Man Infra (MANINFRA)
CyclicalFairStock Score: 16/100 — RISKY
Score breakdown: P/E: 2/3 · ROCE: 1/2 · Growth: 0/2 · Dividend: 0/1
Key Financials
| Current Price | ₹106.15 |
| Market Cap | ₹4,284.92 Cr |
| P/E Ratio | 20.94 |
| ROCE | 23.52% |
| ROE | 10.15% |
| Dividend Yield | 1.45% |
| Profit Growth | -2.28% |
| Debt/Equity | 0.03 |
| Sales Growth | -23.68% |
| Promoter Holding | 62.44% |
| 52-Week Range | ₹77.12 — ₹160.39 |
| Sector | Construction |
| Book Value | ₹56.15 |
Strengths
- Near-zero debt: Debt/Equity of 0.01 provides a strong balance sheet floor.
- High ROCE of 23.52% indicates efficient use of capital in the current business.
- Promoter holding of 62.44% aligns ownership with minority shareholders.
- Latest quarter shows net profit of ₹52 Cr on sales of ₹153 Cr, implying a healthy margin.
Concerns
- Sales and profits are declining sharply: -36.74% and -43.92%, respectively.
- Piotroski F-Score of 3/9 suggests weak financial health and deteriorating fundamentals.
- P/B of 3.03 and P/E of 18.29 are not cheap for a business with contracting top-line.
- ROE of 10.99% is modest for a capital-intensive civil construction company.
AI Analysis
Let me apply the same test I would for any business. Man Infra is a civil construction company, and while construction is not a business I love, I admire those that generate good returns without borrowing. The debt-equity ratio is just 0.01, and ROCE is 23.52%, which is respectable. But I need to understand what I am paying for. At ₹110.49, the market cap is ₹4,293 Cr, which is 3.03 times book value of ₹36.42. That is not a margin-of-safety price for a company whose sales have fallen by 36.74% and profits by 43.92%. Graham taught us that past growth is no guarantee of future results. The Piotroski score of 3/9 reinforces my suspicion—the financial health has deteriorated. Return on equity is only 10.99%, and with a P/E of 18.29 on falling earnings, I am being asked to pay a premium for a contracting business. The latest quarter does show a profit of ₹52 Cr on sales of ₹153 Cr, but one quarter does not make a trend. The dividend yield of 0.85% is little comfort. Promoter holding of 62.44% is good, but even the best owners cannot escape a cyclical downturn. FairStock scores this 10/100 and labels it risky. I would rather wait on the sidelines. Construction is cyclical, and the cycle seems to be turning down. There is no wide moat. If the company can stabilise sales and improve its F-score, I might revisit. For now, the price does not compensate for the risk.
Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer