Man Infraconstruction Limited (MANINFRA) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Man Infraconstruction Limited ₹34.82, price ₹124, upside -72.0%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹28.61 – ₹251.54 · fair‑value band ₹27.26 – ₹44.15 · the ₹124.30 price screens above the ₹34.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 1, 2026.
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Man Infraconstruction Limited provides civil construction services in India. The company's services include port infrastructure construction of onshore container terminals and freight stations; land reclamation; soil consolidation; and provision of operational services, including firefighting, sewerage, drainage systems, etc.
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Man Infraconstruction Limited provides civil construction services in India. The company's services include port infrastructure construction of onshore container terminals and freight stations; land reclamation; soil consolidation; and provision of operational services, including firefighting, sewerage, drainage systems, etc. It is also involved in the construction of commercial and institutional projects comprising IT parks, office complexes, hotels, shopping malls, schools, hospitals, etc.; and road construction, including earthwork and paving, electrification, landscaping, widening, up-gradation, drainage, and others. In addition, the company undertake residential construction, such as high-rise buildings, townships, luxury villas, and others; and industrial projects which include factories, cold storages, warehouse facilities, heavy engineering, manufacturing and processing units, etc. Further, it engages in the real estate business; production, manufacturing, processing, trading, and dealing of building material products, including ready mix concrete, aggregate, cement, and all cement based products, etc. The company was formerly known as Man Construction Limited and changed its name to Man Infraconstruction Limited in November 2006. Man Infraconstruction Limited was incorporated in 2002 and is based in Mumbai, India.
Stock analysis
Man Infraconstruction Limited (MANINFRA) currently trades at ₹124.30, while our model-based Fair Value estimate is ₹34.82, 72.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹81.41 per share, and 0 of the 24 models we run sit above the ₹124.30 price.
Bear case: the Dividend Discount group reads lowest at ₹8.92, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹27.26 (bear) to ₹44.15 (bull), the price of ₹124.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Industrials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Man Infraconstruction Limited reported revenue of ₹6.3B in FY2026 versus ₹9.6B in FY2022, a compound −10.0%/yr. Reported net income was ₹2.0B in FY2026, compounding −1.9%/yr from FY2022.
Key figures
Market cap ₹49.2B (≈ $511M) · P/E ratio 23.2 · P/S ratio 7.38 · EPS (TTM) ₹5.36 · Dividend yield 0.7% · Net margin 31.8% · Return on equity 10.2% · Return on assets (EBIT) 16.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 59% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −72%, MANINFRA screens richer than that median.
Fair Value models
Bear ₹27.26Fair Value ₹34.82Bull ₹44.15
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.26 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+9.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.7% vs 14.8%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 19%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+42.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +36.6% a year for the price.
Compare Man Infraconstruction Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 785 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−72.0% · Bottom 25%
Profitability
Return on equity (TTM)10.2% · Above median
Return on assets2.9% · Above median
Net margin (TTM)33.5% · Top 25%
Operating margin (TTM)31.3% · Top 25%
Growth and dividend
Revenue growth19.4% · Above median
Dividend yield (TTM)0.7% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)23.2× · Pricier than median
P/B2.17× · Pricier than median
P/S (TTM)7.61× · Priciest 25%
P/FCF82.3× · Priciest 25%
EV/EBITDA32.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 28
FUTURE (revenue growth)97· sector 18
PAST (return on equity)41· sector 28
HEALTH (low debt)100· sector 94
DIVIDEND (yield)14· sector 40
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Man Infraconstruction Limited (MANINFRA) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹34.82 versus a price of ₹124.30, about −72% upside (overvalued).
What is the fair value of MANINFRA?
Our model-based fair value for Man Infraconstruction Limited is ₹34.82 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹124.30.
What is the quality score of MANINFRA?
Man Infraconstruction Limited has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Man Infraconstruction Limited (MANINFRA)?
Our model-based price target is the fair value of ₹34.82 (as of Oct 1, 2026) from 24 valuation models. Cautious scenario ₹27.26, optimistic scenario ₹44.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Man Infraconstruction Limited stock forecast for 2026?
Our models put fair value at ₹34.82, about −72% upside versus a price of ₹124.30 (overvalued). Cautious scenario ₹27.26, optimistic scenario ₹44.15. The calculation is refreshed regularly with new filings.
What is the revenue of Man Infraconstruction Limited (MANINFRA)?
Man Infraconstruction Limited reported trailing-twelve-month revenue of about ₹6.5B (latest available figure, as of Oct 1, 2026).
Does Man Infraconstruction Limited pay a dividend?
Man Infraconstruction Limited currently shows a dividend yield of about 0.72% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Man Infraconstruction Limited (MANINFRA)?
For today's price to be fair in a discounted-cash-flow model, Man Infraconstruction Limited would have to grow free cash flow by +42.3 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of MANINFRA use?
Our models discount Man Infraconstruction Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.47, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Man Infraconstruction Limited that is +42.3 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Man Infraconstruction Limited (MANINFRA) delivered so far?
Over the past 5 years revenue at Man Infraconstruction Limited grew +8.7 % a year. The price currently implies +42.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Man Infraconstruction Limited (MANINFRA) growing?
The median revenue growth in the sector is +6.4 % a year. That is the yardstick for the growth priced into Man Infraconstruction Limited (+42.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Man Infraconstruction Limited (MANINFRA)?
The free-cash-flow yield on the price is 1.22 %: that much free cash flow Man Infraconstruction Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Man Infraconstruction Limited (MANINFRA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Man Infraconstruction Limited it is ₹34.82 per share (as of Oct 1, 2026), against a price of ₹124.30. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Man Infraconstruction Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, MANINFRA trades above its calculated fair value: price ₹124.30, fair value ₹34.82, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MANINFRA?
No. The price is what the market pays today (₹124.30); the fair value is what the company's own numbers justify (₹34.82). For Man Infraconstruction Limited the two are ₹89.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Man Infraconstruction Limited worth?
The market values Man Infraconstruction Limited at about ₹49.2B (market capitalisation, as of Oct 1, 2026). Per share that is ₹124.30; our models calculate a fair value of ₹34.82 per share.
What do the bullish and bearish scenarios say about MANINFRA?
Our models span a range for Man Infraconstruction Limited: cautious scenario ₹27.26, base ₹34.82, optimistic ₹44.15 per share (as of Oct 1, 2026, price ₹124.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MANINFRA?
Man Infraconstruction Limited trades at a price-to-earnings ratio of 23.2 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹34.82 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2022 to 2026), reported earnings: 17.9. Other multiples: P/B 2.2, P/S 7.6, EV/EBITDA 32.7.
How solid is the balance sheet of Man Infraconstruction Limited (MANINFRA)?
Balance-sheet figures for Man Infraconstruction Limited (as of Oct 1, 2026): return on equity 10.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is MANINFRA from its 52-week high?
Man Infraconstruction Limited trades at ₹124.30, about 16% below its 52-week high of ₹148.61 and 59% above the low of ₹77.97 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹34.82 is for.
Which stocks are comparable to Man Infraconstruction Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Man Infraconstruction Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹124.30, calculated fair value ₹34.82 (−72%), Quality Score 44/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MANINFRA calculated?
We run Man Infraconstruction Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹34.82, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Man Infraconstruction Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Man Infraconstruction Limited (MANINFRA)?
The closing price on Oct 1, 2026 was ₹124.30. Our model-based fair value is ₹34.82, about −72% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Man Infraconstruction Limited right now?
The price sits above even our optimistic bull case (₹44.15). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Man Infraconstruction Limited (MANINFRA) come from?
Earnings per share at Man Infraconstruction Limited grew +23.6 % a year from 2015 to 2026. Broken into its drivers: revenue per share +13.3 %, EBIT margin +10.4 %, tax rate +3.7 %, residual (interest, one-offs) −4.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Man Infraconstruction Limited
How large is the market capitalisation of Man Infraconstruction Limited (MANINFRA)?
The market capitalisation of Man Infraconstruction Limited is ₹49.2B (≈ $511M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Man Infraconstruction Limited (MANINFRA)?
The price-to-sales ratio of Man Infraconstruction Limited is 7.38 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Man Infraconstruction Limited (MANINFRA)?
Earnings per share at Man Infraconstruction Limited are ₹5.36 (price ÷ EPS = P/E 23.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Man Infraconstruction Limited (MANINFRA)?
The dividend yield of Man Infraconstruction Limited is 0.7% (payout 16.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Man Infraconstruction Limited (MANINFRA)?
The net margin of Man Infraconstruction Limited is 31.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Man Infraconstruction Limited (MANINFRA)?
The return on equity (ROE) of Man Infraconstruction Limited is 10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Man Infraconstruction Limited (MANINFRA)?
On an EBIT basis the return on assets of Man Infraconstruction Limited is 16.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Man Infraconstruction Limited (MANINFRA)?
The operating margin of Man Infraconstruction Limited is 31.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Man Infraconstruction Limited (MANINFRA)?
Revenue at Man Infraconstruction Limited is growing +19.4% versus a year earlier (3y avg −30.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Man Infraconstruction Limited (MANINFRA)?
Earnings per share at Man Infraconstruction Limited are growing +21.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Man Infraconstruction Limited (MANINFRA) hold?
Man Infraconstruction Limited holds more cash than debt, ₹3.7B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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