Date: 1st July, 2026

Company Overview

MBL Infrastructure Limited was incorporated in 1995 and listed on BSE & NSE since 2010. Promoters' holding is 74.57%. The company is engaged in execution of civil engineering infrastructure projects including Roads & Highways (Construction, BOT, O&M), Building, Housing & Urban Infrastructure, Railways/Metro and Other Infrastructure. MBL was among the first contractors awarded contracts for the North South East West Corridor by NHAI and was first to complete the project. The company has a large fleet of construction equipment.

Business Overview

Business Segments

The company operates in Infrastructure sector with focus on:

  • Roads & Highways Infrastructure - Construction Projects
  • Roads & Highways Infrastructure - Maintenance Projects
  • Building, Housing & Urban Infrastructure
  • Railways/Metro & Other Infrastructure

Geographical Presence & Clients

Key clients include: National Highways Authority of India (NHAI), Ministry of Roads Transport & Highways of India (MoRTH), Delhi Metro Rail Corporation (DMRC), Madhya Pradesh Road Development Corporation Ltd. (MPRDCL), Bihar State Road Development Corporation (BSRDC), National Building Construction Corporation Ltd. (NBCC), Haryana Urban Development Authority, Mumbai Metropolitan Region Development Authority, and various state government departments.

Current Projects

Roads & Highways Infrastructure - Construction Projects:

  • Development & Operation of Bikaner-Suratgarh Section of NH-62 in Rajasthan: ₹65,941 lakhs (Original Scope of Work completed. New change in Scope of work of ₹3,454 lakhs in progress)

Roads & Highways Infrastructure - Maintenance Projects:

  • Maintenance of Bikaner-Suratgarh Section of NH-62: ₹22,567 lakhs
  • Maintenance of Waraseoni-Lalbarra Road in Madhya Pradesh: ₹598 lakhs

Current BOT Projects

1. Waraseoni-Lalbarra Road: Project Cost ₹7,398 lakhs, Concession Period 15 years, Toll Start Date 3rd August 2015, Concession end date August 2028

2. Bikaner-Suratgarh: Project Cost ₹87,355 lakhs, Concession Period 16 years, Toll Start Date 17th February 2019, Concession end date September 2029

Resolution Plan Approved Under IBC, 2016

The Resolution Plan dated 22nd November 2017 submitted by Mr. A K Lakhotia with 78.50% CoC majority support was approved under IBC, 2016 by Hon'ble NCLT by order dated 18th April 2018. After three rounds of litigation up to Supreme Court, documents for implementation were executed. Date of implementation declared by Banks as 04th September 2024.

Key Features of Resolution Plan:

NCDs: NCDs aggregating to ₹836.74 crores issued to assenting Banks in dematerialized mode, repayable in 39 unequal quarterly installments commencing from September 2024 with coupon rate of 0.10% p.a. and Premium of 10% to be paid at the end of 10 years.

Repayment Schedule:

  • 2024: September 0.125%, December 0.125%
  • 2025: March 0.125%, June 0.125%, September 0.250%, December 0.250%
  • 2026: 0.25% each quarter
  • 2027: 0.25% each quarter
  • 2028: 0.25%, 0.25%, 0.50%, 0.50%
  • 2029: 0.50%, 0.50%, 1.50%, 1.50%
  • 2030: 1.50%, 1.50%, 3.13%, 3.13%
  • 2031: 3.13%, 3.13%, 5.50%, 5.50%
  • 2032: 5.50%, 5.50%, 6.75%, 6.75%
  • 2033: 6.75%, 6.75%, 9.00%, 9.00%

Standardization of Account: All Bank accounts of MBL are 'Standard' and 'Regular' in Corporate Client Group Vertical of Banks.

Equity Infusion: Promoters and Promoters Group contribution of ₹128.19 Cr over three years. Promoters have already infused ₹111.65 Cr (₹88.46 crores fresh induction and ₹23.19 crores out of existing dues).

Additional Facilities: Permission to raise Fund Based Facilities of ₹100 crores and Non Fund Based Facilities of ₹250 crores for new contracts against specific charge on receivables/stocks.

Financial Highlights

Consolidated Financials

Profit & Loss Statement (Consolidated):

  • FY24: Revenue from Operations ₹36.85 Cr, Net Loss ₹19.59 Cr
  • FY25: Revenue from Operations ₹42.93 Cr, Net Loss ₹20.32 Cr
  • FY26: Revenue from Operations ₹58.20 Cr, Net Loss ₹22.32 Cr

Note: Figures are not comparable as operations were not normal from 30th March 2017 till 04th September 2024 due to CIRP under IBC, 2016.

Balance Sheet (Consolidated):

FY26 Position:

  • Total Equity: ₹956.00 Cr (Equity Share Capital: ₹152.53 Cr, Other Equity: ₹803.47 Cr)
  • Total Liabilities: ₹2949.61 Cr
  • Non-Current Assets: Property, Plant & Equipment ₹40.32 Cr, Intangible Assets ₹521.70 Cr, Trade Receivables ₹2001.05 Cr
  • Current Assets: Cash & Cash Equivalents ₹11.20 Cr, Other Bank Balances ₹40.67 Cr

Standalone Financials

Profit & Loss Statement (Standalone):

  • FY24: Revenue from Operations ₹36.85 Cr, Net Loss ₹19.59 Cr
  • FY25: Revenue from Operations ₹42.93 Cr, Net Loss ₹20.32 Cr
  • FY26: Revenue from Operations ₹58.20 Cr, Net Loss ₹22.32 Cr

Balance Sheet (Standalone):

FY26 Position:

  • Total Equity: ₹1364.43 Cr (Equity Share Capital: ₹152.53 Cr, Other Equity: ₹1211.90 Cr)
  • Investments: ₹312.99 Cr
  • Trade Receivables: ₹1746.82 Cr
  • Cash & Cash Equivalents: ₹116.24 Cr

Board of Directors

  • Mr. Dinesh Kumar Saini (Independent Director) - B.Tech (Civil Engineering) from IIT Delhi, over four decades of experience in National Highway Projects execution
  • Mr. Ram Dayal Modi (Independent Director) - Over four decades experience in Banking and Financial Services with SBI Group
  • Ms. Megha Singh (Independent Director) - Hons. Graduate in Journalism, two decades experience in mass communication
  • Mr. Mukesh Kumar Jain (Independent Director) - M.Tech (Structures) from IIT Delhi, over two and half decades experience in civil engineering
  • Mr. Surender Aggarwal (Executive Director)

Opportunities

In Union Budget 2026-27, the government allocated ₹3.10 lakh crore to MoRTH, with ₹1.87 lakh crore allocated to NHAI.

Claim Management

The company has a prudent, transparent, efficient claim management system and is pursuing receivables at various stages of negotiations/discussions with clients/arbitrations/litigations.