M&B

ENGINEERING

M&B Engineering Ltd.

Registered Office: 'MB House', 51, Chandroday Society, Stadium Road, Naranpura, Ahmedabad - 380 014, Gujarat, India

CIN: L45200GJ1981PLC004437 | T: +91 79 2640 5563/ 2646 1314 | E: [email protected] / [email protected]

12th May, 2026

| To,
National Stock Exchange of India Limited
Exchange Plaza,
Bandra Kurla Complex,
Bandra (East),
Mumbai – 400051

Symbol: MBEL | To
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001

Script Code: 544470 |
| --- | --- |

Dear Sir/Madam,

In terms of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our intimation dated 7th May, 2026 regarding the Earnings Conference Call, we enclose herewith the Investor Presentation for the quarter & financial year ended March, 2026.

The aforesaid information is also being hosted on the Company's website at https://www.mbel.in/investors

You are requested to take the same on record.

Thanking you,

Yours faithfully,

for M & B ENGINEERING LIMITED

PALAK DILIPBHAI PAREKH
Digitally signed by PALAK DILIPBHAI PAREKH
Date: 2026.05.12 12:27:01 +05'30'

PALAK DILIPBHAI PAREKH
COMPANY SECRETARY &
COMPLIANCE OFFICER
(M. No. F10209)

M&B ENGINEERING

PHENIX Creation Simplified

proflex Innovate. Lead. ROOFING SOLUTIONS

Investor Presentation

Q4FY26 & FY26

12 May 2026

Safe Harbor

M& B ENGINEERING

This presentation may contain certain forward-looking statements relating to M & B Engineering Limited ("M&B", or "Company") and its future business, development and economic performance. These statements include descriptions regarding the intent, belief or current expectations of the Company, its subsidiaries and associates and their respective directors and officers with respect to the results of operations and financial condition of the Company, subsidiary or associate, as the case may be. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict.
This presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this presentation. This presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this presentation is expressly excluded.
This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of company's securities in any jurisdiction.
No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of M&B.
This presentation and its contents are confidential and should not be distributed, published or reproduced, in whole or in part, or disclosed by recipients directly or indirectly to any other person.

Table of Content

M&B – in a snapshot
Performance Highlights – Q4FY26 & FY26
Company Overview
Growth Strategies
Appendix

M&B ENGINEERING

M&B - in a snapshot

2023年3月2日

M&B ENGINEERING

M&B – One of India’s leading Pre-Engineered Buildings (PEB^); Redefining India’s construction landscape through PEBs

Integrated manufacturing partner offering design-led manufacturing solutions through strategically located facilities at Sanand (Gujarat) and Cheyyar (Tamil Nadu) for Pre-Engineered Buildings (PEBs^), along with 15 mobile manufacturing units for self-supported roofing systems.

Sanand facility: India’s only PEB manufacturing unit with certification from American Institute of Steel Construction and Canadian Welding Bureau Registration.

2,000**+ customer groups served pan-India; repeat customers contributed 54.07% of FY26 consolidated operating revenue.

adani
Renewables
Tata Advanced Systems Limited

AIA Engineering Limited

INTAS

Alombic

Arvind

MAEAN

ELECON

SUNI BAKAR
Tea Group

Operations span 23 countries across multiple geographies including US, Canada, Brazil, South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya and Seychelles.

As on 31^{st} Mar 26	Financial Numbers as on FY26
₹ 1,083 cr	₹ 1,260 cr	₹ 157 cr	31.5%	₹ 93 cr	54.4%	23.1%	19.2%
Order Book
(as of 31 March 2026)	Revenue from Operations	EBITDA	EBIDTA
4 Yr-CAGR
(FY 22 – 26)	PAT	PAT
4 Yr-CAGR
(FY 22 – 26)	ROCE	ROE

^(installed capacity being greater than 100,000 MTPA)

MRB ENGINEERING

Performance Highlights - Q4FY26 & FY26

M& B ENGINEERING

Message from the Management

Malav Patel,
Jt. Managing Director

During Q4FY26, M&B delivered revenue from operations of ₹ 364 crore, a 16% YoY growth.
During FY26, M&B delivered revenue from operations of ₹1260 crore, a strong 27% YoY growth.
The company achieved highest ever quarterly and full year consolidated revenue.
Consolidated export revenue during Q4FY26 was at ₹45.67 crore and full year was at ₹ 165.62 crore, reflecting continued traction in international markets with main focus in North American Market.
As on 31 Mar 2026, unexecuted order book stood at ₹ 1,083 crore, representing a 35% YoY growth.
Proflex division accounted for 20% (₹212 crore),
Phenix division accounted for 80% (₹871 crore). Within the Phenix, export orders were ₹ 279 crore
During Q4FY26, Order inflows amounted to ₹ 387 crore, an 10% YoY increase and in FY 26 the new order inflow was ₹ 1539 crore, an 28% YoY increase, reflecting strong bid conversion and sustained demand visibility.
During Q4FY26, secured domestic order of value ₹ 73 crore. Recently in April 2026, secured a domestic order of Rs 72 Crore, in addition to the order on hand of Rs 1083 Cr as on Mar 31, 2026.
During FY26, incurred capital expenditure of ₹33 crore, primarily directed towards capacity augmentation and operational strengthening, aligned with our medium-term growth plans.

M:3 ENGINEERING
RS. CRORES

Q4FY26 & FY26 - In line Revenue Delivery despite macro challenges; delivered Highest Revenue for the Quarter and Full Year

Q4FY26

PAT & PAT %

Q4FY26

PAT & PAT %

Consolidated numbers

Achieved Highest-ever order inflow of Rs.1,539 cr in FY26 (+28% YoY), supported by sustained increase in demand for PEBs and self supported roofing system

M&B ENGINEERING

M&B’s Consolidated Order Inflow

M:3 ENGINEERING

Unexecuted order book (UOB) 4-YR CAGR of 24.1% underscores sustained global adoption of technology-led construction

LOOKING AHEAD, EMERGING OPPORTUNITIES IN RENEWABLES, COLD STORAGE, WAREHOUSING, RAILWAYS, AND AGRICULTURE ARE EXPECTED TO DRIVE GROWTH AND SUSTAIN FUTURE GROWTH

M:3 ENGINEERING

Sector wise Revenue & Order Book Analysis

PHENIX

Creation Simplified

Phenix Sector Wise Analysis – FY26

Industry/Infra
Export
Others

Proflex Sector Wise Analysis – FY26

Warehousing
Industry
Railways
Others

Consolidated P & L Statement

ENGINEERING

Particulars (Rs Cr)	Q4FY26	Q4FY25	YoY	FY26	FY25	YoY
Revenue from Operations	363.70	313.64	16.0%	1,259.72	988.55	27.4%
Other Income	5.29	2.35		15.67	8.33
TOTAL Income	368.99	315.99	16.8%	1,275.39	996.89	27.9%
EBITDA	43.15	43.92	-1.75%	157.19	134.71	16.69%
EBITDA Margin	11.9%	14.0%		12.48%	13.63%
Finance Cost	3.37	5.46		17.42	19.96
Depreciation and Amortization	4.02	3.58		15.06	12.52
Profit Before Tax (before exceptional items)	35.76	34.87	2.5%	124.72	102.23	22.0%
Profit After Tax	27.00	28.51	-5.3%	92.64	77.05	20.2%
PAT Margin	7.4%	9.1%		7.4%	7.8%

Working Capital Cycle - Consolidated

M3 ENGINEERING

Sr No	Particulars (Rs Cr)	FY26	FY25
1	Inventories	349.01	322.38
	No of Days	101	119
2	Receivables -Amount	239.14	192.36
	No of Days	69	71
3	Trade Creditors including Buyer's Credit - Amount	286.90	337.96
	No of Days	83	125
4	Advance From Customers	165.49	87.78
	No of Days	48	32
	Net Working Capital - Days	39	33

M3 ENGINEERING

Certain Key Parameters and Break up

Particulars (Rs Cr)	Q4FY26	Q4FY25	FY26	FY25
Operating Other Income
Interest Income From Bank FDs	0.83	1.23	3.58	4.67
Export Incentives & Other Operative Income	1.86	0.08	6.05	0.54
Total - Other Operating Income	2.69	1.31	9.63	5.21

Non-Operating Other Income
Interest / Dividend Income	0.18	0.09	0.37	0.22
Interest on FD for IPO	2.62	-	5.53	-
Gain/Loss On Sale of Assets / Investments	0.03	0.20	0.13	0.88
Unrealised Gain/Loss On Equity / Misc Other income	-0.23	-0.34	-	0.76
Exchange Fluctuation (Net)	-	1.08	-	1.26
Total - Other Non-Operating Income	2.60	1.04	6.03	3.12
Total Other Income	5.29	2.35	15.67	8.33

Net Foreign Exchange Earning / Loss :
Exchange Fluctuations - Gain	0.44	1.57	1.67	1.26
Exchange Fluctuations - Loss	4.34	0.49	7.71	-
Net Exchange Fluctuations - Gain / Loss (-)	-3.90	1.08	-6.04	1.26

Sales Qty :
Proflex Quantity - SQM	4,46,220	4,11,436	15,14,820	12,38,736
Phenix Quantity - MT	21,2102	19,656	73,010	58,467
Sales Amount : (Consolidated)
Within India	318.04	307.07	1,094.10	923.96
Outside India	45.67	6.56	165.62	64.60
Total	363.70	313.63	1,259.72	988.55

M³ ENGINEERING

Utilization of IPO Proceeds as on March 31, 2026

Objects of Issue	Net Amount Received (A)	Amount Utilised (B)	% Amount Utilised (C)	Pending to be Utilized (D = A - B)
Prepayment of Term Loan	58.75	58.75	100%	-
Capital Expenditure	135.78	148.73	11%	120.91
General Corporate Purpose	64.79	64.18	99.1%	0.61
Total	259.32	137.81	53.1%	121.51

M:3 ENGINEERING

Sustained track record of financial performance

Revenue from Operations (INR Cr)

EBITDA (INR Cr) & EBITDA Margin (%)

PAT (INR Cr) & PAT Margin (%)

EPS

ROE (%) & ROCE (%)

Net Debt to Equity (times)

MRB ENGINEERING

Company Overview

PHENIX Creation Simplified
M:3 ENGINEERING

A homegrown, indigenous, engineering-led construction company with a legacy dating back to 1951

Creative Simplified	18 Years of operations	Over 1,650 Projects	Over 7,10,000 MT Installed till date	Involves: Lead, BOOKING SOLUTIONS	24 Years of operations	Over 8,600 Projects	Over 20.3 Mn Sq. m. Installed till date

Milestones

| 1981
Originally incorporated as Manibhai and Brothers (Construction) Private Limited | 2002
Registered Proflex Trademark | 2008
Started Phenix Division at Sanand Facility | 2017
Established a wholly owned subsidiary, Phenix Construction Technologies Inc., in USA | 2024
Commissioned Cheyyar Facility under Phenix Division | 2025
Entered India's Capital Markets through Listing on NSE & BSE |
| --- | --- | --- | --- | --- | --- |

PHENIX- One of India’s leading Pre-Engineered Buildings players

PROFLEX- Installed capacity of 1.9 Mn sq. m. p.a. for Self-Supported Roofing solutions (as on date)

PHENIX Training Center

1 Comprehensive solutions for PEBs and complex structural steel components

M:3 ENGINEERING

2 Self supported steel roofing solutions

proflex TECHNIQUE, LARENDE ASSOCIATION

Pre-Engineered Buildings are steel structures that are fabricated in the factories in a controlled environment and transported to the construction site where the final assembly takes place
Structures are lighter, require less material, shorter construction time, comparatively less labour onsite, leading to lower costs compared with RCC structures
~25% lower manpower required v/s conventional method
Superior flexibility in making required modifications
Phenix manufactures medium to heavy, structural steel components such as T-Beams, box beams, plus/cross beams
Structural stability is provided through arch design eliminating the need for truss, purlins or intermediate supports
Clear spans ranging from nine to ~34 metre, 100% leak-proof roofs, eliminates bird nuisance
Rapid installation and erection of structure
Structural integrity, usage of high-quality material increasing the longevity and minimum maintenance

Note: *Source: Crisil Report - (installed capacity being greater than 100,000 MTPA)

M&B ENGINEERING

PHENIX Creation Simplified

Phenix Division

2009年3月2日

PHENIX Creation Simplified
MBS ENGINEERING

In-house design & engineering capabilities

Conceptualize and manufacture complex, custom-designed structures that meet specific client requirements with precision
Focus on upgrading processes and technology has enabled M&B to manufacture products in an energy and cost-efficient manner
Focus on process innovation through continuous engineering as well as deployment of modern technology has been instrumental in the growth of M&B's business and improved its ability to customize products for customers

M&B's engineering expertise and technology driven processes have enabled the company to deliver on projects in accordance with the designs, specifications and timelines of each project

In-house design and engineering offices at Hyderabad, Chennai and Ahmedabad

Computer-aided design software

STAAD PRO
STAAD PRO ADVANCED

MBS
TEKLA/ TRIMBLE

ZWCAD
BricsCAD

Dedicated design and engineering in-house team of 98 employees who create 3D models of PEBs and structural steel using software

PHENIX Creation Simplified
M&B ENGINEERING

With a projected CAGR of ~10%, the global PEB market is expected to reach USD 32-35 billion by 2029, while the Indian market, growing slightly faster, is expected to reach INR 330-345 billion by 2030

M&B Engineering registered a 3Y-CAGR of 45% in EBIDTA and 68% in PAT (FY22-FY25)

Global PEB market to reach $32-35 billion by 2029

Global PEB market by end user industry

The medium-term outlook of PEB market in India is optimistic, with the industry supported by investments in the industrial and infrastructure sectors

Large, organised players grow at faster clip than overall pre-engineered steel building industry

Share of pre-engineered construction in overall construction (%)

Privileged & Confidential, © 2025, All Rights Reserved.
Note: Source: Crisil Report

PHENIX Creation Simplified
MBS ENGINEERING

Marquee Projects executed under Phenix

Over 62,000 sq. m. PEB installation for the automobile manufacturing plant of a global automobile manufacturer located at Ahmedabad, Gujarat

Over 285,000 sq. m. PEB installation for a textile plant for a major textile company at Hoshangabad, Madhya Pradesh

Over 125,000 sq. m. PEB installation for a multinational home appliance manufacturer based out of Noida

Over 18,000 sq. m. PEB installation for a temple at New Jersey, US

Over 57,000 sq. m. PEB installation for a warehouse, for a multinational e-commerce company at Ahmedabad, Gujarat

Approx 3,000 sq. m. PEB installation with a retractable (openable) roof structure for a Kolkata based shipyard

Approx 90,000 sq. m. 'A' frame structure with a centre height of 42 metres and clean span of 84 metres specially designed for the sugar storage requirements for a major Indian sugar company in Kandla, Gujarat

Over 5,500 sq. m. PEB installation for an indoor multi-use facility at Texas, US

PHENIX Creation Simplified
M:3 ENGINEERING

Strategically located manufacturing facilities

Sanand Facility (2008)

72,000 MTPA
Installed Capacity*

Only PEB manufacturing facility in India with a certification from AISC & CWB

Cheyyar Facility (2024)

31,800 MTPA
Installed Capacity*

Human Resources

1,631
Permanent Employees*

As on 31st March 2026

Information Technology

For business process efficiency, operations are run on SAP-H4 Hana

Other Certifications

M&B ENGINEERING

proflex Innovate. Lead. ROOFING SOLUTIONS

Proflex Division

proflex
Innovate. Lead. ROOFING SOLUTIONS
M&B ENGINEERING

Proflex Division operates a fleet of 15 mobile manufacturing units

M&B Engineering Ltd is the largest player in terms of revenue for the manufacturing and installation of self-supported steel roofing solutions in India

Allows M&B to address the customers in a wide geographic expanse

1.9 Mn Sq. m.
Installed Capacity*

15
Mobile Manufacturing Units

Privileged & Confidential, © 2025, All Rights Reserved.
* As on March 31, 2026
Source: # Crisil Report

Proflex
TOOLS, LEAF
ROOFING, MOLECULS
M
ENGINEERING

With a projected CAGR of 3-4%, the global self-supported roofing market is expected to reach USD 0.87-0.92 billion by 2029, while the Indian market, growing slightly faster, is expected to reach INR 3.8-4.2 billion by 2030

Key Growth Drivers

Sustained investments in the infrastructure and industrial sectors
Rising awareness of the benefits of self-supported roofing
Growth in infrastructure and industrial segments
Increased investments in the Railways with durable self-supported steel roofing finding its applications at railways stations and sheds.

Source: Allied Market Research, Crisil Intelligence

proflex
PENALTY. LEAVY.
ROOFING. MULTISHAIL
M
ENGINEERING

Marquee Projects executed under Proflex

Self-supported roofing structure for a major Indian milk co-operative society at Anand Gujarat

Self-supported roofing structure for a major Indian sugar company at Rajpura, Uttar Pradesh

Over 300 projects in the railway sector with cumulative installation of 0.6 million square metres

Vande Bharat Mumbai Central Pit Line Shed

Hubli Railway Station

Vande Bharat Depot

M&B ENGINEERING

Business footprint spans across geographies

Manufactured products and supplied services to domestic customers and overseas customers including from US, Canada, Brazil, South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya and Seychelles

Served customers in 23 countries	During FY26, export revenue was INR 165.62 Cr	Domestic presence is anchored by Marketing head office in Ahmedabad	Strategic network of regional offices or representatives stationed

Note : Map for representation purposes only and not drawn to scale

M3 ENGINEERING

Relationships with customers across a diverse set of industries

2,000+ customer groups served pan-India; repeat customers contributed 54.07% of FY26 consolidated operating revenue.

Relationship of >15 years with some customers

History of high customer retention

Note: Revenues from repeat customers is revenues from customers and/ or customer groups where our Company would have recognized revenues from such customer and/ or customer groups in at least one fiscal during the last three fiscals preceding the fiscal for which the data is being disclosed.

Revenue split across industries of end customers (As a percentage of consolidated revenue from operations (%) for Fiscal 2026)

General Engineering & Manufacturing 14.2%
Food & Beverages 7.5%
Warehousing and Logistics 25.2%
Auto and Auto Ancillaries 7.5%
Power 9.9%
Railways 3.1%
Infrastructure 11.3%
Pharmaceuticals 1.1%
Others^

Note: Industry classification is based on information available with the Company and its understanding of the principal business of our customers.
^Others include Building Materials, Plastic, Sports & Event Venues, Metals & Mining, Scrap Vendors, Construction and Real Estate, Agriculture, EPC & Consultants, Chemicals, Textiles, Packaging, Educational Institutions, Edible Oil Manufacturers, Charitable institutions & Animal Welfare Organizations

ENGINEERING

Experienced and dedicated promoters and professional management team with domain knowledge (1/2)

Hemant Ishwarlal Modi

Non-Executive Chairman and Independent Director

Civil engineer with 35+ years of experience
Holds degrees from M.S University, Baroda and Rutgers State University.
Former Vice Chairman & MD of JMC Projects (now part of KPIL); associated with the Company since April 2024.

Chirag Hasmukhbhai Patel

Joint Managing Director

Civil engineer from Gujarat University with 31+ years of experience across pre-engineered buildings, roofing, construction, and manufacturing sectors.
Associated with the Company since May 1993
Oversees overall operations including techno-commercial and strategic functions.

Malav Girishbhai Patel

Joint Managing Director

Bachelor's degree in Economics and Business Administration from Saint Mary's College of California,
24+ years of experience across PEBs, roofing, construction, and manufacturing sectors.
Associated with the Company since Feb 2001
Oversees sales and marketing, human capital, and administration functions.

Vipinbhai Kantilal Patel

Non-Executive Director

Commerce graduate and Inter-CA
40+ years of experience across pre-engineered buildings, roofing, construction, and manufacturing sectors.
Associated with the Company since Dec 1984
Leads the Group's finance and administration
Previously served as Internal Auditor at Mahendra Mills Limited.

Girishbhai Manibhai Patel

Whole-time Director

Diploma in Diesel Mechanisms from John C. Calhoun State Technical School, Alabama.
40+ years of experience across pre-engineered buildings, roofing, construction, and manufacturing sectors.
Associated with the Company since Dec 1984.
Brings deep operational and industry expertise.

Aditya Vipinbhai Patel

Whole-time Director

Engineering graduate in Electronics & Communication from Dharmsinh Desai University with an MBA from Lubin School of Business, Pace University;
13+ years of industry experience
Associated with the Company since April 2011.
Leads domestic and international business and has played a key role in scaling the Phenix brand globally.

Birva Chirag Patel

Whole-time Director

Commerce graduate from Gujarat University and Associate Member of ICSI
16+ years of experience across pre-engineered buildings, roofing, construction, and manufacturing sectors.
Associated with the Company since Nov 2008.
Oversees commercial and compliance functions
Previously worked with Adani Enterprises Limited as Deputy Manager.

M&B ENGINEERING

Experienced and dedicated promoters and professional management team with domain knowledge (2/2)

Sanjay Shaileshbhai Majmudar

Non-Executive and Non-Independent Director

CA with degrees in Commerce and Law from Gujarat University
38 years of experience in the finance sector. Associated with the Company since April 2011;
Proprietor at Sanjay Majmudar & Associates and Partner at Parikh & Majmudar.

Birju Maheshbhai Patel

Independent Director

Electrical engineer from Sardar Patel University
18+ years of experience in the engineering sector
Associated with the Company since June 2019.
Founder of MEP Consulting Engineers; Director on the board of Phenix Building Solutions Private Limited and member of ISHRAE (formerly ASHRAE).

Udayan Dileep Choksi

Independent Director

CA with an honours degree in Economics from the University of Warwick
14+ years of experience in the legal sector.
Associated with the Company since April 2024
Practicing advocate with the Bar Council of Maharashtra & Goa, formerly Partner at Khaitan & Co and currently Senior Partner at Veritas Legal.

Subir Kumar Das

Independent Director

Holds a Master's degree in Science from Lucknow University and a Master's in Management Studies from Kashi Hindu Vishwavidyalaya; Associate of the Indian Institute of Bankers
36+ years of experience in the finance sector.
Associated with the Company since April 2024;
Previously served Bank of Baroda as Chief General Manager and Advisor.

Sonal Vimal Ambani

Independent Director

Ph.D. (Commerce) from Gujarat University with experience in the finance sector;
Associated with the Company since April 2024.
Former Vice President at Morgan Stanley Dean Witter; past Chairperson of FICO FLO, Ahmedabad, and recipient of the Times Power Women (2019) certificate of appreciation for contributions to art.

Pankaj Naresh

CEO

MBA from IIT Delhi with a Master's in Industrial Engineering & Management and a Bachelor's in Electrical Engineering; brings strong techno-managerial expertise.
Associated with the Company since November 2019;
Leads the Phenix division and has prior experience with Reliance Group, Alstom Projects, Lanco Infratech, Excel Textile Corporation, and MRPL.

Mayur Satishbhai Patel

CEO

Diploma holder in Plastic Engineering from Government Polytechnic, Ahmedabad, with extensive experience in the manufacturing sector.
Associated with the Company since February 2003;
Heads the Proflex division as CEO since Feb 2006 and has prior experience as Director at Upperex Netsolutions and Gridcomp Software, and Proprietor of Mayur Plastic.

Keyur Bachubhai Shah

CFO

Commerce graduate, CA, CPA (USA) with ISA and IFRS certifications
Associated with the Company since 2007 and serving as CFO since April 2024.
Brings strong expertise in finance, accounting, and systems
Previously worked with Shree Ambica Decoprints Private Limited as Senior Manager – Finance & Accounts.

MRB ENGINEERING

Future Growth Drivers

2018年/2019年度/2018年度

M3 ENGINEERING

Summary of key growth drivers for the divisions

PHENIX

Creation Simplified

Low penetration of PEB in the building sector
Increased focus on renewable energy capacity addition
Infrastructure development and investments to support demand for PEB
Warehouse and cold storage expansion to be major contributors to PEB demand
Rise in government-led innovative construction projects

M3 ENGINEERING

Industrial capex are expected to reach – INR 7.1 Tn by Fiscal 2030, marking an average annual increase of 1.6x
Key factors contributing to the growth of PEBs in Southeast Asia are rapid industrialisation
Low per capita steel consumption in India along with government schemes like National Steel Policy
Approval of specialty steel under Production Linked Incentive Scheme
Government spending on infrastructure

Growth in industrial warehousing demand
Government focus on agriculture warehousing
Growth in railway investments
Growing demand for new-age roofing systems
Growing revenue of MSME segment

Note: Source: Grist Report

M&B ENGINEERING

Appendix

Profit & Loss Statement

ENGINEERING

Particulars (INR Cr)	FY22	FY23	FY24	FY25	FY26
Revenue From Operations	688.23	880.47	795.06	988.55	1,259.72
Cost of goods Sold	495.25	667.98	573.40	675.22	845.92
Employee cost	70.56	75.35	80.91	98.94	110.95
Other expenses	80.58	70.71	61.13	88.02	161.33
EBITDA	52.53	74.96	92.82	134.71	157.19
EBITDA Margin	7.63%	8.51%	11.67%	13.63%	12.48%
Other income	10.70	8.53	13.20	8.34	15.67
Finance costs	18.96	19.18	23.06	19.96	17.42
Depreciation	10.59	10.30	8.88	12.52	15.06
PBT (before exceptional items)	22.99	45.48	60.88	102.24	124.72
Tax	6.67	12.59	15.25	25.19	30.93
PAT	16.31	32.89	45.63	77.05	92.64
Defined benefit plans	0.35	0.41	1.10	1.07	0.59
Non Controlling Interest	3.75	1.20	0.23	-	-
Comprehensive Income	19.71	33.68	44.76	75.98	93.23
EPS	4.01	6.82	9.17	15.41	16.94

Balance Sheet Statement

M³ ENGINEERING

Assets (INR Cr)	FY22	FY23	FY24	FY25	FY26	Equities & Liabilities (INR Cr)	FY22	FY23	FY24	FY25	FY26
Non-current assets	85.49	90.57	154.15	187.80	221.87	Tangible Net worth	145.10	180.51	233.03	306.53	657.10
Property, plant and equipment	64.93	74.33	75.53	168.63	171.79	Equity share capital	20.00	20.00	50.00	50.00	57.15
Capital work-in-progress	1.81	1.86	66.23	2.18	14.18	Other equity	125.10	160.51	183.03	256.53	599.96
Intangible assets	4.39	3.32	1.14	2.39	4.36	Non controlling interest	0.27	-0.96	-	-	-
Right to use assets	1.53	1.20	0.54	4.55	4.20	Non-current Financial liabilities	72.88	94.80	48.45	66.80	13.71
Financial assets						i) Borrowings	66.35	89.27	43.88	54.21	-
(i) Investments	5.67	5.12	6.90	5.11	4.34	ii) Lease liabilities	1.00	0.55	0.20	3.64	2.98
(ii) Inter Corporate Deposits	0.30	0.30	0.30	0.30	0.30	iii) Deferred tax liabilities (net)	5.53	4.98	4.36	6.55	8.29
(iii) Other financial assets	6.86	4.45	3.52	4.66	22.70	iv) Other non current liabilities	-	-	-	2.39	2.43
Total Current assets	461.62	468.22	478.96	661.41	938.76	Current liabilities
Inventories	203.58	174.63	195.80	322.38	349.01	Financial liabilities
Financial assets						i) Borrowings	33.23	59.48	160.96	131.92	78.98
i) Trade receivables	120.03	119.22	138.96	192.36	239.14	ii) Lease liabilities	0.60	0.81	0.44	1.00	1.56
ii) Cash and bank balances	51.44	98.20	73.44	29.64	95.76	iii) Trade payables	201.73	134.12	93.31	224.25	213.80
iii) Bank balances other than (ii) above	41.02	27.41	25.79	55.18	182.88	iv) Other financial liabilities	8.15	10.48	12.45	15.39	12.49
iv) Loans	0.32	0.28	0.46	0.26	0.48	Short term provisions	12.32	13.42	10.47	13.27	14.27
v) Other financial assets	0.18	0.32	0.24	0.46	1.24	Other current liabilities	72.83	66.14	74.00	90.05	168.72
Other current assets	45.05	48.17	44.27	61.14	70.25	Total current liabilities	328.87	284.44	351.63	475.88	489.82
Total assets	547.11	558.79	633.11	849.21	1,160.62	Total equity and liabilities	547.11	558.79	633.11	849.21	1,160.62

Cash Flow Statement

M:3

ENGINEERING

Particulars (INR Cr)	FY22	FY23	FY24	FY25	FY26
Profit before tax	23.49	45.56	60.88	102.24	123.56
Other Comprehensive Income	-0.35	-0.37	-1.10	-1.07	0.59
Operating Profit before Working Capital Changes	46.88	70.40	88.25	125.06	142.79
Changes in Working Capital	-1.89	-29.30	-64.92	-70.39	-137.91
Direct taxes paid - Net of refunds	-8.32	-12.12	-18.13	-21.46	-35.75
Net Cash Flow from Operating Activities	36.67	28.97	5.20	33.20	-30.88
Net Cash Flow from Investing Activities	-2.49	-11.95	-62.28	-31.67	-39.25
Net Cash Flow from Financing Activities	-33.32	29.74	32.32	-45.34	136.25
Net increase / (decrease) in cash and cash equivalents	0.86	46.76	-24.76	-43.81	66.12
Cash and cash equivalents at the beginning of the period	50.58	51.44	98.20	73.44	29.64
Cash and cash equivalents at the close of the period	51.44	98.20	73.44	29.63	95.76

Post Result Earnings Conference Call Details

M& ENGINEERING

Conference Call Details

Q4FY26 & FY26 Earnings Conference Call

DATE & TIME

Tuesday, May 12, 2026

16:00 hrs · IST

PRIMARY DIAL-IN NUMBER

+91 22 6280 1107

+91 22 7115 8008

PRE-REGISTRATION

Click here

THE CALL WOULD BE ATTENDED BY THE SENIOR MANAGEMENT OF M&B ENGINEERING

Thank You

M&B ENGINEERING LTD.

M&B ENGINEERING

PHENIX Creation Simplified

proflex ENGINEERING SOLUTIONS

M & B Engineering Ltd
(ISIN: INE08N601015; NSE: MBEL; BSE: 544470)
MB House, 51, Chandroday Society, Stadium Road,
Naranpura, Ahmedabad - 380014, Gujarat, India.

M&B ENGINEERING

Keyur Shah & Palak Parekh
Chief Financial Officer | Compliance Officer
E: [email protected] | [email protected]

Arpit Mundra & Krishna Patel
Investor Relations
E: [email protected] | [email protected]

AI assistant

M & B ENGINEERING LIMITED — Investor Presentation 2026

59416_rns_2026-05-12_b9e2fb71-4db5-49b8-9333-b7a301fb1fea.pdf

Investor Presentation

Table of Content

M&B - in a snapshot

M&B – One of India’s leading Pre-Engineered Buildings (PEB^); Redefining India’s construction landscape through PEBs

Performance Highlights - Q4FY26 & FY26

Message from the Management

Q4FY26 & FY26 - In line Revenue Delivery despite macro challenges; delivered Highest Revenue for the Quarter and Full Year

Unexecuted order book (UOB) 4-YR CAGR of 24.1% underscores sustained global adoption of technology-led construction

Sector wise Revenue & Order Book Analysis

PHENIX

Certain Key Parameters and Break up

Utilization of IPO Proceeds as on March 31, 2026

Sustained track record of financial performance

Company Overview

A homegrown, indigenous, engineering-led construction company with a legacy dating back to 1951

Milestones

Phenix Division

In-house design & engineering capabilities

With a projected CAGR of ~10%, the global PEB market is expected to reach USD 32-35 billion by 2029, while the Indian market, growing slightly faster, is expected to reach INR 330-345 billion by 2030

M&B Engineering registered a 3Y-CAGR of 45% in EBIDTA and 68% in PAT (FY22-FY25)

Marquee Projects executed under Phenix

Strategically located manufacturing facilities

Sanand Facility (2008)

Cheyyar Facility (2024)

Human Resources

Information Technology

Other Certifications

Proflex Division

Proflex Division operates a fleet of 15 mobile manufacturing units

Allows M&B to address the customers in a wide geographic expanse

Key Growth Drivers

Marquee Projects executed under Proflex

Business footprint spans across geographies

Relationships with customers across a diverse set of industries

History of high customer retention

Revenue split across industries of end customers (As a percentage of consolidated revenue from operations (%) for Fiscal 2026)

Experienced and dedicated promoters and professional management team with domain knowledge (1/2)

Hemant Ishwarlal Modi

Non-Executive Chairman and Independent Director

Chirag Hasmukhbhai Patel

Joint Managing Director

Malav Girishbhai Patel

Joint Managing Director

Vipinbhai Kantilal Patel

Non-Executive Director

Girishbhai Manibhai Patel

Whole-time Director

Aditya Vipinbhai Patel

Whole-time Director

Birva Chirag Patel

Whole-time Director

Experienced and dedicated promoters and professional management team with domain knowledge (2/2)

Sanjay Shaileshbhai Majmudar

Non-Executive and Non-Independent Director

Birju Maheshbhai Patel

Independent Director

Udayan Dileep Choksi

Independent Director

Subir Kumar Das

Independent Director

Sonal Vimal Ambani

Independent Director

Pankaj Naresh

CEO

Mayur Satishbhai Patel

CEO

Keyur Bachubhai Shah

CFO

Future Growth Drivers

Summary of key growth drivers for the divisions

PHENIX

M3 ENGINEERING

Appendix

Conference Call Details

Q4FY26 & FY26 Earnings Conference Call

PRE-REGISTRATION

More from M & B ENGINEERING LIMITED

M & B ENGINEERING LIMITED Investor Presentation 2026