Shares of M&B Engineering were in focus today after the newly listed infrastructure solutions provider announced the receipt of a major domestic order valued at INR 98 crore for the design, engineering, manufacturing, supply, and erection of a pre-engineered steel building. The contract, which comes with a six-month execution schedule and a 15% advance payment clause, reinforces the company’s strong presence in the pre-engineered buildings (PEB) and steel infrastructure segment.
Key Details of M&B Engineering Order
According to the company’s filing, M&B Engineering was awarded the project by a domestic client whose identity remains undisclosed due to confidentiality clauses. The contract includes standard terms and stipulates completion within six months. Importantly, the deal does not involve any related-party transactions and is expected to contribute meaningfully to the company’s FY26 revenue pipeline.
M&B Engineering latest win expands the company’s consolidated order book to INR 842.84 crore as of June 2025 — with 60.6% from Phenix’s domestic business, 14.6% from exports, and 24.8% from the Proflex division.
Stock Reaction
Following the announcement, M&B Engineering’s stock rose 1.97% to INR 373.05 on the NSE, compared to its previous close of INR 365.85. With a market capitalization of INR 2,131.91 crore, the company has been on investors’ radar since its debut on 4 August 2025, when it was listed at INR 385 per share following an oversubscribed INR 650 crore IPO.
Company Overview
M&B Engineering incorporated in 1981 and headquartered in Ahmedabad, is a design-led engineering solutions provider specializing in Pre-Engineered Buildings (PEBs) and self-supported steel roofing systems. The company operates two modern facilities — one in Sanand, Gujarat (operational since 2008) and another in Cheyyar, Tamil Nadu (commissioned in 2024) — with a combined PEB manufacturing capacity of 1,03,800 metric tonnes per annum.
Its operations are divided into two core divisions:
- Phenix Division: Manufactures structural PEB components and claddings, serving domestic and international markets.
- Proflex Division: Focuses on on-site production and installation of self-supported steel roofing solutions.
The company serves clients across diverse sectors including FMCG, logistics, engineering, power, textiles, and railways, and exports to 22 countries. With over 9,500 completed projects as of FY25, M&B Engineering has established a strong reputation for efficiency, cost-effectiveness, and quality execution.
Financial Performance & Valuation
M&B Engineering has demonstrated impressive growth in recent quarters.
For Q1FY26, the company reported:
- Revenue: INR 238 crore (up 70% YoY from INR 140 crore in Q1FY25)
- Net Profit: INR 18 crore (up 157% YoY from INR 7 crore)
Despite a 24% QoQ decline in revenue due to seasonal factors, the company maintained strong operational momentum.
Financial metrics indicate robust profitability:
- Return on Equity (ROE): 28.5%
- Return on Capital Employed (ROCE): 26.1%
- Debt-to-Equity Ratio: 0.62
At its current price levels, the stock trades at a P/E ratio of 27.9x, slightly above the industry average of 21.6x, reflecting investor confidence in its growth trajectory.
M&B Engineering IPO Recap & Post-Listing Performance
M&B Engineering IPO, which was open from 30 July to 1 August 2025, received a stellar response with an overall subscription of 36.2 times. The offering included a INR 275 crore fresh issue and a INR 375 crore offer-for-sale, priced in the range of INR 366–385 per share.
On its listing day, shares debuted flat at INR 385 on both BSE and NSE but closed 5.26% higher at INR 405.25. The IPO proceeds were allocated toward:
- Capital expenditure for equipment, solar grids, and vehicles (INR 130.6 crore)
- IT infrastructure upgrades (INR 5.2 crore)
- Partial loan repayment (INR 58.75 crore)
- General corporate purposes
Outlook
As India continues to invest heavily in manufacturing, logistics, and industrial parks, the Pre-Engineered Building segment is expected to witness double-digit growth. M&B Engineering’s strategic investments, operational scalability, and execution record position it as a key beneficiary of this trend.
With the latest INR 98 crore project win, M&B Engineering reinforces its credentials as a rising player in India’s engineering infrastructure ecosystem, poised for robust earnings momentum in FY26 and beyond.
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