Man Industries (India) Ltd(MANINDS)

NSE: MANINDSBSE: 513269

₹ 743-6.06%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,573 crWebsite: www.mangroup.comUpdated: 24 Oct 2026

About

Man Industries (India) Ltd manufactures large-diameter steel pipes - HSAW and LSAW - primarily for oil, gas, and water transmission infrastructure. In FY26 the company reported consolidated revenue of ₹3,563.9 crore, entirely from its manufacturing segment. Following the May 2026 acquisition of National Pipe Company in Saudi Arabia, Man's combined installed pipe capacity exceeds 1.6 Mn MTPA across India and the Kingdom.^[1][2][3]

Business segments

Manufacturing is the sole reported segment, contributing 100% of consolidated revenue of ₹3,563.9 crore in FY26 with a segment EBIT margin of 10.2%.^[2]

Operations and installed capacity

India pipe capacity exceeds 1.2 Mn MTPA as of Q1 FY27; combined with NPC Saudi Arabia (430,000 MTPA), total group installed capacity exceeds 1.6 Mn MTPA.^[3]
India capacity utilisation was approximately 50 - 60% in Q1 FY27.^[3]
Coated pipes represent approximately 80 - 85% of India pipe volume in Q1 FY27.^[3]
NPC has held Saudi Aramco approved-vendor status continuously since 2005.^[3]

Key operating numbers

Consolidated order book stood at ~₹3,600 crore in Q1 FY27 (India ₹2,200 - 2,300 crore; NPC Saudi ~₹1,300 - 1,400 crore), majority executable within 6 - 12 months.^[3]
Combined bid pipeline reached ~₹24,000 crore in Q1 FY27, of which ~70% is in MENA and ~35 - 40% is water-sector projects.^[3]
Consolidated EBITDA margin expanded 420 bps YoY to 14.6% in Q1 FY27; standalone EBITDA margin reached 15.3%, up 450 bps YoY.^[3]
NPC reported a CY2025 EBITDA margin of 24.8% on a standalone basis.^[4]
Standalone FY26 EBITDA margin reached an all-time high of 14.0%, expanding 360 bps YoY; PAT margin was 5.6%, up 130 bps YoY.^[4]
Exports accounted for 83% of the order book and LSAW pipes constituted 80% of the export mix as of Q3 FY26.^[5]

Customers and distribution

Key export geographies include MENA, Southeast Asia, CIS, Africa, and Asia-Pacific; exports constituted approximately 90% of the ₹4,750 crore order book as of Q2 FY26.^[6][5]
NPC is an Aramco-approved vendor; an off-take agreement with Aramco was expected to be formalised once the Saudi plant was operational.^[5]
Raw materials and shipping costs are hedged at the time of order booking, shielding margins from steel price and freight volatility.^[6]

Expansion and capex

Jammu greenfield stainless steel seamless plant (22,000 MTPA): total planned capex ~₹600 crore, of which ₹350 crore had been incurred through Q1 FY27; production targeted March 2027.^[3]
Dammam (KSA) coating and double-jointing facility (4 lakh sqm/annum; 3LPE, FBE, internal coating) targeted for production by March 2027; expected to lift consolidated EBITDA margin by 3 - 4 percentage points once operational.^[3]
FY27 consolidated revenue guided at ~₹5,000 crore (India ~₹3,800 crore + NPC Saudi ~₹1,200 crore); NPC quarterly revenue run-rate of ₹300 - 500 crore expected from Q2 FY27.^[3]
Peak consolidated gross debt guided at ~₹1,600 crore on completion of all project drawdowns in FY27, declining to ~₹1,400 crore by FY28 as repayments commence.^[3]
FY2030 consolidated revenue potential guided at ~₹8,500 crore with EBITDA margin of 15 - 17%; KSA operations targeted to contribute ~45 - 50% of group revenue by FY2030.^[4]

Recent developments

On 21 May 2026, Man completed 100% acquisition of National Pipe Company (NPC), Saudi Arabia via subsidiary MISIC for ~₹960 crore (US$102 Mn); NPC carried US$83 Mn cash and zero debt at closing.^[3]
Due to the May 21 acquisition date and a ~15-day Eid closure, NPC contributed only ~20 effective operating days in Q1 FY27, generating ₹43 crore revenue; NPC's standalone EBITDA margin was running at ~21% during this period.^[3]
Post-acquisition operational improvements at NPC include: wastage cut from double-digit to single-digit %, HSAW spiral mill upgraded to 120-inch OD (trials underway), and consumables procurement shifted from Japan to India/global suppliers.^[3]
Merino Shelters real estate project (~20 lakh sq ft): Commencement Certificate and RERA registration received; launch deferred to mid-September 2026 (previously June 2026); expected FY27 cashflow revised to ₹35 - 50 crore; total ₹700 - 800 crore revenue projected over 5 - 6 years.^[3]
NPC was acquired at 1.5x EV/EBITDA and 0.4x EV/Revenue versus Saudi-listed peers averaging 9.5x EV/EBITDA and 2.0x EV/Revenue as of Q4 FY26.^[4]

Market Cap

₹5,573 Cr

High / Low

₹1,040 / 302

Stock P/E

27.3

Price / Book

2.7

Book Value

₹278

EPS

₹22.7

No. of Shares

7.5 Cr

ROCE

16.5%

ROE

9.2%

OPM

10.8%

Debt / Equity

0.24

Sales

₹3,564 Cr

Net Profit

₹170 Cr

Promoter holding

43.2%

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Man Industries (India) Ltd(MANINDS)

About

Business segments

Operations and installed capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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