M & B Engineering Limited is one of India's leading Pre-Engineered Buildings ('PEBs') player. The Company has installed capacity of 103,800 MTPA related to PEB structures and 18,00,000 square metres per annum for Self-Supported Roofing solutions as on March 31, 2025. The business is structured into (a) Phenix division which provides comprehensive solutions for PEBs and complex structural steel components; and (b) Proflex division which provides self-supported steel roofing solutions. They offer the customers comprehensive turn-key solutions which includes project design, engineering, manufacturing and erection in accordance with customer requirements across industrial and infrastructure segments. They have undertaken execution of over 9,500 projects until the end of March 2025 under the Phenix and Proflex Divisions. The Phenix Division (i) provides comprehensive solutions for PEBs which includes estimation, designing, engineering and manufacturing of PEBs and their components within the controlled environment of the Manufacturing Facilities, which are then supplied, installed and erected under the team's supervision at the customers' manufacturing sites; and (ii) manufactures complex structural steel components for the customers across a variety of end-user industries for projects including the construction of bridges, flyovers, power plant structures and other industrial applications. They have a dedicated design and engineering in-house team of 98 employees as on March 31, 2025 who create 3D models of PEBs and structural steel using software including STAAD PRO, STAAD PRO ADVANCED, MBS, TEKLA/ TRIMBLE, ZWCAD and BricsCAD. The integrated Manufacturing Facilities of the Phenix Division have an annual installed capacity of 103,800 MT as on March 31, 2025. Over 15 years of operating the Phenix Division, they have been involved in the execution of over 1,600 projects involving the supply of around 640,000 MT of PEBs and structural steel across a diverse set of customers across end-user industries in 22 countries. Through the Proflex Division, they manufacture and install self-supported steel roofings for projects across India. During the 23-year operational history of the Proflex Division they have installed over 18.5 million square metres of roofing by being involved in the execution of over 7,900 projects across India and catering to the customers operating in diverse set of end-user industries. In Fiscal 2025, Fiscal 2024, and Fiscal 2023, they have served more than 2,000 customer groups from across diverse industries including from general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles and railways. Some of the notable customers include Adani Green Energy Limited, Adani Ports and Special Economic Zone Limited, Adani Logistics Limited, AIAEngineering Limited, Alembic Pharmaceuticals Limited, Tata Advanced Systems Limited, Balaji Wafers Private Limited,Elecon Engineering Co Limited, Gujarat Tea Processors and Packers Limited, Intas Pharmaceuticals Limited, Lubi IndustriesLLP, PSP Projects Limited, Everest Food Products Private Limited, Arvind Limited, Inductotherm (India) Private Limited,Haldiram Foods International Private Limited, SMC Power Generation Limited, Oriental Rubber Industries Limited, ShreeRam Industries, Satyam Plastfab Private Limited and Laxmi Hydraulics Private Limited. They have two manufacturing facilities at Sanand, Gujarat and Cheyyar, Tamil Nadu for the manufacturing of PEBs and complex structural steel components with a combined installed capacity of 103,800 MTPA as of March 31, 2025 for manufacturing PEBs. While the Sanand facility started operations in 2008, The Cheyyar Facility became operational in 2024. The Proflex Division operates a fleet of 14 mobile manufacturing units which they use to manufacture self-supported steel roofing. These mobile manufacturing units allow them to cater to the customers in a wide geographic expanse. Each of the mobile manufacturing unit is equipped with a panel manufacturing machine, a telescopic crane and other ancillary equipment. As of March 31, 2025, the installed capacity in the Proflex Division for manufacturing self-supported roofings was 18,00,000.00 square metres per annum. As per financial performance, M & B Engineering Limited has posted total income / net profits of Rs 889.00 Cr / 32.89 Cr (FY23), Rs 808.26 Cr / Rs 45.63 Cr (FY24) and Rs 996.89 Cr / 77.05 Cr (FY25). So as per previous financials data, company has shown almost static sales, but profit increased. Company has an average EPS of Rs 11.9 and average RoNW of 22.28% for last three fiscals. Issue is priced at a P/BV of 6.28 as per NAV of Rs 61.31/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 66.89, 48.21 and 28.55 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Equirus Capital Private Limited, DAM Capital Advisors Limited are associated with this IPO, and have handled 30 IPOs in last three fiscal years. ( As on 26.07.25 ) As per financials, M & B Engineering Limited has shown average growth, RoNW is 25.14% and P/E is 66.89, 48.21 and 28.55 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is in business of Pre-Engineered Buildings, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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