MBL Infrastructures

What MBL Infrastructures does

MBL Infrastructures Limited is an Indian public-listed civil engineering company (BSE: 533152; NSE: MBLINFRA) incorporated in 1995 and headquartered in New Delhi, executing roads, highways, BOT (Build-Operate-Transfer), O&M, building/housing/urban infrastructure, and railway/metro projects for central and state government counterparties. Its operational core is an integrated EPC platform covering design, engineering, in-house construction enabled by owned equipment fleets (sensor pavers, rollers, stone crushers, excavators, motor graders) and captive quarries with in-house aggregate production. The company monetizes through three streams: one-time milestone-based EPC contracts, transaction-fee BOT toll collection and annuity payments, and managed-service O&M contracts, with all revenue won through competitive government tendering from agencies such as NHAI, MoRTH, DMRC, state PWDs, and NBCC.

The business emerged from a Corporate Insolvency Resolution Process under IBC 2016, with NCLT approving its Resolution Plan in April 2018 and the Supreme Court upholding it after three rounds of litigation. Implementation was finalized in August 2024 when Working Capital Consortium Banks executed documents releasing Rs 303.63 crore of non-fund-based facilities, and promoters increased their stake to 74.01%. MBL holds three BOT assets via wholly-owned subsidiaries: the 172.384 km Suratgarh-Bikaner NH-62 project (operational since February 2019), the 18.303 km Waraseoni-Lalbarra Road in Madhya Pradesh (15-year concession), and MBL Projects Limited as the BOT holding entity. Its leadership blends promoter Anjanee Kumar Lakhotia (three decades in infrastructure) with directors drawn from NHAI, DMRC, and SBI, supporting institutional credibility in government bidding.

FY2026 revenue reached Rs 176.06 crore (up 37.20% YoY) but the company posted a Rs 22.63 crore net loss versus a Rs 169.49 crore profit the prior year, reflecting both operational ramp and the unwinding of one-time Resolution Plan gains. With 350+ professionals, pan-India execution across 13+ states, and ISO 9001/14001/45001 certifications, MBL is positioned as a mid-tier, government-focused infrastructure contractor in active post-restructuring recovery.

Name

MBL Infrastructures

Legal name

MBL Infrastructure Limited

Website

https://mblinfra.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

MBL Infrastructures Limited is an Indian public-listed civil engineering contractor (BSE: 533152) executing roads, highways, BOT toll roads, O&M, buildings, and metro/rail projects for central and state government agencies including NHAI and MoRTH. It operates pan-India with 350+ professionals and is recovering post-2018 IBC Resolution Plan approval.

Ownership category

akta.pro rank

Product category

Infrastructure Construction Services

NAICS

Highway, Street, and Bridge Construction (237310), Heavy and Civil Engineering Construction (237)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL)

Keywords

• Highway construction
• BOT toll road
• Infrastructure EPC
• Highway maintenance services
• Civil engineering projects

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. EPC (Engineering, Procurement, Construction) Contracts: Traditional construction contracts for roads, highways, buildings, housing, urban infrastructure, and railways/metro projects. Revenue recognized upon project completion milestones.
2. BOT (Build-Operate-Transfer) Projects: Build, operate and transfer contracts where company constructs infrastructure, operates toll collection during concession period, then transfers to government. Revenue from toll collections and annuity payments.
3. Highway O&M Contracts: Operations and maintenance contracts for existing road infrastructure. Ongoing maintenance services with periodic payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MBL Infrastructure Limited executes civil engineering infrastructure projects across India through three primary service lines: highway construction (4-laning, widening, strengthening of roads and highways), Build-Operate-Transfer (BOT) toll road projects where the company designs, builds, finances, operates toll collection and transfers assets to the government, and highway operations and maintenance (O&M) contracts. The company also undertakes building, housing, urban infrastructure, and railways/metro projects for government clients.

Product overview

MBL Infrastructure Limited is a civil engineering infrastructure company engaged in the execution of infrastructure projects across India. The company operates through multiple business segments: Highway Construction (roads, highways, 4-laning projects), Highway-BOT Projects (build-operate-transfer model covering design, construction, toll collection and O&M), Highway-O&M (road maintenance services), Building/Housing/Urban Infrastructure, and Railways/Metro/Other Infrastructure. The company has executed projects pan-India across states including West Bengal, Madhya Pradesh, Maharashtra, Assam, Uttar Pradesh, Delhi, Rajasthan, Karnataka, Haryana, Odisha, Andhra Pradesh, Bihar, and Uttarakhand. Key BOT projects include the Suratgarh Bikaner Toll Road (172.384 km, Rajasthan) and Waraseoni-Lalbarra Road (18.303 km, Madhya Pradesh). The company also maintains key national highways and ring roads. The product portfolio is a unified set of infrastructure services rather than a software platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Highway Construction Construction of roads and highways including 4-laning, widening, and strengthening projects across multiple Indian states for government clients such as NHAI, MoRTH, and state PWDs.
• Highway-BOT Projects Build-Operate-Transfer highway projects covering design, engineering, in-house construction, toll collection, and operations & maintenance during the concession period before transfer to the government. Includes DBFOT and Toll + Annuity structures.
• Highway-O&M Operations and maintenance services for highways and roads including comprehensive maintenance, toll plaza management, and routine upkeep on existing road infrastructure for government clients.
• Building, Housing & Urban Infrastructure Construction of buildings, residential complexes, police stations, housing projects, and urban infrastructure including metro rail depots and road under bridges for government clients such as DMRC, NBCC, CPWD, MES, MMRDA, and Haryana Urban Development Authority.
• Railways/Metro and Other Infrastructure Rail and metro infrastructure construction including metro rail depots, rail over bridges (ROB), road under bridges (RUB), and approach roads for clients such as Delhi Metro Rail Corporation and Rail Vikas Nigam Limited.
• Suratgarh Bikaner Toll Road BOT Project Development and operation of the 172.384 km Bikaner-Suratgarh section of NH-62 in Rajasthan on a DBFOT basis with Rs 185 crores investment through wholly-owned subsidiary Suratgarh Bikaner Toll Road Company Pvt Ltd. Commercial operations commenced since 17.02.2019.
• Waraseoni-Lalbarra Road BOT Project Strengthening, widening, maintaining and operating the 18.303 km Waraseoni-Lalbarra Road in Madhya Pradesh on a BOT (Toll + Annuity) basis with a 15-year concession period and annuity payments every 6 months. Executed through wholly-owned subsidiary MBL (MP) Toll Road Company Limited for Madhya Pradesh Road Development Corporation Ltd.

Quantifiable outcome

• Revenue increased 37.20% to Rs 176.06 crore in FY2026
• +4 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Suratgarh Bikaner Toll Road Company Private LimitedcoreOthers100% owned subsidiary SPV company formed for development and operation of Bikaner-Suratgarh Section of NH-15 in Rajasthan. Commercial operations commenced for 96.54% of the 172.384 km project since 17.02.2019. Represents the company's BOT investment vehicle for toll road operations.
• MBL (MP) Toll Road Company LimitedcoreOthers100% owned subsidiary SPV company formed for development of Waraseoni-Lalbarra Road in Madhya Pradesh on BOT (Toll + Annuity) basis since 03.08.2015. Project involves 18.303 km road with 15-year concession period.
• MBL Projects LimitedcoreOthersWholly-owned subsidiary formed for consolidating all BOT projects of the company. Acts as holding company for the group's BOT infrastructure investments.
• Link Intime India Pvt. Ltd.coreImplementation/ SI/ Consulting PartnerRegistrar and Share Transfer Agent for MBL Infrastructure. Located at Noble Heights, 1st Floor, Plot No. NH 2, LSC, C-1 Block, Near Savitri Market, Janakpuri, New Delhi-110058. Handles share-related matters including dematerialisation, rematerialisation, transmission of shares, and dividends.

Scale indicators11 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• KEC International Limited: Indian infrastructure EPC company with significant presence in highways, railways, and urban infrastructure. Direct overlap with MBL in highway and railway construction contracting.
• Sadbhav Engineering Limited: Indian infrastructure EPC and BOT developer in roads, highways and irrigation. Competes with MBL for NHAI/state highway tenders and operates BOT toll road assets under long-tenure concessions.
• NCC Limited (Nagarjuna Construction): Diversified Indian EPC player active in roads & highways, buildings, water, and metro rail. Overlaps directly with MBL on NHAI highway works, BOT projects, metro/urban infrastructure, and railway ROBs.
• IRB Infrastructure Developers Limited: India's pioneer BOT toll road operator with a portfolio of NHAI concession assets. Same EPC + BOT + toll business model, same NHAI/government customer base, and similar pan-India presence as MBL.
• Ashoka Buildcon Limited: Pure-play Indian highway EPC and BOT developer with multiple NHAI projects. Direct competitor in road EPC bidding, comparable revenue scale, and similar BOT toll road asset base to MBL.
• ITD Cementation India Limited: Indian EPC contractor in marine structures, highways, metros, and urban infrastructure. Direct peer to MBL in NHAI/metro/urban infrastructure tenders with similar scale and execution profile.
• Dilip Buildcon Limited: One of India's largest highway EPC and BOT contractors, executing NHAI/MoRTH road projects under EPC and HAM/BOT models. Direct peer to MBL in Indian highway construction, target customers, and tender-driven business model.

Broad incumbents

• Reliance Infrastructure Limited: Diversified Indian infrastructure major with road, metro, power, and EPC businesses. Overlaps with MBL on road EPC and BOT, plus metro rail and urban infrastructure construction.
• Hindustan Construction Company (HCC): Long-established Indian heavy civil contractor with road, bridge, hydro, and tunnel capabilities. Broader portfolio than MBL but directly comparable as a civil engineering infrastructure EPC incumbent.
• Patel Engineering Limited: Indian heavy civil contractor active in tunnels, hydro, roads, and urban infrastructure. Comparable construction-driven contractor business model and government customer mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mbl-infrastructures-ltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 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 MBL Infrastructures