MAN Industries Q2 EBITDA reaches Rs 190 crore after NPC

MAN Industries (India) Limited recorded consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 190 crore in Q2 FY27, its highest quarterly level, after National Pipe Company (NPC) added Rs 94 crore following its 21 May 2026 acquisition. Consolidated EBITDA margin rose 310 basis points year on year to 15.6%, while profit after tax reached Rs 82 crore.

How did MAN Industries perform in Q2 FY27?

MAN Industries reported consolidated revenue from operations of Rs 1,210 crore in Q2 FY27, up 45.1% from Rs 834 crore in Q2 FY26 and 14.9% from Rs 1,053 crore in Q1 FY27. Including Rs 6 crore of other income, total income was Rs 1,216 crore, compared with Rs 815 crore a year earlier.

Consolidated EBITDA was Rs 190 crore, up 86.6% from Rs 102 crore in Q2 FY26 and 22.4% from Rs 155 crore in Q1 FY27. EBITDA margin, calculated on total income, increased to 15.6% from 12.5% a year earlier and 14.6% in the preceding quarter, representing year-on-year expansion of 310 basis points and quarter-on-quarter expansion of 100 basis points.

Profit before tax (PBT) was Rs 122 crore, up 147.6% year on year from Rs 49 crore and 43.3% sequentially from Rs 85 crore. Profit after tax (PAT) rose 121.7% year on year to Rs 82 crore and 33.5% quarter on quarter, with PAT margin increasing to 6.7% from 4.5% in Q2 FY26 and 5.8% in Q1 FY27.

What did NPC add to MAN Industries results?

NPC contributed Rs 532 crore of revenue, Rs 94 crore of EBITDA and Rs 79 crore of PAT to MAN Industries’ consolidated results from 21 May to 30 September 2026. MAN Industries completed the Saudi Arabia-based pipe maker’s acquisition on 21 May 2026, and management said NPC’s contribution was the main reason for the Q2 FY27 margin expansion.

For July to September 2026, or Q3 CY26, NPC reported revenue of Rs 486 crore and EBITDA of Rs 88 crore, producing an EBITDA margin of about 18%. NPC also reported PAT of Rs 77 crore and a net margin of 15.8%; its EBITDA margin was 2.4 percentage points above MAN Industries’ 15.6% consolidated Q2 margin, although the periods are not identical.

For the nine months from January to September 2026, including the period before the acquisition, NPC reported revenue of Rs 1,062 crore, EBITDA of Rs 194 crore and PAT of Rs 171 crore. Its nine-month EBITDA margin was 18.2% and net margin was 16.1%, meaning part of those reported results was outside MAN Industries’ post-acquisition consolidation period.

Why did standalone revenue fall in Q2 FY27?

MAN Industries’ standalone revenue from operations fell 7.7% year on year to Rs 721 crore in Q2 FY27 from Rs 782 crore, and declined 28.6% from Rs 1,010 crore in Q1 FY27. The company attributed the reduction to geopolitical conflict in West Asia that disrupted maritime routes, including the Strait of Hormuz, and delayed finished-goods dispatches.

Management said about Rs 320 crore of revenue was deferred beyond Q2 FY27 because port congestion delayed dispatches. The customer has nominated alternate ports and the shipments are being executed, but the release does not specify the period in which the deferred revenue will be recognised.

Standalone EBITDA was Rs 96 crore, down 3.0% from Rs 99 crore in Q2 FY26 and 38.8% from Rs 157 crore in Q1 FY27. Standalone PAT nevertheless increased 12.4% to Rs 40 crore, while PBT of Rs 61 crore included a Rs 24.69 crore write-back of customer advance after settlement of a sales contract worth Rs 37.85 crore.

How did MAN Industries perform in the first half?

For H1 FY27, MAN Industries reported consolidated revenue from operations of Rs 2,263 crore, up 43.6% from Rs 1,576 crore in H1 FY26. Total income increased to Rs 2,281 crore from Rs 1,588 crore, while EBITDA rose 89.2% to Rs 345 crore from Rs 182 crore.

The first-half consolidated EBITDA margin rose to 15.1% from 11.5%, and PAT increased 122.1% to Rs 143 crore from Rs 65 crore. PBT grew 137.1% to Rs 208 crore from Rs 88 crore, while PAT margin increased to 6.3% from 4.1%.

Standalone H1 FY27 revenue grew 15.8% to Rs 1,731 crore from Rs 1,495 crore, while EBITDA rose 41.0% to Rs 254 crore from Rs 180 crore. The difference between consolidated revenue growth of 43.6% and standalone growth of 15.8% coincided with NPC’s consolidation from 21 May 2026.

What will MAN Industries execute next?

MAN Industries reported a consolidated order book of about Rs 3,500 crore across India and Saudi Arabia, with the majority executable over the next six to nine months. The order book is separate from the Rs 320 crore of Q2 FY27 revenue deferred because of shipping disruption.

The Jammu greenfield stainless-steel seamless pipe plant is on track for production by April 2027, according to the release. MAN Industries also targets operations at its Dammam coating and double-jointing facility by March 2027, adding value-added processing capacity in Saudi Arabia.

MAN Industries plans a helically submerged arc welded (HSAW) pipe facility in the United States through a wholly owned subsidiary, with capacity of 350,000 metric tonnes per annum. Separately, the Merino Shelters joint development agreement project with Paradise Group in Navi Mumbai was launched on 26 October 2026 and is expected to generate cash flows of Rs 700 crore to Rs 800 crore over five to six years.

Conclusion

MAN Industries’ Q2 FY27 consolidated performance differed materially from its standalone outcome: consolidated EBITDA reached Rs 190 crore and margin rose to 15.6%, while standalone revenue declined to Rs 721 crore amid dispatch delays. NPC’s Rs 94 crore EBITDA contribution from 21 May to 30 September 2026 was management’s stated main driver of the higher consolidated profitability.

The next disclosed markers are execution of the approximately Rs 3,500 crore order book over six to nine months, progress in shipping the deferred Rs 320 crore of revenue, and the targeted March 2027 Dammam start-up and April 2027 Jammu production. MAN Industries also plans a US HSAW facility with 350,000 metric tonnes of annual capacity, though the release gives no commissioning date for that project.