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Man Industries (India) Ltd

₹ 342-1.56%
16 Jan – close price
🔗mangroup.com•BSE: 513269•NSE: MANINDS
Market Cap₹ 2,562 Cr.
Current Price₹ 342
High / Low₹ 491
Stock P/E18.0
Book Value₹ 237
Dividend Yield0.00 %
ROCE16.6 %
ROE9.99 %
Face Value₹ 5.00
Sales₹ 3,076 Cr.
OPM9.57 %
Mar Cap₹ 2,562 Cr.

ABOUT

Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in PipeIndustry.

KEY POINTS

Business Profile[1]MAN Industries is a leading manufacturer of large-diameter carbon steel line pipes, catering to high-pressure transmission applications in oil & gas, water supply, and structural industries.

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.APL Apollo Tubes1940.7051.3753873.860.30301.54460.385206.309.0622.3621317.407.401048.79301.5411.7010.020.16
2.Shyam Metalics813.4523.4322739.950.55260.4521.474457.0222.6512.0516767.7312.46970.37261.762.065.920.10
3.Welspun Corp736.8510.9619447.950.68443.5148.674373.6132.4621.2415463.5813.001773.93439.682.378.930.19
4.Godawari Power257.5523.2917312.050.39161.651.781307.683.1623.255396.6120.82743.44161.443.3013.860.04
5.Ratnamani Metals2090.1024.1314637.460.67156.0435.691191.6922.6921.515374.7616.84606.49136.223.7812.110.06
6.Gallantt Ispat L554.7027.3213461.190.2388.9381.901012.757.4519.204331.0017.56492.7088.934.3111.960.21
7.Usha Martin425.1530.7112959.080.71109.8016.20907.561.8418.753551.3716.89421.99127.504.3711.500.09
8.Man Industries341.5017.962561.940.0035.601.54781.63-2.9016.593076.009.57142.6735.601.444.680.27
–Median: 82 Co.153.0722.4895.10.010.4611.22201.638.9613.95739.18.3533.8310.522.266.80.26

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
4296135554641,008830778732805731850713782
Expenses
416555513417936766732695736659786667670
Operating Profit
145842477265463669726446112
Other Income
214124232118259153735-13
Profit before tax
-5483115585025324650573948
Tax %
43%25%14%21%26%25%32%25%24%25%29%25%25%
Net Profit
-6362712433717243538402936
EPS in Rs
-1.086.054.481.987.236.182.663.735.425.816.234.334.75

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1,0051,3641,3921,0601,5722,2151,7592,0752,0942,0923,0803,1183,076
Expenses
9501,2491,2741,0151,4502,0391,5931,8701,9141,9572,8502,8762,782
Operating Profit
5511511846123177166205180136230242294
Other Income
31386974542114313740668674
Interest
424656364364645337418799120
Depreciation
32423740394652464545604354
Profit before tax
1264934395876413613590149186194
Net Profit
954863363575410110167110137143
EPS in Rs
1.569.3815.065.7211.0110.059.4517.6217.1111.1916.9521.1821.12
Dividend Payout %
64%16%10%26%14%15%11%11%0%18%12%0%–

Compounded Sales Growth

10 Years:9%
5 Years:12%
3 Years:14%
TTM:-2%

Compounded Profit Growth

10 Years:10%
5 Years:19%
3 Years:10%
TTM:26%

Stock Price CAGR

10 Years:19%
5 Years:33%
3 Years:61%
1 Year:8%

Return on Equity

10 Years:10%
5 Years:10%
3 Years:9%
Last Year:10%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
29292929292929293030323238
Reserves
6354605415726256737168049119731,2461,3861,740
Borrowings
43844335344737424430130364303323371484
Other Liabilities
4745173273136796507856558174216811,6821,535
Total Liabilities
1,5761,4481,2491,3611,7061,5961,8311,7911,8221,7272,2823,4723,796
Fixed Assets
403354347343355396368337313483504499588
Gross Block
711.07727.34383.63420.17471.23555.24577.97592.73613.72821.03892.32928.88–
Accumulated Depreciation
307.88373.8137.0877.14115.81158.85209.69256.05301.08338.08388.04429.86–
CWIP
23195633411633194102
Investments
21102105105129131133133133136368216224
Other Assets
1,1509897809081,1581,0661,3261,3201,3601,1051,3792,6642,882
Total Assets
1,5761,4481,2491,3611,7061,5961,8311,7911,8221,7272,2823,4723,796

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
225112208-76160138213-60438-11230995
Cash from Investing Activity
-7-60320-1070-464-109-126-260-24
Cash from Financing Activity
-209-82-19143-140-138-36-63-26718783-73
Net Cash Flow
10-3019-13-88-0131-11962-51132-2

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
10312565111858889112948541104
Inventory Days
524644491304711085722455141
Days Payable
16213575941791201621331787578181
Cash Conversion Cycle
-836336636143764-11331764
Working Capital Days
1302436502013-192921361740
ROCE %
5%11%16%8%14%15%13%17%16%10%16%17%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
45.68%45.68%45.68%49.61%49.61%46.15%46.12%46.15%46.15%46.20%48.21%43.21%
FIIs
1.65%1.60%2.22%1.61%2.14%1.64%1.84%2.52%2.16%3.33%2.19%2.32%
DIIs
0.19%0.23%0.04%0.04%0.64%3.31%3.31%3.27%2.64%1.03%0.88%1.68%
Public
52.47%52.48%52.05%48.72%47.60%48.90%48.72%48.05%49.05%49.43%48.73%52.77%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

MAN Industries Announces Trading Window Closure for Q4FY26 Results

24th March 2026, 9:05 pm

Man Industries Schedules Investor/Analyst Meeting for March 11, 2026

5th March 2026, 9:57 pm

Man Industries Foresees No Material Impact from Geopolitical Situation

5th March 2026, 8:44 pm

Man Industries Notifies Special Window for Physical Share Dematerialisation

26th February 2026, 4:33 pm

Man Industries (India) Ltd Confirms No Deviation in Fund Utilization from Preferential Issues for Q3 FY26

13th February 2026, 5:08 pm

Published by Other Websites

External media mentions & references

Geopolitical Fears Trigger Midday Sell-off; Nifty Plunges 1400 Points

13th March 2026, 3:59 pm

Breakouts Hold Ground Amidst Sectoral Divergence

11th February 2026, 5:52 pm

Man Industries Shares Soar 7% on Stellar Q3 Profit Jump

9th February 2026, 1:13 pm

MAN Industries Bags ₹550 Cr Orders, Order Book Surges to ₹4,600 Cr

12th January 2026, 8:24 pm

MAN Industries Secures Rs 550 Crore Pipe Supply Orders

12th January 2026, 5:55 pm

News Articles

Editorial & research coverage

Breakouts Hold Ground Amidst Sectoral Divergence
Breakouts Hold Ground Amidst Sectoral Divergence

11th February 2026, 5:52 pm

MAN Industries Bags ₹550 Cr Orders, Order Book Surges to ₹4,600 Cr
MAN Industries Bags ₹550 Cr Orders, Order Book Surges to ₹4,600 Cr

12th January 2026, 8:24 pm

MAN Industries Secures Rs 550 Crore Pipe Supply Orders
MAN Industries Secures Rs 550 Crore Pipe Supply Orders

12th January 2026, 5:55 pm

Man Industries: IT Probe Ends Amid SEBI Woes; Will Aramco Deal Spark Global Revival?
Man Industries: IT Probe Ends Amid SEBI Woes; Will Aramco Deal Spark Global Revival?

22nd December 2025, 6:36 pm

Key Stocks to Watch Nov 21: Kotak Mahindra Bank split, TCS AI JV, PNB Housing upgrade, Zomato, and More Set for Market Action
Key Stocks to Watch Nov 21: Kotak Mahindra Bank split, TCS AI JV, PNB Housing upgrade, Zomato, and More Set for Market Action

20th November 2025, 9:44 pm

Documents

Announcements

Announcement under Regulation 30 (LODR)-Press Release / Media Release

12 Jan - Secured ₹550 Crore line pipe orders; unexecuted order book ₹4,600 Crore; execution over next six months.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

12 Jan - Received pipe orders of approx. Rs.550 Crore; delivery within six months.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

8 Jan - Depository and Participants) Regulations, 2018, we are enclosing herewith the Certificate received from MUFG Intime India Private Limited, Registrar and Share Transfer Agent of the …

Change In Name Of Foreign Subsidiary

30 Dec - Foreign subsidiary Man Overseas Metal DMCC renamed Man Overseas Invest FZCO; Dubai approval; no shareholding change.

Closure of Trading Window

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from nse)

Credit Ratings

Rating update

2 Jan from crisil

Rating update

10 Oct 2025 from crisil

Rating update

28 Mar 2025 from crisil

Rating update

24 Sep 2024 from crisil

Rating update

23 Feb 2024 from crisil

Rating update

27 Nov 2023 from crisil

Concalls

Nov 2025

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Stock Analysis

Description

Man Industries Ltd. is one of the largest manufacturers and exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturers of large diameter pipes with three decades of presence in the pipe industry, catering to high-pressure transmission applications in oil & gas, water supply, and structural industries.

Key Growth Triggers

  1. Secured new orders worth ₹550 Crore from domestic and international clients for coated line pipes.
  2. The company's order book stands at ₹4,600 Crore, indicating robust medium-term revenue visibility.
  3. The majority of the order book is export-driven, showcasing strong international competitiveness.
  4. Upcoming capacity expansion initiatives in Saudi Arabia and Jammu are expected to strengthen the company's global footprint and diversify its product portfolio.
  5. Strategic collaboration with Aramco Asia India for exploring a steel pipe manufacturing facility in Saudi Arabia.
  6. Incorporation of two step-down subsidiaries in UAE for pipe coating and investment exploration.

Order Book

As of January 12, 2025, the unexecuted order book stands at ₹4,600 Crore.

Key Red Flags

  1. Contingent liabilities of ₹1,036 Cr (as per company data).
  2. SEBI imposed a penalty and market ban in legacy matters (FY15-FY21), though a stay has been granted by SAT, pending further adjudication.

Key Dates To Watch

  1. The company previously announced its Q2 FY26 and H1 FY26 results on November 13, 2025.
  2. Trading window closure effective from October 1, 2025, until 48 hours after the Board's approval of the Unaudited Financial Results for the quarter and half-year ended September 30, 2025.

Corporate Announcements

24th Mar 26
Impact Rating: 3
MAN Industries (India) Ltd will shut its trading window for promoters, directors, and designated persons starting April 1, 2026, until 48 hours after its Q4FY26 financial results are approved.
5th Mar 26
Impact Rating: 5
Man Industries (India) Ltd will host a virtual investor and analyst meeting on March 11, 2026. This is a routine disclosure under SEBI regulations, and no unpublished price sensitive information will be discussed.
5th Mar 26
Impact Rating: 3
Man Industries India has evaluated the impact of ongoing geopolitical developments and regional war situations, determining that its diversified operations across multiple geographies will provide stability and prevent material impact on business or finances in the short-to-medium term.
26th Feb 26
Impact Rating: 3
Man Industries (India) Ltd. has informed stock exchanges of a special window for transfer and dematerialisation of physical shares. This initiative follows a SEBI circular, with advertisements published on February 25, 2026.
13th Feb 26
Impact Rating: 6
Man Industries (India) Limited filed a statement confirming no deviation in the utilization of funds raised via preferential warrants to promoters and equity shares to non-promoters for the quarter ended December 31, 2025.