Man Infraconstruction Limited (MANINFRA) AI Stock Analysis

• Market Cap: ₹36.31B
• Dividend Yield: 1.03%
• Average Volume (3M): 25.67K
• Price to Earnings (P/E): 27.6
• Beta (1Y): 1.81
• Revenue Growth: -21.85%
• EPS Growth: -1.63%
• Country: IN
• Employees: 800
• Sector: Real Estate
• Sector Strength: 53
• Industry: Engineering & Construction
• EPS (TTM): 1.16
• Shares Outstanding: 403,666,500
• 10 Day Avg. Volume: 25,421
• 30 Day Avg. Volume: 25,671
• PEG Ratio: -3.23
• Price to Book (P/B): 3.20
• Price to Sales (P/S): 5.09
• P/FCF Ratio: 43.41
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹130.00
• Price Target Upside: 0.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: ₹95.00 ▼(-26.64% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is primarily supported by solid fundamentals—strong balance sheet quality and healthy operating margins—while being held back by a clearly bearish technical trend (price below all major moving averages with negative MACD). Valuation is only moderately supportive, with a relatively high P/E and a modest dividend yield.

Positive Factors

Strong balance sheet / low leverage

A low debt-to-equity stance and robust equity ratio provide durable financial flexibility for bidding, performance guarantees and cyclical downturns. This reduces refinancing risk, supports working-capital needs on large contracts and enables selective reinvestment without stressing liquidity.

Improving gross and healthy operating margins

Rising gross margins and solid EBIT/EBITDA indicate effective cost control and operational efficiency that are sustainable across projects. This margin base supports cash generation, cushions material price swings, and underpins competitive bidding while preserving project-level profitability.

Positive operating cash flow and strong FCF-to-income

Consistent positive operating cash flow and a strong free-cash-flow-to-net-income ratio point to durable cash-generation ability. This supports funding of working capital, modest capex and shareholder distributions over time, improving financial resilience versus peers with weak cash conversion.

Negative Factors

Material recent revenue decline

A nearly 30% decline in reported revenue is a structural concern for scale and fixed-cost absorption. Continued top-line contraction reduces margin leverage, limits backlog-driven visibility and makes consistent investment in equipment or talent harder without risking margin erosion.

Inconsistent free cash flow growth

Volatile free-cash-flow growth complicates capital allocation and makes funding of bids, claims resolution and capex timing less predictable. This increases the chance of short-term external financing needs and raises execution risk on large projects requiring steady cash conversion.

Fluctuating net profit margins

Variability in net income undermines long-term return predictability and retained-earnings build-up. For contract-centric construction, uneven net margins indicate exposure to project overruns, claims uncertainty or sporadic non-operating items, which can limit sustained investment or dividend policies.

Man Infraconstruction Limited Business Overview & Revenue Model

Company Description

Man Infraconstruction Limited engages in the civil construction business in India. Its port infrastructure services comprise the construction of onshore container terminals and freight stations; reclamation of land; consolidation of soil; and operational services, including firefighting, sewerage, drainage systems, etc. The company is also involved in the construction of commercial and institutional projects comprising IT parks, office complexes, hotels, shopping malls, schools, hospitals, etc.; and roads, including earthwork and paving, electrification, landscaping, widening, upgradation, drainage, and others. In addition, it engages in the construction of residential projects, such as high-rise buildings, townships, luxury villas, and others; and industrial projects that include factories, cold storages, warehouse facilities, heavy engineering, manufacturing and processing units, etc. The company was formerly known as Man Construction Limited and changed its name to Man Infraconstruction Limited in November 2006. Man Infraconstruction Limited was incorporated in 2002 and is based in Mumbai, India.

How the Company Makes Money

MANINFRA primarily makes money by executing construction contracts and recognizing revenue as project work is performed (based on contract terms and applicable accounting methods for long-duration contracts). Key revenue streams generally include: (1) Contract revenue from EPC/civil construction projects—payments received against milestones, running bills, or measured work for building and infrastructure projects; (2) Variation orders and change requests—additional billings for scope changes, time extensions, or revised specifications; (3) Claims and incentives where contractually provided—such as escalation, performance incentives, or approved claims (if applicable). Profitability is driven by the spread between contract receipts and project costs, including materials (cement, steel, etc.), subcontracting, labor, equipment, site overheads, and finance/working-capital costs. Cash flows are influenced by mobilization advances, retention money, customer payment cycles, and the company’s ability to manage working capital and execute projects within cost and schedule. Specific information on significant partnerships or client concentration is null.

Man Infraconstruction Limited Financial Statement Overview

Summary

Overall financials are solid: healthy EBIT/EBITDA margins and an improving gross margin support profitability, and the balance sheet is strong with low leverage and robust equity positioning. Offsetting this, revenue growth has been inconsistent with a recent decline, and cash flow stability (especially free cash flow growth) has been uneven.

Income Statement

Man Infraconstruction Limited has shown a solid performance in its income statement over recent years. The gross profit margin has steadily increased, indicating effective cost management. However, the revenue growth rate has been inconsistent, with a notable decline in the most recent period. The EBIT and EBITDA margins are healthy, illustrating strong operational efficiency, though net profit margin needs improvement due to fluctuating net income levels.

Balance Sheet

The company maintains a strong balance sheet with a low debt-to-equity ratio, suggesting a conservative approach to leverage. The return on equity shows good profitability, and the equity ratio is robust, indicating financial stability. This solid balance sheet position provides a strong foundation for future growth and resilience against potential market fluctuations.

Cash Flow

Cash flow analysis reveals a mixed picture. While operating cash flow has remained positive, the free cash flow growth rate has been inconsistent, primarily due to varying capital expenditures. The company maintains a strong free cash flow to net income ratio, suggesting efficient cash generation relative to its earnings, but needs more stable operational cash flow trends for higher scores.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.68B	11.08B	12.63B	18.51B	9.61B	4.16B
Gross Profit	5.10B	5.83B	5.99B	7.33B	4.45B	1.85B
EBITDA	3.68B	3.24B	4.22B	4.60B	4.47B	1.20B
Net Income	2.71B	2.83B	3.00B	2.59B	2.16B	320.15M
Balance Sheet
Total Assets	25.47B	21.77B	21.55B	17.81B	17.17B	14.56B
Cash, Cash Equivalents and Short-Term Investments	7.21B	5.24B	7.30B	3.03B	5.08B	2.94B
Total Debt	314.91M	356.01M	1.31B	2.06B	5.57B	5.06B
Total Liabilities	3.35B	3.33B	6.38B	6.36B	7.87B	7.63B
Stockholders Equity	21.86B	17.63B	14.63B	10.89B	8.60B	6.75B
Cash Flow
Free Cash Flow	161.29M	1.30B	5.73B	4.41B	3.47B	783.00M
Operating Cash Flow	161.29M	1.33B	5.73B	4.48B	1.87B	783.00M
Investing Cash Flow	-3.66B	-1.15B	-3.97B	-1.02B	275.12M	-842.06M
Financing Cash Flow	2.88B	-1.16B	-278.56M	-4.58B	-821.95M	200.05M

Man Infraconstruction Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 129.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANINFRA, the sentiment is Negative. The current price of 129.5 is above the 20-day moving average (MA) of 103.07, above the 50-day MA of 110.48, and below the 200-day MA of 143.05, indicating a bearish trend. The MACD of -5.43 indicates Positive momentum. The RSI at 24.48 is Positive, neither overbought nor oversold. The STOCH value of 7.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MANINFRA.

Man Infraconstruction Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
SUNTECK	63 Neutral	₹46.00B	24.91	―	0.36%	-14.25%	17.95%
MANINFRA	61 Neutral	₹36.31B	27.56	―	1.03%	-21.85%	-1.63%
MAXESTATES	57 Neutral	₹59.81B	-1,536.76	―	―	79.32%	―
MAHLIFE	56 Neutral	₹73.50B	19.33	―	0.70%	-22.59%	17.35%
RUSTOMJEE	54 Neutral	₹48.12B	487.69	―	0.28%	-20.38%	-36.03%
PURVA	46 Neutral	₹43.28B	23.64	―	―	-23.33%	-512.89%

Man Infraconstruction Limited Corporate Events

MICL Group Secures Key Approval Milestone for Ultra-Luxury Pali Hill Project

MICL Group has announced a further update on its ultra-luxurious residential project at Pali Hill, Bandra West, stating that it has received the Intimation of Disapproval (IOD), a key regulatory milestone in Mumbai’s real estate approval process. The disclosure, made under SEBI’s listing regulations, signals continued progress on this flagship luxury development and underscores the group’s commitment to advancing its high-end residential pipeline, which may bolster its positioning in the premium Mumbai market as project approvals move forward.

Man Infraconstruction Subsidiary Dilutes Stake in US-Based MICL Tigertail Venture

Man Infraconstruction Limited has announced that MICL TIGERTAIL LLC, an associate of its wholly owned subsidiary MICL Global, Inc., has reduced its membership interest in a U.S.-based venture from 50% to 25%, effective January 19, 2026. The dilution, which involves the sale of a portion of the capital contribution for consideration of US$1.2 million to ADMIRE 1755 TIGER LLC, is not classified as a related-party transaction and occurs at an early stage of the venture’s business, implying limited impact on current income but indicating a strategic recalibration of the group’s exposure to this specific overseas real estate investment.