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Man Industries (India) Ltd
NSE: MANINDS BSE: 513269 INE993A01026 Industrials Industrial Products 🔎 Screen
₹6,511 Cr
Market Cap
31.9
P/E
0.88
PEG
16.2%
ROCE
9.2%
ROE
0.30
D/E
14.0%
OPM
-8.3%
% from 52W High
98
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in Pipe Industry.

✓ Strengths

No strengths data yet.

! Concerns 4
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 9.17% over last 3 years.
  • Debtor days have increased from 79.3 to 103 days.
  • Company's cost of borrowing seems high
Key Ratios Snapshot
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📈 Growth Pattern
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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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Strong YoY beat: consolidated EBITDA margin expanded 420 bps and PAT nearly doubled, though revenue declined 9% QoQ and NPC contributed only 40 days. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹1,053 Cr
Consolidated revenue from operations, +41.9% YoY; total income ₹1,065 Cr (+37.6% YoY); -9.0% QoQ
EBITDA Margin
14.6%
Consolidated, +420 bps YoY; standalone 15.3% vs 10.8% YoY
PAT
₹61 Cr
Consolidated PAT, +117.9% YoY; PAT margin 5.8% (+220 bps YoY); standalone PAT ₹78 Cr (+169% YoY)
Key Metric
~₹1,008 Cr
US$120 Mn NPC day-one order book; NPC also held US$83 Mn cash and zero debt at closing
What Went Right
  • Consolidated revenue from operations rose 41.9% YoY to ₹1,053 Cr; total income reached ₹1,065 Cr (+37.6% YoY).
  • EBITDA jumped 91.3% YoY to ₹155 Cr, with margin up 420 bps to 14.6%; PAT rose 117.9% YoY to ₹61 Cr.
  • Standalone PAT grew 169% YoY to ₹78 Cr and standalone EBITDA margin improved 450 bps to 15.3%.
  • Acquisition of Saudi's National Pipe Company closed on 21 May: 430k MTPA capacity, Aramco-approved vendor since 2005, US$120 Mn order book and US$83 Mn cash at closing.
  • Jammu stainless steel plant is at ₹350 Cr capex incurred against ~₹600 Cr plan, with production targeted for Mar-2027.
What to Watch
  • Consolidated revenue from operations declined 9.0% QoQ from ₹1,157 Cr to ₹1,053 Cr; standalone revenue fell 12.7% QoQ, so the YoY beat is partly base-effect driven.
  • Other income collapsed: consolidated other income fell 62.5% YoY to ₹12 Cr and standalone other income fell 48.6% YoY to ₹18 Cr, reducing reported earnings quality.
  • Depreciation rose 130.1% YoY to ₹30 Cr and finance costs rose 33.3% YoY to ₹40 Cr, constraining net profit conversion despite EBITDA margin expansion.
  • NPC contributed only 40 days and no standalone NPC P&L or pro-forma consolidated numbers were disclosed; the 15-18% EBITDA / 11-14% PAT margin claims remain unverified.
  • FY26 balance sheet already showed heavy working capital: inventories ₹1,535 Cr, trade receivables ₹1,010 Cr and total current liabilities ₹2,597 Cr; Q1 post-acquisition debt/cash was not disclosed.
Management Guidance
  • NPC acquisition is expected to be earnings accretive with 15-18% EBITDA margin and 11-14% PAT margin.
  • Dammam coating plant production targeted for Mar-2027.
  • Jammu stainless steel plant production targeted for Mar-2027; total planned capex ~₹600 Cr with ₹350 Cr incurred till Q1 FY27.
  • Merino Shelters JDA expected to generate ₹35-50 Cr cashflow in FY27, ₹80-120 Cr annual cashflow from FY28, and ₹700-800 Cr revenue over next 5-6 years.
Investor Lens
The strategic thesis is intact, but the reported quarter does not yet validate NPC economics. Revenue was solid on a YoY basis (+41.9%), yet QoQ revenue fell 9.0% and other income fell 62.5% YoY, so the quality of the beat is mixed. The full quarter from NPC, from Q2 FY27, is the key test: management targets 15-18% EBITDA and 11-14% PAT margins, but only 40 days of contribution are included here. Watch order conversion from the US$120 Mn NPC book and utilisation ramp on 430k MTPA, along with consolidated debt/cash after the ~₹960 Cr acquisition outlay. Standalone metrics show underlying margin improvement, but the 12.7% QoQ standalone revenue decline warns of lumpy execution. Next quarter, focus on consolidated revenue run-rate, NPC standalone financials, and whether group EBITDA margin advances from 14.6% toward the targeted 15-18% band.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG PAT jumps 118% YoY to ₹61 Cr; OPM doubles to 14%
Revenue
Revenue grew 41.9% YoY to ₹1,053 Cr, though it dipped 9% sequentially from Mar 2026. The YoY surge indicates strong demand, but the QoQ drop is a caution flag.
Profitability
Net profit rose 117.9% YoY to ₹61 Cr and 19.6% QoQ, with EPS at ₹8.19 vs ₹4.11 a year ago. PBT of ₹85 Cr was aided by ₹12 Cr other income.
Margins
OPM expanded to 14% from 7% YoY and 12% QoQ, driving the profit leap. This margin gain likely reflects better operating leverage and possibly lower input costs.
Key Risks
Revenue fell 9% sequentially, signalling possible demand moderation. A high PE of 25.74 leaves little room for misses. Interest of ₹40 Cr and depreciation of ₹30 Cr consume a major chunk of operating profit.
Outlook
The sharp YoY improvement and margin expansion are encouraging, but sustaining momentum will require reversing the QoQ revenue dip. Continued focus on margin protection is key.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q2FY26 Q3FY26 Trend
Manufacturing
830
EBIT 105
Real Estate
0
EBIT 0
0
EBIT 0
Manufacturing and trading in Steel Products
834
EBIT 99
Total 834 830

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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Investment Risk:
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The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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