Mcnally Bharat Engineering Company Limited (MBECL) share price

₹421.66 on NSE as of 2026-09-21. +5.00% on the day. market cap ₹1,406 Cr. P/E 0.4. 52-week range ₹223.65 to ₹421.66. Construction.

McNally Bharat Q1 FY27: ₹15 Cr of Revenue, a ₹3,892 Cr Other Income Year Behind It, and 90% Promoters

At a glance

McNally Bharat Engineering builds and installs plants for heavy industry on a turnkey basis. Revenue for the three months to June 2026 was ₹15.05 crore. Operating profit was negative ₹6.61 crore, and the net loss came to ₹25.27 crore. The engineering house dates from 1961 and once booked ₹2,430 crore of sales in one year. The current quarter's profit and loss account would fit on a Post-it.

That quarter closes a financial year of an unusual shape. Other income for the year to March 2026 was ₹3,892.59 crore. Sales in the same year were ₹73.51 crore. Other income is money earned outside the main business, such as interest or one-off gains. That figure is the tail of a resolution plan approved by NCLT Kolkata on 19 December 2023. The National Company Law Tribunal is the court that handles company insolvency in India. Implementing the plan has kept the compliance department in steady employment since.

The calendar around the numbers was busy. Chief executive Rajendra Mohan Mathur resigned with effect from 18 July 2026. Sarvesh Kumar Adukia was appointed chief executive and key managerial personnel from 27 July 2026. Finance chief Rupayan Majumdar resigned at the close of business on 30 May 2026. Harish Avadhani was appointed in his place from 1 June 2026. Partha Sarathi Bhattacharyya resigned as chairman and independent director on 13 August 2026, citing health reasons. Pradip Kumar Bishnoi was appointed non-executive chairman from 24 August 2026 until 5 January 2030.

NSE and BSE granted trading permission for 33.33 crore shares on 28 August 2026. Listing followed on 1 September 2026. Promoter holding stands at 90.00%. Borrowings stood at ₹3,095 crore in March 2025. In March 2026 they stood at ₹98 crore.

Introduction

McNally Bharat Engineering Company was incorporated in 1961 and belongs to the Williamson Magor Group. Its declared business is diversified construction, mainly the execution of turnkey projects. A turnkey contractor designs, builds and hands over a working plant for one agreed price. Historically such a firm arrived at a site with drawings, cranes and a very long payment cycle. It left behind a coal washery.

The record shows more than 350 plants built on a turnkey basis. They span bulk material handling, mineral processing, coal washing and power. The list continues through steel, cement, aluminium and ash handling. Port cranes, infrastructure work and water projects complete it. The company reports recurring losses, a negative net worth and defaults on debt payments. It also reports admission to the corporate insolvency resolution process by an NCLT Kolkata order dated 29 April 2022. That process is the court-run route that decides whether a defaulting company is rescued or sold.

The process ended with an order. NCLT approved the resolution plan of BTL EPC Limited, the successful resolution applicant, on 19 December 2023. What followed reads like a legal instruction manual being executed in slow motion. BTL extended bank guarantee protection of ₹251 crore to lenders. Of that, ₹150.34 crore remained active and contingent as at 30 June 2026. Equity was reduced, allotted, locked in and listed in instalments. NSE approved 5% of the shares from the capital reduction in the public category on 10 March 2026. It approved 95% under preferential allotment in the promoter category on 24 April 2026. The remaining 5%, allotted to financial creditors, was approved on 24 June 2026. Three tranches, three dates, one share capital. Final trading permission applications went to BSE on 2 July 2026 and NSE on 3 July 2026.

The share count tells the same story in one line. The company had 21.16 crore adjusted equity shares in March 2024. By March 2025 the figure was 3.33 crore. That reduction was carried out under the plan the tribunal approved.

Business model

The company provides turnkey solutions across power, steel, aluminium and material handling. It also covers mineral beneficiation, pyroprocessing and the pneumatic handling of powdered materials. Beneficiation is the step that separates useful mineral from the rock around it. The wider category takes in fly ash handling, high concentrate disposal, coal washing and port cranes. Cement, oil and gas, and civic and industrial water supply sit there too. Pneumatic handling is what happens when an engineering firm decides that blowing dust through a pipe deserves its own division.

Operations split four ways. The Power Projects Division covers balance of plant, coal handling plants, ash and powder handling, and water customer service. Solar projects, substations and flue gas desulfurisation sit in the same division. Desulfurisation is the equipment that strips sulphur out of a power station's exhaust. The Cement, Steel, Mining and Ports Division handles exactly what its name promises. The Process Projects Division takes non-ferrous mineral beneficiation, aluminium, oil and gas, and fertilisers and chemicals. Infrastructure Projects covers industrial construction, building construction, public health engineering and transportation. It is less a product catalogue than a list of everything heavy that India builds.

Manufacturing runs through the subsidiary McNally Sayaji Engineering, to which the company provides technology and design where required. Its range includes crushers and screens, mobile crushing and screening plants, skid-mounted coal sizers and mills. Pressure vessels, material handling equipment and steel plant equipment follow. Process equipment such as flotation cells, thickeners and slurry pumps completes the list. Five plants sit at Kumardhubi, Asansol, Bengaluru and Vadodara.

In the year to March 2022, contract revenue and equipment sales made up roughly 87% of the total. Sale of services came to about 2%. Interest income was about 9% and other items about 2%. Interest income outweighed services four to one.

For segment reporting, the company states it is primarily engaged in construction and engineering activities. It therefore makes no separate disclosure under Ind AS 108, the accounting rule on reporting by business line. Management also notes that project business is subject to quarterly variations. It says one quarter in isolation does not necessarily indicate performance for the full year. Permanent employees on a standalone basis numbered 253 in March 2024. The figure was 938 in March 2018.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Mcnally Bharat Engineering Company Limited.

Companies in the same industry as Mcnally Bharat Engineering Company Limited

Civil Construction

All listed companies