Manglam Infra & Engineering Limited (**MIEL**) is a rapidly evolving multi-disciplinary infrastructure development and engineering services enterprise. Originally established as a partnership firm (**Manglam Associates**), the company was incorporated as a limited company on **July 20, 2023**, and successfully listed on the **NSE SME Emerge** platform in **July 2024**. MIEL operates across the entire infrastructure value chain, providing planning, feasibility studies, detailed engineering, project management, and full-scale construction services. --- ### **Core Business Verticals & Service Capabilities** MIEL operates through a diversified service portfolio, transitioning from a consultancy-heavy model to a comprehensive **EPC (Engineering, Procurement, and Construction)** and **PPP (Public-Private Partnership)** developer. #### **1. Infrastructure Development & Construction** The company executes large-scale projects under various contractual frameworks, including **DBFOT (Design, Build, Finance, Operate, and Transfer)**, **BOT (Build, Operate, and Transfer)**, and the **Hybrid Annuity Model (HAM)**. * **Roads & Highways:** Construction and remodeling of national/state highways, bridges, flyovers, and rural roads. The company is pre-qualified with **NHAI**, **MoRTH**, and various state PWDs. * **Urban & Utility Infrastructure:** Development of smart-city infrastructure, municipal utilities, drainage networks, and urban housing under **AMRUT 2.0** and the **Smart Cities Mission**. * **Water & Wastewater Management:** Entry into water infrastructure, including pipeline laying and **Sewage Treatment Plants (STPs)** under the **Jal Jeevan Mission** and **Namami Gange**. * **Aviation & Marine:** Construction and management of airports, VIP lounges, docks, ports, and jetties. * **Industrial & Civil Engineering:** Site development and plant civil works for logistics, cement, and energy sectors. #### **2. Consultancy, Advisory & Revenue Management** * **Specialized Advisory:** Socio-economic and environmental impact assessments, financial analysis, and construction supervision. * **Revenue Administration:** A specialized vertical focused on the collection and administration of **user fees, tolls, and charges** on behalf of government agencies, supported by proprietary software for billing and account reconciliation. --- ### **Operational Performance & Execution Metrics (FY 2024-25)** MIEL maintains high operational efficiency and a lean working capital cycle. | Metric | Value / Status | | :--- | :--- | | **Total Project Execution** | **₹ 45.18 Crore** | | **Order Book (as of March 31, 2025)** | **₹ 22.82 Crore** | | **Order Book Composition** | **>70% EPC**; balance HAM and Design-Build | | **On-Time Delivery Ratio** | **95%** | | **Equipment Productivity** | **18% Increase** YoY | | **Working Capital Cycle** | Reduced by **8 Days** YoY | | **Total Employee Headcount** | **298** (Peak workforce **>3,500**) | --- ### **Strategic Expansion & New Business Objects** As of **January 2026**, the Board has significantly expanded the company’s Memorandum of Association to capitalize on emerging sectors: * **Renewable Energy:** Entry into the generation, storage, and trading of solar, wind, hydro, and **Green Hydrogen**, including the manufacturing of solar panels and batteries. * **Real Estate:** Development of residential and commercial complexes, townships, and urban infrastructure. * **Logistics & Fleet Operations:** Leasing of heavy machinery (tippers, trailers) and commercial vehicles for infrastructure projects. * **Hospitality:** Development and operation of wayside amenities, restaurants, and lodging facilities along highway corridors. --- ### **Project Portfolio & Recent Contract Wins** MIEL serves a prestigious client base including **NHIDCL, NHAI, BRO, MSRDC, MPRDC,** and various state PWDs. Recent high-value wins include: * **NHAI (Dec 2025):** Supervision consultancy for **NH-30 Raebareli to Prayagraj** and **NH-31**, valued at approx. **₹ 6.5 Crore** combined. * **South Western Railway (Aug 2025):** General Consultant (GC) for RSP Unit projects, valued at **₹ 7.71 Crore**. * **State Projects (2025):** DPR and Authority Engineer contracts in **Assam (₹ 1.33 Cr)**, **Odisha (₹ 0.65 Cr)**, and **Andhra Pradesh (₹ 0.76 Cr)**. * **Geographic Footprint:** Successfully expanded operations into **Uttarakhand, Odisha, Assam, Punjab, and Andhra Pradesh**, reducing regional concentration in Madhya Pradesh and Nagaland. --- ### **Financial Profile & Capital Structure** The company’s **July 2024 IPO** raised **₹ 27.62 Crore** (allotted **4,932,000 shares** at **₹ 56**), providing the liquidity required to bid for larger projects. | Financial Metric | Value / Details | | :--- | :--- | | **Average Net Profit (3-Year)** | **₹ 8.79 Crore** | | **Long-Term Credit Rating** | **CRISIL BB+/Stable** (Upgraded from BB) | | **Short-Term Credit Rating** | **CRISIL A4+** | | **Annual CSR Expenditure (FY25)** | **₹ 18.00 Lakh** (Exceeded statutory obligation) | | **Audit Opinion** | **Unmodified** (Clean report for FY25) | --- ### **Risk Management & Mitigation Framework** MIEL operates under a robust **Enterprise Risk Management (ERM)** framework to navigate the complexities of the construction industry. * **Input Cost Hedging:** To counter volatility in **Steel, Bitumen, and Diesel**, the company has diversified its vendor base across domestic and international markets. * **Working Capital Management:** Milestone-linked disbursements are closely monitored to mitigate the risk of government payment delays. The company reduced its working capital cycle by **8 days** in the last fiscal year. * **Execution Risks:** Challenges such as land acquisition and environmental clearances are managed through a dedicated project monitoring dashboard and ERP-linked procurement systems. * **Legal Exposure:** The company is currently pursuing a recovery of **₹ 1.45 Crore** from the **Additional CEO BRRDA, Patna** regarding outstanding dues. * **Seasonality:** To mitigate the productivity dip during the **April-June** quarter (due to heat and harvest cycles), the company is optimizing its off-site pre-casting and planning capabilities. --- ### **Corporate Governance & Leadership** The company is governed by a **5-member Board**: * **Executive Directors:** 2 (including Chairman **Yogendra Kumar Singh**). * **Independent Directors:** 2. * **Non-Executive Directors:** 1. * **Internal Audit:** Conducted by **Anand Ladha & Associates** for **FY 2025-26** to ensure transaction integrity and regulatory compliance. * **Transparency:** MIEL maintains strict adherence to **SEBI (LODR) Regulations** and has established a formal **CSR Committee** to oversee its social impact initiatives.