M&B Engineering Limited order book reaches ₹1,109 crore

M&B Engineering Limited reported ₹1,109 crore of orders on hand at 30 September 2026, 19% above a year earlier, while the first phase of its Sanand expansion added 20,000 metric tonnes per annum and lifted combined pre-engineered building capacity to about 124,000 MTPA.

What is M&B’s current order book and booking momentum?

M&B held ₹1,109 crore of orders on hand at the end of the second quarter of financial year 2027, or Q2FY27, up 19% year on year. The company also reported a four-year compound annual growth rate, or CAGR, of 24.1% in orders on hand between FY22 and FY26, providing a longer-term comparison for the September 2026 balance.

M&B recorded order inflows of ₹441 crore in Q2FY27, an increase of 12% from the year-earlier quarter and 69% from the preceding quarter. The quarterly inflow growth was lower than the 19% rise in orders on hand, while the company did not disclose the opening or closing order-book composition by business segment in the supplied presentation.

The ₹1,109 crore order book compares with revenue from operations of ₹1,260 crore in FY26. M&B said renewables, cold storage, warehousing, railways and agriculture are emerging opportunity areas, but it did not disclose order-book values, project counts or revenue targets for those individual sectors.

How did M&B expand PEB manufacturing capacity?

M&B commenced commercial production from Phase I of its Sanand brownfield expansion in Q2FY27. The phase added 20,000 metric tonnes per annum, or MTPA, taking total pre-engineered buildings, or PEB, capacity across Sanand in Gujarat and Cheyyar in Tamil Nadu to approximately 124,000 MTPA.

The two fixed PEB plants are part of M&B’s design-led manufacturing model for PEBs and complex structural steel components. The company also operates 17 mobile manufacturing units for self-supported roofing systems, a separate delivery model from production at Sanand and Cheyyar.

Both Sanand and Cheyyar hold American Institute of Steel Construction certification, according to M&B. Sanand also holds Canadian Welding Bureau registration, European Certificate EN 1090 and CE certification from TÜV NORD, which M&B said is an important step toward addressing European PEB and structural-steel opportunities.

Which projects and markets is M&B pursuing?

M&B said it secured one large data-centre order and one high-rise-building order during Q2FY27. The company did not disclose the customer, contract value, location, execution timetable or revenue contribution of either order, but described them as additions to its presence in emerging growth segments.

M&B operates across 23 countries, including the US, Canada, Brazil, South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya and Seychelles. It said AISC certification at both plants strengthens its ability to serve the US market, while Sanand’s CE certification supports efforts to expand into Europe.

India accounted for ₹580.33 crore of M&B’s consolidated sales and services in the first half of financial year 2027, or H1FY27, compared with ₹95.44 crore outside India. During the same period, Phenix sales volume was 36,382 metric tonnes and Proflex sales volume was 895,535 square metres, showing activity in both PEB and self-supported roofing operations.

How did M&B’s H1FY27 financial performance change?

M&B’s sales and services increased 24.1% year on year to ₹675.77 crore in H1FY27 from ₹544.51 crore in H1FY26. Q2FY27 sales and services rose 25.4% to ₹384.67 crore, and management described both the quarter and the first half as the company’s highest revenue periods to date.

The table separates sales and services from total revenue from operations, which also includes operative other income. Earnings before interest, tax, depreciation and amortisation, or EBITDA, includes other income under M&B’s presentation.

M&B’s H1FY27 EBITDA rose 12.1% to ₹79.05 crore, while EBITDA margin declined to 11.7% from 13.0% in H1FY26. Profit after tax, or PAT, increased 28.0% to ₹51.39 crore and PAT margin rose to 7.6% from 7.4%, while finance cost fell to ₹5.93 crore from ₹10.04 crore.

What targets and funding deployment has M&B disclosed?

M&B management said it remains confident of delivering revenue growth of more than 25% in FY27. Management linked the outlook to the ₹1,109 crore order book, enquiry pipeline, Sanand capacity expansion and domestic and international opportunities, while its presentation also states that forward-looking statements are not guarantees of future performance.

For the medium term, management targets revenue CAGR of more than 20% over the next three to four years, alongside progressive improvement in profitability. The target follows H1FY27 sales-and-services growth of 24.1%, but the company did not provide a quarterly revenue forecast or a margin target for FY27.

Of ₹135.78 crore of initial public offering, or IPO, proceeds designated for capital expenditure, M&B had used ₹32.34 crore, or 23.82%, at 30 September 2026. Total IPO proceeds utilised were ₹155.27 crore out of ₹259.32 crore, leaving ₹104.05 crore pending utilisation, including ₹103.44 crore for capital expenditure.

Conclusion

M&B combines a ₹1,109 crore order book, 19% year-on-year growth in orders on hand and an additional 20,000 MTPA at Sanand, taking total PEB capacity to about 124,000 MTPA. Its H1FY27 sales-and-services growth of 24.1% outpaced EBITDA growth of 12.1%, resulting in an EBITDA margin of 11.7% compared with 13.0% a year earlier.

The next disclosed markers are management’s target of more than 25% revenue growth in FY27 and more than 20% revenue CAGR over the following three to four years. M&B’s future updates can show whether order inflows continue from the ₹441 crore Q2FY27 level, how the added capacity is deployed, and how the remaining ₹104.05 crore of IPO proceeds is utilised.