MANINFRANSEQ4 FY26May 18, 2026

Man Infraconstruction Limited

4,848words
46turns
7analyst exchanges
4executives
Management on call
Manan Shah
Managing Director
Vatsal Shah
Director –MICL global
Ashok Mehta
Director and Group CFO
Yashesh Parekh
DGM Investor Relations &
Key numbers — 40 extracted
1 million
r growth phase for the company. Over the next 6 to 18 months, MICL Group expects delivery of over 1 million square foot of carpet area across multiple ongoing developments. At Aaradhya Parkwood Near Dahisa
90%
tly, the overall project comprising of more than 1,000 units across four towers is already nearly 90% sold out. In our flagship project, Aaradhya Avaan at South Mumbai, we have achieved an important
rs,
ime lines within our portfolio. That project is spread across approximately 3.2 acres with 11 towers, 17 stories and two basement levels each. The project is expected to be completed by March 2027 wit
70%
very well and is expected to be completed over the next 18 months. The 47-story tower is already 70% sold out. We expect to generate strong operating cash flows over the next term with the delivery
INR 5,600 crore
27. The company expects ongoing and upcoming launches of its multiple projects approximately of INR 5,600 crores GDV situated across multiple landmark locations like Marine Lines, Tardeo, BKC, Pali Hill. With
INR5,000 crore
, the company has set an ambition combined sales target over next 2 years, FY27 and FY28, of over INR5,000 crores, supported by both upcoming launches and continued momentum across ongoing developments. Aarad
INR2,000 crore
n South Mumbai through a new project addition at Tardeo, having an estimated GDV of approximately INR2,000 crores and saleable area carpet of nearly 3 lakh square feet. With this addition, MICL South Mumbai por
3 lakh
rdeo, having an estimated GDV of approximately INR2,000 crores and saleable area carpet of nearly 3 lakh square feet. With this addition, MICL South Mumbai portfolio now represents a total combined gros
INR8,000 crore
tion, MICL South Mumbai portfolio now represents a total combined gross development value of over INR8,000 crores and a development footprint of approximately 5.7 million square feet across Tardeo, Marine Lines
5.7 million
ined gross development value of over INR8,000 crores and a development footprint of approximately 5.7 million square feet across Tardeo, Marine Lines together. This position MICL meaningfully with some of th
1 billion
y stake in a luxury residential property situated at West Avenue with an estimated GDV of over US$1 billion. The project shall have over 100 units with waterfront view located at Miami Beach, Florida in th
1.4 billion
lorida. As of today, MICL Global has a portfolio with estimated aggregate GDV of approximately US$1.4 billion across ongoing and one completed development. Moving to our next engine of growth, the EPC busi
Guidance — 20 items
Manan Shah
opening
“FY26 was an important year in MICL's journey, where the company was focused on closing marquee project acquisitions, continuing healthy sales momentum and completing the consolidation phase across several ongoing residential developments.”
Manan Shah
opening
“FY27 has also begun on a strong note for the company, and we aim to achieve the best ever sales in the real estate business.”
Manan Shah
opening
“We believe we are entering the next chapter of growth with the largest ever launch pipeline in FY27, a strong sales ambition set over the next 2 years from its ongoing and upcoming developments and improving execution visibility across projects.”
Manan Shah
opening
“More importantly, the overall project comprising of more than 1,000 units across four towers is already nearly 90% sold out.”
Manan Shah
opening
“In our flagship project, Aaradhya Avaan at South Mumbai, we have achieved an important milestone by delivering the 38-story members tower in less than 2.5 years of time, which is also one of our new records, which MICL Group has done.”
Manan Shah
opening
“That project is spread across approximately 3.2 acres with 11 towers, 17 stories and two basement levels each.”
Manan Shah
opening
“The project is expected to be completed by March 2027 with approximately 3.2 years of commencement work.”
Manan Shah
opening
“In Mulund, our Atmosphere O2 project in which Tower G, representing the third phase of Atmosphere's development, is also progressing very well and is expected to be completed over the next 18 months.”
Manan Shah
opening
“We expect to generate strong operating cash flows over the next term with the delivery of these developments.”
Manan Shah
opening
“Another important highlight I would like to state is in MICL Group, the strongest ever launch pipeline is coming in FY27.”
Risks & concerns — 1 flagged
Second question is that do you see risk that the sharp rise in ultra-luxury launches across South Mumbai could create any inventory overhang over the next 3 to 5 years?
— Rachna Mehta
Q&A — 7 exchanges
Q
Sir my first question is the reported revenue was about INR630 crores. Can you please provide a detailed project-wise reconciliation between cumulative bookings, collections, percentage completion and revenue recognized till date across the projects?
Yashesh Parekh
Rachana, Yashesh this side. On the revenue recognition aspect, I would request you that we can help for the details post the con call. Okay. Okay. Second question is that do you see risk that the sharp rise in ultra-luxury launches across South Mumbai could create any inventory overhang over the next 3 to 5 years? So Rachana, this is Mr. Shah here. Regarding the overall market perspective, Mumbai, a couple of decades back when it was on a cusp of the first-time development, there were similar trajectory things observed that how will Mumbai sustain so much of inventory piling up. We see a simil
Q
Sir, I wanted to understand like you stated INR13,300 crores balance sales visibility. So how much pertains to already sold inventory awaiting revenue recognition versus unsold future inventory?
Manan Shah
So out of INR17,000 crores, INR13,000 crores approximately is the unsold inventory, which is targeted to be launched in the next few years' time, depending on the project stage. So out of INR13,000 crores, everything is unsold. But out of INR17,000 crores, nearly INR4,000 crores is already sold. Okay. And also like what is the expected annual revenue recognition trajectory for FY27, '28 and '29? See, in terms of compared to this year, we are expecting nearly around 35% to 40% of growth in terms of revenue recognition because this is the year, like I said, where almost 1 million square feet of
Q
Sir, this FY25 was one of the best years for Man Infra. So, if we take a slightly longer-term view, say, FY28, so can we see a repeat of that FY25 best numbers, which the company produced? Any color on this?
Manan Shah
Yes. So if you see the growth side of it, this year is a year -- last year was a year when we had a lot of acquisitions coming up. This is the year when all these acquisitions will be fruitful and launches would be coming in. So in the next -- that's why we've given a Vision 2031, where we are seeing an excellent growth in terms of top line, bottom line. And we've also expanded our horizon in Mumbai in terms of going to Bandra, BKC and multiple locations. So these high-end projects will definitely yield better margins also. And regarding the indication for the FY25 number, we are having confid
Q
Sir, just one question from my end. You mentioned in the presentation that you look to double your GDV over the next 5 years from the current base. So, what is the kind of business development that we will require to do in the next 3 to 4 years to achieve this?
Manan Shah
We are currently speaking to nearly more than 10-plus housing societies across Mumbai, a lot of which is at the final negotiation stage or the final presentation stage. So we are confident to win multiple out of these negotiations that have been going on. Secondly, the quantum of these projects are much larger than the previous projects, which we are on the verge to complete. So, for example, if you have seen Tardeo project, the new Tardeo 2.0 stand-alone building is a INR2,000 crores project. So, these are the kind of projects which we intend to add on to in the near future, which will result
Q
Congratulations to management for the year that just concluded. My question is more around the upcoming launches, specifically the Marine Lines project. If you could add some color on around what time we can expect that launch? I know that you have mentioned FY27, but just wanted to get some idea on that specific project.
Manan Shah
So Marine Lines project, the entire land is now vacated. The existing members have been relocated. Construction for the rehab tower and the sale tower has already begun where we have received the IOD and CC for the same. The launch is targeted to be done during the festive season. So this Diwali is when we have targeted with a brand-new experience center sales office basically. So we intend to do -- see, we are waiting right now where the situation globally, which is changing the sentiments of customers. We don't want any implications to drop on the pricing or we don't want any implication whe
Q
So, my question is, do you think that redevelopment projects in Mumbai are currently at their most profitable stage because the property prices are very strong, while the borrowing costs are still manageable? Or do you believe this cycle is different from past real estate up cycles?
Manan Shah
If you're asking me this question as a member, how will I be benefited as a member? For instance, if I have to answer, this is the golden years of redevelopment is what I would say, where the existing tenants or members are getting the best benefit out of it, not just because of the pricing, I would say. Mumbai's pricing has more or less been a flat line apart from a few specific locations, which we see in the press and media getting harped upon. But Mumbai pricing has been more or less stagnant. The thing what has gone up is the FSI. So if you see the policies the way they've been drafted, be
Q
Thank you, everyone, for joining the conference call of Man Infra. If you have any questions, you can reach out to us. Thank you.
Management
Speaking time
Manan Shah
17
Moderator
9
Rachna Mehta
6
Athar Syed
4
Yashesh Parekh
3
Ritwik Sheth
3
Subho Mukharji
3
Rau Thakur
1
Opening remarks
Yashesh Parekh
Yes. Good evening, everyone, and a warm welcome to each one of you attending the earnings call of Man Infraconstruction Limited for the period of Q4 and FY26. Today, we have with us Mr. Manan Shah, the Managing Director of MICL Group; Mr. Vatsal Shah, Director, MICL Global; and Mr. Ashok Mehta, Director and Group CFO. I would request all the participants to keep the discussion strategic in nature. If you have any specific data-related questions, I would request you to get in touch with us post the con call. Thank you. Now without taking much time, I would request Mr. Manan Shah to brief you all on the company's performance and business outlook. Over to you, Mr. Shah.
Manan Shah
Good afternoon, everyone, and thank you for joining us today for the quarter 4 and FY26 earnings conference Call of Man Infraconstruction Limited. I hope all of you and your families are doing well. FY26 was an important year in MICL's journey, where the company was focused on closing marquee project acquisitions, continuing healthy sales momentum and completing the consolidation phase across several ongoing residential developments. FY27 has also begun on a strong note for the company, and we aim to achieve the best ever sales in the real estate business. We believe we are entering the next chapter of growth with the largest ever launch pipeline in FY27, a strong sales ambition set over the next 2 years from its ongoing and upcoming developments and improving execution visibility across projects. We would also see a significant part of our development portfolio gradually move into stronger revenue recognition in the upcoming years. In many ways, this year represents an inflection poin
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