Man Infra wins ₹583 crore of construction orders, led by a Marine Lines tower

Man Infraconstruction Limited (MICL) said on 3 November 2026 that it has won two engineering, procurement and construction (EPC) orders worth ₹583 crore in total. The company disclosed the orders in a regulatory filing to the BSE and the NSE. The larger order, ₹508 crore, is for a skyscraper residential tower at Marine Lines in South Mumbai. With it, the company says its EPC portfolio has risen to about ₹858 crore from ₹275 crore in September 2026.

What the two orders are

The ₹508 crore order covers construction of the tower and makes up about 87% of the total. The filing does not name the customer, give a project name, or state execution dates, the timing of revenue recognition, project margins or payment terms. It also does not say whether the tower is the same building as the sea-facing Marine Lines project that MICL announced with Godrej Properties Group on 28 September 2026. The value and timing come from the company's own statement and have not been independently verified.

The second order is a ₹75 crore letter of acceptance from Bharat Mumbai Container Terminal Private Limited. It covers triangular yard surcharging and reclamation work at the Jawaharlal Nehru Port Authority (JNPA) in Navi Mumbai. The company called it a repeat order. The filing does not give the value or scope of earlier work for this customer.

Results and balance sheet

The board approved the September quarter results on 29 October 2026. Revenue from operations rose 57% year on year to ₹266 crore, EBITDA was ₹81 crore, and profit after non-controlling interest was ₹63 crore, up 14%. Two different Q2 profit figures are in circulation. One is a consolidated net profit of ₹65.23 crore, up 8.7% from ₹60.01 crore. The other is profit attributable to owners of ₹62.76 crore. The two differ, and the reason is not stated in the material available.

• Half-year FY27 profit after tax: ₹134 crore, up 21%
• Q2 FY27 sales: ₹412 crore on 1.1 lakh sq ft; collections ₹355 crore
• Cash and cash equivalents: ₹698 crore; the company says it is net debt-free
• Open-market buyback of ₹169 crore, 75.2% complete
• EPC segment revenue flat at ₹6,298.11 lakh against ₹6,309.79 lakh a year earlier

The EPC segment's revenue was flat in the quarter. Its order book stood at about ₹392 crore as of March 2026, with 48% coming from four residential projects within the group. The new orders are therefore a larger addition than the flat segment revenue alone suggests, though the filing gives no timeline for when they will show up in revenue.

Share price and what investors will watch

The shares touched a day high of ₹111.54 on 3 November and closed at ₹107 on 4 November, up 1.61%. Axis Securities has a Buy rating on the stock with a target price of ₹135. It cites the company's Mumbai launch pipeline of ₹9,500 crore and its balance sheet.

Several items remain open. The company is targeting pre-sales of more than ₹5,000 crore across FY27 and FY28. Tardeo 2.0, Marine Lines and Berkeley House together carry a gross development value of over ₹9,500 crore. The company also aims to take its development portfolio above ₹35,000 crore by 2031. Its ongoing projects are about 65–70% sold and nearing completion within 6–15 months. The company said it will use its EPC arm for captive needs and pursue outside work selectively. The date of its next results has not been announced.