Meghna Infracon Infrastructure Ltd

Admission to NSE trading

• Securities admitted to trading on NSE Capital Market effective August 17, 2026.
• Permission: NSE/CML/75748 (Aug 14, 2026) with Circular 1355/2026.
• ISIN INE898Q01015; face value Rs 10; total equity shares 21,723,750.
• Market lot: 1 share.
• Company remains listed on BSE; NSE is an additional trading venue.
• Reference: MIIL equity securities designated EQ series, symbol MIIL.

Q1 FY27 highlights

• Revenue from operations for Q1 FY27: Rs 84.38 million.
• EBITDA for Q1 FY27 was Rs 9.30 million with 11.03% margin.
• PAT for Q1 FY27 stood at Rs 5.67 million with 6.72% margin.
• EPS for Q1 FY27 was Rs 0.25.
• Development pipeline GDV for ongoing projects: Rs 32,830 million.
• Upcoming launches through December 2026 add Rs 8,400 million GDV.
• Management expects launches through Dec 2026 to sustain growth.

Key highlights

• Q1 FY27 revenue from operations: Rs 84.38 million.
• EBITDA: Rs 9.30 million with 11.03% margin.
• PAT: Rs 5.67 million with 6.72% margin; EPS Rs 0.25.
• Near-term softness, but ongoing projects progressed and execution disciplined.
• Ongoing projects GDV Rs 32,830 million; upcoming launches GDV Rs 38,400 million.
• Focus on execution, customer-centric development, and expanding project portfolio.

Meeting basics

• Board Meeting filing identified for Meghna Infracon Infrastructure Ltd (538668).

Milestone: Riviera OC and handovers

• Riviera redevelopment in Goregaon West received Occupation Certificate in 16 months from First CC.
• Project spans ~40,000 sq ft Ground+9-storey residential building.
• More than 35 families have taken possession.
• Delivery emphasized disciplined execution and timely possession to residents.

Project details

• Meghna One spans 2.8 lakh sq ft with GDV about ₹2,300 crore.
• 17-storey biophilic, IGBC Gold-certified tower in Wagle Estate, Thane.
• Flexible offices from 569 sq ft to 10,500 sq ft per floor.
• Launch event held July 15, 2026.
• Development partner: Fomento Realty; ~1,000+ businesses expected.
• Strategic entry into large-format Grade-A commercial real estate.
• IGBC Gold certification underscores sustainable development.
• Well-connected via Eastern Express Highway; near Thane Railway Station; Metro Lines 4 & 5 planned.

Regulation 74(5) status

• Regulation 74(5) not applicable for quarter ended 30 June 2026 as all shares remain in demat form.
• No dematerialisation/rematerialisation requests were received during the quarter.

FY26 performance

• FY26 revenue from operations rose 15.84% to ₹46.2 crore.
• Q4 FY26 revenue rose 52.47% year-on-year to ₹18.48 crore.
• FY26 collections grew 36.69% to ₹24.92 crore.
• FY26 book-to-value stood at ₹35.2 crore, up ₹6.92 crore year-on-year.
• FY26 PAT was ₹5.59 crore, down 4.28% year-on-year.
• FY26 EBITDA margin declined to 22% from 29%.

Projects and pipeline

• Ongoing projects have combined GDV of about ₹280 crore across 290,000 square feet.
• Next launches add over ₹600 crore GDV by September 2026.
• Upcoming portfolio across Mumbai and adjoining markets exceeds ₹2,100 crore GDV.
• Confirmed and awaiting-signup projects cover about 1 million square feet and over ₹1,000 crore GDV.
• Wagle Estate commercial project is ready for launch, with RERA expected by end-June.
• Khar launch is delayed by pending approvals; bookings may start in Q2 FY27.
• Bandra West launch is targeted for Q2 FY27.
• Juhu launch may slip from Q1 FY27 to Q2 FY27.

Operations and outlook

• Riviera has one unsold unit and is expected to receive OC within a month.
• Rivaan has six unsold units, including bookings not yet registered.
• Pranam bookings are converting at about 30% to 35% this quarter.
• Manju Villa has three unsold units, expected to register over the next two quarters.
• Joshville has about 15% inventory left and nearly 70% pre-sales of total GDV.
• Average realization improved from ₹46,822 to ₹52,571 per square foot.
• Pre-sales typically convert 20% to 30% of inventory at launch.
• Management expects the GDV pipeline to roughly double over the next two years.

Q&A Highlights

• Analysts asked about realization growth; management said premium mix and maturing projects lifted collections.
• Analysts asked about unsold inventory; management said most units are registered bookings awaiting conversion.
• Analysts asked about FY27 launches; management said approvals are pending, with several launches in FY27.
• Analysts asked about steel and cement volatility; management said it prefers fixed-price contracts.
• Analysts asked about Kandivali funding; management said the project is self-funded, with debt possible.
• Analysts asked about redevelopment versus land acquisition; management said redevelopment will dominate for three to five years.
• Analysts asked about annual project additions; management said the ₹2,100 crore GDV pipeline should double in two years.
• Analysts asked about demand in Mumbai micro-markets; management said demand remains constant, while supply affects absorption.
• Analysts asked about PAT decline; management said prior-year carry-forward profits had reduced.
• Analysts asked about negative operating cash flow; management said it reflects debt-zero policy and project investments.