Man Industries (India) Limited has informed the Exchange regarding a press release dated May 21, 2026, titled "Press Release / Media Release for acquisition by Man International Steel Industries Company ( MISIC ), a wholly owned subsidiary of the Company.".
MANINDS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MAN Industries' Saudi subsidiary MISIC has acquired 100% of National Pipe Company Limited (NPC), a leading API-certified large-diameter pipe manufacturer based in Dhahran, Saudi Arabia. The all-cash deal worth USD 102 million (~INR 1,000 crore) brings 430,000 MTPA of capacity (250,000 MTPA HSAW + 180,000 MTPA LSAW pipes). NPC is debt-free, profitable with 24.8% EBITDA margins, and carries USD 83 million in cash/liquid assets against a net worth of USD 158.6 million. The acquisition was completed at an attractive 1.5x EV/EBITDA versus peer multiples of 7-9x, making it 0.7x P/BV and below book value. NPC has been a Saudi Aramco Approved Vendor for over two decades and brings an order book of USD 120 million. The transaction is EPS-accretive from Day 1 with expected payback in ~1.5 years.
Positive for shareholders — MAN Industries gains immediate scale in the GCC region, a blue-chip client base including Saudi Aramco, and the acquisition is immediately earnings accretive at a bargain valuation. The company's combined India (1.2 mn MTPA) and Saudi (430,000 MTPA) capacity positions it among the largest line pipe manufacturers in the Middle East.