MANINDS

Man Industries (India) share price & financials

Price
₹587.6
Market cap
₹5.4k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

Man Industries (India) Limited Q1 FY27

Consolidated Revenue ₹1,065 cr +38%Consolidated EBITDA ₹155 cr +93%Consolidated EBITDA Margin 14.6% Consolidated PAT ₹61 cr

What went well

  • Consolidated EBITDA reached a record INR 155 crores, up 92.6% YoY and 5% QoQ.
  • Consolidated revenue growth of 37.7% YoY to INR 1,065 crores was the strongest in the last 5 quarters.
  • Consolidated PAT more than doubled YoY to INR 61 crores, reflecting strong operating momentum.

What to watch

  • Consolidated PAT (INR 61 crores) was lower than standalone PAT (INR 78 crores) due to intercompany adjustments being nullified during consolidation.
  • Gross margin declined significantly QoQ from 53% to 35%, attributed to changes in product mix (DDP orders).
Read the full call →

What Man Industries (India) Limited does

Man Industries (India) Ltd. manufactures large-diameter steel line pipes — LSAW, HSAW and ERW, along with pipe coating (PE, CTE and concrete weight coating) — used in oil & gas, water, hydro-carbon and city-gas-distribution pipeline projects. It runs two manufacturing facilities in Anjar (Gujarat) and Pithampur (Madhya Pradesh), sells to domestic and international oil & gas majors as an approved vendor, and is expanding through a greenfield stainless-steel seamless pipe plant in Jammu and an acquired pipe-manufacturing subsidiary in Saudi Arabia. The group also holds a non-core real-estate asset (Merino Shelters) separate from the core pipe business.

Segments

  • Pipes (LSAW/HSAW/ERW manufacturing)
  • Real estate (Merino Shelters)
Total installed manufacturing capacity
1.2 million+ MTPA
Manufacturing facilities
2 plants — Anjar (Gujarat) and Pithampur (Madhya Pradesh), spanning ~182 acres combined
Production lines
6 pipe production lines
Global export footprint
30+ nations
Cumulative pipes supplied since inception
20,000+ km
Operating history
Incorporated in 1988; ~3 decades in the pipe industry
Founded 1988Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 2 delivered 1 missed 20 open
  • Saudi Plant Operational Timeline diluted said Q3 FY25 Promised: Q3 FY26 Q1 FY27: Promise superseded by 'dammam-coating-commissioning'. The original pipe plant plan is defunct.
  • FY26 EBITDA Margin delivered said Q4 FY25 Promised: 50 to 100 basis points improvement Q4 FY26: Achieved 13% consolidated EBITDA margin for FY26, meeting the revised guidance of 13-14%.
  • FY26 Revenue Growth missed said Q4 FY25 Promised: 20% topline growth Q4 FY26: Actual FY26 consolidated revenue was Rs. 3,592.5 cr, a ~1% growth YoY, missing the 20% target.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 41.9%, net profit up 117.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue806 732 1,218 742 834 +3%830 +13%1,157 −5%1,053 +42%
EBITDA64 79 121 49 121 +89%128 +62%140 +16%143 +192%
Net profit32 34 68 28 37 +16%55 +62%51 −25%61 +118%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +110.2% 1Y

₹400₹600₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹411.95 on 10 Sept 2025 → ₹866.1. High ₹876.45 (10 Sept 2026), low ₹310.55 (2 Feb 2026).

How the price took the results

close before → close after

Q1 FY27
+7.1%
12 Aug
Q4 FY26
−2.3%
26 May
Q3 FY26
+5.5%
9 Feb
Q2 FY26
+10.7%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.9% a year over 3 years, FY23 to FY26. Operating margin widened to 12.3%.

Year endingFY23FY24FY25FY26
Revenue₹2.2k Cr₹3.2k Cr₹3.5k Cr₹3.6k Cr
Operating profit₹137 Cr₹240 Cr₹302 Cr₹438 Cr
Operating margin6.1%7.6%8.6%12.3%
Interest₹36 Cr₹88 Cr₹100 Cr₹150 Cr
Depreciation₹45 Cr₹61 Cr₹46 Cr₹79 Cr
Net profit₹72 Cr₹105 Cr₹153 Cr₹171 Cr
Net margin3.2%3.3%4.4%4.8%
Cash from operations₹-120 Cr₹345 Cr₹68 Cr₹515 Cr
Free cash flow₹-328 Cr₹228 Cr₹-86 Cr₹175 Cr
ROCE10.0%14.0%16.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹29 Cr₹30 Cr₹30 Cr₹32 Cr₹38 Cr₹38 Cr
Reserves₹806 Cr₹913 Cr₹1.1k Cr₹1.4k Cr₹1.9k Cr₹2.0k Cr
Borrowings₹296 Cr₹57 Cr₹301 Cr₹326 Cr₹561 Cr₹628 Cr
Other liabilities₹655 Cr₹821 Cr₹427 Cr₹684 Cr₹1.5k Cr₹2.3k Cr
Total liabilities₹1.8k Cr₹1.8k Cr₹1.9k Cr₹2.4k Cr₹4.0k Cr₹5.0k Cr
Fixed assets₹337 Cr₹318 Cr₹553 Cr₹605 Cr₹766 Cr₹864 Cr
Capital work in progress₹1 Cr₹20 Cr₹14 Cr₹31 Cr₹143 Cr₹326 Cr
Investments₹103 Cr₹102 Cr₹0 Cr₹228 Cr₹26 Cr₹71 Cr
Other assets₹1.3k Cr₹1.4k Cr₹1.3k Cr₹1.6k Cr₹3.1k Cr₹3.8k Cr
Total assets₹1.8k Cr₹1.8k Cr₹1.9k Cr₹2.4k Cr₹4.0k Cr₹5.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −5.00 pp while the public added +3.75 pp. The shareholder count shrank 17% to 49,144.

Promoters
43.2%
FIIs
2.9%
DIIs
1.4%
Public
52.5%

Since Jun 2025

  • Promoters −5.00 pp
  • Public +3.75 pp
  • FIIs +0.68 pp

How it drifted, 12 quarters

Over this window promoters fell from 49.6% to 43.2% — −6.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 49.6%, FIIs 1.6%, DIIs 0.0%, Public 48.7%.Dec '23: Promoters 49.6%, FIIs 2.1%, DIIs 0.6%, Public 47.6%.Mar '24: Promoters 46.1%, FIIs 1.6%, DIIs 3.3%, Public 48.9%.Jun '24: Promoters 46.1%, FIIs 1.8%, DIIs 3.3%, Public 48.7%.Sep '24: Promoters 46.1%, FIIs 2.5%, DIIs 3.3%, Public 48.0%.Dec '24: Promoters 46.1%, FIIs 2.2%, DIIs 2.6%, Public 49.0%.Mar '25: Promoters 46.2%, FIIs 3.3%, DIIs 1.0%, Public 49.4%.Jun '25: Promoters 48.2%, FIIs 2.2%, DIIs 0.9%, Public 48.7%.Sep '25: Promoters 43.2%, FIIs 2.3%, DIIs 1.7%, Public 52.8%.Dec '25: Promoters 43.2%, FIIs 3.4%, DIIs 1.3%, Public 52.2%.Mar '26: Promoters 43.2%, FIIs 2.4%, DIIs 1.3%, Public 53.0%.Jun '26: Promoters 43.2%, FIIs 2.9%, DIIs 1.4%, Public 52.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Man Industries (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rameshchandra Mansukhani 15.00%unchanged
Man Finance Private Limited 11.96%unchanged
Heena Vinay Kalantri 6.48%unchanged
Nikhil Mansukhani 4.78%unchanged
Ashish Kacholia 3.04%unchanged
Suresh Kumar Agarwal 3.04%unchanged
Man Global Limited 2.46%unchanged
Deepadevi Rameshchandra Mansukhani 2.41%unchanged
Vikas Vijaykumar Khemani 2.39%unchanged
Hiten Dilip Bhatia 1.41%−0.20 pp
The Court Receiver High Court Bombay(Com Arb Pet No 31/2020) 1.29%unchanged
B Arunkumar Capital And Credit Services Pvt Ltd 1.26%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹866, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~33%. At that growth it is worth ₹1555 — upside of 80%.

Growth the price implies
21.6% a year
for 7 years, fading to 4%
It has actually compounded at
33.4% a year
net profit, FY23–FY26
The gap
-0.1 pp
80% downside if it only repeats history
Price today ₹866.1 Value at the reference growth ₹1,554.81

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Man Industries (India) Limited

Guides on how to read this kind of business and the numbers that matter.