Man Infraconstruction Limited · NSE:MANINFRA
Man Infraconstruction — H1 FY27 Earnings Presentation
65 slides from Man Infraconstruction's earnings presentation, Oct 29, 2026
Slide 1: NSE filing cover letter
EPC RE A L ESTAT E MAN INFRACONSTRUCTION LIMITED (C IN: L70200MH2002PLC136849) October 29, 2026 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
Slide 2: The Growth Story - Investor Presentation Q2 FY27
MAN INFRACONSTRUCTION LIMITED THE GROWTH STORY INVESTOR PRESENTATION – Q2 FY27 November- 2026 1
Slide 3: Safe Harbor
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 i
Slide 4: Index
CORPORATE OVERVIEW 05 BUSINESS MODEL 12 PERFORMANCE SNAPSHOT 18 INDEX COMPANY FINANCIALS 29 THE GROWTH STORY 33 MICL PORTFOLIO 46 3 MAN INFRACONSTRUCTION LIMITED
Slide 5: Management Commentary
MANAGEMENT COMMENTARY H1 FY27 was a strong half. Revenue grew 30% YoY to ₹484 crore, and profit after tax (PAT) after minority interest grew 21% YoY to ₹134.4 crore. In Q2, revenue grew 57% YoY to ₹266 crore and PAT grew 14% YoY to ₹62.8 crore. Our landmark collaboration with Godrej Properties Group
Slide 6: Corporate Overview
CHAPTER CORPORATE 01 OVERVIEW 5 MAN INFRACONSTRUCTION LIMITED
Slide 7: Top Management
CORPORATE TOP OVERVIEW MANAGEMENT MR. PARAG SHAH MR. MANAN SHAH MR. VATSAL SHAH CHAIRMAN & NON-EXECUTIVE DIRECTOR MANAGING DIRECTOR NON-EXECUTIVE DIRECTOR • 30+ years of solid experience in the construction industry • Founded & scaled MICL Real Estate business • Established MICL Group's presence on
Slide 8: Well Structured Board
CORPORATE WELL STRUCTURED OVERVIEW BOARD MR. ASHOK MEHTA DR . KSHITIJA WADATKAR MRS. KAVITA UPADHYAY MR. RAJIV SHETH SIVARAMAKRISHNAN S . IYER EXECUTIVE DIRECTOR & CFO INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR • 40+ years of experience both in India • 16+ ye
Slide 9: MICL at a Glance: Built to Last
CORPORATE OVERVIEW BUILT MICL AT A GLANCE TO LAST 60+ 60+ 60+ YEARS GROUP LEGACY MILLION SQ. FT. CONSTRUCTION AREA DELIVERED PROJECTS DELIVERED EPC + REAL ESTATE EPC + REAL ESTATE 8 MAN INFRACONSTRUCTION LIMITED
Slide 10: Delivery Track Record
CORPORATE OVERVIEW REAL ESTATE MICL AT A GLANCE INDIA DELIVERY TRACK 20/20 6-30 RECORD PROJECTS MONTHS EARLY COMPLETED ACROSS ALL BEFORE SCHEDULE PROJECTS “Timely Delivery is in our DNA” 9 MAN INFRACONSTRUCTION LIMITED
Slide 11: Sales Velocity
CORPORATE OVERVIEW REAL ESTATE MICL AT A GLANCE INDIA SALES VELOCITY ~90% ~100% INVENTORY SOLD PRIOR INVENTORY SOLD ACROSS TO OC ALL COMPLETED PROJECTS “Buyers don’t wait - they book before we complete” 10 MAN INFRACONSTRUCTION LIMITED
Slide 12: Net Debt Free, CARE A+
CORPORATE OVERVIEW BALANCE MICL AT A GLANCE SHEET CONSOLIDATED FINANCIALS AS ON SEP-26 NET DEBT CARE A+ FREE CONSOLIDATED LEVELS CREDIT RATING STABLE OUTLOOK ₹698 CR LIQUIDITY ₹1,388 CR INVESTED IN OWN PROJECTS BY MICL 11 MAN INFRACONSTRUCTION LIMITED
Slide 13: Business Model
CHAPTER BUSINESS 02 MODEL 12 MAN INFRACONSTRUCTION LIMITED
Slide 14: The MICL Edge
BUSINESS MODEL THE MICL EDGE TRACK MANAGEMENT RECORD CONNECT 20/20 DIRECT PROJECTS DELIVERED SENIOR LEADERSHIP PERSONALLY WE WIN BEFORE TIME MEETS EVERY SOCIETY & LANDOWNER LAND WITHOUT BUYING IT FINANCIAL DEAL Four reasons why STRENGTH STRUCTURE societies and landowners choose MICL ₹698 CR DM | JV
Slide 15: Multiple Income Streams
BUSINESS MODEL MULTIPLE INCOME STREAMS EQUITY DM MARGIN FEE Subsidiary → Full revenue in P&L Charged as % of GDV TWO SEGMENTS. JV → Share of Profit → PAT MULTIPLE INCOME REAL ESTATE STREAMS. PROJECTS EPC INTEREST MARGIN MARGIN Earns Construction Earns interest on Margin due to in-house capital deplo
Slide 16: How We Earn - India Residential
BUSINESS MODEL HOW WE EARN — INDIA REVENUE RECOGNITION PROJECT BY PROJECT RESIDENTIAL ✓ Full revenue in books (Subsidiary) DM = DM Fee only → direct PBT JV = Share of Profit only (not in revenue) MICL Group’s Carpet Area* GDV** Sales / DM Fee / Project Name Location Model Equity Margin EPC Margin PM
Slide 17: How We Earn - Global
BUSINESS MODEL HOW WE EARN — MICL REVENUE RECOGNITION PROJECT BY PROJECT GLOBAL MICL Group’s Carpet Area* GDV Project Name Location Type Units Stake (Lakh sq. ft.) ($ Mn) ONGOING PROJECTS Miami Beach, Ultra Luxury 1250 West Avenue 7.7% 100+ ~3.63 1,000+ Florida, USA Waterfront residences The Ritz-Ca
Slide 18: EPC Portfolio: Executing at Scale
BUSINESS MODEL EPC PORTFOLIO EXECUTING AT SCALE Port infrastructure to industrial, civil & residential 350+ Hectares* (~35 Mn sq. ft.) High-Rise Residential EPC of Port works completed EPC contractor for complex multi-tower residential projects: Major ports across India — - High-rise & mass housing
Slide 19: Q2 & H1 FY27 Performance Snapshot
CHAPTER Q2 & H1 FY27 03 PERFORMANCE SNAPSHOT 18 MAN INFRACONSTRUCTION LIMITED
Slide 20: Share Buyback: Terms and Status
Q2 & H1 FY27 Share Buyback: PERFORMANCE SNAPSHOT Terms and Status Open market buyback S T A T U S A S O N 2 8 th O C T O B E R , 2 0 2 6 BUYBACK TERMS Maximum buyback size ₹169.29 Cr 103.10 lakh ₹127.38 Cr Maximum buyback price Shares bought back Amount of Buyback completed ₹171 per share Buyback op
Slide 21: Marine Lines collaboration with Godrej Properties
Q2 & H1 FY27 NEW PERFORMANCE SNAPSHOT DEVELOPMENT Landmark Collaboration for the sea- facing Marine Lines project with Godrej Properties Group (Godrej) Marine Lines Rs. 6,000+ Cr South Mumbai Overall revenue potential (GDV) ~2.5 acres Rs. 300+ Cr Land parcel Existing investment recouped Transaction
Slide 22: Timely Delivery ahead of schedule
Q2 & H1 FY27 TIMELY PERFORMANCE SNAPSHOT DELIVERY Delivered Excellence ahead of schedule 5.3 L SQ.FT. ₹925+ CR ~95% CARPET AREA GDV SOLD 1 Basement + 2 Podium + 35 floors | 4 Towers CONFIGURATION 1 & 2 Bed Residences YEAR OF LAUNCH YEAR OF COMPLETION SEP 2022 Tower C & D - JUN 2026 45 * MONTHS DELIV
Slide 23: Launched Marina Vista, Pali Hill
Q2 & H1 FY27 NEW PERFORMANCE SNAPSHOT LAUNCH Launched ultra-luxury project – Marina Vista Pali Hill, Bandra West, Mumbai 0.6 L SQ.FT. ₹500+ CR 34% Stake CARPET AREA GDV MICL Group 30% PRE-SALES COMMITMENT ACHIEVED ON LAUNCH Marina Vista, Pali Hill — Artist Impression 22 MAN INFRACONSTRUCTION LIMITED
Slide 24: Q2 & H1 FY27 At a Glance
Q2 & H1 FY27 AT A PERFORMANCE SNAPSHOT GLANCE CARPET AREA SOLD SALES VALUE COLLECTIONS 1.1 LAKH ₹412 CR ₹355 CR Q2 FY27 SQ. FT. 2.0 LAKH ₹702 CR ₹599 CR H1 FY27 SQ. FT. 23 MAN INFRACONSTRUCTION LIMITED
Slide 25: Ongoing Real Estate Projects
Q2 & H1 FY27 REAL ONGOING PERFORMANCE SNAPSHOT ESTATE PROJECTS As on Sep-26 · All projects in Mumbai, MMR Total Area Sold in Area sold as on Area MICL Group Date of Sr. No. Project Name Location Type Model Carpet area Q2 FY27 Sep-26 Unsold Stake Completion$ (L Sq. ft.)* (L Sq. ft.) (L Sq. ft.) (L Sq
Slide 26: Upcoming Real Estate Projects
Q2 & H1 FY27 REAL UPCOMING PERFORMANCE SNAPSHOT ESTATE PROJECTS As on Sep-26 · All projects in Mumbai, MMR MICL Group Total Carpet area Date of Sr. No. Project Name Location Type Model Status Stake (L Sq. ft.)* expected Launch^ Revenue Construction 1 Marine Lines$ Marine Lines 100.0% Residential 6.6
Slide 27: Completed Real Estate Projects
Q2 & H1 FY27 REAL COMPLETED PERFORMANCE SNAPSHOT ESTATE PROJECTS As on Sep-26 · All projects in Mumbai, MMR Carpet Area Construction Sr. Carpet Area * Carpet Area Completion Project Name Location Model Sold Area Storeys Sale Towers Cons. Time Early by No. (L sq. ft.) Unsold (L sq. ft.) Timeline (L s
Slide 28: Infra Order EPC Status
Q2 & H1FY27 INFRA ORDER EPC PERFORMANCE SNAPSHOT STATUS 2022- 2026 BHARAT MUMBAI ₹ 1,800+ Cr CONTAINER TERMINAL TERMINAL 4 — CONTRACT VALUE PSA 95%+ EXECUTED JNPT, MUMBAI As on Sep -26 110 Hectares 27 27 MAN INFRACONSTRUCTION LIMITED
Slide 29: EPC Order Book
Q2 & H1 FY27 ORDER EPC PERFORMANCE SNAPSHOT BOOK EPC ORDER BOOK ₹275 Cr Infra Projects As on Sep-26 • EPC: BMCT Project at Nhava Sheva • PMC: Trident Agro 36% Infra Projects – Residential 110+ Hectares PMC contracts • Aaradhya Avaan (Tardeo), 64% • JadePark (Vile Parle) • Atmosphere Tower G (Mulund)
Slide 30: Company Financials
CHAPTER COMPANY 04 FINANCIALS 29 MAN INFRACONSTRUCTION LIMITED
Slide 31: Consolidated Financial Highlights
Q2 & H1 FY27 CONSOLIDATED COMPANY FINANCIALS FINANCIAL HIGHLIGHTS Strong YoY growth in profitability (PAT): Q2 FY27 - Up 14% | H1 FY27 - Up 21% Particulars (Rs. Cr) Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 Revenue from operations 266.0 169.2 218.3 484.3 372.1 714.7 Real Estate 203.2 106.9 136.8
Slide 32: Consolidated Balance Sheet Highlights
Q2 & H1 FY27 CONSOLIDATED BALANCE AS ON COMPANY FINANCIALS SHEET HIGHLIGHTS Sep-2026 ₹2,415 Cr ₹48 Cr ₹698 Cr Total Equity Incl. NCI Total Borrowings Cash & Cash Equivalents Particulars (₹ Cr) As on Sep-26 As on Mar-26 Equity Share Capital 80.7 80.7 Other Equity 2,291.5 2,185.7 Equity Share capital
Slide 33: Standalone Financial Highlights
Q2 & H1 FY27 STANDALONE FINANCIAL COMPANY FINANCIALS HIGHLIGHTS Particulars (Rs. Cr) Q2 FY27 Q2 FY26 Q1 FY27 H1FY27 H1FY26 FY26 Revenue from operations 123.5 76.9 102.7 226.2 194.4 366.4 Other Income 11.3 13.3 11.6 22.9 45.5 71.3 Total Income 134.8 90.1 114.3 249.1 239.9 437.8 Total Expense 75.0 46.
Slide 34: The Growth Story
CHAPTER THE GROWTH 05 STORY 33 MAN INFRACONSTRUCTION LIMITED
Slide 35: Collection
E"C RIALISTATE COLLECTION 34 34 MAN INFRACONSTRUCTION LIMITED
Slide 36: Real Estate: The Master-Pieces
THE GROWTH STORY REAL ESTATE THE MASTER - PIECES Pali Hill, Vile Parle West BKC Marine Lines, Tardeo, Tardeo, Mulund West Off Bandstand, Juhu 60 Feet, Near Dahisar Bandra West Bandra East South Mumbai South Mumbai South Mumbai Bandra West Ghatkopar East 35 MAN INFRACONSTRUCTION LIMITED
Slide 37: Launch Pipeline
THE GROWTH LAUNCH STORY PIPELINE UPCOMING UPCOMING MICL’S LARGEST - EVER 01 LAUNCHES GDV 02 LAUNCH PIPELINE LAUNCH PHASE ₹9,500+ CR ~11.0 Lakh Sq. Ft. Pali Hill, Bandra GDV ₹500+ Cr Mulund GDV ₹50+ Cr Marine Lines GDV ₹6,000+ Cr Tardeo GDV ₹2,000+ Cr Bandstand, Bandra GDV ₹1,000+ Cr Carpet Area in L
Slide 38: Ongoing Projects Delivery Pipeline
THE GROWTH DELIVERY STORY PIPELINE ONGOING PROJECTS AARADHYA AARADHYA ATMOSPHERE TOWER G 1.0+ MILLION PARKWOOD ONEPARK NEAR DAHISAR GHATKOPAR - EAST MULUND - WEST SQ.FT. Carpet Area Delivery Tower C & D JUN 2026 ~95% Tower A & B ~63% MAR ~80% DEC Planned in the next SOLD DEC 2027 SOLD 2027 SOLD 2027
Slide 39: Sales Pipeline: ₹5,000+ Cr Target
THE GROWTH SALES STORY PIPELINE SCALE.MOMENTUM.AMBITION THE NEXT CHAPTER BEGINS ₹5,000+ CR COMBINED SALES TARGET OVER THE NEXT TWO YEARS – FY27 & FY28 38 Sales Target is indicative and subject to change MAN INFRACONSTRUCTION LIMITED
Slide 40: Vision 2031
VISION 2031 “WE BELIEVE MICL IS ENTERING ITS NEXT PHASE OF GROWTH. WHAT’S COMING WILL REDEFINE THE COMPANY.” MR. MANAN SHAH Managing Director Man Infraconstruction Limited 39 MAN INFRACONSTRUCTION LIMITED
Slide 41: Ambition: ₹35,000+ Cr GDV by 2031
THE GROWTH REAL ESTATE ONGOING & STORY INDIA UPCOMING PROJECTS OUR AMBITION IS CLEAR ₹35,000 + Cr * GDV^ BY 2031 FROM CURRENT ESTIMATED PORTFOLIO GDV OF ₹21,025+ CR 40 *Estimated ^GDV – Gross Development Value MAN INFRACONSTRUCTION LIMITED
Slide 42: Global Opportunity
GLOBAL OPPORTUNITY 41 MAN INFRACONSTRUCTION LIMITED
Slide 43: Global Portfolio - Miami, Florida
THE GROWTH REAL ESTATE MIAMI STORY INTERNATIONAL FLORIDA, USA GLOBAL PORTFOLIO 1250 West Botanic Tigertail Shipping Avenue Avenue Residences Villa Townhomes Miami Beach, Florida Miami, Florida Miami, Florida Miami, Florida 42 MAN INFRACONSTRUCTION LIMITED
Slide 44: Global Portfolio Miami Summary
THE GROWTH REAL ESTATE STORY INTERNATIONAL MIAMI FLORIDA $ 1.4 BN ~6.4 LAKH 236+ USA GROSS SQ.FT. UNIT DEVELOPMENT CARPET INVENTORY VALUE AREA GLOBAL PORTFOLIO Waterfront residences, Apartments and Villas 43 MAN INFRACONSTRUCTION LIMITED
Slide 45: Featured
FEATURED 44 MAN INFRACONSTRUCTION LIMITED
Slide 46: Awards & Recognition
ET NOW REALTY CONCLAVE TIMES REAL ESTATE & AWARDS 2026 CONCLAVE 2025 Iconic Developer Iconic Developer of the Year of the Year Luxury Project of the Year AWARDS & RECOGNITION MCHI CONSTRUCTION CREDAI MCHI EXCELLENCE AWARDS 2025 40 +AWARDS & 2026 The Builders of Rising Star - Legacy & Next Gen Dreams
Slide 47: MICL Portfolio
MICL PORTFOLIO 46 MAN INFRACONSTRUCTION LIMITED
Slide 48: Upcoming Projects
UPCOMING PROJECTS SHAPING TOMORROW, BUILDING BEYOND IMAGINATION 47
Slide 49: Marine Lines
UPCOMING RESIDENTIAL CARPET AREA GDV MARINE LINES South Mumbai 6.6 LAKH ₹6,0 00+ SQ.FT. CRORES AI-generated image. 48
Slide 50: Off-Bandstand
UPCOMING RESIDENTIAL CARPET AREA GDV OFF -BANDSTAND Bandra West 1.0 LAKH ₹1,000+ SQ.FT. CRORES AI-generated image. 49
Slide 51: Tardeo 2.0
UPCOMING RESIDENTIAL CARPET AREA GDV TARDEO 2.O Tardeo, South Mumbai 3.0 LAKH ₹2,0 00+ SQ.FT. CRORES AI-generated image. 50
Slide 52: Ongoing Projects
ONGOING PROJECTS A PRESENT-DAY LEGACY IN THE MAKING 51
Slide 53: Pali Hill, Bandra West
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV Pali Hill, Bandra West 0.6 LAKH XXXXLAKH ₹500+ SQ.FT. CRORES Artistic Impression 52
Slide 54: Tardeo, South Mumbai
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 6.5 LAKH ₹3,000+ SQ.FT. CRORES TARDEO, SOUTH MUMBAI Artistic Impression 53
Slide 55: Aaradhya Parkwood Tower A & B
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 2.3 LAKH ₹425+ SQ.FT. CRORES TOWER A & B 54
Slide 56: Aaradhya OnePark
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 4.3 LAKH ₹1,200+ SQ.FT. CRORES 55
Slide 57: Artek Park, BKC Bandra
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 1.6 LAKH ₹850+ SQ.FT. CRORES BKC, BANDRA 56
Slide 58: JadePark
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 3.5 LAKH ₹1,200+ SQ.FT. CRORES 57
Slide 59: The Global Portfolio
THE GLOBAL PORTFOLIO MIAMI, FLORIDA USA
Slide 60: Ritz-Carlton Residences, Fort Lauderdale
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 2.2 LAKH USD 350+ SQ.FT. MN 59
Slide 61: 1250 West Avenue, Miami Beach
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV 1250 West Avenue 3.6 LAKH USD 1.0+ Miami Beach, Florida SQ.FT. BN 60
Slide 62: Botanic Residences
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV Botanic Residences 0.4 LAKH USD 30+ Miami, Florida SQ.FT. MN 61
Slide 63: Tigertail Villa
ONGOING PROJECTS RESIDENTIAL CARPET AREA GDV Tigertail Villa Miami, Florida 0.1 LAKH USD 12+ SQ.FT. MN 62
Slide 64: Shipping Avenue Townhomes
COMPLETED RESIDENTIAL Shipping Avenue Townhomes Miami, Florida 63
Slide 65: Thank You
MAN INFRACONSTRUCTION LIMITED THANK YOU INVESTOR RELATIONS Company : MICL Go India Advisors Name : Mr. Yashesh Parekh Name : Mr. Rajat Gupta Email : Yashesh@maninfra.com Email : rajat@goindiaadvisors.com
Man Infraconstruction — H1 FY27 Earnings Presentation on 6ix