Company History & Leadership

Man Infraconstruction Limited (MICL) was founded by Mr. Kishore Shah, a civil engineer and first-generation entrepreneur. The company initially focused on industrial and civil contracting works before diversifying. Key leadership includes:

  • Mr. Kishore Shah (Founder): Built India's first private port in 1997 at Nhava Sheva, JNPT, pioneered Mivan technology for large-scale housing, and developed India's first Transhipment Terminal in Kochi.
  • Mr. Parag Shah (Chairman Emeritus)
  • Mr. Manan Shah (Managing Director): Spearheading the business since 2013 with a vision to diversify and grow in real estate.
  • Mr. Vatsal Shah (Director, MICL Global): Leading the global expansion into the USA.
  • Mr. Ashok Mehta (Executive Director & Group CFO): Oversees finance, accounting, taxation, auditing, and treasury operations; played a key role in the company's IPO in 2010.

EPC Business - Port Infrastructure

MICL has a significant track record in Engineering, Procurement, and Construction (EPC), particularly in port infrastructure:

  • Total Area Developed: 350+ Ha
  • Total Work Value Executed: ₹3,500+ Cr
  • Representative Projects:
  • Mundra International Container Terminal, Mundra, Gujarat (2003) for DP World
  • Pipavav, Gujarat project (2015)
  • AP Moller/Maersk project
  • Port of Singapore Authority (PSA) project at JNPT, Mumbai (2016)
  • Ongoing Project: Bharat Mumbai Container Terminal – Terminal 4 for PSA at JNPT, Mumbai (2022-2026)
  • Contract Value: ₹1,800+ Cr
  • Area: 110 Ha
  • Status: 90%+ Executed

EPC Business - Multi-Sector Works

The company has completed EPC works across residential, commercial, and institutional projects for various clients, boasting a strength of 500+ engineers.

  • Completed Residential Projects (Representative):
  • Kohinoor Residency (Kohinoor Planet Constructions Pvt. Ltd.): 0.30 Million Sq.Ft.
  • Blue Ridge (Flagship Infrastructure Pvt. Ltd.): 1.68 Million Sq.Ft.
  • Anandam City (Godrej Properties Limited): 1.33 Million Sq.Ft.
  • SRA Township (DB Realty): 7.32 Million Sq.Ft.
  • Tata Housing Rehab (Tata Housing Development Co. Ltd.): 0.86 Million Sq.Ft.
  • Ambrosia: 0.46 Million Sq.Ft.
  • Completed Commercial/Institutional Projects:
  • Kohinoor Commercial Complex: 0.36 Million Sq.Ft.
  • Ramsheth Thakur International Sports Complex: 0.10 Million Sq.Ft.
  • Kohinoor Hospital: 0.25 Million Sq.Ft.
  • Godfrey Phillips Factory Shed: 0.52 Million Sq.Ft.
  • Jindal Stainless Steelway Factory: 0.08 Million Sq.Ft.

Financial Discipline & Capital Markets

  • MICL listed on BSE & NSE in March 2010 via an IPO sized at ₹142 Cr, which was oversubscribed.
  • The company has maintained a consistent dividend record from 2010-2026, with no missed payments.
  • ₹400+ Cr has been returned to shareholders via dividends.
  • The dividend payout ratio is 22% (Total dividends paid ÷ cumulative consolidated PAT up to Mar 2026).

Real Estate Business - Track Record

MICL ventured into real estate, leveraging its EPC capability to ensure timely delivery.

  • Operational Excellence: 8.0+ years
  • Total Construction Area Delivered: 8.0 Million Sq.Ft.
  • Carpet Area Delivered: 3.1 Million Sq.Ft.
  • Sales Generated: ₹8,075+ Cr
  • Collections: ₹10,800+ Cr
  • Projects Delivered: 20 Nos. (all delivered before time)
  • Impeccable Delivery Track Record: 20/20 projects completed before schedule, ranging from 6-30 months early.
  • Sales Velocity: ~90% inventory sold prior to OC (Occupation Certificate) across all completed projects; ~100% sold upon completion.

Real Estate Business - Ongoing & Upcoming Projects (India)

MICL's strategy focuses on Mumbai's residential market, citing its #1 rank in India with a 32% share and unmatched realization of ₹17,500+ PSF compared to the pan-India average.

  • Total Portfolio GDV (Ongoing & Upcoming): ₹18,625+ Cr
  • Ongoing Residential Projects (Location, Carpet Area, GDV):
  • Artek Park BKC: 6.5 Lakh Sq.Ft., ₹3,000+ Cr
  • Jade Park Vile Parle (West): 5.3 Lakh Sq.Ft., ₹925+ Cr
  • Aaradhya One Park Ghatkopar (East): 4.3 Lakh Sq.Ft., ₹1,200+ Cr
  • Aaradhya Avaan Tardeo: 1.6 Lakh Sq.Ft., ₹850+ Cr
  • Aaradhya Parkwood Mira Road (East): 3.5 Lakh Sq.Ft., ₹1,200+ Cr
  • Upcoming Projects: Pali Hill Bandra (West), Marine Lines, Tardeo 2.0, Goregaon (West).
  • Location Strategy: The portfolio includes projects in South Mumbai (3 projects, ~5.75 Mn Sq.Ft., ₹8,000+ Cr GDV) and Bandra (3 projects, ~1.15 Mn Sq.Ft., ₹2,350+ Cr GDV).
  • FY27 Launch Pipeline: ₹6,700+ Cr GDV across ~11.0 Lakh Sq.Ft., including Pali Hill (₹500+ Cr), Tardeo (₹2,000+ Cr), Mulund (₹100+ Cr), and Bandstand, Bandra (₹1,000+ Cr).
  • Sales Target: ₹5,000+ Cr combined sales target over the next two years from ongoing projects.

Global Expansion - USA

MICL is expanding internationally through MICL Global Inc. in Florida, USA.

  • Project: Waterfront residences, apartments, and villas in Miami, Florida.
  • Carpet Area: ~6.4 Lakh Sq.Ft.
  • Gross Development Value (GDV): $1.4 BN (~₹1.4 Lakh Cr assuming an exchange rate).

EPC Potential & Future Outlook

  • Future EPC Pipeline: The presentation identifies ₹5,855 Cr in potential EPC work order value from 6 upcoming group real estate projects, totaling 1 Cr Sq.Ft. of construction area.
  • Sector Opportunity: Highlights decadal port infrastructure opportunities in India worth over ₹1.26 Lakh Cr+, including Vadhavan Port (₹80,000+ Cr), Vizhinjam Port Phase 2 (₹16,000 Cr), and Mundra Expansion (₹30,000 Cr).
  • Vision 2031: Ambition to double the estimated current portfolio GDV of ₹18,625+ Cr to ₹35,000+ Cr in India and execute the global portfolio valued at $1.4+ BN.

Financial Position & Credit Profile

Consolidated Financials as on Mar-26:

  • Net Worth: ₹1,461 Cr
  • Liquidity: ₹686 Cr
  • Net Debt: Zero (Net Debt Free at consolidated and projects levels)
  • Credit Rating: CARE A+ (Stable Outlook)
  • Profitability Metrics (5-Year Average):
  • PBT Margin: 25%+
  • Return on Capital Employed: 20%+
  • Return on Equity: 25%+