Man Infraconstruction Limited · NSE:MANINFRA
Man Infraconstruction — Q3 FY26 Earnings Presentation
41 slides from Man Infraconstruction's earnings presentation, Feb 11, 2026
Slide 1: Filing letter to stock exchanges
EPC REAL ESTATE MAN I NFRACONSTRUCTION LIMITED (CIN: L70200MH2002PLC136849) February 11, 2026 The Listing Department The Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Sandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (E), Mumbai - 400 05
Slide 2: Investor Presentation – Q3 & 9M FY26
MAN INFRACONSTRUCTION LIMITED INVESTOR PRESENTATION – Q3 & 9M FY26 FEBRUARY 2026
Slide 3: Safe Harbor
This presentation has been prepared by and is the sole responsibility of Man Infraconstruction Limited (the “Company” / “MICL”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitation or
Slide 4: Index
INDEX Group Overview 04 Business Model 17 Performance Snapshot 27 Company Financials 35 3 M A N INFRACONSTRUCTION LIMITED
Slide 5: Group Overview
Group Overview
Slide 6: Built with Ethics, Led with Passion, Focused on Value Creation
B U I LT W I T H E T H I C S , L E D W I T H PA S S I O N , F O C U S E D O N VA L U E C R E AT I O N Artist's Impression M A N INFRACONSTRUCTION LIMITED
Slide 7: Establishing Landmarks
E S TA B L I S H I N G L A N D M A R K S 60+ 12+ Years of experience in Years of experience construction across in real estate the country development 50+ ~875 Mn. sq. ft. of real estate Workforce and infra construction Employment delivered 4,300+ Happy Families 6 M A N INFRACONSTRUCTION LIMITED
Slide 8: Awards and Recognition
AWA R D S A N D R E C O G N I T I O N 2026 2024 2021 • CREDAI,MCHI : The Builders of Legacy & Dreams • Family Business Vision and Expansion • Iconic Young Achiever Manan Shah, A Legacy Built On Bold Leadership Barclays–Hurun India The Times of India Best Brands 2023 • The Economics Times 2025 • Best
Slide 9: Successful Third Generation Leadership
SUCCESSFUL THIRD GENERATION LEADERSHIP 1964 1991 2013 2020 MR. KISHORE SHAH MR. PARAG SHAH MR. MANAN SHAH MR. VATSAL SHAH Founder Chairman Emeritus, MICL Managing Director, MICL Director, MICL Global THE VENTURED IN FOUNDED MICL OVERSEES GLOBAL INCEPTION TO PORT INFR. REAL ESTATE OPERATIONS Laid the
Slide 10: Our Journey
OUR JOURNEY Secured two landmark projects - executed using MIVAN technology • One of the largest township under Slum Rehab Scheme in Mumbai Mr. Parag Shah From Man • Residential complex, ‘Orchid Awarded the prestigious (son of Mr. Kishore Shah) Construction Private Woods’ comprising of three Governm
Slide 11: Our Journey
OUR JOURNEY Launched 1st Gated Community Launch of ‘Aaradhya Avaan’ at project (14 towers) in Ghatkopar Tardeo – one of the India’s East - ‘Aaradhya OneEarth’ tallest Residential towers Launch of luxury project, ‘Insignia’, Launch of Aaradhya OnePark, Vile Parle Ghatkopar (E) Mr. Manan Shah Joins th
Slide 12: Well-Structured Board
WELL-STRUCTURED BOARD MR. BERJIS DESAI MR. ASHOK MEHTA Dr. KSHITIJA MS. KAVITA Chairman and Non – Whole - Time Director WADATKAR UPADHYAY Executive Director & CFO Independent Director Independent Director • A Master of Law from the • A qualified Chartered • PhD in Constitution & • A qualified Charte
Slide 13: Proven Execution Capabilities: EPC Business
P R O V E N E X E C U T I O N C A PA B I L I T I E S : E P C B U S I N E S S Over 60 years of experience in infrastructure development and real estate, driving consistent value creation Developed multiple major ports across India – Navi Mumbai, Chennai, Gujarat - Pipava, Mundra and Kochi Built over
Slide 14: Proven Execution Capabilities: Real Estate Business
P R O V E N E X E C U T I O N C A PA B I L I T I E S : R E A L E S TAT E B U S I N E S S Built a niche in the field of redevelopment projects • Cluster, Private society, MHADA and SRA Delivered high-rises in record time < 3.5 – 4 years • Atmosphere O2, Mulund West (47 Storeys – 3 towers) • Aaradhya
Slide 15: Excellence in Delivery
E XC E L L E N C E I N D E L I V E R Y BEFORE TIME COMPLETION NEGLIGIBLE INVENTORY NEARLY 90% OF THE IN COMPLETED INVENTORY IS SOLD OUT Track record of delivering all 19 Projects Before Time before receipt of OC in all the (OC RECEIVED) PROJECTS Delivered 2.8 mn. sq. ft. of carpet area till date pro
Slide 16: Diversified Business Verticals
DIVERSIFIED BUSINESS VERTICALS ~₹10,366^ crore of total sales till Dec-25 ~2.5 Mn. Sq. ft. 2.4 Delivered 19 projects, all ahead of schedule REAL of ongoing projects 2.8 ESTATE Commitment to quality and timely delivery PORTFOLIO Partnering with leading architects and 4.9 mn sq. ft. projects ~2.4 Mn.
Slide 17: Building the Future in Mumbai
BUILDING - THE FUTURE IN MUMBAI AARADHYA AVAAN AARADHYA ONEPARK PROJECT AT PROJECT AT 01 02 Ghatkopar (E) 03 Goregaon (W) 04 Marine Lines Tardeo Building one of India’s tallest residential Developing first of its kind 12,000+ sq mt Developing one of the largest Building India’s one of the tallest to
Slide 18: Business Model
BUSINESS MODEL
Slide 19: Business Model: Two Segments but Multiple Streams of Income
BUSINESS MODEL- T W O S E G M E N T S B U T M U LT I P L E S T R E A M S O F I N C O M E REAL ESTATE PROJECTS EPC PROJECTS DM FEE* OR EPC INTEREST EPC PMC^ EQUITY MARGIN MARGIN** MARGIN Or Fees MARGIN DM - Charged as % of In-house Engineering Funds infused into Includes margin on Port Charged for Pr
Slide 20: Asset Light Business Model Explained
ASSET LIGHT BUSINESS MODEL EXPLAINED REAL ESTATE PROJECTS MODEL Joint Society Joint Development Development Redevelopment Venture Manager (DM) Agreement (JDA) (Pvt./Mhada/SRA) Reduces Overall Initial Investment • Sales for projects executed under subsidiaries gets reflected in consolidated revenue i
Slide 21: Real Estate Projects: Our Business Model (Ongoing)
R E A L E S TAT E P R O J E C T S : O U R B U S I N E S S M O D E L ONGOING PROJECTS Sales / MICL Group’s Total Carpet Total Sales Real Estate Projects EPC Project Project Name Location Model DM Fees Stake Area Potential Income Streams Income Streams Recognition (Lakh sq. ft.) (₹ Cr.) DM Fee Equity
Slide 22: Real Estate Projects: Our Business Model (Upcoming)
R E A L E S TAT E P R O J E C T S : O U R B U S I N E S S M O D E L UPCOMING PROJECTS MICL Group’s Total Carpet Total Sales Sales / DM Fees Real Estate Projects EPC Project Project Name Location Model Stake Area Potential Recognition Income Streams Income Streams (Lakh sq. ft.) (₹ Cr.) DM Fee Equity
Slide 23: Strong Focus on Profitability
S T R O N G F O C U S O N P R O F I TA B I L I T Y Consolidated financials – Amount in (₹ Cr) PBT and PBT MARGIN NET PROFIT and NET PROFIT MARGIN 38.0% 22.1% 23.0% 26.1% 32.6% 29.2% 32.5% 18.6% 20.5% 13.3% 300 283 397 397 401 259 379 216 230 158 FY22 FY23 FY24 FY25 9MFY26 FY22 FY23 FY24 FY25 9MFY26
Slide 24: Maintaining Balance Sheet Strength
M A I N TA I N I N G B A L A N C E S H E E T S T R E N G T H Consolidated financials – Amount in (₹ Cr) NET CASH POSITIVE BALANCE SHEET SECURED DEBT 0.1 -0.1 -0.4 -0.3 -0.3 741 723 570 513 228 308 123 91 29 0.1 Mar-22 Mar-23 Mar-24 Mar-25 Dec-25 Dec-22 Mar-23 Mar-24 Mar-25 Dec-25 Cash & cash Eq. Net
Slide 25: Significant Move Towards Growth: Future Ready
S I G N I F I C A N T M O V E T O WA R D S G R O W T H : F U T U R E R E A D Y FUND RAISE DETAILS STATUS as on 31st Dec-25 Received ₹512 crores via Funds earmarked for preferential route out of the • Expansion of EPC and real estate business total issue size of ₹543 crores • Purchase of Fixed Assets
Slide 26: Well-Positioned for Future Growth
WELL-POSITIONED FOR FUTURE GROWTH Funds Raised Real Estate Sales Visibility** Real Estate projects portfolio EPC Order Book ₹512 Cr.* ~₹11,635+ Cr. 4.9 mn sq. ft. ~₹300 Cr. via preferential route Carpet Area Investments in Real Estate Debt Status Liquidity Levels Credit Rating Projects CARE A+, Stab
Slide 27: Way Forward
WAY F O R WA R D Expansion Higher Sales Global (USA) Maintain strong Strategy Visibility Expansion liquidity & profitability • Real Estate • Expecting potential • Expanded Real Estate • Focus to be Net - Establishing presence increase in real estate Cash positive & in western suburbs of sales from o
Slide 28: Performance Snapshot
PERFORMANCE SNAPSHOT
Slide 29: New Development: Launched Artek Park Project in BKC
New Development L a u n c h e d A r t e k P a r k P r o j e c t i n B KC * Mumbai Rs. 850+ Cr BKC Sales Potential 1.6 L sq. ft. Carpet 34% Equity saleable area Project Details: ✓ Prime Location: BKC, Kalanagar area located on Madhusudhan Kalekar road ✓ Scale: 1.6-acre development with a construction
Slide 30: Performance Snapshot: Q3 & 9M FY26
P E R F O R M A N C E S N A P S H O T: Q 3 & 9 m F Y 2 6 Area Sold Sales Value Collections Q3 FY26 1.21 Lakh sq. ft. INR 447 Crs. INR 294 Crs. 9m FY26 3.86 Lakh sq. ft. INR 1,362 Crs. INR 711 Crs. 29 M A N INFRACONSTRUCTION LIMITED
Slide 31: Real Estate: Ongoing Projects Update
R E A L E S TAT E : O N G O I N G P R O J E C T S U P DAT E As on Dec-25 MICL Sr. Units Sold In Units Sold as Total Carpet Area Sold in Area sold as Date of Project Name Location Group Type Model Total Units Units Unsold Area Unsold No. Q3 FY26 on Dec-25 area Q3 FY26 on Dec-25 Completion$ Stake (JDA
Slide 32: Real Estate: Upcoming Projects Portfolio
R E A L E S TAT E : U P C O M I N G P R O J E C T S P O R T F O L I O As on Dec-25 MICL Group Type MICL's RERA Expected Launch Sr. No. Project Name Location Total Units Stake Model Carpet area^ Date* (%) (nos.) (sq ft.) 1 Royal Netra$ Goregaon West 33.32% Mix JV - ~17,50,000 - Pali Hill, Bandra 2 Vi
Slide 33: Real Estate: Completed Projects Synopsis
R E A L E S TAT E : C O M P L E T E D P R O J E C T S S Y N O P S I S As on Dec-25 Completed time Project Units Total Carpet Carpet Area Carpet Area Sr. No.Projects Towers Type Location Model Total Units Units Sold before scheduled Completion Unsold Area Sold Unsold Date Timeline 1 Tower E, F, G, H
Slide 34: Building Our International Presence
B U I L D I N G O U R I N T E R N AT I O N A L P R E S E N C E Ongoing Projects Completed Project Artist Impression Artist Impression Artist Impression Artist Impression Actual Shot 1. 551 Bayshore 2. Botanic 3. Tigertail 4. 1250 West Avenue 1. 3090 McDonald Avenue Location : Fort Lauderdale, Florid
Slide 35: Ongoing EPC Projects
O N G O I N G E P C P R O J E C T S – 3 . 8 M N . S Q . F T. INFRASTRUCTURE RESIDENTIAL ~110 Hectares - Ports – BMCT ~3.8 Mn. sq. ft. of Construction Work* Actual Shot Artist's Impression JADEPARK, VILE PARLE Bmct Port – Phase 2, Artist's Impression Artist's Impression Nhava Sheva, Navi Mumvai Actua
Slide 36: Company Financials
COMPANY FINANCIALS
Slide 37: Q3 & 9M FY26 Consolidated Financial Highlights
Q 3 & 9 m F Y 2 6 C O N S O L I DAT E D F I N A N C I A L H I G H L I G H T S Particulars (Rs. Crs.) Q3 FY26 Q3 FY25 Q2 FY26 9mFY26 9mFY25 FY25 Revenue from operations 153.3 242.3 148.8 484.9 814.3 1,108.1 Real Estate 85.9 156.2 86.4 253.8 537.5 698.5 EPC 67.4 86.1 62.3 231.1 276.8 409.6 Other Incom
Slide 38: Historical Financial Highlights – Consolidated
H I S T O R I C A L F I N A N C I A L H I G H L I G H T S – C O N S O L I D AT E D Profit & Loss Statement (Rs. Crs.) 9m FY26 FY25 FY24 FY23 FY22 Revenue from Operations 484.9 1,108.1 1,263.5 1,890.3 961.5 Other Income 120.2 123.2 96.8 47.9 201.2 Total Income 605.1 1,231.3 1,360.2 1,938.3 1,162.7 To
Slide 39: Q3 & 9M FY26 Standalone Financial Highlights
Q 3 & 9 m F Y 2 6 S TA N DA L O N E F I N A N C I A L H I G H L I G H T S Particulars (Rs. Crs.) Q3 FY26 Q3 FY25 Q2 FY26 9mFY26 9mFY25 FY25 Revenue from operations 63.6 85.7 57.7 220.7 263.9 394.7 Other Income 34.0 36.3 32.4 116.7 89.6 123.4 Total Income 97.6 122.0 90.1 337.4 353.5 518.1 Total Expen
Slide 40: Historical Financial Highlights – Standalone
H I S TO R I C A L F I N A N C I A L H I G H L I G H T S – S TA N DA L O N E Profit & Loss Statement (Rs. Crs.) 9mFY26 FY25 FY24* FY23 FY22 Revenue from Operations 220.7 394.7 708.3 797.8 236.6 Other Income 116.7 123.4 125.3 83.2 75.3 Total Income 337.4 518.1 833.6 881.0 311.9 Total Expense 171.7 30
Slide 41: Thank You
MAN INFRACONSTRUCTION LIMITED THANK YOU INVESTOR RELATIONS Company : MICL Go India Advisors Name : Mr. Yashesh Parekh Name : Mr. Rajat Gupta Tel : +91-8108321555 Tel : +91-9971897739 Email : Yashesh@maninfra.com Email : rajat@goindiaadvisors.com
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