Man Industries Q2 revenue rises 45%, net profit more than doubles

Man Industries (India) Limited reported consolidated revenue from operations of Rs 1,210.35 crore for the quarter ended September 30, 2026, up 45% from Rs 834.09 crore a year earlier, while net profit rose 122% to Rs 82.02 crore from Rs 36.98 crore. Manufacturing and trading in steel products generated all reported operating revenue, while real estate remained loss-making.

How did Man Industries perform in Q2 FY27?

Man Industries recorded total income of Rs 1,216.32 crore in Q2 FY27, compared with Rs 837.89 crore in Q2 FY26 and Rs 1,064.96 crore in the preceding June 2026 quarter. Revenue from operations increased by Rs 376.26 crore year on year, while other income rose to Rs 5.96 crore from Rs 3.80 crore. Sequentially, revenue increased by Rs 157.22 crore from Rs 1,053.13 crore in Q1 FY27.

Man Industries reported profit before tax of Rs 122.43 crore for the September 2026 quarter, compared with Rs 49.43 crore a year earlier and Rs 85.45 crore in the June 2026 quarter. Net profit was Rs 82.02 crore, an increase of Rs 45.04 crore from Q2 FY26 and Rs 20.59 crore from Q1 FY27. Basic earnings per share, not annualised, rose to Rs 10.93 from Rs 4.13 in Q2 FY26 and Rs 8.19 in Q1 FY27.

What drove Man Industries' quarterly earnings growth?

Man Industries' manufacturing and trading in steel products business generated Rs 1,210.35 crore of revenue in Q2 FY27, compared with Rs 834.09 crore in Q2 FY26. The segment reported results before other income, finance cost, exceptional items and tax of Rs 167.04 crore, compared with Rs 97.76 crore a year earlier. Its result also increased from Rs 113.74 crore in Q1 FY27, alongside the quarter-on-quarter rise in segment revenue.

A Rs 24.69 crore exceptional gain was included in the reported quarter. Man Industries said the item was a write-back of customer advances following settlement of a sales contract worth Rs 37.85 crore. Finance costs increased to Rs 50.05 crore in Q2 FY27 from Rs 34.60 crore in Q2 FY26, while total tax expense rose to Rs 40.41 crore from Rs 12.45 crore, including Rs 5.07 crore of prior-period tax and Rs 5.57 crore of deferred tax.

Which business segments made or lost money for Man Industries?

Man Industries' steel-products segment was the sole reported source of operating revenue in Q2 FY27 at Rs 1,210.35 crore, as the real-estate segment reported no revenue in the segment disclosure. The steel segment's Rs 167.04 crore result before other income, finance cost, exceptional items and tax was Rs 69.28 crore above its Rs 97.76 crore result in Q2 FY26. The segment disclosure therefore attributes the revenue increase to manufacturing and trading in steel products.

The real-estate segment reported a loss of Rs 52 lakh in Q2 FY27, compared with a loss of Rs 15 lakh in Q1 FY27 and a loss of Rs 1.17 crore in Q2 FY26. Its capital employed was Rs 234.35 crore at September 30, 2026, compared with Rs 233.17 crore at June 30, 2026. Steel-products capital employed was Rs 2,540.69 crore at September 30, 2026, against Rs 1,736.04 crore a year earlier.

What changed in Man Industries' balance sheet and cash flows?

Man Industries' total assets increased to Rs 6,264.46 crore at September 30, 2026 from Rs 5,020.61 crore at March 31, 2026. Current assets rose to Rs 4,317.60 crore from Rs 3,533.09 crore, including inventories of Rs 1,780.60 crore and trade receivables of Rs 1,165.98 crore. Property, plant and equipment increased to Rs 934.78 crore from Rs 654.57 crore, while capital work-in-progress rose to Rs 451.14 crore from Rs 325.78 crore.

Total equity increased to Rs 2,775.05 crore at September 30 from Rs 2,086.54 crore at March 31, while total liabilities rose to Rs 3,489.41 crore from Rs 2,934.07 crore. Non-current borrowings increased to Rs 813.81 crore from Rs 240.15 crore and current borrowings to Rs 630 crore from Rs 259.48 crore. The cash-flow statement recorded Rs 959.27 crore for acquisition of a subsidiary and Rs 679.98 crore of net proceeds from long-term borrowings for the period ended September 30, 2026.

What order book and expansion plans did Man Industries disclose?

Man Industries disclosed an approximate consolidated outstanding order book of Rs 3,500 crore, which it said was to be executed in six to 12 months. The filing does not give a quarterly revenue target against that order book. Revenue for the half year ended September 30, 2026 was Rs 2,263.48 crore, compared with Rs 1,576.22 crore in the corresponding half year of FY26.

Man Industries also disclosed plans to establish, through a wholly owned subsidiary, a US manufacturing facility for high-submerged arc welded pipes. The proposed facility has estimated capacity of 350,000 metric tonnes per annum and an estimated project cost of approximately USD 110 million. Man Industries said the cash-funded project is intended to serve demand in the US and international markets, subject to applicable US statutory, governmental and regulatory approvals.

Conclusion

Man Industries' Q2 FY27 results combined a 45% year-on-year increase in revenue to Rs 1,210.35 crore with a 122% rise in net profit to Rs 82.02 crore. The steel-products business accounted for the reported operating revenue and posted a Rs 167.04 crore segment result, while real estate recorded a Rs 52 lakh loss.

The next disclosed items to watch are execution of the approximate Rs 3,500 crore order book over six to 12 months and progress on approvals for the proposed US pipe facility. The facility's estimated USD 110 million project cost, planned capacity of 350,000 metric tonnes per annum and cash consideration make financing, construction and regulatory milestones relevant to future disclosures.