M

Man Industries India Ltd
NSE:MANINDS

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Man Industries India Ltd
NSE:MANINDS
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Price: 394.45 INR -0.5% Market Closed
Market Cap: 29.6B INR

Man Industries India Ltd
Investor Relations

Man Industries (India) Ltd. engages in the manufacturing, processing, and trading of submerged arc welded pipes & steel products. The company is headquartered in Mumbai, Maharashtra. The Company’s LSAW pipes have approximately 16 inches to 56 inches in diameter. LSAW pipes have a maximum length of approximately 12.20 meters. LSAW’s total capacity is approximately 500,000 tons per annum. The Company’s HSAW pipes have approximately 18 inches to 130 inches in diameter. HSAW pipes have a maximum length of approximately 18 meters. HSAW total capacity is approximately 500,000 tons per annum. The firm also offers electric resistance welded (ERW) pipes, steel bends and coatings, including single layer fusion bonded epoxy (FBE), internal blasting and painting, and coal tar enamel. The Company’s subsidiaries include Merino Shelters Private Limited, Man Overseas Metals DMCC and Man USA Inc.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 14, 2025
AI Summary
Q2 2026

Record Margins: Man Industries reported its highest-ever quarterly EBITDA margin at 12.5% in Q2 FY '26, driven by better product mix and cost control.

Revenue Growth: Q2 FY '26 revenue reached INR 834 crores, up 3.5% YoY and 12.4% QoQ; management reaffirmed 20% revenue growth guidance for FY '26.

Strong Export Focus: Exports constitute 80–90% of the order book, reflecting global demand, especially in GCC and Southeast Asia.

Expansion Progress: Saudi Arabia and Jammu facility expansions are on track, with commercial operations targeted for Q4 FY '26 (Saudi) and April FY '27 (Jammu).

Healthy Order Book: Current executable order book stands at INR 4,750 crores, with a robust bid pipeline exceeding INR 15,000 crores.

FY '27 Ambition: Management targets INR 7,000 crores revenue in FY '27 once new plants are operational, with EBITDA expected to exceed INR 800 crores.

Profitability Outlook: Blended EBITDA margins expected to remain above 11% for FY '26, and PAT margin guided at 5–5.5% for FY '27.

Balance Sheet: Net cash position is INR 14 crores as of September 2025, with peak borrowings expected to reach INR 1,150–1,200 crores as new plants ramp up.

Key Financials
Revenue
INR 834 crores
EBITDA
INR 102 crores
EBITDA Margin
12.5%
Profit Before Tax (PBT)
INR 49 crores
Profit After Tax (PAT)
INR 37 crores
Half-Year Revenue
INR 1,576 crores
Half-Year EBITDA
INR 182 crores
Half-Year PAT
INR 65 crores
Half-Year Cash Profit
INR 100 crores
Order Book
INR 4,750 crores
Bid Pipeline
INR 15,000 crores
Net Cash Position
INR 14 crores
Peak Borrowing (Gross)
INR 1,150–1,200 crores
Annual Interest Cost
INR 120–125 crores
Export Order Book Share
80–90%
Real Estate Revenue (5-year horizon)
INR 700 crores
Other Earnings Calls

Management

Mr. Nikhil Rameshchandra Mansukhani
MD & Executive Director
No Bio Available
Mr. Sanjay Kumar Agrawal
Chief Financial Officer
No Bio Available
Mr. Jaspreet Singh Bhatia
Senior Vice President of Operations
No Bio Available
Mr. Rahul Rawat
Company Secretary & Compliance Officer
No Bio Available
Mr. Sanjay Batra
President of Marketing
No Bio Available
Mr. Munish Jindal
President of Projects
No Bio Available
Mr. Gurinder Singh Sethi
Vice President - Marketing & Business Development
No Bio Available
Mr. Jignesh Shah
Vice President of Projects
No Bio Available

Contacts

Address
MAHARASHTRA
Mumbai
Man House, 101, S.V. Road, Vile Parle (W)
Contacts
+912266477500
www.mangroup.com