Man Industries India Ltd
NSE:MANINDS
Man Industries India Ltd
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.
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.
Record Margins: Man Industries reported its highest ever quarterly EBITDA and PAT margins in Q3 FY '26, driven by product mix optimization and cost management.
Revenue Growth: Q3 FY '26 total income rose 13.7% year-over-year to INR 838.7 crores, with EBITDA up 61.4% YoY and PAT up 61% YoY.
Guidance Raised: FY '26 revenue guidance was reiterated at INR 3,600–3,700 crores, while EBITDA margin guidance was raised to 13–14% from 11–12%. Management expects to sustain these margins in FY '27.
Strong Export Performance: Exports now account for 83% of the order book, with robust demand from MENA, Southeast Asia, CIS, Africa, and Asia Pacific regions.
Capacity Expansions: Major projects in Saudi Arabia and Jammu are nearing completion, with Saudi set for Q1 FY '27 and Jammu by Q2. These are expected to materially boost future revenue.
Order Book and Pipeline: The executable order book stands at INR 4,000 crores, with a bid pipeline of INR 11,500 crores and an average win rate of 20–30%.
Real Estate Windfall: The Merino Shelters real estate project will generate INR 600–700 crores in revenue over 6–7 years, with no associated cost to the company.
FY '27 Outlook: Management expects 25–30% consolidated revenue growth in FY '27, with internal targets set higher at 50–55% growth.
