M & B Engineering Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

M&B Engineering saw Q2 revenue surge 49% YoY to ₹306.85 Cr. H1 revenue grew 57% to ₹544.5 Cr. Q2 EBITDA margin was 12%, impacted by forex loss (₹2.15 Cr) and US tariffs (₹2.85 Cr absorbed). Order book stands at ₹930.56 Cr, boosted by a new $24M (~₹200 Cr) export order and ₹98 Cr domestic order. FY26 revenue target is ₹1,225-₹1,250 Cr (25% growth), with a ~13% full-year EBITDA margin expected. Capacity expansions are underway, including 3 new Proflex mobile units & 20,000 MT PEB Sanand brownfield by Q1 FY27. Management is bullish on growth, especially from railways, warehousing, and North American markets.