M & B Engineering
Book Building issueMainboardBSE₹650 Cr issue
+0.26%
Listing gain over issue price
Issue size
₹650 Cr
1 lot at cut-off
₹14,630
Lot size
38shares
Open
30 Jul 2025
Close
01 Aug 2025
Allotment
04 Aug 2025
Listing
06 Aug 2025
Listing performance
Issue price
₹385
Listed at
₹386
Listing-day close
₹409.15
Latest price
₹253.24
Close on 23 Oct 2026
Listing gain
+0.26%
Return since issue
-34.22%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jul 2025 – 01 Aug 2025
- Listing date
- 06 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹385 per share
- Lot size
- 38 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹650 Cr
- Market cap at offer price
- ₹2,200 Cr
- Promoter holding
- 100.00% → 70.45% pre-issue → post-issue
- ISIN
- INE08N601015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- MB House, 51, Chandrodaya Society, Opp.Golden Triangle, Stadium, Post Navjivan, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 75,74,026 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 38 shares per lot, in multiples, at ₹385
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 38 | ₹14,630 |
| Retail (max) | 13 | 494 | ₹1,90,190 |
| S-HNI (min) | 14 | 532 | ₹2,04,820 |
| S-HNI (max) | 68 | 2,584 | ₹9,94,840 |
| B-HNI (min) | 69 | 2,622 | ₹10,09,470 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
75,74,026
Anchor portion
₹292 Cr
at ₹385 per share
Valuation and performance
Valuation at offer price
₹385 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.41 | 13.48 |
| P/E (×) | 24.98 | 28.56 |
| Price to book (×) | 6.28 | — |
| Market cap | — | ₹2,200 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 25.14%
- ROCE
- 24.80%
- Debt / equity
- 0.33
- PAT margin
- 7.73%
- EBITDA margin
- 12.78%
- NAV per share
- ₹61.31
- Price to book
- 6.28
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About M & B Engineering
M & B Engineering Limited, incorporated in 1981 and converted to public limited company in 2011, designs, manufactures and installs pre-engineered buildings and self-supported steel roofing solutions. The company operates through two divisions: Phenix Division (PEBs and complex steel components) and Proflex Division (self-supported steel roofing). With installed capacity of 103,800 MTPA for PEBs and 1,800,000 square metres per annum for self-supported roofing as of March 31, 2025, M&B has executed over 9,500 projects serving diverse sectors including general engineering, food and beverages, warehousing, logistics, power, textiles and railways. The company operates two manufacturing facilities at Sanand, Ahmedabad and Cheyyar, Tamil Nadu, complemented by 14 mobile manufacturing units for roofing operations.
Company Analysis
from RHPM & B Engineering Limited is a leading Pre-Engineered Buildings (PEB) player in India offering comprehensive turn-key solutions including design, engineering, manufacturing and erection of PEBs and self-supported steel roofing across industrial and infrastructure segments.
M & B Engineering Limited, incorporated in 1981 and converted to public limited company in 2011, designs, manufactures and installs pre-engineered buildings and self-supported steel roofing solutions. The company operates through two divisions: Phenix Division (PEBs and complex steel components) and Proflex Division (self-supported steel roofing). With installed capacity of 103,800 MTPA for PEBs and 1,800,000 square metres per annum for self-supported roofing as of March 31, 2025, M&B has executed over 9,500 projects serving diverse sectors including general engineering, food and beverages, warehousing, logistics, power, textiles and railways. The company operates two manufacturing facilities at Sanand, Ahmedabad and Cheyyar, Tamil Nadu, complemented by 14 mobile manufacturing units for roofing operations.
Pre-engineered buildingsStructural steelSelf-supported roofingGeneral engineering and manufacturingFood and beveragesWarehousing and logisticsPowerTextilesRailways
Objects of the Issue
- Funding the capital expenditure requirements for the purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at our Manufacturing Facilities ₹1,305.79 million p.24
- Investment in IT software upgradation by our Company ₹52.00 million p.24
- Re-payment or pre-payment of term loans, in full or in part, of certain borrowings availed by our Company ₹587.50 million p.24
- General corporate purposes p.24
- Capacity expansion - Increase capacity at the Sanand Facility from 72,000 MT to 92,000 MT and at the Cheyyar Facility from 31,800 MT to 76,800 MT p.47
- Working capital requirements p.44
- General corporate purposes p.47
- Funding the capital expenditure requirements for the purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at our Manufacturing Facilities ₹1,305.79 million p.119
- Investment in information technology (IT) software upgradation by our Company ₹52.00 million p.119
- Re-payment or pre-payment of term loans, in full or in part, of certain borrowings availed by our Company ₹587.50 million p.119
- General corporate purposes [●] p.119
- Not disclosed in this document section
- Not stated in this document section
Issue Structure
- Total Issue
- ₹6,500.00 million
- Fresh Issue
- ₹2,750.00 million
- Offer for Sale
- ₹3,750.00 million
- Face Value
- ₹10 each
Business Model
The company earns revenue through design, engineering, manufacturing and erection services for pre-engineered buildings and self-supported steel roofing solutions. In Fiscal 2025, Phenix Division contributed 77.35% of consolidated revenue (₹7,646.90 million) and Proflex Division contributed 22.65% (₹2,238.64 million) of total revenue from operations of ₹9,885.54 million. The business is project-based with customer contracts typically including performance bank guarantees (2.5-5% of contract value) and warranty periods of 12-24 months.
Business Segments
Provides comprehensive solutions for Pre-Engineered Buildings (PEBs) which includes estimation, designing, engineering and manufacturing of PEBs and their components within controlled manufacturing environment, which are then supplied, installed and erected under supervision through on-site project management. Also manufactures complex steel components for customers across various end-user industries.
Manufactures and installs self-supported steel roofing solutions for projects using 14 mobile manufacturing units.
Design, manufacture, and installation of pre-engineered steel buildings for industrial, commercial, and infrastructure applications
Manufacture of self-supported steel roofing solutions
Manufacturing and sale of Pre-Engineered Buildings structures for industrial and commercial construction
Manufacturing and sale of Self-Supported Roofing solutions with installed capacity of 1,800,000 square metres per annum
Manufactures steel structures with primary components (columns, rafters), secondary structures (purlins, grits, eave struts), and roof/wall panels for industrial, infrastructure, and building applications including warehouses, factories, data centres, and institutional buildings.
Produces structural steel components including rolled steel (channels, beams, angles) and fabricated steel for construction applications in power, automotive, and infrastructure sectors.
Manufactures steel roofing systems that can cover wide spans without supports such as purlins or beams, using pre-painted galvalume (PPGL) material for industrial and infrastructure applications.
Provides comprehensive solutions for Pre-Engineered Buildings and complex structural steel components through integrated manufacturing operations including design, engineering, manufacturing, and erection. Products include PEBs with primary structural components (main frames, columns, rafters), secondary structural components (purlins, girts, bracing), claddings, and structural steel components (H-beams, I-beams, tapered columns, truss systems). Services include in-house design and engineering, production, testing and quality checks, logistics, erection and installation, project management, and after-sales service.
Manufactures and installs self-supported steel roofing solutions using 14 mobile manufacturing units. The roof panels are produced at the construction site of customers using mobile manufacturing units equipped with panel manufacturing machines, telescopic cranes and ancillary equipment. Product types include roofs with RCC structure, roofs with steel structure, L-section roofs, roofs with differential height, roofs on elevated base, ground-to-ground buildings, roofs with semi/half arch, roofs with overhead crane, roofs with hanging ducts, and A-shaped buildings.
Engaged in design, manufacture, erection and sale of pre-engineered buildings and steel structures
Engaged in the business of manufacturing flexible systems and related components
Purchase, sale and erection of pre engineered buildings and steel structure
Trading of pre-engineered building and steel structure
Manufactures Pre-Engineered Buildings and structural steel products
Manufactures self-supported steel roofing solutions
Manufactures pre-engineered building (PEB) structures and provides erection services; also supplies structural steel bridge girders and sells products domestically and internationally
Manufactures self-supported roofing systems; sells products measured in square meters
SWOT Analysis
Strengths
- • Significant order book growth indicating strong market demand(p.44)
- • Organized sector has competitive advantages over unorganized competitors(p.43)
- • Growing shift toward organized PEB sector due to demand for standardized structures(p.43)
- • Improving capacity utilization at Sanand Facility(p.47)
- • Growing acceptance of PEBs due to faster construction and reduced onsite labour dependence(p.189)
- • Advanced machinery and technology availability for PEB production(p.189)
- • Expanding international markets with rising PEB exports from India(p.189)
- • Government policy support through PLI scheme and steel promotion initiatives(p.189)
- • PEB exports CAGR of 17% (FY19-25) demonstrating global competitive advantage(p.186)
- • Multiple quality certifications and industry recognition(p.263)
- • Testing and calibration laboratory accreditation(p.263)
- • Recognized as FM Global certified manufacturer(p.263)
- • Indian Green Building Council membership(p.263)
- • No defaults in borrowing repayment history(p.263)
- • No time and cost overruns in project execution(p.263)
- • Leading installed capacity in PEB industry(p.368)
- • Significant self-supported roofing production capacity(p.368)
- • Strong revenue growth trajectory(p.383)
- • High proportion of repeat customers(p.369)
- • Improved profitability and margins(p.366)
- • Growing order book indicating future revenue(p.383)
- • Improving operational efficiency reducing material costs as % of revenue(p.384)
- • Strong profit growth trajectory(p.384)
- • Improving EBITDA margins(p.390)
- • Strong return on equity(p.390)
- • Significant revenue growth(p.388)
- • Declining debt burden(p.384)
- • Improved leverage metrics(p.391)
Weaknesses
- • Heavy dependence on few customers creating revenue concentration risk(p.45)
- • Working capital intensive business with increasing inventory holding periods(p.45)
- • Heavy reliance on contract labor with limited direct control(p.46)
- • Low capacity utilization at newly commissioned Cheyyar Facility(p.47)
- • History of delays in statutory dues payments(p.49)
- • Missing corporate records and regulatory filings with RoC(p.64)
- • Unregistered trademarks and logos(p.49)
- • Subsidiaries have unsecured on-demand borrowings(p.51)
- • Significant contingent liabilities from bank guarantees(p.56)
- • Steel's thermal conductivity reduces building comfort and fire resistance(p.189)
- • Steel susceptibility to corrosion without proper maintenance(p.189)
- • High presence of unorganised segment creates price pressure(p.189)
- • Limited suppliers of high-grade steel creating supply chain vulnerability(p.189)
- • Fragmented industry with 53-58% unorganised market share in FY25(p.187)
- • Design limitations due to standardisation of PEB components(p.189)
- • Shortage of skilled designers and fabricators(p.198)
- • Promoter personal guarantees on working capital and term loans(p.266)
- • Significant working capital borrowing obligations(p.266)
- • Loss on divestment of Modtech subsidiary(p.264)
- • Foreign subsidiary operating losses(p.307)
- • No significant financial and strategic partnerships(p.263)
- • Significant customer concentration risk(p.370)
- • High raw material dependency(p.372)
- • Debt obligations and finance costs(p.363)
- • Lower capacity utilization at Cheyyar facility(p.370)
- • Declining other income sources(p.383)
- • Outstanding trade receivables including aged amounts(p.327)
- • Significant dependence on repeat customers from a limited customer base(p.395)
- • Rising operational expenses including erection and site charges(p.384)
- • Significant increase in employee benefit expenses(p.384)
- • Outstanding litigation with customers for unpaid dues(p.401)
- • Material tax proceedings pending(p.403)
Opportunities
- • National Steel Policy driving increased steel consumption and industry growth(p.67)
- • Expansion into southern India through Cheyyar Facility and improved logistics(p.47)
- • Growth in organized PEB sector from unorganized market shift(p.43)
- • Planned capacity expansion through Offer proceeds(p.47)
- • Export market growth potential, particularly in USA(p.67)
- • Benefits from government export schemes(p.54)
- • Very low PEB penetration (3-5% in FY25) with potential to reach 5-7% by FY30(p.192)
- • Building sector PEB penetration at only 0-1% as of FY25(p.191)
- • Growing popularity of sustainable and green buildings(p.192)
- • Infrastructure investments projected at Rs 50-55 trillion in FY26-30(p.193)
- • Industrial capex expected to reach Rs 7.1 trillion by FY30 (1.6x growth)(p.193)
- • Warehousing demand growing at 11-16% CAGR between FY25-29(p.168)
- • Data centre capacity expected to grow at 30% CAGR in FY24-27(p.196)
- • PEB market in India projected to grow 9.5-10.5% CAGR through FY30(p.186)
- • Recognition by leading industrial clients and OEMs(p.263)
- • International certification and expansion readiness(p.263)
- • Consistent HSE performance recognition(p.263)
- • Partnership recognition with major multinational clients(p.263)
- • Government support for steel consumption increase(p.372)
- • Production Linked Incentive Scheme for specialty steel(p.372)
- • Rising penetration of PEB in infrastructure projects(p.372)
- • Expansion in southern India market(p.383)
- • Growing international demand(p.383)
- • Expansion of manufacturing capacity with new Cheyyar facility becoming operational(p.384)
- • Growing export business and international revenue contribution(p.384)
- • Improved working capital management and asset utilization(p.391)
Threats
- • High competition from unorganized sector with low capital requirements(p.43)
- • Intense price competition limiting differentiation in organized sector(p.43)
- • Exposure to foreign currency exchange fluctuations(p.56)
- • Risk of order cancellation and contract termination(p.45)
- • Project execution delays and cost overruns risk(p.45)
- • Seasonal and cyclical nature of industry affecting revenues(p.51)
- • Industry exposed to raw material price volatility(p.52)
- • Shortage of skilled workforce in self-supported roofing sector(p.52)
- • Geographic concentration risk in two manufacturing facilities(p.51)
- • Default and collection risk from customers(p.55)
- • Potential tariffs and trade barriers on exports(p.76)
- • Macroeconomic slowdown in India affecting demand(p.73)
- • Stricter labor laws and compliance requirements(p.46)
- • Dependence on third-party builders and erectors(p.46)
- • Traditional RCC construction dominates with 95-97% market share(p.189)
- • Limited market awareness and knowledge gap about PEB benefits(p.189)
- • Shortage of skilled fabricators and designers(p.189)
- • Geopolitical uncertainties affecting steel prices(p.189)
- • Steel price volatility from global macro factors(p.162)
- • Dependence on limited pool of steel suppliers (Tata, SAIL, JSW control 40-45%)(p.190)
- • Transportation costs impacting price competitiveness over distance(p.197)
- • Unorganised sector quality compromises damaging industry reputation(p.197)
- • Design constraints limiting architectural freedom(p.198)
- • Global recessionary conditions affecting subsidiary performance(p.264)
- • No holding company or significant strategic ownership structure(p.263)
- • Raw material price volatility and procurement risk(p.372)
- • Supplier discontinuation risk(p.372)
- • Dependence on government policy continuation(p.372)
- • Low per capita steel consumption compared to global average(p.372)
- • Failure to pass cost increases to customers(p.372)
- • Seasonal and cyclical nature of PEB business(p.395)
- • Exposure to steel price volatility affecting revenues(p.385)
- • Competitive market environment with existing and potential competitors(p.395)
- • Interest rate risk from borrowings sensitive to RBI monetary policy(p.394)
- • Macro inflation risk impacting overall business environment(p.395)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Girishbhai Manibhai Patel | Promoter/Promoter Selling Shareholder | 38.98% | — |
| Chirag Hasmukhbhai Patel | Promoter/Promoter Selling Shareholder | 34.99% | — |
| Malav Girishbhai Patel | Promoter | 2.00% | — |
| Birva Chirag Patel | Promoter/Promoter Selling Shareholder | 10.00% | — |
| Vipinbhai Kantilal Patel | Promoter/Promoter Selling Shareholder | 5.00% | — |
| Aditya Vipinbhai Patel | Promoter/Promoter Selling Shareholder | 5.00% | — |
| Umaben Girishbhai Patel | Promoter Group Selling Shareholder | 4.00% | — |
| Girishbhai Manibhai Patel, Chirag Hasmukhbhai Patel, Malav Girishbhai Patel, Vipinbhai Kantilal Patel, Birva Chirag Patel and Aditya Vipinbhai Patel | Promoter Group | 100.00% | — |
| Girishbhai Manibhai Patel | Promoter | 38.98% | — |
| Chirag Hasmukhbhai Patel | Promoter | 34.99% | — |
| Vipinbhai Kantilal Patel | Promoter | 5.00% | — |
| Birva Chirag Patel | Promoter | 10.00% | — |
| Aditya Vipinbhai Patel | Promoter | 5.00% | — |
| Umaben Girishbhai Patel | Promoter Group | 4.00% | — |
| Malav Girishbhai Patel | Promoter | 2.00% | — |
| Not disclosed in this document section | Not available in PART 4 | — | — |
| Not stated in this document section | Promoter information not provided in Part 5 | — | — |
| Girishbhai Manibhai Patel | Promoter/Whole-time Director | 38.98% | — |
| Chirag Hasmukhbhai Patel | Promoter/Joint Managing Director | 34.99% | — |
| Malav Girishbhai Patel | Promoter/Joint Managing Director | 2.00% | — |
| Birva Chirag Patel | Promoter/Whole-time Director | 10.00% | — |
| Vipinbhai Kantilal Patel | Promoter/Non-Executive Director | 5.00% | — |
| Aditya Vipinbhai Patel | Promoter/Whole-time Director | 5.00% | — |
| Chirag H Patel Family Trust | Promoter Group | — | — |
| Vipin K Patel Family Trust | Promoter Group | — | — |
| MGM5 Family Trust | Promoter Group | — | — |
| MGM11 Family Trust | Promoter Group | — | — |
| Aditya V Patel Family Trust | Promoter Group | — | — |
| Chirag Hasmukhbhai Patel | Promoter | 35.00% | — |
| Girishbhai Manibhai Patel | Promoter | 27.00% | — |
| Birva Chirag Patel | Promoter | 10.00% | — |
| Vipinbhai Kantilal Patel | Promoter | 5.00% | — |
| Malav Girishbhai Patel | Promoter | 14.00% | — |
| Chirag Hasmukhbhai Patel | Selling Shareholder | — | — |
| Girishbhai Manibhai Patel | Selling Shareholder | — | — |
| Vipinbhai Kantilal Patel | Selling Shareholder | — | — |
| Aditya Vipinbhai Patel | Selling Shareholder | — | — |
| Birva Chirag Patel | Selling Shareholder | — | — |
| Umaben Girishbhai Patel | Selling Shareholder | — | — |
Leadership
Girishbhai Manibhai Patel · Promoter/Chairman
Chirag Hasmukhbhai Patel · Joint Managing Director/Promoter
Malav Girishbhai Patel · Joint Managing Director/Promoter
Keyur Bachubhai Shah · Chief Financial Officer
Palak Dilipbhai Parekh · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
M & B Engineering IPO FAQs
What is the lot size of M & B Engineering IPO?
The minimum lot size of M & B Engineering IPO is 38 shares. One lot costs ₹14,630 at the cut-off price.
When does M & B Engineering IPO open and close?
M & B Engineering IPO opened for subscription on 30 Jul 2025 and closed on 01 Aug 2025.
What is the listing date of M & B Engineering IPO?
M & B Engineering IPO listed on 06 Aug 2025.