MICL Group Q2 profit up 14%, revenue up 57%, with a ₹9,500 crore Mumbai pipeline

Man Infraconstruction Limited, which runs its real estate arm as MICL Group, announced its results for the September 2026 quarter on 29 October 2026. Consolidated profit after tax, after non-controlling interest, rose 14% year on year to ₹63 crore in Q2 FY27. For the first half, it rose 21% to ₹134 crore. Consolidated revenue for the quarter was ₹266 crore, up 57%, and total income was ₹283 crore, up 51%. EBITDA rose 41% to ₹81 crore.

The company said that excluding projects launched during the financial year, its ongoing projects are about 65–70% sold. It expects these projects to approach completion over the next 6 to 15 months. Managing Director Manan Shah said that as these projects complete, higher revenue recognition, profitability and cash flows should follow. Q2 pre-sales were ₹412 crore from 1.1 lakh sq ft of carpet area sold, and collections were ₹355 crore. For H1, total sales were ₹702 crore and collections were ₹599 crore.

Pipeline and the Tardeo 2.0 project

MICL puts the gross development value (GDV) of its South Mumbai and Bandra pipeline at over ₹9,500 crore. The pipeline comes from Tardeo 2.0, Marine Lines and Berkeley House at Bandstand. Tardeo 2.0 covers about 46,000 sq ft in Tardeo, South Mumbai. The company acquired development rights for Tardeo Court CHS and Tardeo Apartments CHS and bought Sethna House outright. The project will be developed through Man Aaradhya Infraconstruction LLP, in which MICL Group holds a 50.5% equity stake. The company has estimated its sales potential at more than ₹2,000 crore over four to five years.

Intimation of Approval (IOA) for Tardeo 2.0 was secured, as disclosed in a stock exchange filing on 24 June 2026. The approval allows the company to vacate existing premises, begin demolition and obtain further statutory clearances before launch. The launch is targeted for FY27. The company has not yet given a RERA registration number, price band or possession date for the project in the material reviewed here.

On Marine Lines, MICL has transferred development rights for its 2.5-acre site to Godrej Properties. The company said it recouped investments of over ₹300 crore through the arrangement and will keep a revenue-sharing interest. The Marine Lines GDV has been revised from ₹3,100 crore to ₹6,000 crore after the collaboration. Mr Shah said the launch was delayed by policy changes and additional land acquisitions around the plot, and reiterated a target of March 2027. Total portfolio GDV is reported at over ₹21,000 crore.

Buyback and balance sheet

During the quarter, the company announced an open-market buyback with a maximum size of ₹169 crore. It said 75.2% of that size, about ₹127.38 crore, had been completed by quarter-end. The company reported cash and cash equivalents of ₹698 crore against borrowings of ₹48.1 crore. On that basis, it describes itself as effectively net-debt-free.

A brokerage research note on the results, Axis Securities, maintains a 'Buy' rating on the stock with a target price of ₹135 per share. The note cites the company's cash position and the pipeline. Shares were reported to have risen about 7% in one session after the Tardeo 2.0 update, but the share-price reaction to the results themselves has not been confirmed.

For investors, the company's own guidance sets the markers. It expects pre-sales of ₹5,000 crore combined over FY27 and FY28, and profit after tax growth of about 25% in FY27 over FY26. Management said new launches should be the main driver of sales in H2 FY27. The company also restated a long-term goal of GDV of ₹35,000 crore or more by 2031.

• Whether pre-sales reach the ₹5,000 crore target over FY27 and FY28.
• Whether Tardeo 2.0 gets RERA registration and launches in FY27.
• Whether the Marine Lines launch happens by March 2027.
• Completion of the remaining buyback, and progress on ongoing projects over the next 6 to 15 months.