Man Infraconstruction Ltd

Meeting details

• No meeting specifics are provided in this excerpt.

Resolutions

• Ordinary: Appoint Vatsal P. Shah as Non-Executive, Non-Independent Director; liable to rotate.
• Special: Appoint Sivaramakrishnan S. Iyer as Independent Director for 5-year term (Aug 12, 2026- Aug 11, 2031).

Outcome

• Outcome: Results to be communicated after postal ballot; not disclosed in this notice.

Governance & Related-Party Context

• Board impact: strengthens governance with independent director appointment.
• Related-party context: Vatsal Shah is son of promoter Parag Shah and brother of Manan Shah.

Director Profiles & Terms

• Vatsal P. Shah: Non-Executive, Non-Independent; appointment effective Aug 12, 2026; promoter family tie.
• Sivaramakrishnan S. Iyer: Independent Director; 5-year term (Aug 12, 2026-2031); eligible for sitting fees.
• Iyer entitled to sitting fees/commission; Shah related-party disclosures noted.

Meeting Details

• Friday, August 21, 2026 at 04:00 PM IST.
• Virtual analyst meet (group) hosted by Go India Advisors.
• Q1 FY27 Virtual Analyst Meet.
• MD and senior management team to participate.
• Discuss Q1 FY27 results with investors.

Increase in MICL Properties LLP stake

• Acquired additional 16% partnership interest in MICL Properties LLP on 17 Aug 2026, now 50% owned.
• Cash consideration of Rs 16,000; fixed capital contribution Rs 1 Lakh.
• MICL Properties LLP engaged in real estate; FY2025-26 turnover Nil.
• Not a related party transaction; promoter group has no interest except MD as designated partner.
• Incorporated 5 Jul 2021 in Maharashtra; turnover Nil in the last three years.

Meeting update

• Cancellation of earnings conference call for Q1 FY2026, scheduled Aug 13, 2026, due to medical exigency.
• Fresh schedule for Analyst/Investors meeting will be announced in due course.

Director retirement and board impact

• Name and designation: Berjis Desai, Non-Executive Non-Independent Director.
• Reason for cessation: did not seek re-appointment upon retirement by rotation.
• Date of cessation: ceased to be Director at AGM conclusion on Aug 12, 2026.
• Board action: vacancy created by retirement will not be filled.

AGM details

• AGM held on 12 August 2026 via VC/OAVM.
• Record date (cut-off) 5 August 2026.

Key resolutions

• Resolution 1: Adopt audited standalone and consolidated financial statements for FY2026.
• Resolution 2: Confirm interim dividends as final for FY2026: Rs 0.45 per share.
• Resolution 3: Re-appoint Ashok M. Mehta as Director (retiring by rotation).
• Resolution 4: Non-appointment of Berjis Desai; vacancy not filled.
• Resolution 5: Ratify remuneration of Rs 97,750 plus taxes to Cost Auditors for FY2027.
• Resolution 6: Appoint Rajiv N. Sheth as Non-Executive Independent Director for 5 years.

Voting results

• Resolution 1: Passed; 179 in favour, 3 against.
• Resolution 2: Passed; 181 in favour, 2 against.
• Resolution 3: Passed; 161 in favour, 22 against.
• Resolution 4: Passed; 177 in favour, 5 against.
• Resolution 5: Passed; 179 in favour, 4 against.
• Resolution 6: Passed; 159 in favour, 24 against.

Dividend

• Final dividend: Rs 0.45 per share for two interim payments.

Director changes

• Ashok M. Mehta re-appointed as Director.
• Berjis Desai not re-appointed; vacancy on Board not filled.
• Rajiv N. Sheth appointed Non-Executive Independent Director for 5-year term.

Auditor appointments

• Cost Auditors remuneration ratified for FY2027: Rs 97,750 plus taxes.

Business Overview

• Core business combines real estate development (own, JV, DM) with in-house EPC contracting.
• Asset-light model with multiple income streams: DM fees, JV profits, and EPC margins.
• Large project launches and international portfolio expansion underpin growth strategy.

Key Operational Highlights

• Q1 FY27 PAT after NCI ₹71.6 Cr; margin 30.5%.
• Aaradhya Parkwood towers delivered; Marina Vista launch achieved 30% pre-sales.
• IOA secured for Berkeley House; Bandra micro-market expansion.
• US portfolio includes 1250 West Avenue, Ritz-Carlton Fort Lauderdale, Botanic Residences.
• EPC order book ₹1,800 Cr; 95% executed as of Jun-26.
• Total ongoing Mumbai MM carpet area ~22.2 Lakh sq ft; GDV ₹18,125 Cr.

Financial Performance

• Total income ₹234.9 Cr; EBITDA ₹71.5 Cr; EBITDA margin 32.8%.
• Real Estate revenue ₹136.8 Cr; EPC revenue ₹81.5 Cr in Q1 FY27.
• PAT after tax after NCI ₹71.6 Cr; PAT margin 30.5%.
• Equity incl. NCI ₹2,409.9 Cr; Cash ₹767.2 Cr; Total borrowings ₹77.8 Cr.
• Interest income ₹22.3 Cr reclassified to Other Operating Revenue.

Capital Structure & Liquidity

• Net cash positive; cash ₹767 Cr, borrowings ₹77.8 Cr.
• Total equity incl. NCI ₹2,409.9 Cr; NCI ₹101.4 Cr.
• EPC order book ₹1,800 Cr as of Jun-26.
• Secured borrowings ₹42.2 Cr; other borrowings ₹35.6 Cr.

Strategic Priorities & Outlook

• Largest-ever launch pipeline; FY27 sales target ₹5,000+ Cr.
• GDV target ₹35,000 Cr by 2031.
• Global portfolio includes USA developments such as Avaan Towers and 1250 West Avenue.
• Berkeley House IOA enhances Bandra micro-market positioning.
• Asset-light model with DM revenue and in-house EPC focus on margins.
• Launch path for Berkeley House in FY27.

Governance & Leadership

• Chairman: Parag Shah; Managing Director: Manan Shah.
• Executive Director & CFO: Ashok Mehta.
• Independent Directors: Dr. Kshitija Wadatkar; Kavita Upadhyay; Rajiv Sheth; Sivaramakrishnan S. Iyer.
• Company Secretary: Durgesh Dingankar.