Mapna Group

What Mapna Group does

MAPNA Group (گروه مپنا) is an Iranian engineering, procurement, and construction (EPC) conglomerate founded in 1993 and headquartered in Tehran, operating through 75 subsidiary companies and more than 10,000 employees across the power, oil & gas, transportation, water, healthcare, and investment sectors. The group is publicly listed on the Tehran Stock Exchange under multiple tickers (رمپنا, بمپنا, ومپنا) and is recognized as the largest domestic manufacturer of power plant turbines and generators in Iran and the Middle East, holding a leading role across approximately 60,000 MW of electricity generation capacity in the country. MAPNA also operates 5,900 MW of power capacity directly through listed holding subsidiaries, including the 1,503 MW Parand combined-cycle plant (supplying about 2% of national electricity) and the 1,172 MW Assalouyeh plant under a BOO scheme.

The company's core technology stack spans integrated power plant development (thermal, combined-cycle, wind, and solar), turbine and generator manufacturing, gas compression and storage, water desalination and treatment, and — through a 2015 joint venture with the Ministry of Health — domestic medical imaging equipment (CT, MRI, angiography) and a national teleradiology network covering 34 of 182 targeted hospitals. Revenue is generated through four primary streams: EPC contracts with government ministries and state-owned enterprises (Tavanir, Ministry of Energy, Ministry of Oil, Ministry of Roads), manufacturing and sale of power plant core equipment, ownership/operation of power plants under long-term BOO/BOOT agreements with the Iranian national grid, and financial investments across listed subsidiaries in power, water, oil & gas, and finance.

MAPNA's go-to-market is enterprise field sales driven by competitive tenders with Iranian state-owned utilities and ministries, supplemented by long-term power purchase agreements and a recent push into regional post-conflict reconstruction contracting alongside firms such as CNPC, NMDC, Petrofac, Saudi Aramco, ADNOC, and QatarEnergy. The parent assembly reported 37% growth in operating income at the most recent general meeting (October 2025), and the IPPMH subsidiary holds an AA credit rating from Borhan Credit Rating Institute. However, the group's exposure is sharply concentrated on Iranian government offtakers, with outstanding receivables owed by the Ministries of Energy, Oil, and Roads exceeding 220,000 billion Tomans — a material working-capital risk that ties the company's revenue trajectory to state payment cycles.

Name

Mapna Group

Legal name

MAPNA Group (گروه مپنا)

Website

https://mapnagroup.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mapna Group is an Iranian EPC conglomerate of 75 subsidiaries and 10,000+ employees that designs, manufactures, and operates thermal, combined-cycle, wind, and solar power plants, serving government ministries, Tavanir, and state-owned utilities in Iran's energy, oil & gas, transportation, water, and healthcare sectors.

Ownership category

akta.pro rank

Product category

Power Plant EPC and Equipment Manufacturing

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336), Electric Power Generation (22111), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Engines & Turbines (3510), Motors & Generators (3621), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA)

akta.pro secondary industries

Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC), Wind Balance-of-Plant EPC (Crane Pads, Turbine Foundations, Internal Roads) (EUAEADAI), Power Plant I&C / SCADA / DCS EPC (EUAEAAAN)

Keywords

• Power plant construction
• Turbine manufacturing
• EPC engineering services
• Water desalination
• Medical imaging equipment

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. EPC Contracts (Engineering, Procurement, Construction): MAPNA serves as the primary contractor for design, procurement, and construction of power plants, oil & gas facilities, and transportation infrastructure for government and private clients in Iran.
2. Equipment Manufacturing and Sales: Manufacturing and sale of power plant core equipment including turbines, generators, compressors, and balance of plant equipment.
3. Power Plant Ownership and Operation: Investment in and operation of power plants (BOO/BOOT model) through listed subsidiaries. The company holds stakes in Assalouyeh, Parand, and other power plants generating electricity sold into the national grid.
4. Financial Investments: Investment holdings across listed subsidiaries in power generation, water, oil & gas, and financial sectors managed through the investment division.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Mapna Group designs, procures, and constructs thermal and renewable power plants as an EPC contractor, and manufactures core power plant equipment including turbines and generators. Through its 75 subsidiaries it also delivers oil & gas EPC services, water desalination and treatment systems, rail and transportation infrastructure, and medical imaging equipment (CT, MRI, angiography) for hospitals.

Product overview

Mapna Group is a large Iranian engineering and energy conglomerate consisting of 75 subsidiary companies operating across multiple sectors. The group offers integrated solutions in power and water (thermal and renewable power plants, water treatment, desalination), oil and gas (pressure boosting, gas storage, petrochemicals), transportation (rail infrastructure, EV charging), healthcare (medical imaging equipment, teleradiology), and investment services. Key products include power generation facilities (Assalouyeh, Parand), medical equipment (CT scanners, MRI, angiography), renewable energy installations (wind farms, solar plants), water treatment systems, and turbochargers for gas compression. The company positions itself as Iran's largest power plant contractor and equipment manufacturer.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Plant EPC Construction Services
• Power Plant Equipment Manufacturing (Turbines and Generators)
• BOO/BOOT Power Plant Generation Services

Quantifiable outcome

• 60,000 MW of power generation capacity developed and managed
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Tavanir (Iran Power Generation and Transmission Company)coreStrategic or Co-development PartnerLong-standing partnership for power plant development under BOO/BOOT schemes. MAPNA constructs and operates power plants with electricity sold under long-term power purchase agreements to Tavanir.
• Ministry of Health, Treatment and Medical Education (Iran)coreStrategic or Co-development PartnerJoint establishment of 'MAPNA Health and Hygiene Development Company' to design and build medical equipment including CT scans, MRI, and angiography units for Iranian hospitals and medical universities.
• Ministry of Oil (Iran)coreStrategic or Co-development PartnerEPC contracts for South Pars pressure boosting projects and Shurijeh gas storage facility. The South Pars project is critical for increasing Iran's gas reservoir pressure, with MAPNA as one of four main contractors.
• Khatam-al Anbiya Construction Headquarters (KAH)minorStrategic or Co-development PartnerBoth identified as key domestic candidates for post-conflict energy reconstruction contracts in the Middle East, competing alongside multinational corporations.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bharat Heavy Electricals Limited (BHEL): India's largest power plant equipment manufacturer and EPC contractor, combining in-house manufacturing of turbines, generators, and boilers with turnkey thermal and renewable power plant execution — the closest direct functional analog to MAPNA's vertically integrated model, albeit in a different domestic market.
• Khatam-al Anbiya Construction Headquarters (KAH): Iranian IRGC-affiliated construction conglomerate executing large-scale power, oil & gas, and infrastructure EPC projects, explicitly identified alongside MAPNA as a key domestic candidate for regional reconstruction. Closest direct domestic peer in capability and customer base.
• Dongfang Electric Corporation: Major Chinese OEM-EPC for thermal power (coal, gas, nuclear) and renewable energy equipment, offering integrated turbine/generator manufacturing and power plant construction. Operates in many sanctioned-adjacent markets, making its competitive footprint directly relevant to MAPNA's regional ambitions.
• Doosan Enerbility: Korean power EPC and OEM with strong capabilities in thermal power turbines and generators, and an active Middle East project pipeline. Directly comparable in its integrated EPC + equipment manufacturing model and exposure to regional power infrastructure spending.
• Ansaldo Energia: Italian power engineering OEM specializing in heavy-duty gas turbines, steam turbines, and generators, with EPC and service capabilities. Comparable to MAPNA's turbine/generator manufacturing and combined-cycle plant execution focus, especially for the Genaveh-style combined-cycle conversions in MAPNA's portfolio.
• Shanghai Electric Group: State-linked Chinese power equipment OEM and EPC contractor across thermal, nuclear, wind, and solar generation, with in-house turbine manufacturing. Its role in Belt-and-Road power project delivery makes it a direct competitor for any cross-border contracts MAPNA might pursue.

Broad incumbents

• MAN Energy Solutions: German manufacturer of large-bore engines, turbomachinery, and power plant systems, with deep installed base across the Middle East. Comparable to MAPNA's turbomachinery manufacturing and gas compression business, though operating at much broader global scale.
• Siemens Energy: Global incumbent in gas, steam, and wind turbines plus grid technology, with significant Middle East EPC exposure. Directly comparable technology set to MAPNA's turbine manufacturing and combined-cycle conversions, though with a far larger and more diversified footprint.
• GE Vernova: American power generation OEM and service provider across gas, steam, wind, and grid technologies. Overlaps with MAPNA's turbine, generator, and combined-cycle capabilities, and is a frequent EPC competitor on Middle East power projects.
• Power Construction Corporation of China (PowerChina): Chinese state-owned EPC giant active across thermal, hydro, wind, solar, and transmission projects globally, with strong Belt-and-Road execution capability. Comparable as a turnkey power infrastructure EPC and would be a direct competitor for any cross-border power projects MAPNA pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/officialmapna
• LinkedInlinkedin.com/company/mapna
• Instagraminstagram.com/themapnagroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mapna Group