M&B Engineering IPO: Price, Analysis, And GMP

M&B Engineering IPO - Company Analysis

M&B Engineering IPO, a Mainboard IPO, is a bookbuilding of Rs. 650 Cr (1.68 Cr Shares) by M&B Engineering Ltd. The company was incorporated in 1981 and is engaged in the Pre-Engineered Buildings and Self-Supported Roofing facilities. They provide self-supported steel roofing solutions on-site in India.

The Company has extended its solutions to customers across sectors such as general engineering, manufacturing, food and beverages, warehousing, logistics, power, textile, and railways.

It operates two manufacturing facilities located in Gujarat and Tamil Nadu with an aggregate PEB production capacity of 103,800 MTPA.

Since Fiscal 2010, the Company has been exporting PEBs and structural steel components to about 22 countries.

 

Services-

Phenix Division: Using cutting-edge software and machinery, the company's Phenix Division provides integrated manufacturing solutions, including PEB design, engineering, and production, to guarantee client projects are efficient, high-quality, and reasonably priced.

Proflex Division: The company uses mobile equipment to manufacture and install self-supported steel roofing at customer sites. After civil structures are completed, panels are produced, seamed, and installed with cranes.

 

Products- 

Phoenix Division: The business produces PEBs, which include standing seam roofs with different coatings, claddings (PPGL, pre-painted galvalume), secondary components (purlins, girts), and primary structural components (frames, columns).

Proflex Division: L-section roof, steel-structured roof, and reinforced cement concrete (RCC) roof.

PHX Rigid Frame

PHX Deck Frame

 

M&B Engineering IPO Details

The M&B Engineering IPO open date is from Jul 30 to Aug 01, with IPO allotment on Aug 04, refund initiation on Aug 05, and listing on Aug 06, 2025.

The Rs. 650 crore mainline IPO comprises a combination of a fresh issue of 0.71 crore shares (Rs. 275 Cr) and an offer for sale (OFS) of 0.97 crore Shares (Rs. 375 Cr)                                                                                                                                                   

The M&B Engineering IPO listing date is on Wednesday, 06 August 2025, and it will be listed at the BSE and NSE. The M&B Engineering IPO price band is Rs. 366 to Rs. 385 for each Share.

Events	Date
IPO Opening Date	Jul 30, 2025
IPO Closing Date	Aug 01, 2025
IPO Allotment Date	Aug 04, 2025
Refund Initiation	Aug 05, 2025
IPO Listing Date	Aug 06, 2025

 

Industry Outlook

The construction industry comprises Infrastructure, Building, and Industrial/Manufacturing.

The building segment is expected to grow with a CAGR of 10-15%, the infrastructure segment, 10-12% and the industrial sector, 8-10% between FY25E to FY30P.

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	849.21	633.11	558.79
Total Revenue	996.89	808.26	889
PAT	77.05	45.63	32.89
EBITDA	126.38	79.62	66.43
Net Worth	306.53	233.03	180.51
Reserves and Surplus	256.53	183.03	160.51
Borrowings	186.13	204.84	148.75

 

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	355.89	56.59	289.70
Net Cash Flow Investing Activities	(340.56)	(622.81)	(119.44)
Net Cash Flow Financing Activities	(453.39)	318.64	297.38

 

Revenue Bifurcation 

Revenue Source

 

Revenue Breakdown from Phenix and Proflex Division

(Amount in millions)

Other Income Bifurcation

(Amount in millions)

Note- Others include Modtech Machines Private Limited's revenue contribution, which is engaged in the investment casting machines, automation systems, and equipment, and other associated goods. 

Industry-wise Revenue Breakdown (Top 5)

(Amount in millions)

(Source RHP)

The Objective of The Issue

• Financing the necessary capital expenditures for its manufacturing facilities' acquisition of machinery, buildings, solar rooftop grids, and transport vehicles.

• The company's investment in upgrading its IT software.

• Full or partial term loan repayment or prepayment of certain borrowings made by the company.

Click to check the IPO application status.

Peers of M&B Engineering Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Pennar Industries Limited	5	8.84	25.23
Bansal Roofing Products Limited	10	4.20	28.39
BirlaNU Limited	10	(43.63)	NA
Everest Industries Limited	10	(2.28)	NA
Interarch Building Products Limited	10	68.51	33.69

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 15.41 from the last year, the resulting P/E ratio is 24.98x (taking the upper price of Rs. 385). When compared with the industry’s average P/E of 29.11x, this indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fully priced for the investors.

 

Valuation

Metric	Value
ROE	25.13%
ROCE	24.80%
RoNW	25.14%
P/E	24.98x
EBITDA Margin	12.78%
PAT Margin	7.73%
Price to Book Value	6.28
Debt/Equity	0.33

 

Listed Peer Analysis For FY2025

Explore the NSDL IPO.

IPO's Strengths 

• Among those players with respect to installed capacity in the domestic PEB industry but with an international presence, the company is considered to be the leader in the domestic self-supported roofing industry.

• They offer an extensive variety of specialised products and services, thus rendering them a one-stop solution provider for their customers.

• The Company has customer relations across diverse industries with an order book of Rs 8,428.38 million as of June 30, 2025.

• Strategically located manufacturing plants for PEBs with thorough in-house design and engineering capabilities, along with 14 mobile manufacturing units for self-supported roofing systems.

 

 

IPO’s Weaknesses

• Tamil Nadu and Ahmedabad are sites of the company's main manufacturing plants.  Its operations and profitability could be impacted by any disruption, labor disputes, or natural disaster.

• At least 77.35% of the revenue in FY2025 is derived from the design, manufacturing, and installation of pre-engineered building projects. Any slowdown in this segment would affect revenue and profitability significantly.

• Order cancellations (24.28% of revenue in FY2024) give rise to excess inventory, higher holding costs, and loss of profitability. Should the company fail to draw in new customers to absorb the surplus capacity, that only adds to the risk.

 

M&B Engineering IPO GMP 

M&B Engineering's IPO GMP today is Rs. 55 as of 26 July 2025, while writing this information. Hence, with the upper price of Rs. 385, its estimated listing price might be Rs. 440 (Upper price + Current GMP).

M&B Engineering IPO Summary

IPO Opening & Closing Date	Jul 30, 2025 to Aug 01, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 366 to Rs. 385
Lot Size	38 Shares
Issue Size	1,68,83,116 Shares (Rs. 650 Cr)
Offer for Sale	97,40,259 Shares (Rs. 375 Cr)
Fresh Issue	71,42,857 Shares (Rs. 275 Cr)
Listing At	BSE, NSE
Issue Type	Bookbuilding IPO
Registrar	MUFG Intime India Private Limited (Link Intime)

 

 

M&B Engineering IPO Lot Size

The M&B Engineering Ltd IPO allows retail investors to invest in a minimum and maximum of 1 Lot (38 Shares) amounting to Rs. 14630 and 13 Lots (494 Shares) amounting to Rs. 190190, respectively, while for HNI investors, the minimum Lot is 14 (532 Shares) amounting to Rs. 204820.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	68 Lots
B-HNI (Minimum)	69 Lots

 

M&B Engineering IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Promoters And Management of M&B Engineering Ltd. 

• Girishbhai Manibhai Patel

• Chirag Hasmukhbhai Patel

• Malav Girishbhai Patel

• Birva Chirag Patel

• Vipinbhai Kantilal Patel

• Aditya Vipinbhai Patel

• Leenaben Vipinbhai Patel

• Chirag H Patel Family Trust

• Vipin K Patel Family Trust

• MGM5 Family Trust

• MGM11 Family Trust

• Aditya V Patel Family Trust.

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	-

 

M&B Engineering IPO Lead Managers

• Equirus Capital Private Limited.

 

 

Dividend Policy

The company has not paid a dividend during the last three fiscal years.

 

Conclusion

M&B Engineering IPO provides investors with the top PEB and independent roofing solutions provider in India with a global presence. It has shown strong financial growth, a varied product portfolio. Risks like order cancellations and reliance on the PEB market, however, need to be taken into account.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.