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M&B Engineering IPO
M&B Engineering Ltd
₹13,908 /38 sharesMinimum Investment
M&B Engineering IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹385.00 | ₹385.00 | ₹0.00 (0.00%) |
M&B Engineering IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 30 Jul ‘25 - 1 Aug ‘25 | ₹13,908 | 38 | ₹366 - ₹385 |
| Issue Size | IPO Doc |
|---|---|
| 650.00Cr | RHP PDF |
Subscription rate
As of 01 Aug'25, 05:00 PM
| Qualified Institutional Buyers | 36.72x |
| Non-Institutional Investor | 38.20x |
| Retail Individual Investor | 31.90x |
| Employees | 8.02x |
| Total | 36.07x |
About M&B Engineering
Founded in
1981
Managing director
Mr Chirag Hasmukhbhai Patel and Mr Malav Girishbhai Patel
Parent organisation
M&B Engineering Ltd
M&B Engineering Ltd IPO
https://www.youtube.com/watch?v=MwRgq4YB5zQ
Strengths & Financials of M&B Engineering
Strengths
Risks
M&B Engineering claims to be one of the leading companies in the Indian PEB segment, with an installed capacity of 103,800 metric tonnes per annum (MTPA) for PEB structures and 1,800,000 square metres per annum for self-supported roofing solutions as of FY25. The company further states that its track record of executing over 9,500 projects has helped it build scale and pricing advantages in the domestic market.
The company claims to have supplied PEBs and structural steel components to clients in 22 countries, including the United States, Brazil, South Africa, Qatar, and Sri Lanka. It has also established a wholly owned subsidiary with a sales office in Texas, US, to explore opportunities in North and South American markets.
M&B Engineering claims to offer end-to-end, design-led manufacturing through its Phenix and Proflex divisions. These integrated operations include design, engineering, fabrication, and on-site erection of PEBs and roofing systems, allowing the company to deliver customised solutions such as retractable roof structures and large-span installations.
M&B Engineering claims to have long-standing relationships with customers across various industries, including pharmaceuticals, power, logistics, food processing, and textiles. As of June 30, 2025, the company reported an order book of Rs 842.84 crore.
M&B Engineering claims to have 14 mobile manufacturing units for its self-supported roofing division, allowing it to produce and install roofing systems on-site across geographically dispersed locations.
The company has received credit ratings of ‘CRISIL A-/ Stable’ and ‘CRISIL A2+’ by CRISIL Ratings Limited for its long-term and short-term bank facilities.
The company has reported a consistent increase in profit after tax (PAT). It increased from Rs 32.89 crore in FY23 to Rs 45.63 crore in FY24 and Rs 77.05 crore in FY25.
A significant portion of the company’s revenue is derived from the design, manufacture, and installation of PEBs under its Phenix division. It accounted for Rs 764.69 crore (77.35 percent) of the company’s revenue in FY25, Rs 580.23 crore (72.98 percent) in FY24, and Rs 628.79 crore (71.42 percent) in FY23. Any decline in demand for PEBs, changes in government policy, technological shifts, or delays or cancellations in customers’ capital expenditure plans could adversely affect the company’s business, financial condition, and future growth prospects.
A significant portion of the company’s revenue is derived from its repeat customers. They accounted for Rs 566.69 crore (57.32 percent) of the company’s revenue in FY25, Rs 582.45 crore (73.26 percent) in FY24, and Rs 577.70 crore (65.61 percent) in FY23. Any loss or reduction in repeat orders could adversely affect its business, results of operations, financial condition, and cash flows.
The top five customers accounted for Rs 421.48 crore (42.64 percent) of the company’s revenue in FY25, Rs 285.74 crore (35.94 percent) in FY24, and Rs 306.36 crore (34.79 percent) in FY23. Furthermore, the top customer alone accounted for Rs 145.43 crore (14.71 percent) of the company’s revenue in FY25, Rs 101.41 crore (12.75 percent) in FY24, and Rs 161.46 crore (18.34 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
Cost of raw materials consumed accounted for Rs 598.08 crore (66.85 percent) of the company’s total expenses in FY25, Rs 510.78 crore (68.34 percent) in FY24, and Rs 605.23 crore (71.75 percent) in FY23. Any increase in the prices, availability, and quality of raw materials could adversely affect the company’s results from operations, financial conditions, and cash flows.
The top three suppliers accounted for Rs 408.43 crore (68.29 percent) of the company’s total cost of materials consumed in FY25, Rs 268.21 crore (52.51 percent) in FY24, and Rs 280.86 crore (46.41 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
As of FY25, the company had trade receivables amounting to Rs 192.36 crore, a sharp increase from Rs 138.96 crore in FY24 and Rs 119.21 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company’s manufacturing facilities are concentrated in two states: Gujarat and Tamil Nadu. Any adverse political, social, or economic developments in these regions could hurt the company’s business, financial condition, and cash flows.
As of FY25, the company had contingent liabilities amounting to Rs 103.31 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
The company, its directors, and subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of May 31, 2025, the company had outstanding financial indebtedness amounting to Rs 371.11 crore. Any failure to service or repay these loans on time could harm the company’s operations and financial position.
M&B Engineering Financials
*All values are in Rs. Cr
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Application Details of M&B Engineering IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹366 - 385 | ₹2 Lakh |
| Employee | ₹330 - 349 | ₹2 Lakh |
| High Networth Individual | ₹366 - 385 | ₹2 - 5 Lakh |
For M&B Engineering IPO, eligible investors can apply as Regular & Employee.