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Man Industries (India) Ltd
NSE: MANINDS BSE: 513269 INE993A01026 Industrials Industrial Products 🔎 Screen
₹4,163 Cr
Market Cap
23.9
P/E
0.66
PEG
16.2%
ROCE
9.2%
ROE
0.30
D/E
12.3%
OPM
-11.0%
% from 52W High
84
α RS
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📈 Price History
Ratio Health
Excellent
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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
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Mixed quarter: core pipe business delivered record standalone margins and revenue growth, but consolidated PAT fell 25% YoY due to a one-off forex MTM loss at the MSSTL subsidiary. quarter Investor Presentation One-Pager? Mar 2026
Revenue (Standalone Q4)
₹1,157 Cr
+36% YoY; underlying core pipe growth of ~36% after adjusting for prior-year real estate income
EBITDA Margin (Standalone Q4)
14.6%
+300 bps YoY; record quarterly margin
PAT (Consolidated Q4)
₹50.9 Cr
-25.4% YoY; impacted by ~₹20 Cr forex loss on MSSTL machinery LCs
Order Book (Standalone)
₹3,000 Cr
Executable over 6-12 months, providing strong near-term visibility
What Went Right
  • Record standalone EBITDA margin of 14.6% in Q4 (up 300 bps YoY) and annual margin of 14.0% (up 360 bps).
  • Standalone revenue grew 36% YoY in Q4 to ₹1,157 Cr, driven by strong order execution.
  • Annual consolidated EBITDA margin hit 13.0% (up 290 bps YoY) and PAT margin 4.7% (up 40 bps).
  • Cash & cash equivalents stood at ₹657 Cr; net cash positive at ₹158 Cr after ₹340 Cr capex.
What to Watch
  • Consolidated Q4 PAT fell 25.4% YoY to ₹50.9 Cr due to a forex MTM loss on MSSTL subsidiary's machinery LCs (not quantified but material).
  • Finance costs rose 50.5% YoY (consolidated Q4) to ₹52.3 Cr, reflecting higher borrowings for capex and the NPC Saudi acquisition.
  • Other expenses surged due to the shift from FOB to DDP contract terms; while structurally margin-neutral, the gross-up inflates reported cost lines.
  • Depreciation nearly doubled (up 115% YoY) to ₹22.7 Cr on the back of heavy capital expenditure.
Management Guidance
  • Consolidated revenue guidance of ₹5,000–5,500 crore for FY27.
  • Consolidated EBITDA margin guidance of 13-15% for FY27.
  • Guidance excludes any contribution from Merino Shelters (expected from June 2026).
Investor Lens
The core pipe thesis remains intact: record margins, strong standalone revenue growth, and a ₹3,000 Cr order book provide solid near-term revenue visibility. However, consolidated earnings were dragged down by a timing-related forex loss at the MSSTL Jammu plant (expected to reverse once production starts) and elevated finance costs. The DDP transition is a reporting gross-up, not a margin issue. Key watch items: resolution of the forex MTM, commercialisation of Merino Shelters from June 2026, and ramp-up of the Jammu seamless pipe plant (COD by March 2027). Debt levels and working capital efficiency will be critical given the ongoing capex phase.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue down 5% YoY but operating profit up 16%; PAT drops 25%.
Revenue
Revenue for Mar quarter stood at ₹1,157 Cr, down 5% YoY from ₹1,218 Cr but up 39.4% sequentially from ₹830 Cr. The YoY decline indicates volume or pricing pressure, while strong QoQ growth suggests a demand recovery.
Profitability
Net profit fell 25% YoY to ₹51 Cr and 7.3% QoQ, despite operating profit growing 15.7% YoY. EPS dropped to ₹6.78 from ₹10.53 a year ago, dragged by higher interest and depreciation costs.
Margins
Operating profit margin improved to 12% from 10% YoY, but declined from 15% in the previous quarter. The YoY margin expansion was likely due to cost controls, but the sequential drop may reflect input cost pressure or product mix.
Cash Flow
No cash flow data provided. Unable to assess CFO quality relative to reported PAT.
Balance Sheet
Total borrowings of ₹628 Cr and reserves of ₹2,049 Cr give a low debt/equity ratio of 0.29. ROCE of 16% and ROE of 10% indicate moderate capital efficiency.
Key Risks
High interest expense of ₹52 Cr (₹23 Cr depreciation) is pressuring net profit despite operating profit growth. Revenue remains down YoY, indicating potential demand weakness. A large debt of ₹628 Cr requires sustained cash generation.
Outlook
Sequential revenue recovery and YoY margin improvement are positive signals. However, rising costs or sustained high interest could keep profitability under pressure in the near term.
Generated by AI · Mar 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:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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This report does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a SEBI-registered investment adviser or other qualified financial professional before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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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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