The call ran from 4:31 PM to 5:13 PM IST (42 min).
Key takeaways
Revenue rose 25.4% to ₹385 Cr, but EBITDA grew only 17.6%, so margins slipped. Order book reached ₹1,109 Cr (+19%). Management hedged on margin recovery and gave no data-centre order size.
| Management target | Revenue 20.0% FY27 |
|---|
| Revenue growth | Revenue +25.4% YoY to ₹385 Cr; H1 +24.1%; order-execution driven. |
|---|---|
| Margins | EBITDA margin ~11.2% vs ~12.1% YoY; H1 gross margin ~32%. |
| Order book | ₹1,109 Cr, +19% YoY; Phoenix 79%, Proflex 21%; excludes post-Q2 wins. |
| Demand visibility | Inquiry pipeline strong; 2.5 lakh tons domestic and 40-50k tons export inquiries. |
| Management confidence | Balanced-to-optimistic; hedges margins with 'endeavour' and 'targeting' language. |
Growth
Revenue +25.4% YoY vs EBITDA +17.6%, implying ~90bp margin contraction; Proflex +37% led growth.
Outlook
Guides 20-25% FY27 revenue growth; 20%+ CAGR over 3-4 years; PEB capacity to 154,000 MT by Q3 FY28.
Risks
Freight and steel costs remain above costing; data-centre and high-rise order sizes undisclosed; H2 margin recovery unquantified.
Last quarter's promises, checked
Delivered
- Guided 25%+ growth → Q2 +25.4% (= BEAT)
Partly delivered
- Guided Sanand +20k MT by Oct-26 (72k→92k) → listed as new launch; commissioning timing unconfirmed (= PARTIAL)
- Guided ~₹100 Cr/month PEB intake → net order book +₹56 Cr QoQ (₹1,053→₹1,109 Cr); gross intake not disclosed (= PARTIAL)
Missed
- Guided FY27 >25% rev growth, ~₹1,600 Cr → H1 +24.1%, FY cut to 20–25% (= MISS)
- Guided margin improvement over 11–11.5% op. EBITDA → Q2 ~11.2% vs ~12.1% YoY (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
M & B Engineering Q2 FY27 Results: Net Profit ₹29.5 Cr, Up 32.9% YoY
M & B Engineering Ltd reported revenue from operations of ₹384.7 Cr (+25.4% YoY) and net profit of ₹29.5 Cr (+32.9% YoY) for Q2 FY27.
- Key figure
- Net profit ₹29.5 Cr · +32.9% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Order book stands at ₹1,083 Cr (+35% YoY); ₹33 Cr capex incurred for capacity augmentation; targeting renewable and warehousing sectors.
Growth they described
FY26 Revenue grew 27.4% to ₹1,260 Cr; EBITDA rose 16.7% to ₹157 Cr; PAT grew 20.2% to ₹93 Cr.
Call details
| Company | M & B Engineering Limited |
|---|---|
| NSE symbol | MBEL |
| ISIN | INE08N601015 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 5 November 2026 |
| Time | 4:30 PM IST |
| Length | 42 min |
| Audio | Our stream on YouTube ↗ |
M & B Engineering Limited: key numbers
- Share price
- ₹290.35
- Market cap
- ₹1,660 Cr
- Revenue (annual)
- ₹1,260 Cr
- Net profit (annual)
- ₹92.64 Cr
- P/E (TTM)
- 16.0×Sector 17.2×
- Promoter holding
- 70.60%-0.01% QoQ
- FII holding
- 0.17%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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