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Manav Infra Projects Overview

1. Business Overview

Manav Infra Projects Ltd. is an Indian engineering and construction company primarily engaged in providing infrastructure development services. The company specializes in a range of civil construction activities, including the construction of roads, bridges, culverts, earthwork, and other associated infrastructure projects. Its core business model revolves around bidding for and executing government and semi-government contracts, as well as undertaking projects for private clients, largely on a contractual basis. The company generates revenue through successful completion of these projects, receiving payments based on milestones achieved or upon project handover.

2. Key Segments / Revenue Mix

Manav Infra Projects Ltd. primarily operates within a single integrated segment: "Engineering - Construction." Its revenue is predominantly derived from civil construction activities. While specific revenue contribution percentages for sub-categories (e.g., roads vs. bridges vs. earthwork) are not typically segregated and reported as distinct segments, the company's focus remains on general infrastructure construction projects.

3. Industry & Positioning

The Indian engineering and construction industry is highly competitive, characterized by numerous players ranging from large multinational corporations to small and medium-sized enterprises (SMEs). The industry is significantly influenced by government spending on infrastructure, economic cycles, and regulatory policies. Manav Infra Projects Ltd. generally operates as a regional or mid-sized player within this landscape, competing for contracts primarily in its operational regions. Its positioning is typically based on its ability to execute projects within specified timelines and budgets, leveraging local expertise and relationships, rather than being a dominant national player.

4. Competitive Advantage (Moat)

Manav Infra Projects Ltd., like many players in the engineering and construction sector, operates in an industry where strong, durable moats are challenging to establish. Its competitive advantages are primarily operational and relational:

Execution Capability: Demonstrated track record of project execution and delivery.

Local Expertise: Understanding of local regulations, labor dynamics, and supplier networks in its operating regions.

Client Relationships: Established relationships with government bodies and other clients, which can lead to repeat business.

Prequalification: Achieving necessary prequalification criteria for specific types and sizes of government tenders.

However, these advantages are generally less durable than a brand, network effect, or high switching costs, and can be challenged by new entrants or aggressive competitors.

5. Growth Drivers

Government Focus on Infrastructure: India's continued thrust on infrastructure development (roads, highways, urban infrastructure) under various national and state-level programs provides a strong pipeline of projects.

Urbanization & Industrialization: Growing urbanization and industrial activity create demand for supporting infrastructure.

Increased Budgetary Allocation: Higher budgetary allocations by central and state governments for infrastructure spending.

Technological Adoption: Adoption of modern construction techniques and equipment can improve efficiency and allow the company to bid for more complex projects.

6. Risks

Project Delays & Cost Overruns: Inherent risks in construction include unforeseen site conditions, regulatory hurdles, land acquisition issues, and material/labor cost fluctuations, leading to project delays and cost escalations.

Intense Competition & Margin Pressure: The competitive nature of the industry can lead to aggressive bidding, impacting project margins.

Regulatory & Environmental Risks: Changes in government policies, environmental regulations, and obtaining necessary clearances can significantly affect project timelines and viability.

Dependency on Government Contracts: A significant portion of revenue may depend on government tender awards, making it susceptible to changes in government spending priorities or political cycles.

Funding & Liquidity: Access to adequate working capital and project-specific funding is crucial. Delays in payments from clients can impact liquidity.

Economic Slowdown: A general economic slowdown can reduce public and private sector investment in infrastructure.

7. Management & Ownership

Manav Infra Projects Ltd. is typically promoted and controlled by its founding family or a core group of individuals. The promoter group generally holds a significant stake in the company, indicating strong alignment of interests. Management quality is typically assessed by their experience in the construction sector, project execution track record, and ability to navigate industry challenges. Specific details on individual management members' backgrounds would require a deeper dive into their annual reports and public filings.

8. Outlook

Manav Infra Projects Ltd. operates in a sector with significant long-term growth potential, driven by India's ongoing infrastructure development push and government initiatives. The company's experience in executing various civil construction projects positions it to capitalize on these opportunities. However, the outlook is balanced by the inherent risks of the construction industry, including intense competition, the cyclical nature of government spending, and the operational complexities of project execution, which can lead to volatility in financial performance. Sustained growth will depend on its ability to secure new projects profitably, manage operational risks effectively, and maintain healthy working capital cycles in a highly competitive environment.

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Manav Infra Projects Key Financials

Market Cap ₹59 Cr.

Stock P/E 18.2

P/B 6.8

Current Price ₹43

Book Value ₹ 6.3

Face Value 10

52W High ₹45.2

Dividend Yield 0%

52W Low ₹ 11.6

Manav Infra Projects Share Price

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Volume
Price

Manav Infra Projects Quarterly Price

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Manav Infra Projects Peer Comparison

Manav Infra Projects Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

Manav Infra Projects Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 15 16 18 21 16 9 5 5 12 14 24
Other Income 1 0 0 0 0 0 0 0 0 0 0
Total Income 16 16 18 21 16 9 5 5 12 14 25
Total Expenditure 14 15 16 18 12 12 9 7 9 11 19
Operating Profit 2 2 2 3 4 -3 -4 -2 3 3 5
Interest 1 1 1 1 1 1 1 1 1 1 2
Depreciation 1 1 1 1 2 2 2 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 1 1 0 -6 -7 -4 1 2 3
Provision for Tax 0 -0 -0 -0 -0 -0 -0 -0 0 0 -0
Profit After Tax 0 1 1 1 0 -6 -7 -4 1 1 3
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 1 1 1 0 -6 -7 -4 1 1 3
Adjusted Earnings Per Share 0 0 2.1 1.9 0.6 -8.6 -9.6 -6 0.9 1.7 2.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 71% 69% 22% 5%
Operating Profit CAGR 67% 0% 0% 10%
PAT CAGR 200% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 310% 53% 59% NA%
ROE Average 107% 36% -15% -8%
ROCE Average 41% 37% 9% 9%

Manav Infra Projects Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 4 5 6 13 13 7 0 -4 -3 -2 8
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1 2 1 3 6 7 6 5 3 4 6
Other Non-Current Liabilities 0 -0 -1 -1 -1 -1 -2 -2 -2 -2 -2
Total Current Liabilities 6 7 6 6 8 8 8 9 10 9 8
Total Liabilities 11 13 12 21 26 20 13 8 8 9 20
Fixed Assets 2 1 2 4 7 6 4 2 2 2 3
Other Non-Current Assets 1 0 0 1 1 2 1 1 1 1 2
Total Current Assets 8 12 9 17 18 13 8 5 5 6 15
Total Assets 11 13 12 21 26 20 13 8 8 9 20

Manav Infra Projects Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 3 4 4 0 0 0 0 0 0 0 0
Cash Flow from Operating Activities 3 0 -0 -3 4 2 1 1 3 0 3
Cash Flow from Investing Activities 3 -0 -2 -3 -6 -1 2 1 0 -1 -2
Cash Flow from Financing Activities -6 0 -1 6 2 -1 -2 -2 -3 0 7
Net Cash Inflow / Outflow 1 0 -4 -0 -0 -0 0 -0 -0 0 7
Closing Cash & Cash Equivalent 4 4 0 0 0 0 0 0 0 0 7

Manav Infra Projects Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0 0 0 1.85 0.64 -8.64 -9.64 -6.04 0.88 1.69 2.45
CEPS(Rs) 1.65 2.41 3.2 3.37 3.27 -5.49 -7.32 -4.47 1.91 2.43 3.08
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 0 0 0 18.46 19.1 10.08 0.44 -5.6 -4.72 -3.03 6.16
Core EBITDA Margin(%) 3.07 11.58 12.04 15.43 22.71 -33.59 -76.16 -35.58 23.42 22.5 21.69
EBIT Margin(%) 6.9 7.96 10.11 11.74 11.4 -54.8 -107.34 -55.33 18.51 19.32 18.92
Pre Tax Margin(%) 2.5 2.55 4.4 6.02 2.43 -71.11 -133.84 -78.27 6.31 11 12.68
PAT Margin (%) 0.03 3.7 5.71 6.07 2.8 -68.34 -130.48 -76.54 5.01 8.08 13.14
Cash Profit Margin (%) 5.55 7.33 8.86 11.03 14.39 -43.45 -99.06 -56.63 10.94 11.58 16.52
ROA(%) 0.03 4.97 8.12 7.65 1.84 -25.72 -40.88 -39.29 7.35 13.42 22.06
ROE(%) 0.1 13.43 19.35 13.73 3.39 -59.19 -183.22 0 0 0 106.69
ROCE(%) 11.13 17.51 20.76 17.07 8.13 -22.12 -35.98 -30.14 30.01 39.77 40.82
Receivable days 67.78 90.82 106.82 126.42 234.02 362.24 358.13 241.4 106.84 101.94 79.17
Inventory Days 0 0 38.56 52.38 101.15 187.43 237.43 0 0 0 0
Payable days 101.32 812.35 244.35 146.29 -2159.06 281.09 275.11 188.58 333.6 619.52 840.25
PER(x) 0 0 0 5.86 7.29 0 0 0 11.49 11.43 4.29
Price/Book(x) 0 0 0 0.59 0.24 0.4 9.93 0 -2.13 -6.38 1.71
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.05 -0.14 0.29 0.73 0.96 1.71 2.88 3.48 1.49 1.72 0.58
EV/Core EBITDA(x) 0.42 -1.18 2.21 4.36 4.17 -5.73 -3.8 -9.81 6.1 7.55 2.59
Net Sales Growth(%) 23.95 10.81 9.95 15.47 -25.57 -44.39 -41.53 6.75 121.57 19.79 71.18
EBIT Growth(%) -45.59 27.81 39.59 34.16 -27.77 -367.36 -14.53 44.97 174.11 25.03 67.67
PAT Growth(%) -97.86 0 69.52 22.92 -65.69 -1457.1 -11.64 37.38 114.5 93.23 178.39
EPS Growth(%) 0 0 0 -10.09 -65.7 -1457.19 -11.64 37.38 114.5 93.23 44.61
Debt/Equity(x) 0.61 0 0.62 0.52 0.86 1.68 37.63 -3.13 -3.04 -4.53 0.9
Current Ratio(x) 1.45 1.61 1.58 2.6 2.23 1.66 0.93 0.57 0.51 0.74 1.88
Quick Ratio(x) 1.45 1.61 1.26 1.96 1.66 1.09 0.66 0.57 0.51 0.74 1.88
Interest Cover(x) 1.57 1.47 1.77 2.05 1.27 -3.36 -4.05 -2.41 1.52 2.32 3.03
Total Debt/Mcap(x) 0 0 0 0.76 3.05 3.61 3.26 0 1.23 0.61 0.51

Manav Infra Projects Shareholding Pattern

# Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 73.13 73.13 73.13 73.13 73.13 73.13 73.13 68.84 68.84 68.84
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 26.87 26.87 26.87 26.87 26.87 26.87 26.87 31.16 31.16 31.16
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Manav Infra Projects News

Manav Infra Projects Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 36%

Cons

  • Debtor days have increased from 619.52 to 840.25days.
  • Stock is trading at 6.8 times its book value.
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