M&B Engineering Limited IPO

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M&B Engineering Limited is one of India’s leading players in the Pre-Engineered Buildings (PEBs) sector, specializing in the manufacturing and installation of PEB structures and self-supported steel roofing solutions. The company has a strong market presence, with an installed capacity of 103,800 MTPA for PEBs and 1.8 million square meters per annum for self-supported roofing as of March 31, 2025.

Business Structure

M&B Engineering operates through two main divisions:

a) Phenix Division: This division provides comprehensive PEB solutions, including design, engineering, manufacturing, and erection of PEB structures and complex structural steel components.

b) Proflex Division: This division manufactures and installs self-supported steel roofing solutions for projects across India, using mobile manufacturing units to cater to a wide geographic region.

Product Portfolio and Services

The company offers a wide range of specialized products and services, including:

1. PEB Structures: Comprehensive solutions for industrial and infrastructure projects, including engineering, manufacturing, and erection of pre-engineered metal buildings.

2. Self-Supported Roofing: Solutions for roofing needs in industries such as manufacturing, warehousing, logistics, and infrastructure.

3. Complex Structural Steel Components: Manufacturing steel components for bridges, flyovers, power plant structures, and other industrial applications.

4. Turnkey Solutions: The company offers project design, engineering, manufacturing, and erection as turnkey solutions tailored to customer requirements.

Track Record and Market Presence

M&B Engineering has completed over 9,500 projects across India and internationally, serving diverse sectors such as general engineering, manufacturing, food and beverages, power, textiles, and railways. With a strong order book, the company is well-positioned to cater to the growing demand in the PEB and roofing sectors.

Manufacturing Infrastructure

The company operates two state-of-the-art manufacturing facilities in Sanand, Gujarat and Cheyyar, Tamil Nadu, with a combined installed capacity of 103,800 MTPA for PEB structures. Additionally, the Proflex Division operates 14 mobile manufacturing units for self-supported roofing, allowing the company to serve a wide geographical area efficiently.

Customer Base and Relationships

M&B Engineering has built long-term relationships with numerous notable customers across industries. Some of its key clients include Adani Green Energy, Tata Advanced Systems, Alembic Pharmaceuticals, and Intas Pharmaceuticals. The company has a solid reputation for delivering high-quality solutions, which has resulted in repeat orders from its customers.

Objects of the M&B Engineering Limited IPO:

Company proposes to utilise the Net Proceeds towards funding of the following objects: 1. Funding the capital expenditure requirements for the purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at Manufacturing Facilities (₹130.5 crore) 2. Investment in information technology (“IT”) software upgradation by theCompany (₹5.2 crore) 3. Re-payment or pre-payment of term loans, in full or in part by the Company (₹58.7 crore) 4. General corporate purposes
DRHP of M&B Engineering Limited IPO
RHP of M&B Engineering Limited IPO

M&B Engineering Limited IPO Details:

Open Date: Jul 30 2025
Close Date: Aug 01 2025
Total Shares: 1,68,83,116
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 650 Cr.
Lot Size: 38 Shares
Issue Price: ₹ 366 - 385 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Hemant Ishwarlal Modi is the Non-Executive Chairman and Independent Director of the Company. He holds a Bachelor’s degree in Civil Engineering and a Master’s degree in Science (Civil Engineering) from Rutgers State University. He has over 35 years of experience in the engineering sector and has been associated with the Company since April 2, 2024. He previously held positions as Vice Chairman and Managing Director at JMC Projects (India) Limited (now amalgamated with Kalpataru Projects International Limited) and as a Director at Sai Consulting Engineers Private Limited. 2. Chirag Hasmukhbhai Patel is the Joint Managing Director of the Company. He holds a Bachelor’s degree in Civil Engineering from Gujarat University. With over 31 years of experience in the pre-engineered buildings, roofing, construction, and manufacturing sectors, he oversees overall operations, including techno-commercial and strategic functions. He has been associated with the Company since May 1, 1993. 3. Malav Girishbhai Patel, is the Joint Managing Director of the Company. He holds a Bachelor’s degree in Science (Economics and Business Administration) from Saint Mary’s College of California. With over 24 years of experience in the pre-engineered buildings, roofing, construction, and manufacturing sectors, he manages sales, marketing, human capital, and administration. He has been with the Company since February 1, 2001.

Financials of M&B Engineering Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 988.50 795.00 880.40
EBITDA 126.3 79.6 66.4
EBITDA Margins 12.78% 10.01% 7.54%
PAT 77 45.6 32.8
PAT Margins 7.73% 5.65% 3.70%
ROCE 24.80% 19.17% 19.70%
Debt to Equity Ratio(In Times) 0.33 0.45 0.13
Operating Cash Flows 35.5 5.6 2.89

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
M & B Engineering Limited 988.50 126.3 7.73% 24.80% 0.33 2199.99 28.57
Pennar Industries Limited 3227 9.61% 3.70% 16% 0.81 3,143 26.4
Bansal Roofing Products Limited 96.6 10% 5.73% 22.40% 0.15 160 28.9
BirlaNU Limited 3615 2% -2.47 -2.58% 0.79 1704 IN LOSS
Everest Industries Limited 1723 1.74% -0.69% 0.72% 0.44 858 IN LOSS
Interarch Building Products Limited 1454 9.37% 7.52% 23.60% 0.03 3694 34.2

Lead Manager of M&B Engineering Limited IPO:

  1. DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
  2. Equirus Capital Private Limited

Registrar of M&B Engineering Limited IPO:

  1. MUFG Intime India Private Limited

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