New Risk • Jul 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.3% average weekly change). High level of non-cash earnings (60% accrual ratio). Market cap is less than US$10m (₹457.3m market cap, or US$4.79m). Minor Risks High level of debt (46% net debt to equity). Revenue is less than US$5m (₹416m revenue, or US$4.4m). Reported Earnings • May 26
Full year 2026 earnings released: EPS: ₹3.06 (vs ₹4.66 in FY 2025) Full year 2026 results: EPS: ₹3.06. Revenue: ₹418.4m (up 71% from FY 2025). Net income: ₹40.3m (up 25% from FY 2025). Profit margin: 9.6% (down from 13% in FY 2025). The decrease in margin was driven by higher expenses. Announcement • May 16
Manav Infra Projects Limited to Report Second Half, 2026 Results on May 22, 2026 Manav Infra Projects Limited announced that they will report second half, 2026 results on May 22, 2026 New Risk • Nov 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.8% average weekly change). High level of non-cash earnings (49% accrual ratio). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Market cap is less than US$10m (₹252.7m market cap, or US$2.85m). Minor Risk Revenue is less than US$5m (₹278m revenue, or US$3.1m). Announcement • Nov 12
Manav Infra Projects Limited to Report First Half, 2026 Results on Nov 13, 2025 Manav Infra Projects Limited announced that they will report first half, 2026 results on Nov 13, 2025 Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹25.05, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 21x in the Construction industry in India. Total returns to shareholders of 407% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹18.15, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 21x in the Construction industry in India. Total returns to shareholders of 252% over the past three years. New Risk • Jul 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 93% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (43% accrual ratio). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Market cap is less than US$10m (₹246.8m market cap, or US$2.89m). Minor Risk Revenue is less than US$5m (₹245m revenue, or US$2.9m). Announcement • Jun 26
Manav Infra Projects Limited, Annual General Meeting, Jul 18, 2025 Manav Infra Projects Limited, Annual General Meeting, Jul 18, 2025, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹18.00, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 23x in the Construction industry in India. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹12.70, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 22x in the Construction industry in India. Total returns to shareholders of 135% over the past three years. Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • May 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Shares are highly illiquid. Negative equity (-₹19m). High level of non-cash earnings (76% accrual ratio). Market cap is less than US$10m (₹75.2m market cap, or US$892.8k). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Profit margins are more than 30% lower than last year (8.5% net profit margin). Revenue is less than US$5m (₹151m revenue, or US$1.8m). Board Change • May 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₹12.50, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 117% over the past three years. Board Change • Feb 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
First half 2025 earnings released: EPS: ₹0.31 (vs ₹0.14 in 1H 2024) First half 2025 results: EPS: ₹0.31 (up from ₹0.14 in 1H 2024). Revenue: ₹63.5m (up 15% from 1H 2024). Net income: ₹2.10m (up 125% from 1H 2024). Profit margin: 3.3% (up from 1.7% in 1H 2024). The increase in margin was driven by higher revenue. New Risk • Sep 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Shares are highly illiquid. Negative equity (-₹21m). High level of non-cash earnings (20% accrual ratio). Market cap is less than US$10m (₹159.6m market cap, or US$1.91m). Minor Risk Revenue is less than US$5m (₹143m revenue, or US$1.7m). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹23.35, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 29x in the Construction industry in India. Total returns to shareholders of 220% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹18.35, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 29x in the Construction industry in India. Total returns to shareholders of 151% over the past three years. Announcement • Aug 27
Manav Infra Projects Limited, Annual General Meeting, Sep 27, 2024 Manav Infra Projects Limited, Annual General Meeting, Sep 27, 2024, at 11:00 Indian Standard Time. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued Over the last 90 days, the stock has risen 11% to ₹22.50. The fair value is estimated to be ₹28.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to ₹20.35. The fair value is estimated to be ₹25.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Shares are highly illiquid. Negative equity (-₹31m). Market cap is less than US$10m (₹146.3m market cap, or US$1.76m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Revenue is less than US$5m (₹131m revenue, or US$1.6m). Board Change • Apr 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹19.60, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 27x in the Construction industry in India. Total returns to shareholders of 345% over the past three years. Board Change • Jan 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₹13.85, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 23x in the Construction industry in India. Total returns to shareholders of 189% over the past three years. Board Change • Sep 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 04
Manav Infra Projects Limited, Annual General Meeting, Sep 27, 2023 Manav Infra Projects Limited, Annual General Meeting, Sep 27, 2023, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Standalone Audited Financial Statement of the Company for the year ended 31st March, 2023 including Audited Balance Sheet, Statement of Profit & Loss as at 31st March, 2023 together with Statement of Cash Flows and the Report of the Board of Directors and Auditors thereon; to appoint a Director in place of Mr. Dinesh Shivnath Yadav and to consider other matters. Board Change • Jul 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 18
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₹32m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Shares are highly illiquid. Negative equity (-₹32m). Market cap is less than US$10m (₹136.0m market cap, or US$1.66m). Minor Risk Revenue is less than US$5m (₹121m revenue, or US$1.5m). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹17.75, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 299% over the past three years. Reported Earnings • Jun 04
Full year 2023 earnings released: EPS: ₹0.88 (vs ₹6.04 loss in FY 2022) Full year 2023 results: EPS: ₹0.88 (up from ₹6.04 loss in FY 2022). Revenue: ₹120.7m (up 124% from FY 2022). Net income: ₹5.98m (up ₹47.3m from FY 2022). Profit margin: 5.0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 07
Manav Infra Projects Limited, Annual General Meeting, Sep 29, 2022 Manav Infra Projects Limited, Annual General Meeting, Sep 29, 2022, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Standalone Audited Financial Statement of the Company for the year ended 31st March, 2022 including Audited Balance Sheet, Statement of Profit & Loss as at 31st March, 2022 together with Statement of Cash Flows and the Report of the Board of Directors and Auditors thereon; to appoint a Director in place of Mr. Mahendra Narayan Raju Director of the Company, who retires by rotation and being eligible, offers himself for re-appointment; and to discuss other matters. Board Change • Aug 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Executive Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 10
Full year 2021 earnings released: ₹9.64 loss per share (vs ₹8.64 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₹50.5m (down 42% from FY 2020). Net loss: ₹65.9m (loss widened 12% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Board Change • Oct 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Whole Time Director Dinesh Yadav was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.