• The document contains the transcript of M&B Engineering Limited's Q2 and H1 FY27 Earnings Conference Call held on Thursday, 5th November 2026 at 4:30 P.M. (IST).
  • The conference call was conducted to discuss the company's financial performance for the quarter and half year ended 30th September 2026.
  • Management participants included: Mr. Chirag Patel (Joint Managing Director), Mr. Malav Patel (Joint Managing Director), Mr. Sanjay Majmudar (Director), and Mr. Keyur Shah (Chief Financial Officer).
  • The call was moderated by Ms. Krishna Patel from EY, who served as the Investor Relations partner.
  • The transcript was filed with the stock exchanges (NSE and BSE) on 12th November 2026 as a compliance requirement under Regulation 30 of SEBI (LODR) Regulations, 2015.

Financial Highlights Disclosed:

Q2 FY27 Performance (Quarter ended September 2026):

  • Revenue from operations: ₹385 crores (25.4% YoY growth from ₹307 crores in Q2 FY26)
  • EBITDA: ₹43 crores (17.6% YoY growth from ₹37 crores)
  • Profit After Tax: ₹29 crores (32.8% YoY growth from ₹22 crores)
  • Export revenue: ₹67 crores (25% YoY growth)
  • Revenue breakdown by division: Proflex contributed ₹87 crores (23% of total, 37% YoY growth), Phenix contributed ₹298 crores (77% of total, 22% YoY growth)
  • Geographic revenue: Domestic ₹317 crores (83% of total, 25% YoY growth), Export ₹67 crores (17% of total)

H1 FY27 Performance (Half year ended September 2026):

  • Revenue from operations: ₹676 crores (24.1% YoY growth from ₹545 crores in H1 FY26)
  • EBITDA: ₹79 crores (12.1% YoY growth from ₹70 crores)
  • Profit After Tax: ₹51 crores (28% YoY growth from ₹40 crores)
  • Export revenue: ₹95 crores (68% YoY growth)

Operational and Business Updates:

Order Book Position (as of end Q2/H1 FY27):

  • Total order book: ₹1,109 crores (19% YoY growth)
  • Division-wise: Proflex ₹235 crores (21%), Phenix ₹874 crores (79%)
  • Export orders within Phenix: ₹272 crores outstanding

Q2 FY27 Order Inflows:

  • Total new orders: ₹441 crores (12% YoY growth)
  • Phenix division: ₹335 crores (including export orders of ₹61 crores)
  • Proflex division: ₹106 crores

Capacity Expansion Updates:

  • Phase 1 Brownfield expansion at Sanand, Gujarat facility commenced commercial production on 26th October 2026
  • Added 20,000 metric tons of PEB manufacturing capacity
  • Sanand facility capacity increased from 72,000 TPA to 92,000 TPA
  • Total PEB manufacturing capacity across Sanand and Cheyyar plants increased from 104,000 TPA to 124,000 TPA
  • Structural steel capacity expansion of 10,000 TPA in Sanand expected by Q1 FY28 (total structural capacity to reach 22,000 TPA)
  • Cheyyar Brownfield expansion (20,000 TPA additional capacity) commenced work, expected operational in Q3 FY28
  • Combined PEB and structural steel capacity to reach 154,000 TPA by Q3 FY28

New Business Developments (post-Q2 FY27):

  • Secured first large order in data center segment (hyperscaler client)
  • Secured significant order for multi-storied high-rise building
  • Both orders not included in the reported ₹1,109 crores order book

Export Market Developments:

  • Sanand facility received CE certification from TÜV Nord Systems for exporting to UK and European markets
  • Target to commence UK market business in FY28
  • Planning dedicated sales team for West Coast USA to be serviced from Cheyyar facility via Pacific route from next fiscal
  • Bullish on increasing market presence in East Coast USA

Financial Guidance and Outlook:

  • Confident about delivering revenue growth of over 25% in FY27
  • Targeting more than 20% CAGR over next 3-4 years with progressive improvement in profitability
  • Current inquiry pipeline strong in both divisions with clear visibility of sustained order booking momentum
  • Cheyyar plant capacity utilization: 55-60% in Q2 FY27

Capital Expenditure and IPO Proceeds Utilization:

  • Q2 FY27 capex: ₹43 crores
  • H1 FY27 capex: ₹70 crores (as on date)
  • Net IPO proceeds: ₹259.32 crores
  • Utilization as of 30th September 2026: ₹155.27 crores (60% of funds)
  • Q2 FY27 utilization: ₹8.58 crores

Additional Business Insights:

  • Proflex division achieved 30% volume growth with 99% capacity utilization
  • Railway backlog: 3 lakh square meters
  • New railway order booking in Q2: 80,000 square meters
  • Current inquiries: More than 20 lakh square meters for Proflex, 2.5 lakh tons for Phenix domestic, 40,000-50,000 tons for North American export market
  • Large export order of ₹212 crores (won last year): More than 50% dispatched, one-third revenue recognized, remainder expected in H2 FY27

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with analyst Q&A session.
  • The company confirmed that no unpublished price sensitive information (UPSI) was shared during the call.
  • The information is also hosted on the company's website at https://www.mbel.in/investors.
  • The document was digitally signed by Palak Dilipbhai Parekh, Company Secretary & Compliance Officer.