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Meghna Infracon Infrastructure Ltd

MIIL

NSE

₹670.05+0.16%19 Oct 2026

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Finance Capital Markets Brokers

Meghna Infracon Infrastructure Ltd

MIIL

NSE

₹670.05

+0.16%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

Meghna Infracon Infrastructure is a Mumbai-focused residential real estate developer that began life as a stock-broking firm called Naysaa Securities before the promoters pivoted entirely into property in 2016, completing the formal transition in 2023. The company, operating under the brand “Meghna Realty,” builds premium and mid-premium homes almost exclusively through a capital-light, redevelopment-led model - partnering with land owners and society members to unlock value in land-scarce western and southern suburbs rather than buying expensive greenfield plots outright. That same partnership instinct runs through everything: most projects sit inside separate firms and LLPs where the company holds 90-95% and shares risk with its promoters and local partners, keeping its own balance sheet deliberately debt-light.

Business segments

Three engines at different stages - a trading book that still dominates the income statement, a real-estate pipeline built for the next decade, and a fledgling investment portfolio - all housed inside a single listed entity that is methodically shifting its centre of gravity toward development.

1. Residential real estate development: where the future is being built

A redevelopment specialist stacking up a ₹2,100-crore-plus pipeline across Mumbai’s most land-starved micro-markets, with almost all the revenue still to come.

Redevelopment, not greenfield - the company persuades existing housing societies and land owners in locked-up suburbs like Goregaon, Andheri, Versova and Kandivali to let it rebuild their properties, which means it does not have to bid for expensive vacant land and can start work with society consent rather than a clean title auction.
Five projects on site right now - as of early 2026, the company had 252 units under construction across five projects totalling 290,000 square feet, with a combined expected sales value of roughly ₹283 crore; the largest, Rivaan in Goregaon West, accounts for 100,000 square feet and 112 of those units.
A pipeline worth more than ten times what is currently being built - eleven upcoming projects across Bandra, Juhu, Khar, Dadar, Andheri, Goregaon, Kandivali and Thane add another 1.4 million square feet and an estimated ₹2,151 crore of sales potential, including a commercial IT park in Thane and a push into South Mumbai luxury redevelopment around Dadar and Prabhadevi.
Partnerships keep the balance sheet light - most projects are executed through separate entities like Meghna Aakar Constructions (which is building Riviera) and Meghna Developers AOP (which is building Manju Villa), where the company owns 90-95% and the promoters or local partners hold the rest, so project-level debt sits outside the listed entity and the reported net debt-to-equity ratio stays at 0.21 times for FY25 and 0.18 times for FY26.
One completed proof point - the company’s only finished project, Ashraya Heights in Goregaon West, was handed over 15 months ahead of its scheduled possession date, which it uses as evidence of execution discipline in a market where delays are common.

2. Trading and financial services: the legacy engine that still writes the cheques

The old stock-broking and securities-trading business has been formally wound down, but its residual investment book continues to generate the bulk of reported revenue while the real-estate pipeline matures.

A broker that became a developer - the company was originally a SEBI-registered BSE main broker offering share trading and investment advisory; it surrendered that broking membership in June 2023 and changed its name from Naysaa Securities to Meghna Infracon Infrastructure, completing a shareholder-approved shift in its main business object from dealing in securities to real estate.
The investment book still dominates the top line - even after the formal exit from broking, investment activity contributes roughly half of segment revenue, reflecting a portfolio of securities and financial assets that the company continues to hold and trade while development income ramps up (Segment mix context).
A main-board listing provides credibility - the company’s equity shares migrated from the BSE SME Platform to the BSE Main Board in April 2023, giving it the regulatory visibility and investor access that helps when marketing homes to buyers who want a publicly accountable developer.

3. Asset management and rental income: sweating the completed stock

A small but deliberate effort to extract recurring earnings from finished properties through active management, re-layouts and new additions rather than just selling everything and moving on.

Not just a build-and-sell model - the company explicitly seeks to maximise earnings from completed properties by actively managing them, reconfiguring layouts and adding new elements, which suggests it retains some units or commercial space for rental income rather than selling every square foot.
Tiny today, but a signal of intent - real estate contributed only about 1% of segment revenue in the latest year, which is consistent with a developer that has completed only one project so far and is reinvesting everything into its construction pipeline (Segment mix context, D4 p.8).

Group structure and partners

A deliberately fragmented operating structure where almost every project lives in its own partnership firm or LLP, insulating the listed company while aligning the promoters’ interests with each development.

Four types of development vehicles - the company builds through a mix of partnership firms (Meghna Aakar Constructions, 95% owned), LLPs (Meghna Infracon LLP at 90% and Navkhanda Infracon LLP at 95%), and an Association of Persons (Meghna Developers AOP at 90%), with the remaining stakes held by Managing Director Vikram Lodha, his wife and CFO Meghna Lodha, and occasionally a local partner.
Promoters are co-investors in every vehicle - Vikram Lodha personally holds 5-10% in each of these entities, and Meghna Lodha holds smaller stakes in the LLPs, so the family’s wealth is tied to the same project outcomes as the company’s capital.
A second-generation leader with decades of land-acquisition experience - Vikram Lodha is described as a second-generation entrepreneur who brings deep knowledge of Mumbai’s micro-markets and redevelopment negotiations, while CEO Dhaval Lapasia was brought in from outside with effect from 1st July 2025 to professionalise operations.
A material contingent liability hangs on an income-tax appeal - the company is contesting a ₹36.88 crore tax demand covering three assessment years, and the auditor has flagged that the going-concern assumption depends substantially on winning that appeal.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,464Cr

Close Price

₹673.95

Industry

Finance Capital Markets Brokers

Price To Earnings

322.46

Price To Sales

33.16

Revenue

₹44Cr

Rev Gr TTM

Revenue Growth TTM

23.15%

PAT Gr TTM

PAT Growth TTM

-51.36%

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10	15	3	10	12	10	9	8	18	8
Growth YoY Revenue Growth YoY%					18.5	-27.8	166.9	-15.2	52.5	-19.5
Expenses ExpensesCr	10	12	3	5	8	8	7	4	16	8
Operating Profit Operating ProfitCr	0	2	0	5	4	2	1	4	3	1
OPM OPM%	-0.1	14.3	7.6	49.5	31.1	19.2	14.9	47.0	14.5	9.4
Other Income Other IncomeCr	1	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	2	0	5	4	2	1	4	3	1
Tax TaxCr	0	0	0	1	0	0	0	3	1	0
PAT PATCr	1	2	0	4	4	2	1	1	2	1
Growth YoY PAT Growth YoY%					615.5	-14.0	400.0	-69.6	-57.4	-62.8
NPM NPM%	5.7	12.3	7.3	36.3	34.2	14.6	13.7	13.0	9.6	6.8
EPS EPS₹	0.3	0.7	0.1	1.6	1.8	0.6	0.5	0.4	0.9	0.3

Quarter	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10	15	3	10	12	10	9	8	18	8
Growth YoY Revenue Growth YoY%					18.5	-27.8	166.9	-15.2	52.5	-19.5
Expenses ExpensesCr	10	12	3	5	8	8	7	4	16	8
Operating Profit Operating ProfitCr	0	2	0	5	4	2	1	4	3	1
OPM OPM%	-0.1	14.3	7.6	49.5	31.1	19.2	14.9	47.0	14.5	9.4
Other Income Other IncomeCr	1	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	2	0	5	4	2	1	4	3	1
Tax TaxCr	0	0	0	1	0	0	0	3	1	0
PAT PATCr	1	2	0	4	4	2	1	1	2	1
Growth YoY PAT Growth YoY%					615.5	-14.0	400.0	-69.6	-57.4	-62.8
NPM NPM%	5.7	12.3	7.3	36.3	34.2	14.6	13.7	13.0	9.6	6.8
EPS EPS₹	0.3	0.7	0.1	1.6	1.8	0.6	0.5	0.4	0.9	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	54	40	46	44
Growth Revenue Growth%		-25.5	15.9	23.1
Expenses ExpensesCr	52	29	36	35
Operating Profit Operating ProfitCr	1	11	10	9
OPM OPM%	2.6	28.4	22.1	19.8
Other Income Other IncomeCr	2	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	0	0	1	1
PBT PBTCr	3	11	10	8
Tax TaxCr	0	1	4	4
PAT PATCr	3	10	6	5
Growth PAT Growth%		208.3	-42.9	-51.4
NPM NPM%	5.9	24.6	12.1	10.5
EPS EPS₹	1.5	4.3	2.5	2.1

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	54	40	46	44
Growth Revenue Growth%		-25.5	15.9	23.1
Expenses ExpensesCr	52	29	36	35
Operating Profit Operating ProfitCr	1	11	10	9
OPM OPM%	2.6	28.4	22.1	19.8
Other Income Other IncomeCr	2	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	0	0	1	1
PBT PBTCr	3	11	10	8
Tax TaxCr	0	1	4	4
PAT PATCr	3	10	6	5
Growth PAT Growth%		208.3	-42.9	-51.4
NPM NPM%	5.9	24.6	12.1	10.5
EPS EPS₹	1.5	4.3	2.5	2.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	22
Reserves ReservesCr	2	11	6
Current Liabilities Current LiabilitiesCr	4	22	30
Non Current Liabilities Non Current LiabilitiesCr	0	3	1
Total Liabilities Total LiabilitiesCr	21	35	58
Current Assets Current AssetsCr	21	33	55
Non Current Assets Non Current AssetsCr	0	2	2
Total Assets Total AssetsCr	21	35	58

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	22
Reserves ReservesCr	2	11	6
Current Liabilities Current LiabilitiesCr	4	22	30
Non Current Liabilities Non Current LiabilitiesCr	0	3	1
Total Liabilities Total LiabilitiesCr	21	35	58
Current Assets Current AssetsCr	21	33	55
Non Current Assets Non Current AssetsCr	0	2	2
Total Assets Total AssetsCr	21	35	58

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	18	-25
Investing Cash Flow Investing Cash FlowCr	0	-2	-1
Financing Cash Flow Financing Cash FlowCr	0	-16	30
Net Cash Flow Net Cash FlowCr	0	0	4
Free Cash Flow Free Cash FlowCr		17	-26
CFO To PAT CFO To PAT%	0.0	186.5	-442.5
CFO To EBITDA CFO To EBITDA%	0.0	161.0	-242.1

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	18	-25
Investing Cash Flow Investing Cash FlowCr	0	-2	-1
Financing Cash Flow Financing Cash FlowCr	0	-16	30
Net Cash Flow Net Cash FlowCr	0	0	4
Free Cash Flow Free Cash FlowCr		17	-26
CFO To PAT CFO To PAT%	0.0	186.5	-442.5
CFO To EBITDA CFO To EBITDA%	0.0	161.0	-242.1

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	256	896	1,165	1,464
Price To Earnings Price To Earnings	80.7	97.0	216.3	322.5
Price To Sales Price To Sales	4.6	22.5	25.2	33.2
Price To Book Price To Book	19.4	40.8	42.7	53.7
EV To EBITDA EV To EBITDA	181.5	79.2	115.6	167.8
Profitability Ratios Profitability Ratios
GPM GPM%	5.2	39.8	29.5	29.5
OPM OPM%	2.6	28.4	22.1	19.8
NPM NPM%	5.9	24.6	12.1	10.5
ROCE ROCE%	22.6	45.6	19.7	19.7
ROE ROE%	24.1	44.6	20.5	20.5
ROA ROA%	14.9	27.9	9.7	9.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	256	896	1,165	1,464
Price To Earnings Price To Earnings	80.7	97.0	216.3	322.5
Price To Sales Price To Sales	4.6	22.5	25.2	33.2
Price To Book Price To Book	19.4	40.8	42.7	53.7
EV To EBITDA EV To EBITDA	181.5	79.2	115.6	167.8
Profitability Ratios Profitability Ratios
GPM GPM%	5.2	39.8	29.5	29.5
OPM OPM%	2.6	28.4	22.1	19.8
NPM NPM%	5.9	24.6	12.1	10.5
ROCE ROCE%	22.6	45.6	19.7	19.7
ROE ROE%	24.1	44.6	20.5	20.5
ROA ROA%	14.9	27.9	9.7	9.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SMCGLOBAL	GEOJITFSL	5PAISA	MIIL	ARIHANTCAP	EMKAY	PESB
Market CapitalizationMkt CapCr	2,220	2,066	1,597	1,464	1,030	762	457
Close PriceClose₹	106.00	74.03	340.60	673.95	93.97	273.00	260.60
IndustryIndustry	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers
Price To EarningsPE	20.38	28.47	29.36	322.46	24.99	36.64	20.88
Price To SalesPS	1.13	3.07	4.70	33.16	4.42	1.91	8.49
RevenueRevenueCr	1,967	672	339	44	233	399	54
Revenue Growth TTMRev Gr TTM%	12.2%	-5.5%	9.0%	23.1%	3.4%	21.3%	-14.7%
PAT Growth TTMPAT Gr TTM%	-10.9%	-52.8%	-11.6%	-51.4%	-23.5%	-61.7%	4.0%

	SMCGLOBAL	GEOJITFSL	5PAISA	MIIL	ARIHANTCAP	EMKAY	PESB
Market CapitalizationMkt CapCr	2,220	2,066	1,597	1,464	1,030	762	457
Close PriceClose₹	106.00	74.03	340.60	673.95	93.97	273.00	260.60
IndustryIndustry	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers	Finance Capital Markets Brokers
Price To EarningsPE	20.38	28.47	29.36	322.46	24.99	36.64	20.88
Price To SalesPS	1.13	3.07	4.70	33.16	4.42	1.91	8.49
RevenueRevenueCr	1,967	672	339	44	233	399	54
Revenue Growth TTMRev Gr TTM%	12.2%	-5.5%	9.0%	23.1%	3.4%	21.3%	-14.7%
PAT Growth TTMPAT Gr TTM%	-10.9%	-52.8%	-11.6%	-51.4%	-23.5%	-61.7%	4.0%

FY2026

FY2025

FY2024

FY2023

FY2021

FY2026

Jun 26

Result PPT

Transcript

Summary

Mar 26

Result PPT Transcript Summary

Dec 25