Man Infraconstruction Limited · NSE:MANINFRA
Man Infraconstruction — H1 FY26 Earnings Presentation
41 slides from Man Infraconstruction's earnings presentation, Nov 12, 2025
Slide 1: Exchange filing cover letter: Investor Presentation Q2 & H1 FY26
EPC REAL ESTATE MAN INFRACONSTRUCTION LIMITED (CIN: L70200MH2002PLC136849) November 12, 2025 The Listing Department The Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (E), Mumbai - 400 051
Slide 2: Investor Presentation – Q2 & H1 FY26
MAN INFRACONSTRUCTION LIMITED INVESTOR PRESENTATION – Q2 & H1 FY26 November 2025
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 M A N INFRACONSTRUCTION LIMITED
Slide 5: Group Overview
Group Overview
Slide 6: Built with Ethics, Led with Passion, Focused on Value Creation
BUILT WITH ETHICS, LED WITH PASSION, FOCUSED ON VALUE CREATION Artist's Impression M A N INFRACONSTRUCTION LIMITED
Slide 7: Establishing Landmarks
ESTABLISHING LANDMARKS 60+ 11+ Years of experience in Years of experience construction across in real estate the country development 50+ ~800 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
AWARDS AND RECOGNITION 2025 2024 2021 • Family Business Vision and Expansion • GRI Awards Real Estate 2025 • Iconic Young Achiever Barclays–Hurun India Aaradhya Avaan: Architectural Highlight of the year The Times of India • Kohinoor of India – Youngest Indian to receive this • Best Brands recogniti
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 Mr. Kish
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 Man Construction • Residential complex, ‘Orchid Awarded the prestigious (son of Mr. Kishore Shah) Private Limited Woods’ comprising of three Gove
Slide 11: Our Journey
OUR JOURNEY Successful Launch of ‘Aaradhya Launch of ‘Aaradhya Avaan’ at OneEarth’ premium project in Tardeo – one of the India’s Ghatkopar East. tallest Residential towers Launch of Luxury Project, Launch of Aaradhya OnePark, Insignia, Vile Parle Ghatkopar (E) Mr. Manan Shah joins the Company with
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 Char
Slide 13: Proven Execution Capabilities: EPC Business
PROVEN EXECUTION CAPABILITIES: EPC BUSINESS Over 60 years of experience in infrastructure development and real estate, driving consistent value creation. Developed 8 major ports across India – Navi Mumbai, Chennai, Gujarat - Pipava, Mundra and Kochi. Built over 200 hectares of ports, with another 10
Slide 14: Proven Execution Capabilities: Real Estate Business
PROVEN EXECUTION CAPABILITIES: REAL ESTATE BUSINESS 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 Highpark, Nr. Dahisar - (30 Storeys –
Slide 15: Excellence in Delivery
EXCELLENCE IN DELIVERY 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 projects Completed
Slide 16: Diversified Business Verticals
DIVERSIFIED BUSINESS VERTICALS ~₹9,900^ crore of total sales till Sep-25. ~2.5 Mn. Sq. ft. 2.3 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 4.8 mn sq. ft. projects ~2.3 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 - TWO SEGMENTS BUT MULTIPLE STREAMS OF INCOME 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 Professional sales from the 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 Projects
REAL ESTATE PROJECTS: OUR BUSINESS MODEL 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 Margin EPC Margin PMC Margi
Slide 22: Real Estate Projects: Our Business Model – Upcoming Projects
REAL ESTATE PROJECTS: OUR BUSINESS MODEL 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 Margin PMC Margin Goregaon
Slide 23: Strong Focus on Profitability
STRONG FOCUS ON PROFITABILITY Consolidated financials – Amount in (₹ Cr) PBT and PBT MARGIN NET PROFIT and NET PROFIT MARGIN 38.2% 22.1% 23.0% 26.8% 32.6% 29.2% 32.54% 18.6% 20.5% 13.3% 300 283 397 397 401 259 379 216 158 111 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 PBT PBT Margin Stron
Slide 24: Maintaining Balance Sheet Strength
MAINTAINING BALANCE SHEET STRENGTH Consolidated financials – Amount in (₹ Cr) NET CASH POSITIVE BALANCE SHEET SECURED DEBT 0.1 -0.1 -0.4 -0.3 -0.3 741 693 570 513 228 308 123 91 29 0.2 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Dec-22 Mar-23 Mar-24 Mar-25 Sep-25 Cash & cash Eq. Net Debt/Equity ratio (x) Mai
Slide 25: Significant Move Towards Growth: Future Ready
SIGNIFICANT MOVE TOWARDS GROWTH: FUTURE READY FUND RAISE DETAILS STATUS as on 30th Sep-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 • Meeting working capital requir
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.* ~₹11,000+ Cr. 4.8 mn sq. ft. ~₹354 Cr. via preferential route Carpet Area Investments in Subsidiary Debt Status Liquidity Levels Credit Rating Upgrade Real Estate P
Slide 27: Way Forward
WAY FORWARD 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 ongoin
Slide 28: Performance Snapshot
PERFORMANCE SNAPSHOT ~ ah ©
Slide 29: New Development: Launched Artek Park Project in BKC
New Development Launched Artek Park Project in BKC* Mumbai Rs. 850+ Cr BKC Indicative Topline 1.6 L sq. ft. Indicative 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 area of
Slide 30: Performance Snapshot: Q2 & H1FY26
PERFORMANCE SNAPSHOT: Q2 & H1FY26 Area Sold Sales Value Collections Q2 FY26 1.19 Lakh sq. ft. INR 424 Crs. INR 183 Crs. H1 FY26 2.64 Lakh sq. ft. INR 916 Crs. INR 417 Crs. 29 M A N INFRACONSTRUCTION LIMITED
Slide 31: Real Estate: Ongoing Projects Update
REAL ESTATE: ONGOING PROJECTS UPDATE As on Sep-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. Q2 FY26 on Sep-25 area* Q2 FY26 on Sep-25 Completion$ Stake (JDA/JV/ (%) (nos.) (nos.)
Slide 32: Real Estate: Upcoming Projects Portfolio
REAL ESTATE: UPCOMING PROJECTS PORTFOLIO As on Sep-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 Virgo CHSL$ 34.00% Residential
Slide 33: Real Estate: Completed Projects Synopsis
REAL ESTATE: COMPLETED PROJECTS SYNOPSIS As on Sep-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 & I Residential Own 325 325 0
Slide 34: Building Our International Presence
BUILDING OUR INTERNATIONAL PRESENCE Ongoing Projects Upcoming Projects Completed Project Artist Impression Artist Impression 1. Tigertail Location: Miami, Florida, USA Actual Shot Size: Saleable area of ~ 8,000 sq. ft. Membership Interest: 50% 1. 551 Bayshore 2. Botanic 2. 1250 West Avenue 1. 3090 M
Slide 35: Ongoing EPC Projects – 3.8 Mn. Sq. Ft.
ONGOING EPC PROJECTS – 3.8 MN. SQ. FT. 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 Actual Shot AARADHYA AVAAN
Slide 36: Company Financials
COMPANY FINANCIALS
Slide 37: Q2 & H1FY26 Consolidated Financial Highlights
Q2 & H1FY26 CONSOLIDATED FINANCIAL HIGHLIGHTS Particulars (Rs. Crs.) Q2 FY26 Q2 FY25 Q1 FY26 H1FY26 H1FY25 FY25 Revenue from operations 148.8 230.3 182.9 331.6 571.9 1,108.1 Real Estate 86.4 154.7 81.4 167.9 381.3 698.5 EPC 62.3 75.6 101.5 163.8 190.7 409.6 Other Income 38.5 29.7 43.2 81.7 56.5 123.
Slide 38: Historical Financial Highlights – Consolidated
HISTORICAL FINANCIAL HIGHLIGHTS – CONSOLIDATED Profit & Loss Statement (Rs. Crs.) H1 FY26 FY25 FY24 FY23 FY22 Revenue from Operations 331.6 1,108.1 1,263.5 1,890.3 961.5 Other Income 81.7 123.2 96.8 47.9 201.2 Total Income 413.3 1,231.3 1,360.2 1,938.3 1,162.7 Total Expense 254.5 783.9 937.1 1,476.4
Slide 39: Q2 & H1FY26 Standalone Financial Highlights
Q2 & H1FY26 STANDALONE FINANCIAL HIGHLIGHTS Particulars (Rs. Crs.) Q2 FY26 Q2 FY25 Q1 FY26 H1FY26 H1FY25 FY25 Revenue from operations 57.7 70.6 99.5 157.2 178.2 394.7 Other Income 32.4 31.8 50.3 82.7 53.3 123.4 Total Income 90.1 102.4 149.7 239.9 231.5 518.1 Total Expense 46.7 57.7 72.6 119.3 128.0
Slide 40: Historical Financial Highlights – Standalone
HISTORICAL FINANCIAL HIGHLIGHTS – STANDALONE Profit & Loss Statement (Rs. Crs.) H1 FY26 FY25 FY24* FY23 FY22 Revenue from Operations 157.2 394.7 708.3 797.8 236.6 Other Income 82.7 123.4 125.3 83.2 75.3 Total Income 239.9 518.1 833.6 881.0 311.9 Total Expense 119.3 304.0 550.1 660.9 175.5 EBITDA exc
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
Man Infraconstruction — H1 FY26 Earnings Presentation on 6ix