---
title: "Manav Infra Projects Ltd (MANAV) — Share Price, Financials & Analysis"
symbol: "MANAV"
company: "Manav Infra Projects Ltd"
canonical: "https://tapetide.com/stocks/MANAV"
isin: "INE104Y01012"
nse_symbol: "MANAV"
sector: "Construction"
industry: "Civil Construction"
market_cap_cr: 53.63
generated_at: "2026-09-13T19:02:37.430Z"
---

# Manav Infra Projects Ltd (MANAV)

Canonical page: https://tapetide.com/stocks/MANAV

## Company

- **NSE Symbol:** MANAV
- **ISIN:** INE104Y01012
- **Sector:** Construction
- **Industry:** Civil Construction
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2017-09-18
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** manavinfra.com

## About

Incorporated in 1995, Manav Infra Projects Ltd 
is engaged in providing infrastructural services.[1]

## Latest Price

- **Price:** ₹40.75
- **Change:** +0.75 (+1.88%)
- **Open:** ₹40.75
- **Day High:** ₹40.75
- **Day Low:** ₹40.75
- **Previous Close:** ₹40
- **Volume:** 12000
- **As Of:** 2026-09-11T04:16:15+00:00

## Key Fundamentals

Observed at 2026-09-11T04:49:28.733097Z.

- **Market Cap:** ₹53.63 Cr
- **Classification:** SME
- **P/E (reported):** 13.1
- **Book Value:** ₹9.22
- **Price to Book:** 4.34
- **Dividend Yield:** 0%
- **ROE:** 33.19%
- **ROCE:** 33.57%
- **Debt to Equity:** 0.47
- **Revenue (yearly):** ₹41.8 Cr
- **Net Income:** ₹4 Cr
- **EBITDA:** ₹6.9 Cr
- **52-Week High:** ₹47
- **52-Week Low:** ₹14.5
- **RSI (14):** 73.8

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Tax rate seems low
- Promoter holding has decreased over last 3 years: -4.29%

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -55.47% | 227.78% | 5.36% |
| ebitda margin growth | -25.08% | -27.21% | -146.95% |
| net income growth | 25% | 97% | 22% |
| revenue growth | 69.92% | 52% | 52% |
| roce | 0.27% | -70.09% | -219.82% |
| roe | -16.42% | 5.69% | -69.24% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2.48 | 2.57 | 2.19 | 3.2 | 4.4 | 8.57 | 5.52 | 8.8 | 6.35 | 18.14 | 9.43 | 32.13 |
| Expenses | 4.11 | 4.8 | 4.33 | 4.83 | 4.53 | 4.83 | 4.53 | 6.52 | 4.87 | 14.3 | 8.27 | 26.63 |
| Operating Profit | -1.63 | -2.23 | -2.14 | -1.63 | -0.13 | 3.74 | 0.99 | 2.28 | 1.48 | 3.84 | 1.16 | 5.5 |
| OPM % | -65.73 | -86.77 | -97.72 | -50.94 | -2.95 | 43.64 | 17.93 | 25.91 | 23.31 | 21.17 | 12.3 | 17.12 |
| Other Income | 0 | 0.01 | 0.01 | -0.01 | 0 | 0.12 | 0 | 0 | 0 | 0.15 | 0.22 | 0.06 |
| Interest | 0.7 | 0.63 | 0.46 | 0.77 | 0.71 | 0.75 | 0.63 | 0.56 | 0.71 | 0.82 | 0.45 | 0.45 |
| Depreciation | 0.81 | 0.78 | 0.54 | 0.53 | 0.37 | 0.71 | 0.24 | 0.26 | 0.54 | 0.29 | 0.54 | 0.89 |
| Profit before tax | -3.14 | -3.63 | -3.13 | -2.94 | -1.21 | 2.4 | 0.12 | 1.46 | 0.23 | 2.88 | 0.39 | 4.22 |
| Tax % | 0 | 0 | 0 | -3.06 | 0 | 24.17 | 25 | 26.03 | 8.7 | -4.51 | -5.13 | 14.45 |
| Net Profit | -3.13 | -3.63 | -3.13 | -2.85 | -1.2 | 1.82 | 0.09 | 1.07 | 0.21 | 3.01 | 0.41 | 3.61 |
| EPS in Rs | -2.28 | -2.65 | -2.28 | -2.08 | -0.88 | 1.33 | 0.07 | 0.78 | 0.15 | 2.29 | 0.31 | 2.74 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 18.08 | 20.87 | 15.53 | 8.62 | 5.05 | 5.39 | 11.95 | 14.31 | 24.5 | 41.56 |
| Expenses | 15.89 | 17.64 | 11.99 | 11.34 | 7.93 | 7.23 | 9.13 | 11.01 | 19.14 | 34.85 |
| Operating Profit | 2.19 | 3.23 | 3.54 | -2.72 | -2.88 | -1.84 | 2.82 | 3.3 | 5.36 | 6.71 |
| OPM % | 12.11 | 15.48 | 22.79 | -31.55 | -57.03 | -34.14 | 23.6 | 23.06 | 21.88 | 16.15 |
| Other Income | 0.22 | 0.26 | 0.02 | 0.14 | -0.95 | -0.07 | 0.1 | -0.03 | 0.1 | 0.24 |
| Interest | 1.05 | 1.2 | 1.38 | 1.41 | 1.34 | 1.24 | 1.46 | 1.19 | 1.53 | 0.9 |
| Depreciation | 0.57 | 1.03 | 1.8 | 2.15 | 1.59 | 1.07 | 0.71 | 0.5 | 0.83 | 1.43 |
| Profit before tax | 0.79 | 1.26 | 0.38 | -6.14 | -6.76 | -4.22 | 0.75 | 1.58 | 3.1 | 4.62 |
| Tax % | -30.38 | -0.79 | -15.79 | -3.91 | -2.51 | -2.13 | 21.33 | 26.58 | -3.55 | 12.99 |
| Net Profit | 1.03 | 1.27 | 0.44 | -5.9 | -6.59 | -4.13 | 0.6 | 1.16 | 3.22 | 4.03 |
| EPS in Rs | 2.58 | 0.93 | 0.32 | -4.31 | -4.81 | -3.01 | 0.44 | 0.85 | 2.45 | 3.06 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2 | 6.84 | 6.84 | 6.84 | 6.84 | 6.84 | 6.84 | 6.84 | 13.16 | 13.16 |
| Reserves | 3.85 | 5.79 | 6.22 | 0.06 | -6.53 | -10.66 | -10.06 | -8.91 | -5.06 | -1.03 |
| Borrowings | 3.63 | 6.62 | 11.26 | 11.59 | 11.36 | 11.97 | 9.83 | 9.38 | 7.29 | 5.71 |
| Other Liabilities | 3.55 | 2.97 | 3.13 | 2.7 | 2.52 | 2.07 | 2.98 | 3.9 | 6.24 | 6.14 |
| Total Liabilities | 13.03 | 22.22 | 27.45 | 21.19 | 14.19 | 10.22 | 9.59 | 11.21 | 21.63 | 23.98 |
| Fixed Assets | 2.3 | 3.74 | 7.01 | 5.55 | 3.79 | 2.48 | 1.67 | 1.66 | 3.33 | 6.59 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0 | 0.15 | 0 | 0.97 |
| Other Assets | 10.66 | 18.42 | 20.38 | 15.58 | 10.34 | 7.68 | 7.92 | 9.4 | 18.3 | 16.42 |
| Total Assets | 13.03 | 22.22 | 27.45 | 21.19 | 14.19 | 10.22 | 9.59 | 11.21 | 21.63 | 23.98 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.49 | -3.43 | 3.9 | 1.75 | 1.03 | 1.12 | 3.37 | 0.36 | 2.65 | 1.18 |
| Cash from Investing Activity | -1.96 | -2.96 | -5.87 | -0.68 | 1.61 | 0.59 | 0.06 | -0.61 | -2.45 | -5.71 |
| Cash from Financing Activity | -1.47 | 6.12 | 1.95 | -1.11 | -2.37 | -1.93 | -3.47 | 0.33 | 6.68 | -2.32 |
| Net Cash Flow | -3.92 | -0.26 | -0.02 | -0.04 | 0.27 | -0.22 | -0.04 | 0.08 | 6.88 | -6.85 |
| Free Cash Flow | -1.75 | -5.67 | -1.17 | 1.07 | 1.03 | 1.36 | 3.47 | -0.13 | 0.15 | -3.5 |
| CFO/OP | -22 | -106 | 113 | -64 | -36 | -61 | 125 | 24 | 49 | 18 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 107.4 | 159.85 | 253.36 | 269.3 | 256.58 | 242.43 | 104.15 | 116.82 | 89.98 | 95.73 |
| Inventory Days | 155.61 | 242.15 | — | 641.34 | 385.76 | 0 | 0 | 0 | 0 | — |
| Days Payable | 254.2 | 106.83 | — | 252.69 | 256.02 | — | — | — | — | — |
| Cash Conversion Cycle | 8.82 | 295.17 | 253.36 | 657.95 | 386.32 | 242.43 | 104.15 | 116.82 | 89.98 | 95.73 |
| Working Capital Days | 62.18 | 178.74 | 229.15 | 211.29 | -60.71 | -268.16 | -146.31 | -60.45 | -1.49 | 51.73 |
| ROCE % | 20.9 | 15.45 | 8.17 | -21.35 | -29.58 | -29.26 | 28.73 | 40.23 | 39.91 | 33.52 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 73.13% | 73.13% | 73.13% | 73.13% | 73.13% | 73.13% | 73.13% | 73.13% | 68.84% | 68.84% | 68.84% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 24.74% | 24.33% | 25.09% | 25.29% | 25.35% | 23.95% | 22.78% | 22.66% | 28.7% | 29.64% | 29.98% |
| Others | 2.13% | 2.54% | 1.78% | 1.58% | 1.52% | 2.93% | 4.1% | 4.21% | 2.46% | 1.52% | 1.19% |
| No. of Shareholders | 270 | 267 | 281 | 273 | 259 | 248 | 232 | 224 | 240 | 248 | 197 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 13 / 1 / 5

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 35.77 | Buy |
| EMA (10) | 36.18 | Buy |
| SMA (20) | 30.66 | Buy |
| EMA (20) | 33.76 | Buy |
| SMA (50) | 34.73 | Buy |
| EMA (50) | 33.53 | Buy |
| SMA (100) | 34.53 | Buy |
| EMA (100) | 32.49 | Buy |
| SMA (200) | 27.1 | Buy |
| EMA (200) | 28.74 | Buy |

### Oscillators — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 75.05 | Sell |
| MACD (12,26,9) | 2.02 | Buy |
| Stochastic (14,3,3) | 98.23 | Sell |
| ADX (14) | 32.02 | Buy |
| Williams %R (14) | 0 | Sell |
| ATR (14) | 1.36 | High Volatility |
| ROC (12) | 45.02 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 86.03 | Sell |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 May 2026 - Submitted SDD compliance certificate for FY ended 31 March 2026; 4 events captured, nil non-compliance. | [Structural Digital Database 9 May 2026 - Submitted SDD compliance certificate for FY ended 31 March 2026; 4 events captured, nil non-compliance.](https://nsearchives.nseindia.com/corporate/MANAV_09052026155610_MIPSDD.pdf) |
| 9 March 2026 - Piling work order at Kanakia Beverly Heights, Bhayander East; order value Rs.54,04,990 inclusive of GST. | [Bagging/Receiving of orders/contracts 9 March 2026 - Piling work order at Kanakia Beverly Heights, Bhayander East; order value Rs.54,04,990 inclusive of GST.](https://nsearchives.nseindia.com/corporate/MANAV_09032026135613_Workorder.pdf) |
| 8 May 2026 - Received infra work order worth Rs. 7.24 crore from Kanakia Transparent Developers for Borivali project. | [Bagging/Receiving of orders/contracts 8 May 2026 - Received infra work order worth Rs. 7.24 crore from Kanakia Transparent Developers for Borivali project.](https://nsearchives.nseindia.com/corporate/MANAV_08052026135428_wworkorder0805.pdf) |
| 6 Sep - Manav Infra announces 17th AGM on 11 September 2026, with e-voting and book closure from 4-11 September. | [Copy of Newspaper Publication 6 Sep - Manav Infra announces 17th AGM on 11 September 2026, with e-voting and book closure from 4-11 September.](https://nsearchives.nseindia.com/corporate/MANAV_06092026120021_nsenewspaperadvt.pdf) |
| 5 June 2026 - Promoters held 90,59,000 shares as of 31 March 2026; no encumbrance created during FY2026. | [Disclosure under SEBI Takeover Regulations 5 June 2026 - Promoters held 90,59,000 shares as of 31 March 2026; no encumbrance created during FY2026.](https://nsearchives.nseindia.com/corporate/team_sandeshc_22052026120602_46.pdf) |
| 4 March 2026 - Received Rs.2,23,76,576 work order for shore piling and rock anchoring at Artek Park, Bandra. | [Bagging/Receiving of orders/contracts 4 March 2026 - Received Rs.2,23,76,576 work order for shore piling and rock anchoring at Artek Park, Bandra.](https://nsearchives.nseindia.com/corporate/MANAV_04032026122049_WO04032026.pdf) |
| 4 Aug - Board meeting on 11 August 2026 to approve AGM notice, annual report, reappointments and remuneration. | [General Updates 4 Aug - Board meeting on 11 August 2026 to approve AGM notice, annual report, reappointments and remuneration.](https://nsearchives.nseindia.com/corporate/MANAV_04082026160049_BoardMintimation.pdf) |
| 28 Aug - Manav Infra Projects Limited has informed regarding 'News clarification for Price Movement'. | [Updates 28 Aug - Manav Infra Projects Limited has informed regarding 'News clarification for Price Movement'.](https://nsearchives.nseindia.com/corporate/MANAV_28082026113918_manavnseletter.pdf) |
| 27 Aug - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 27 Aug - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=MANAV&tabIndex=sme) |
| 26 February 2026 - 26 Feb 2026: Received Rs.4,99,14,591 shore-piling and rock-anchoring work order at Sunteck City, Goregaon West. | [Bagging/Receiving of orders/contracts 26 February 2026 - 26 Feb 2026: Received Rs.4,99,14,591 shore-piling and rock-anchoring work order at Sunteck City, Goregaon West.](https://nsearchives.nseindia.com/corporate/MANAV_26022026150458_MIPwo2602.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30382_MANAV_2025_2026_A_1204829_17082026173225.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26613_MANAV_2024_2025_A_26062025120727.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25789_MANAV_2023_2024_05092024131918.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23314_MANAV_2022_2023_02092023212242_09022023220003.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21266_MANAV_2021_2022_03092022201353_09032022210007.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19271_MANAV_2020_2021_03092021171503_09032021180007.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17105_MANAV_2019_2020_01092020184819_01092020190006.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_16132_MANAV_2018_2019_09102019183838_09102019190001.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_13903_MANAV_2017_2018_01102018161919.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:02:37.430Z.