Financial Performance Summary
MBL Infrastructure Limited reported standalone profit of ₹9.27 crore for FY26 with total income of ₹212.14 crore, marking a significant transition from recovery to growth phase. Standalone financials showed EBITDA of ₹8,668 lakhs (FY25: ₹2,399 lakhs) and profit before tax of ₹6,170 lakhs (FY25: ₹853 lakhs). Consolidated financials reported a loss of ₹(2,259) lakhs primarily due to ₹1,655 lakhs exceptional items from Resolution Plan implementation.
IBC Resolution Plan Implementation
The IBC Resolution Plan dated November 22, 2017 submitted by Mr. A K Lakhotia with 78.50% CoC voting share has attained finality through NCLT, NCLAT, and Supreme Court orders. Banks declared September 4, 2024 as implementation date, restoring standard banking facilities including ₹37.38 crore fund-based and ₹303.63 crore non-fund based working capital. All dissenting banks were settled with ₹49.66 crore liquidation value.
Capital Structure Changes
The company issued 300 lakh equity shares to promoter entities as part of the resolution plan, increasing promoter holding to 74.01% and paid-up capital to ₹152.53 crore. Further allotment of 0.34 crore shares post-March 31, 2026 took paid-up capital to ₹155.88 crore.
Subsidiary Status and Audit Findings
Independent auditors S A R C & Associates issued an unmodified opinion but highlighted material uncertainties. Six out of eight subsidiaries were successfully cleaned up and rendered debt-free. Suratgarh Bikaner Toll Road Company commenced Corporate Insolvency Resolution Process in December 2025, creating going concern uncertainty. MBL (MP) Toll Road Company's Resolution Plan was approved by NCLT on September 12, 2025 and implemented by October 14, 2025.
Investment in Orissa Steel Expressway Private Limited (30.30% stake) remains contentious with NCLAT directing no disbursements to shareholders without tribunal leave despite OSEPL receiving ₹38,384.61 lakhs from NHAI settlement.
Operational Projects and Business Strategy
Current BOT projects include Waraseoni-Lalbarra Road (concession until August 2028) and Bikaner-Suratgarh Section (concession until September 2029). The company is diversifying into steel plant modernization, urban infrastructure, public health engineering, irrigation infrastructure, electrical transmission, industrial infrastructure, and Commonwealth Games 2030 projects while maintaining road EPC focus.
Key Audit Matters and Disputes
Auditors focused on revenue recognition appropriateness (₹7,255.84 lakhs from construction contracts) and assessment of disputed tax demands totaling ₹392.73 lakhs across multiple jurisdictions. Trade receivables stand at ₹186,305.23 lakhs (net of deferred credit of ₹33,000.29 lakhs) with significant amounts withheld due to client responsibility delays and project issues.
Corporate Governance and Forward Outlook
The board comprises 6 directors (4 independent, 1 promoter, 1 professional executive) with Mr. Anjanee Kumar Lakhotia as Chairman & MD. The company aims to complete remaining subsidiary resolution, secure new orders through selective bidding, leverage strengthened banking relationships, and focus on profitable growth capitalizing on India's estimated ₹20 lakh crore infrastructure investment by 2032.