NSE: MANINDS · BSE: 513269
MAN INDUSTRIES (I) LTD.
Manufactures and trades steel pipes, accounting for 100% of segment revenue of ₹3,563.9 crore in FY26. The pipes are supplied to domestic and international customers, with deliveries running 6 to 9 months from order. In June 2026 the company and its Saudi step-down subsidiary NPC bagged fresh orders of about ₹1,000 crore (₹300 crore for the parent and ₹700 crore for NPC), pushing the consolidated unexecuted order book to about ₹4,100 crore. The Real Estate segment, which contributed ₹368.6 crore in FY25, generated no revenue in FY26 and posted a small EBIT loss. Raw materials are the dominant cost at 62.2% of revenue (₹2,217.09 crore), followed by other operating expenses at 22.6%. Employee cost is comparatively low at 2.6% of revenue, and capex was ₹340.27 crore, or 9.5% of FY26 revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing (steel pipes) (100%), Real Estate (0%). Cyclical pipe manufacturer with material-heavy cost structure and a small legacy Real Estate line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,139 | 2,231 | 3,142 | 3,505 | 3,564 |
| EBITDA (ex other income) | 181 | 137 | 241 | 301 | 439 |
| margin % | 8.4 | 6.1 | 7.7 | 8.6 | 12.3 |
| Owners' profit | 0 | 68 | 0 | 153 | 170 |
| EPS, as reported (₹) | 17.78 | 11.33 | 17.42 | 23.66 | 23.65 |
| ROE % · ROCE % | 10.8 · 17.6 | 6.8 · 11.3 | 7.5 · 14.6 | 9.5 · 17.2 | 8.2 · 16.1 |
| Debt / equity (x) | 0.05 | 0.29 | 0.22 | 0.28 | 0.24 |
| Cash from operations | 451 | (119) | 257 | 67 | 472 |
| Capex | (46) | (207) | (120) | (154) | (340) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 806 | 732 | 1,218 | 742 | 834 | 830 | 1,157 | 1,053 |
| Profit before tax | 43 | 47 | 91 | 38 | 49 | 76 | 73 | 85 |
| Net profit | 32 | 34 | 68 | 28 | 37 | 55 | 51 | 61 |
| EPS (₹) | 4.92 | 5.36 | 9.15 | 4.13 | 4.83 | 7.64 | 7.00 | 8.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacturing | 2,730 | 76.6 |
| Manufacturing and trading in Steel Products | 834 | 23.4 |
| Total, before eliminations | 3,564 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.0 | 15.4 | 72 of 105 | 32% |
| P/B | 2.8 | 1.5 | 72 of 101 | 29% |
| ROCE | 9.8 | 9.1 | 54 of 115 | 54% |
| ROE | 8.2 | 8.6 | 54 of 103 | 48% |
| Debt / Equity | 0.2 | 0.2 | 58 of 101 | 43% |
| EBITDA margin | 14.7 | 11.0 | 37 of 100 | 64% |
| Revenue growth | 41.9 | 13.7 | 16 of 97 | 84% |
| Profit growth | 122.6 | 29.3 | 23 of 105 | 79% |
| Market cap | 5814 | 216 | 15 of 122 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA confirms share demat processing for July to September 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Man Industries 38th AGM: All 4 resolutions passed with requisite majority | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · 38th AGM proceedings - 4 resolutions tabled | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Schedule of analyst meeting with Axis Mutual Fund on Sep 30 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window Closed Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Investor meet at JM Financial Energy Conclave on Sep 23, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · New orders worth Rs.600 Cr; total order book at Rs.4,100 Cr | business updates | high | — | — |
| 4 Sept 2026 · Newspaper advertisement filed for 38th AGM on September 25, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Man Industries files FY26 BRSR; flags Rs 1 crore SEBI penalty, 2 worker deaths | compliance | medium | — | — |
| 2 Sept 2026 · 38th AGM Notice on Sep 25, 2026 along with FY25-26 Annual Report | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.