MAN Industries (India) Ltd is a leading Indian manufacturer and exporter of large-diameter carbon steel line pipes (LSAW, HSAW, ERW) and anti-corrosion coating systems, operating two state-of-the-art plants in Anjar (Gujarat) and Pithampur (Madhya Pradesh) with combined installed capacity above 1.2 million MTPA and a global footprint across 30+ countries.

Q3 and 9M FY26 showed strong operational leverage: consolidated 9M revenue of INR 2,427 crore, EBITDA margin expanded to 13.12% (9M) and Q3 EBITDA margin reached 16.22%, with consolidated PAT up ~41% year-on-year for 9M, driven by favorable product mix, higher export contribution and disciplined cost control.

Management is rapidly scaling international presence via a Saudi H-SAW plant (300,000 MTPA, expected commercial Q1 FY27) and a Jammu stainless seamless project (22,000 MTPA, incentives-backed), with remaining capex of ~INR 350–400 crore and an explicit plan to monetize real estate proceeds and use free cash for debt reduction.

The company carries a strong export orientation with 83% of its order book from overseas markets, an executable order book of ~INR 4,000 crore, and a bid pipeline of ~INR 11,500 crore, positioning MAN Industries to capture MENA and global water, O&G and infrastructure demand while sustaining higher margins through value-added products.