M & B Engineering IPO

About M & B Engineering IPO

M & B Engineering Limited IPO is an IPO of up to 1,68,833,116 equity shares of face value of ₹10 each aggregating up to ₹650 crores. It consists of an offer for sale of up to 97,40, 259 equity shares of face value of ₹10 each aggregating up to ₹375 crores and a fresh issue of up to 71,42,857 equity shares of face value of ₹10 each aggregating up to ₹275 crores.

The IPO opens on July 30, 2025 and closes on Aug 1, 2025. The listing of shares will take place on The shares will be allotted on Aug 4, 2025. The credit of shares to the demat account will take place on Aug 5, 2025 and the initiation of refunds will take place on Aug 5, 2025.

M & B Engineering Limited is an integrated manufacturing partner providing 'design-led-manufacturing' solutions to their customers providing designs, engineering solutions, manufacturing and testing to ensure their structures meet robust standards in reliability, safety and performance. At the core of their operations, they specialise in innovative design, manufacturing and installation of pre-engineered metal buildings, complex structural steel components and self-supported steel roofing. Combining the strengths of their Phenix and Proflex divisions, they have the flexibility to cater to requirements of a diverse set of their customers, ranging from small-scale projects to large-scale projects.

Objective of M & B Engineering IPO

• Funding the capital expenditure requirements for the purchase of equipment and machinery at their manufacturing facilities.

• Re-payment or pre-payment, in full or in part, of certain borrowings availed by the company.

• Re-payment or pre-payment of term loans, in full or in part, of certain borrowings availed by the company

• General corporate purposes.

Industry Outlook

Pre-engineered construction is gaining popularity in the commercial, infrastructure, and industrial landscape, such as in the automobile, cement, paper sectors, offices, aircraft hangers, warehouses and logistics, and data centres. Use of pre-engineered constructed units enables companies to accelerate the construction process in a cost-effective manner without compromising on quality. Pre-engineering construction is reshaping the realm of building construction by decreasing the overall construction duration for commercial complexes, hospitals, office buildings, high-rise buildings, and so on, without compromising on construction quality. Pre-engineered structures are also used extensively in the institutional and recreational field to construct schools, exhibition halls, hospitals, theatres, auditoriums, gymnasiums, and indoor sports facilities.

As per the CRISIL Report, the Indian PEB industry expanded at a CAGR of ~8.3% over fiscals 2019–2025, growing from ₹13,000 crores in fiscal 2019 to ₹21,000 crores in fiscal 2025. The medium-term outlook is optimistic, with the industry growing at a strong 9.5–10.5% CAGR between fiscals 2025 and 2030 to ₹33,000–34,500 crores, supported by investments in the industrial and infrastructure sectors, such as warehouses and logistics, as well as expressways (wayside amenities and toll plazas) (Source: CRISIL Report).

The self-supported roofing market in India is projected to moderately grow at a CAGR of 5–7% between FY25–30 to reach ₹380–420 crores by FY30. This growth will be supported by sustained investments in the infrastructure and industrial sectors, along with rising awareness of the benefits of self-supported roofing.

Company Information

M & B Engineering Limited is one of India’s leading Pre-Engineered Buildings (“PEBs”) players (their installed capacity being greater than 100,000 MTPA). They have an installed capacity of 103,800 MTPA related to PEB structures and 1,800,000 square metres per annum for Self-Supported Roofing solutions as of 31 March 2025. (Source: CRISIL Report).

Their business is structured into (a) the Phenix division, which provides comprehensive solutions for PEBs and complex structural steel components; and (b) the Proflex division, which provides self-supported steel roofing solutions. They offer their customers comprehensive turnkey solutions, which include project design, engineering, manufacturing, and erection in accordance with customer requirements across industrial and infrastructure segments. They have delivered solutions for customers engaged in diverse sectors, including general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles, and railways. They have undertaken the execution of over 9,500 projects until the end of March 2025 under their Phenix and Proflex Divisions.

Strengths of M & B Engineering IPO

• One of the leading players in terms of installed capacity in the domestic PEB industry with a presence in international markets.
  

• Providing a wide range of specialised products and services, making them a comprehensive solution provider for their customers.
  

• Relationships with customers across a diverse set of industries with an order book of ₹842.84 crores as of 30 June 2025.
  

• Strategically located manufacturing facilities for PEBs with comprehensive in-house design and engineering capabilities and 14 mobile manufacturing units for self-supported roofing systems.
  

• Experienced and dedicated promoters and a professional management team with domain knowledge.
  

Risks of M & B Engineering IPO

• Any slowdown or shutdown in their manufacturing operations, or strikes or work stoppages, could have an adverse effect on their business, cash flows, financial condition and results of operations.

• Loss or decline in the demand for pre-engineered buildings may result in an adverse effect on their business, revenue from operations and financial condition.
  

• Any increase in the prices, or issues with availability and quality of raw materials could adversely affect their reputation, business, results from operations, financial condition and cash flows. They rely on limited suppliers for their primary raw material (steel); loss of these suppliers may have an adverse effect on their business, results of operations and financial condition.
  

• Any delay in placing orders, or if vendors are not able to provide equipment and machinery, building works, solar rooftop grid and transport vehicles in a timely manner (or at all), may result in time and cost overruns, and their business, prospects and results of operations may be adversely affected.
  

• Any disruption in the supply of contract labour or their inability to control the composition of their contract labour could adversely affect their business, results of operations, financial condition and cash flows.
  

Anchor Investor Information: 29 July 2025

The company, in consultation with the BRLMs, may consider participation by Anchor Investors, in accordance with the SEBI ICDRRegulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/ Offer Opening Date.^UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date.

IPO Registrar and Book Running Lead Managers

Book running lead managers:

Equirus Capital Private Limited DAM Capital Advisors Limited

Registrar for the IPO is Link Intime India Private Limited

Business Model

The company earns its revenue through the following sources:

• Through two business divisions: (a) Phenix which provides comprehensive solutions for PEBs and complex structural steel components and (b) Proflex division which provides self-supported steel roofing solutions.

• Offering customers comprehensive turn-key solutions which includes project design, engineering, manufacturing and erection in accordance with customer requirements across industrial and infrastructure segments.

Company Growth Trajectory

The company’s total income increased by 23.34% from ₹808.26 crores in fiscal 2024 to ₹996.89 crores in fiscal 2025.

Revenue from operations increased by 24.34% from ₹795.06 crores in fiscal 2024 to ₹988.55 crores in fiscal 2025 primarily due to increase in sales within India by 17.10% from ₹714.69 crores in fiscal 2024 to ₹836.91 crores in fiscal 2025 and increase in sales outside India by 236.47% from ₹19.20 crores in fiscal 2024 to ₹64.60 crores in fiscal 2025 and by increase in sales from erection services by 42.29% from ₹61.18 crores in fiscal 2024 to ₹87.05 crores in fiscal 2025. Other income decreased by 36.86% from ₹13.20 crores in fiscal 2024 to ₹8.34 crores in fiscal 2025.

Their restated profit after tax for the period increased by 68.84% to ₹77.05 crores for fiscal 2025 from ₹45.63 crores for fiscal 2024.

Company Market Position

As of fiscal 2024, they are the largest player in terms of revenue for the manufacturing and installation of self-supported steel roofing solutions in India with a market share of 75% (Source: CRISIL Report). As per the CRISIL Report, amongst the considered peers, they registered one of the highest OPBDIT and PAT CAGRs between fiscals 2022 and 2024 of 38.0% and 67.3% respectively.

Additionally, among the considered listed players, the company is the best performer in terms of return on equity in fiscal 2024 (Source: CRISIL Report). As per the CRISIL Report, they had the third highest Net Fixed Assets Turnover ratio of 5.5x in fiscal 2024 amongst its considered players.

How To Check Allotment Status of M & B Engineering Limited IPO?

You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Limited. To check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the issue name from the drop-down. The issue name is the company’s name, which is M & B Engineering Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Link Intime India Private Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select M & B Engineering Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status

How to Apply for M&B Engineering IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI