{"id":29536,"date":"2024-04-29T13:56:30","date_gmt":"2024-04-29T08:26:30","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29536"},"modified":"2024-04-29T15:25:55","modified_gmt":"2024-04-29T09:55:55","slug":"alpha-man-infraconstruction-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-man-infraconstruction-ltd-equity-research-desk\/29536","title":{"rendered":"Alpha | Man Infraconstruction Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock-1024x512.png\" alt=\"\" class=\"wp-image-29546\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/man-infrastructure-ltd-stock.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Man Infraconstruction Ltd. \u2013 A key player in infrastructure development<\/span><\/strong><\/h2>\n\n\n\n<p>Man Infraconstruction Ltd (MICL), established in 2002 and headquartered in Mumbai, is an integrated EPC (Engineering, Procurement &amp; Construction) company renowned for its expertise in various construction segments. With a track record of delivering landmark projects across India, MICL is particularly recognized for its superior quality construction and timely project delivery in the real estate sector.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Market-Data-1.png\"><img loading=\"lazy\" width=\"752\" height=\"502\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Market-Data-1.png\" alt=\"\" class=\"wp-image-29537\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Market-Data-1.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Market-Data-1-300x200.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Product Portfolio of MICL<\/span><\/h2>\n\n\n\n<ul><li><strong>Port infrastructure<\/strong>: Onshore container terminals, land reclamation, operational services.<\/li><li><strong>Commercial &amp; Institutional Constructions<\/strong>: IT parks, office complexes, hotels, malls, schools, hospitals.<\/li><li><strong>Road constructions<\/strong>: Earthwork, paving, electrification, landscaping.<\/li><li><strong>Residential Constructions<\/strong>: High rise buildings, townships, luxury villas.<\/li><li><strong>Industrial Constructions<\/strong>: Factories, cold storages, warehouses, manufacturing units.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/SHP-1.png\"><img loading=\"lazy\" width=\"815\" height=\"303\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/SHP-1.png\" alt=\"\" class=\"wp-image-29539\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/SHP-1.png 815w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/SHP-1-300x112.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/SHP-1-768x286.png 768w\" sizes=\"(max-width: 815px) 100vw, 815px\" \/><\/a><\/figure>\n\n\n\n<ul><li><strong>Subsidiaries:<\/strong> 17 subsidiaries, 3 associate companies, and 1 joint venture as of FY23.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies of MICL<\/span><\/h2>\n\n\n\n<ul><li>Diversified business model encompasses Engineering, Procurement, and Construction (EPC) alongside Real Estate Development.<\/li><li>EPC segment generates income from infrastructure projects like ports, institutional buildings, and residential projects.<\/li><li>Potential for additional income through Project Management Consultancy (PMC) fees.<\/li><li>Emphasis on an asset-light approach through subsidiaries, joint ventures, and associates.<\/li><li>Upcoming projects include ultra-luxurious residential ventures in Mumbai and redevelopment projects.<\/li><li>International expansion with investments in the US market, including projects in Fort Lauderdale and Miami.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Highlights of MICL<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-1890-crore-1.png\"><img loading=\"lazy\" width=\"633\" height=\"481\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-1890-crore-1.png\" alt=\"\" class=\"wp-image-29547\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-1890-crore-1.png 633w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-1890-crore-1-300x228.png 300w\" sizes=\"(max-width: 633px) 100vw, 633px\" \/><\/a><\/figure>\n\n\n\n<h3><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q3FY24 Performance<\/span><\/h3>\n\n\n\n<ul><li>Revenue: Rs.242 crore, reflecting a 47% decline compared to Q3FY23.<\/li><li>Operating Profit: Recorded at Rs.103 crore, marking a 20% decrease from Q3FY23.<\/li><li>Net Profit: Stood at Rs.87 crore, with a marginal 4% decline.<\/li><li>Noteworthy Improvement: Operating profit margin increased to 43%, and net profit margin rose to 36%, up from 28% and 20% respectively in Q3FY23.<\/li><li>Quarter-over-Quarter Growth: Compared to the previous quarter (Q2FY24), revenue increased by 13%, operating profit surged by 61%, and net profit improved by 34%.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Ratios-1.png\"><img loading=\"lazy\" width=\"750\" height=\"347\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Ratios-1.png\" alt=\"\" class=\"wp-image-29542\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Ratios-1.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Ratios-1-300x139.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h3><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY20-23)<\/span><\/h3>\n\n\n\n<ul><li>Compound Annual Growth Rate (CAGR): MICL has achieved a commendable revenue and Profit After Tax (PAT) CAGR of 24% and 31% respectively over the period from FY20 to FY23.<\/li><li>Return on Equity (ROE) &amp; Return on Capital Employed (ROCE): The average 5-year ROE and ROCE stand at around 14% and 18% respectively for the FY18-23 period.<\/li><li>Strong Balance Sheet: MICL boasts a robust debt-to-equity ratio of 0.18, indicating a healthy financial position and efficient capital management.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Margins-1.png\"><img loading=\"lazy\" width=\"745\" height=\"214\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Margins-1.png\" alt=\"\" class=\"wp-image-29543\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Margins-1.png 745w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Margins-1-300x86.png 300w\" sizes=\"(max-width: 745px) 100vw, 745px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry Outlook<\/span><\/h2>\n\n\n\n<ul><li>The infrastructure sector remains pivotal for India&#8217;s economic advancement, spearheading comprehensive development initiatives.<\/li><li>Government focus on policy implementation ensures the time-bound creation of top-tier infrastructure, driving economic growth.<\/li><li>The construction market is poised to expand significantly, expected to reach US$ 1.42 trillion by 2027.<\/li><li>Urbanization trends indicate a burgeoning demand for housing, with an estimated 600 million urban dwellers by 2030.<\/li><li>Infrastructure development acts as a catalyst, fostering growth in ancillary sectors like townships, housing, and construction projects.<\/li><li>Robust growth is forecasted, with a projected CAGR of 17.26% during the 2022-2027 period, signaling ample opportunities for sectoral expansion.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li>Government initiatives like the National Infrastructure Pipeline and Make in India.<\/li><li>Budget allocation of Rs.10 lakh crore for infrastructure.<\/li><li>100% FDI in completed construction projects.<\/li><\/ul>\n\n\n\n<h3><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/strong><\/h3>\n\n\n\n<p>Compared to competitors like Macrotech Developers Ltd, NCC Ltd etc, MICL has the following advantages:<\/p>\n\n\n\n<ul><li>Superior undervalued stock with consistent sales growth.<\/li><li>Effective utilization of capital compared to competitors.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Peers-1.png\"><img loading=\"lazy\" width=\"1024\" height=\"154\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Peers-1-1024x154.png\" alt=\"\" class=\"wp-image-29544\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Peers-1-1024x154.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Peers-1-300x45.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Peers-1-768x116.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Peers-1.png 1372w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>Indian real estate sector expected to grow to $1 trillion by 2030, comprising 13% of India\u2019s GDP by 2025.<\/li><li>MICL poised for growth with a real estate sales visibility of Rs.12,000 crore from FY24 launches and upcoming projects.<\/li><li>Niche in redevelopment and cluster projects promises better returns on capital.<\/li><li>Track record of delivering projects ahead of schedule with superior quality and execution.<\/li><li>Active addition of new projects with faster completion pace and ongoing project fund raise.<\/li><li>Series of projects slated for launch next year, including Pali Hill, Kala Nagar, Marine Lines, Ghatkopar, Dahisar, and Goregaon.<\/li><li>Holding a substantial EPC order book of Rs.1,047 crore, indicating a robust pipeline for future revenue.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/image-17.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/image-17-1024x712.png\" alt=\"\" class=\"wp-image-29545\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/image-17-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/image-17-300x209.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/image-17-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/image-17.png 1225w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<ul><li>Favorable economic fundamentals and positive consumer sentiments driving real estate sector growth.<\/li><li>MICL&#8217;s healthy balance sheet and expanding order book indicate steady growth potential.<\/li><li>BUY rating with a target price of Rs.254 30x FY25E EPS.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li>Geographic concentration in Mumbai and MMR may lead to sales impact due to delays or inventory accumulation.<\/li><li>A rise in input costs and regulatory changes could affect margins and cash flow.<\/li><\/ul>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Man+Infraconstruction+Ltd+-+Apr+2024.docx+(3).pdf\" target=\"_blank\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 26 Apr 2024)<\/span><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Recap-1.png\"><img loading=\"lazy\" width=\"1024\" height=\"219\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Recap-1-1024x219.png\" alt=\"\" class=\"wp-image-29548\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Recap-1-1024x219.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Recap-1-300x64.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Recap-1-768x164.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/04\/Recap-1.png 1154w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-petronet-lng-ltd-equity-research-desk\/29484\">Petronet LNG Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-kpr-mill-ltd-equity-research-desk\/29457\">KPR Mill Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-nmdc-ltd-equity-research-desk\/29391\">NMDC Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-narayana-hrudayalaya-ltd-equity-research-desk\/29282\">NH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Man Infraconstruction Ltd. \u2013 A key player in infrastructure development Man Infraconstruction Ltd (MICL), established in 2002 and headquartered in Mumbai, is an integrated EPC (Engineering, Procurement &amp; Construction) company renowned for its expertise in various construction segments. With a track record of delivering landmark projects across India, MICL is particularly recognized for its superior [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":29546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,746,1033,745,897,892,1043,1044,648,522,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stock Analysis on Man Infraconstruction Ltd (MICL) - ALPHA<\/title>\n<meta name=\"description\" content=\"MANINFRA, the stock name of Man Infra Construction Ltd (MICL) is an integrated EPC Company renowned for its expertise in various construction segments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-man-infraconstruction-ltd-equity-research-desk\/29536\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stock Analysis on Man Infraconstruction Ltd (MICL) - 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