M&B Engineering Limited – Investor Presentation Summary

Key Operational Highlights

  • Q4FY26 revenue from operations reached ₹364 crore, representing 16% YoY growth.
  • FY26 revenue from operations reached ₹1,260 crore, representing 27% YoY growth.
  • Company achieved highest-ever quarterly and full year consolidated revenue.
  • Consolidated export revenue during Q4FY26 was ₹45.67 crore and full year was ₹165.62 crore.
  • Unexecuted order book as of March 31, 2026 stood at ₹1,083 crore, representing 35% YoY growth.
  • Proflex division accounted for 20% (₹212 crore) of order book, Phenix division accounted for 80% (₹871 crore).
  • Within Phenix, export orders were ₹279 crore.
  • Q4FY26 order inflows amounted to ₹387 crore, a 10% YoY increase.
  • Recently in April 2026, secured a domestic order of ₹72 crore in addition to existing order book.
  • FY26 capital expenditure incurred was ₹33 crore for capacity augmentation and operational strengthening.
  • Achieved highest-ever order inflow of ₹1,539 crore in FY26, representing 28% YoY growth.

Key drivers of operational performance: Strong bid conversion, sustained demand visibility, continued traction in international markets with focus on North American market.

Segment-wise Performance

  • Proflex Division: Q4FY26 sales quantity of 446,220 SQM (Q4FY25: 411,436 SQM); FY26 sales quantity of 1,514,820 SQM (FY25: 1,238,736 SQM). Installed capacity of 1.9 million sq. m. per annum for Self-Supported Roofing solutions.
  • Phenix Division: Q4FY26 sales quantity of 21,210 MT (Q4FY25: 19,656 MT); FY26 sales quantity of 73,010 MT (FY25: 58,467 MT). Installed capacity of 31,800 MTPA.

Explanation of significant changes in segment performance: Growth driven by sustained investments in infrastructure and industrial sectors, rising awareness of benefits of self-supported roofing, and increased investments in Railways.

Financial Highlights

Revenue: ₹1,259.72 crore (FY26)

EBITDA: ₹157.19 crore (FY26)

PAT: ₹92.64 crore (FY26)

EPS: ₹16.94 (FY26)

Margins: EBITDA Margin 12.48% (FY26), PAT Margin 7.4% (FY26)

YoY/QoQ comparison: Q4FY26 EBITDA of ₹43.15 crore vs Q4FY25 ₹43.92 crore (-1.75%); Q4FY26 PAT of ₹27.00 crore vs Q4FY25 ₹28.51 crore (-5.3%)

Drivers of financial performance: Higher revenue growth, operational efficiencies

Geographical Revenue Split

Domestic vs Export Revenue:

Domestic: ₹1,094.10 crore, 86.9% of Total (FY26)

Export: ₹165.62 crore, 13.1% of Total (FY26)

Regional Breakdown: Business footprint spans South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya and Seychelles

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: Other equity of ₹599.96 crore (FY26)

Current Assets/Liabilities: Current assets ₹938.76 crore, Current liabilities ₹489.82 crore (FY26)

Working Capital/Leverage Metrics: Inventories ₹349.01 crore (101 days), Receivables ₹239.14 crore (69 days), Trade creditors ₹286.90 crore (83 days), Advance from customers ₹165.49 crore (48 days)

Financial Health Insights: Improved working capital cycle with reduction in inventory days from 119 to 101, receivables days from 71 to 69, and trade creditors days from 125 to 83

Capex & Cash Flow Health

Capital Expenditure: ₹33 crore incurred in FY26

Free Cash Flow: Not Specified

Operating Cash Flow: ₹89.93 crore (adjusted FY26)

Net Debt Movement: Not Specified

Investment Rationale: Capacity augmentation and operational strengthening aligned with medium-term growth plans

Strategic & R&D Initiatives

Investments in Innovation: In-house design and engineering capabilities with team of 98 employees, computer-aided design software BricsCAD, 3D modeling of PEBs and structural steel

Expected impact on growth: Enables delivery of complex, custom-designed structures meeting specific client requirements

Strategic Rationale: Focus on upgrading processes and technology to manufacture products in energy and cost-efficient manner

Industry Trends & Business Environment

Macro/Industry Trends: Global PEB market expected to reach USD 32-35 billion by 2029 with ~10% CAGR; Indian PEB market expected to reach INR 330-345 billion by 2030. Global self-supported roofing market expected to reach USD 0.87-0.92 billion by 2029 with 3-4% CAGR; Indian market expected to reach INR 3.8-4.2 billion by 2030.

Impact on Company: Emerging opportunities in renewables, cold storage, warehousing, railways, and agriculture expected to drive growth. Industrial capex expected to reach INR 7.1 trillion by Fiscal 2030.

Management Commentary & Growth Outlook

Strategic Outlook: "LOOKING AHEAD, EMERGING OPPORTUNITIES IN RENEWABLES, COLD STORAGE, WAREHOUSING, RAILWAYS, AND AGRICULTURE ARE EXPECTED TO DRIVE GROWTH AND SUSTAIN FUTURE GROWTH"

FY Guidance: Not Specified

Market Share Targets: M&B Engineering Ltd is the largest player in terms of revenue for manufacturing and installation of self-supported steel roofing solutions in India

Risks and Opportunities: Not Specified

Utilization of IPO Proceeds as on March 31, 2026:

  • Prepayment of Term Loan: ₹58.75 crore utilized out of ₹58.75 crore (100%)
  • Capital Expenditure: ₹120.91 crore utilized out of ₹148.73 crore (11%)
  • General Corporate Purpose: ₹64.18 crore utilized out of ₹64.79 crore (99.1%)