M&B Engineering IPO

Incorporated in 1981, M&B Engineering Limited is one of India's leading pre-engineered buildings (PEBs) players with an installed capacity of 103,800 MTPA for PEB structures and 1,800,000 square meters per annum for self-supported roofing solutions as of March 31, 2025.

The company operates through two main divisions: the Phenix division, which designs, engineers and manufactures PEBs and their components at the company’s manufacturing facility, which are later installed and erected at the client site. Meanwhile, the Proflex division manufactures and installs self-supported steel roofings for projects across India.

The Phenix division has been operational for over 15 years and has executed over 1,600 projects involving the supply of around 640,000 MT of PEBs and structural steel across 22 countries. The Proflex division has installed over 18.5 million square meters of roofing through the execution of over 7,900 projects.

Over 23 years of operations, the company has undertaken the execution of over 9,500 projects and serves customers across diverse industries, including general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles, and railways.

The company operates two manufacturing facilities located at Sanand, Gujarat, and Cheyyar, Tamil Nadu, with a combined installed capacity of 103,800 MTPA for manufacturing PEBs. The Proflex division operates a fleet of 14 mobile manufacturing units equipped with panel manufacturing machines, telescopic cranes, and other ancillary equipment, allowing the company to cater to customers across a wide geographic expanse.

In FY25, the Phenix division contributed 77.35% of consolidated revenue, while the Proflex division contributed 22.65%. The company has demonstrated consistent performance, with repeat customers contributing 57.32% of consolidated revenues in FY25, serving 787 customer groups, with 246 being repeat customers. As of June 30, 2025, the company had an order book of ₹842.83 crore.

The company exports PEBs and complex structural steel components to 22 countries, including the United States, Brazil, South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya, and Seychelles. In FY25, revenue from operations for sales outside India was 6.53% of consolidated revenue from operations. The company has established a marketing and sales office in Texas to leverage business potential in North and South American markets.

India’s PEB market is expected to grow from ₹210 billion in FY25 to ₹330–345 billion by FY30, a CAGR of 9.5% to 10.5%. The PEB market is witnessing a shift due to its cost-effectiveness, reduced construction time (40–50% lower than RCC), lower manpower requirement (25% less), and sustainability advantages. This is propelling faster adoption in warehousing, logistics, and industrial segments.

Additionally, the domestic structural steel market, a key input for PEBs, is projected to grow at 11–12% CAGR over FY25 to FY30, driven by affordable housing, PMAY, smart cities, and renewable energy investments. M&B Engineering, among the top 7 players in the organised PEB sector, is well-positioned to benefit from industry growth with its >100,000 MTPA capacity, strong brand, full-service offerings, and pan-India presence.

Now, M&B Engineering Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹275 crore and an offer for sale worth up to ₹375 crore. The total issue size of the IPO is ₹650 crore. Its shares will be listed on the NSE and BSE.