Investor and Analyst Presentation in respect of National Pipe Company.

Man Industries (India) Limited announced the acquisition of 100% stake in National Pipe Company Limited (NPC), Saudi Arabia, for USD 102 million (~INR 1,000 Crores), financed via USD 70 million debt and USD 32 million equity. NPC is a debt-free large-diameter SAW pipe manufacturer with 430,000 MTPA capacity (HSAW+LSAW) and has been an approved Saudi Aramco vendor for over 20 years. In CY2025, NPC reported revenue of USD 211 million (~INR 1,899 Crores), an EBITDA margin of 24.8%, and PAT margin of 18.1%. At the time of acquisition, NPC held an order book of USD 120 million (~INR 1,130–1,150 Crores). The acquisition values NPC at just 1.5x EV/EBITDA versus Saudi-listed peer average of ~9.5x, making it a significantly cheap entry. Management projects combined FY2030 revenue of ~INR 8,500 Crores with consolidated EBITDA margins of 15–17%, up from Man's historical sub-10–12% band, with KSA contributing 45–50% of consolidated revenue.