M&B Engineering shares list flat at Rs 385 on NSE

M&B Engineering share price: M&B Engineering stock lists on NSE.

M&B Engineering shares listed flat on August 6 at the issue price. The Rs 650-croreinitial public offering of M&B Engineering Ltd fetched 36.2 times subscription between July 30 - August 1 in the primary market.

Shares of M&B Engineering listed at Rs 385 per share on the NSE. The initial share sale had a price band of Rs 366 - 385 per share.

On the BSE, the shares were listed at Rs 386 apiece. The company's total market capitalization post listing of shares stood at Rs 2,303.07 crore.

M&B Engineering share listing was below than the expectations in the grey market which had expected a premium listing of over 14 percent.

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M&B Engineering share listing: Should you buy, sell or hold?

Bhavik Joshi Business Head, INVasset PMS, noted that M&B Engineering Ltd. (MBEL) is tapping the equity markets at a time when India’s industrial and logistics infrastructure is undergoing a decisive shift towards modular, faster-to-deploy construction. As a leading Pre-Engineered Buildings (PEB) and self-supported roofing solutions provider—with an installed capacity exceeding 100,000 MTPA—MBEL is structurally well-positioned to benefit from this transformation. Its execution of over 9,500 projects across 22 countries and a diversified sectoral footprint offer both scale and pedigree in a fragmented market.

"The company’s dual-division structure—Phenix for complex steel fabrication and Proflex for roofing—adds operational versatility, backed by a strong in-house design and project management backbone. The recent profit surge from Rs 45.6 crore in FY24 to Rs 77.1 crore in FY25 suggests improved operating leverage and a shift toward higher-value contracts, though the sustainability of such margin expansion needs validation over a longer cycle. With a P/E of 28.56 on FY25 earnings, the valuation is in line with sector peers, though post-IPO NAV remains undisclosed—a key data omission for deeper price-to-book benchmarking."

"India’s PEB market, having grown to Rs 210 billion by FY25, is expected to accelerate further, supported by capex in manufacturing, warehousing, and clean energy. MBEL’s capex plans from IPO proceeds aim to strengthen this readiness. For investors seeking exposure to the underlying build-out of India’s next industrial wave, MBEL offers a credible platform. However, prudent allocation is advisable given the valuation, reliance on continued project flow, and historical volatility in execution-heavy sectors," he added.

M&B Engineering share listing: Buy, sell or hold strategy

Proceeds from the fresh issue will be used for purchasing equipment and machinery for the company's manufacturing facilities, payment of debt, working capital requirements and general corporate purposes.

M&B Engineering is one of the country's leading pre-engineered buildings and self-supported roofing providers in terms of installed capacity (103,800 MTPA related to PEB and 18,00,000 square metres per annum for self-supported roofing).

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