investor Presentation for H1 FY 2018 can be downloaded from this link:

Diclosure: Invested


This is the only rare Real estate stock …Promoter consistently buying at
higher level

RJ holding more than 1% stake in the company since long.

There is little discrepancy about debt , as per company presentations it hold debt if about 265/330 crore on standalone/consolidated basis. However its good to have good cash surplus…

Q3 result consolidated:

Revenue up 20.3% at 165.34 Cr vs 137.39 Cr YoY

Net Profit up 12% at 10.53 Cr vs 9.40 Cr YoY

Man Infra received orders worth Rs 220 cr from Pimpri Chinchwad Municipal for construction of 2,376 residential units under the Pradhan Mantri Awas Yojna (PMAY) Housing scheme

Please find below link of the press release:

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Man Infraconstruction announced that in relation to Arbitration Proceedings between its subsidiary Manaj Tollway and Public Works Department (PWD), Pune, Government of Maharashtra, the Hon’ble Arbitrator vide his award dated 17 August 2018 has directed Public Works Department (PWD), Pune, Government of Maharashtra to pay a sum of Rs. 337.88 crores to Manaj Tollway.

Further as per Arbitral Award, interest @ 15% p.a. for the period from date of aforesaid Arbitral Award i.e. 17 August 2018 till the date of actual payment shall be payable by Public Works Department (PWD), Pune, Government of Maharashtra.

Manaj Tollway had given termination notice and invoked arbitration against Public Works Department (PWD), Pune, Government of Maharashtra in relation to the Project viz. Four Laning to Hadapsar- Saswad- Belsarphata SH 64 Km. 9.800 to 42.860 & Belha- Pabal- Uralikanchan- Jejuri- Nira SH 61 Km. 110.00 to 118.00 (Part Hadapsar to Jejuri M.I. D. C.), Taluka Purandar, District Pune on DBFOT basis (‘the Project’).

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Board of Directors has declared Interim Dividend of
Rs. 1.26 per equity share (i.e. 63%) on 24,75,00,270 Equity Shares having Face Value of Rs. 2/-
each, for the Financial Year 2018-19. The record date for the purpose of determining the
entitlement of shareholders for the said Interim Dividend has been fixed as Friday, 14th
September, 2018 and the said dividend shall be paid/ dispatched on Friday, 21st September,


Hi @culvicks do you still track this? In terms of business performance is this comparable to Dilip Buildcon and KNR construction? @ajay1979 @ASP @Stock_Hunter

Well real estate sector is on a rocky roads, but good players like Godrej , lnt, piramal and are steadly growing their business. Udayan said when the sector will start getting it’s momentum, stock may rise to 5 folds in future. Man infra has good projects and in cream areas. Promoter is buying stock from market at regular intervals. Pls go through latest investor presentation.

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Another big positive development especially for Mumbai based real estate developers like Man Infra, Sunteck Realty, Oberoi Realty, Piramal, Godrej and the likes

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Q1 result is very good. Company show good growth in last 3 years. Its have asset light model in real estate. Company have good debt equity ratio. Companies delivered every real estate project before time in last 9 years. In concall management give good futuer outlook in real estate procjecta and epc business

Discl : tracking position

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Man infra construction Con-call Notes
Business :
Man lnfraconstruction Limited, India’s premier integrated EPC player with almost 6 decades of experience in the construction industry and a decade in Real Estate development.
MICL Group has successfully completed approximately 7 ports across India, encompassing over 250 hectares of infrastructure works in the EPC segment.
Additionally, the Company has accomplished 13 real estate projects, all completed ahead of schedule, thus, underscoring its commitment to stringent timelines and elevating industry standards with some projects delivered at least a year ahead of the scheduled date.
The EPC division of the Company engaged in contracting for ports, infrastructure, government projects and owned residential ventures generates EPC margin or PMC income with a distinct emphasis on enhancing the bottom line.
Within real estate, the Company adheres to an asset-light strategy where it is involved in joint
Development Agreement (JDA) example ‘Aaradhya High Park’, which is at Mira Road or a Joint Venture, which is our ‘Atmosphere’ Project at Mulund, ‘Insignia’ project at Vile Parle or
Development & Marketing model which is at Tardeo, the project named ‘Aaradhya Avaan’.

Company business model in real estate :
Management Answer :we are always keen on a DM model or a JV model. It’s not a question of only investment,but when we enter into the DM model or a Joint Venture agreement with someone at that time normally some of the approvals has come up like the most of the 50%, 60% work has been completed. So, normally the developer acquire the land and when the construction starts it takes 2 to 2.5 years in a normal course whereas in this model you can start the work in next six to seven months’ time. That’s the primary reason. The secondary reason that the redevelopment of the building in a DM model or a JV model, your investment is reduced and your risk factor is also reduced. And till now, whatever the projects which are there in pipeline or whatever we are executing, the financial closure of all the projects has been done. In our books there are certain loans which you will be able to see, out of that it is actually not 100% loan. Out of that 50% amount is a contribution of the partners because in real estate Company, we always run a subsidiary companies and in subsidiary companies, partner’s contribution also comes in our balance sheet as a loan. So, actually we are having approximately Rs. 80 crore to Rs. 90 crore or not more than Rs. 100 crore loan as on today from all the bank’s loan. So, we are open to acquire the land also, it’s not like that we don’t want to acquire the land, but we are not in a hurry to acquire our land because with this 25% investment we have been able to make same amount of money. So, we have adopted that model.
Future Outlook
Epc Segment : Company have Approx 1265 order book.
Real estate : The company’s real estate portfolio is estimated to be around 4.6 million square feet, which comprise of around 2 million square feet of ongoing projects and 2.6 million square upcoming projects.
Debt Level : The company has reduced debt and improved liquidity, with a net cash positive position and liquidity of over Rs. 530 crore.

Discl : Invested.


Man Infraconstruction Limited (MICL) released a press release on November 6, 2023, regarding its un-audited financial results for the quarter and half year ending on September 30, 2023. The letter was addressed to the Listing Department of the National Stock Exchange of India Limited and the Corporate Relationship Department of BSE Limited, with details of the company’s performance and developments. Here is a detailed summary of the key points in the press release:

  1. Company Information: Man Infraconstruction Limited is a leading construction company and real estate development pioneer headquartered in Mumbai, India. They are publicly traded with the symbol “MANINFRA” on the National Stock Exchange and the scrip code “533169” on BSE Limited.
  2. Financial Highlights for Q2FY24 and H1FY24:
  • MICL launched a prestigious residential tower called ‘Aaradhya Avaan’ in Tardeo, Mumbai, with a carpet area of approximately 6.5 lakh sq. ft.
  • The company added approximately 21 lakh sq. ft. of carpet area to its real estate portfolio in Mumbai during H1FY24, with an estimated revenue potential of around Rs. 5,200 crore.
  • MICL expanded its equity stake in ‘Atmosphere Realty Private Limited’ (ARPL) from 17.5% to 30% with a cash consideration of Rs. 12.5 crore.
  • The company received an In-Principle Approval (IOD) for a gated community project in Ghatkopar East, Mumbai.
  • MICL secured a significant EPC order worth Rs. 680 crore (inclusive of GST) from BMCT (PSA Group) for pavement work at the Fourth Container Terminal of JNPT.
  1. Consolidated Financials:
  • Revenue from operations for H1FY24 was Rs. 725 crore, compared to Rs. 753 crore in the previous year.
  • Total income for H1FY24 remained steady at Rs. 767 crore, compared to Rs. 774 crore in the previous year.
  • EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for H1FY24 increased by 8% YoY to Rs. 174 crore.
  • Net profit for H1FY24 saw a significant increase of 65% YoY, reaching Rs. 152 crore.
  1. Financial Highlights for Q2FY24:
  • Q2FY24 reported operating revenue of Rs. 215 crore, compared to Rs. 401 crore in the previous year.
  • Q2FY24 total income was Rs. 243 crore, compared to Rs. 414 crore in the previous year.
  • Q2FY24 EBITDA was Rs. 65 crore, compared to Rs. 94 crore in the previous year.
  • Q2FY24 net profit increased by 31% YoY to Rs. 70 crore.

Quarterly sales down by more than 50%. Management did not comment on Q-to-Q basis. But looks postive for long term. The price may consolidate at CMP until the next quarter results.
Disclaimer:i am invested in this co.

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