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M&B Engineering IPO
35.94xsubscribed

M&B Engineering IPO

Engineering
listed
₹13,908Min. investment

M&B Engineering Limited IPO Details

SectorEngineering
Price range₹366 – ₹385
IPO type
Regular
Lot size38 shares
Issue size₹650Cr
Red Herring Prospectus
Read
Market cap
₹2,200CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹988.55CrHigher than sector avg
Growth rate3Y CAGR
3.94%Higher than sector avg

M&B Engineering IPO Subscription Status

Date
QIB
NII
Retail
Total
30-Jul-25
0.0 times (X)
0.65 times (X)
2.59 times (X)
0.66 times (X)
31-Jul-25
0.02X
4.28X
9.39X
2.92X
01-Aug-25
36.72X
37.83X
30.96X
35.94X

As on 30-Jul-25, 5:30 PM

M&B Engineering IPO Timeline

  1. Pre-apply
    28 Jul 2025
  2. Bid start
    30 Jul 2025
  3. Bid end
    1 Aug 2025
  4. Allotment
    4 Aug 2025
  5. Release of funds
    5 Aug 2025
  6. Demat transfer
    5 Aug 2025
  7. Listing
    6 Aug 2025

About M&B Engineering Limited

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.

Mandb Engineering Limited IPO Analysis

IPO REVIEW

M&B Engineering IPO | Analysis Video

Should you apply?

Watch our analysts break down the Mandb Engineering Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

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Strength and Weakness

Large installed capacity with comprehensive products

The company is among India's top PEB players, with an installed capacity of 103,800 MTPA for PEB structures and 1.8 million sq. meters for self-supported roofing. This scale offers cost efficiencies and pricing power. It offers integrated end-to-end solutions for PEBs, structural steel, and roofing, positioning it as a one-stop provider.

Strong order book and high customer retention

As of June 30, 2025, the company had a healthy order book of ₹842.84 crore. Repeat customers contributed 57.3% of FY25 revenue, indicating strong client loyalty.

Strategic manufacturing locations

The company has plants in Sanand (Gujarat) and Cheyyar (Tamil Nadu), enabling access to both North-West and South Indian markets. It also has 14 mobile roofing units for better reach and flexibility. Its Sanand facility is India’s only PEB plant certified by the American Institute of Steel Construction.

Wide industry diversification with a strong ROE

The company has completed over 9,500 projects across 22 countries and multiple sectors like food & beverages, warehousing, power, railways, and pharmaceuticals, with the highest contribution coming from automobiles (17.25%) and food & beverages (17.06%). PAT margin improved to 7.73%, and ROE stood strong at 25.13% in FY25.

Objectives of Mandb Engineering Limited IPO

Capital expenditure
49.37%
The company will use ₹135.78 crore to purchase equipment, machinery and IT software upgradation.
General corporate purposes
29.40%
Part of the IPO proceeds will be used for general corporate purposes.
Repayment of loans
21.36%
The company will utilise ₹58.75 crore to repay borrowings.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹988.55Cr3.94%₹77.05Cr₹2,200Cr24.980.33
This sector (avg.)₹342.41Cr0.01%₹38.53Cr₹1,862.48Cr31.540.53
₹10,670.1Cr---₹1,263.5Cr₹39,460.23Cr31.400.10
₹2,217.81Cr---₹423.66Cr₹10,977.95Cr26.730
₹3,087.59Cr---₹471.9Cr₹9,693.55Cr18.040.01

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

M&B Engineering IPO Contact Details

Company NameM&B Engineering Limited

How to apply for M&B Engineering IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Mandb Engineering Limited IPO FAQs