Man Industries (India) Ltd

MANINDS

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Market Cap

₹ 3,387 Cr

P/E

20.29

Turned 1 L into 5.36 L in last 3 Years

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Man Industries (India) Ltd. is a leading manufacturer of large-diameter carbon steel line pipes for high-pressure transmission applications, including gas, oil, petrochemical products, and water.

The company is executing strategic expansions in Saudi Arabia and Jammu, focusing on new facilities that will significantly enhance capacity and geographic reach, positioning them well for future growth in high-demand sectors.

Man Industries reported a robust order book of INR 4,750 crore as of Q2-FY26, reflecting strong demand and providing substantial revenue visibility for the upcoming quarters.

Despite stable revenues, the company achieved its highest ever quarterly EBITDA margin, highlighting effective cost management, product mix optimization, and operational excellence.

Export markets are crucial to Man Industries, with international orders forming ~90% of the order book, indicating global trust in their capabilities and boosting their strategic global presence.

Sector

Steel

Industry

Steel - Tubes / Pipes

Market Cap

3,387 Cr

Volatility

High Risk

P/E Ratio

20.3

Industry P/E

25.9

PEG Ratio

1.0

P/B Ratio

1.7

52W High

490.90

52W Low

201.45

Sales CAGR

11.56%

14.19%

12.13%

10Y

9.38%

Profit CAGR

45.68%

10.65%

20.50%

10Y

5.32%

ROE

TTM

8.48%

7.85%

8.91%

10Y

8.99%

ROCE

TTM

13.70%

14.35%

15.82%

10Y

16.06%

Technicals

‌

Forecasts

No. of Analysts

7

1Y Price Target

459.00 ▲ 8.03%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TIIL	2180.10	4,943 Cr	18.82	2.62	0.92	13.94	15.16	8.72
MANINDS	453.95	3,387 Cr	20.29	1.72	0.00	8.48	13.70	4.12
SAMBHV	95.50	2,824 Cr	30.82	2.89	0.00	9.37	15.26	6.02
VENUSPIPES	1262.50	2,609 Cr	28.19	4.15	0.08	15.21	18.80	7.87
JTLIND	61.45	2,344 Cr	29.50	1.87	0.21	6.34	8.12	5.23
HITECH	94.15	1,902 Cr	24.39	1.46	0.03	6.00	8.87	4.09
RAMASTEEL	10.13	1,657 Cr	84.42	3.55	0.00	4.09	6.26	2.16

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	490	1,018	833	811	749	806	732	1,218	742	834
Expenses	444	948	768	752	711	743	653	1,097	693	713
Operating Profit	47	70	65	58	38	64	79	121	49	121
OPM %	9.55	6.84	7.77	7.20	5.04	7.90	10.76	9.95	6.62	14.52
Other Income	3.58	21	14	14	20	11	5.54	15	31	-19
Interest	21	22	20	25	18	21	26	35	30	30
Depreciation	15	15	16	15	13	11	11	11	13	22
Profit Before Tax	14	54	43	32	28	43	47	91	38	49
Tax %	22.10	27.81	29.22	25.62	30.73	25.58	27.19	25.27	27.81	25.19
Net Profit	11	39	31	24	19	32	34	68	28	37
EPS in Rs	1.52	5.35	3.92	3.31	2.44	4.09	4.45	7.61	3.70	4.68

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,060	1,608	2,222	1,759	2,080	2,139	2,231	3,142	3,505	3,499
Expenses	1,012	1,483	2,044	1,591	1,875	1,958	2,094	2,901	3,204	3,186
Operating Profit	48	125	178	168	205	181	137	241	301	313
OPM %	4.56	7.75	8.02	9.55	9.86	8.44	6.14	7.68	8.60	8.94
Other Income	72	53	21	14	31	37	39	52	52	63
Interest	36	43	64	64	53	37	41	88	100	112
Depreciation	40	39	46	52	46	45	45	61	45	45
Profit Before Tax	44	95	88	65	137	135	89	144	208	219
Tax %	24.23	33.22	33.47	14.95	26.22	24.73	25.06	27.14	26.48	26.18
Net Profit	34	64	59	56	101	102	67	105	153	162
EPS in Rs	—	—	—	7.40	13.07	13.11	9.58	14.11	18.60	20.45
Dividend Payout %	25.51	13.45	14.56	10.29	11.92	0.00	17.91	11.95	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	29	29	29	29	29	29	30	30	32	32
Reserves	538	570	624	673	718	806	913	1,102	1,372	1,575
Borrowings	267	357	264	200	255	296	57	301	326	476
Other Liabilities	409	401	782	692	825	655	821	427	684	1,696
Total Liabilities	1,243	1,356	1,698	1,594	1,827	1,786	1,820	1,860	2,415	3,779
Fixed Assets	349	346	355	396	368	337	318	551	604	642
CWIP	19	5.28	63	2.76	3.56	1.01	20	14	31	133
Investments	104	104	103	102	102	103	102	2.02	229	27
Other Assets	771	902	1,176	1,093	1,353	1,345	1,379	1,293	1,552	2,977
Total Assets	1,243	1,356	1,698	1,594	1,827	1,786	1,820	1,860	2,415	3,779

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	205	-75	132	137	214	-60	451	-120	257	68
Cash from Investing Activity	2.41	21	-105	0.16	-46	4.26	-119	-135	-264	-41
Cash from Financing Activity	-188	41	-115	-138	-37	-63	-267	211	158	30
Net Cash Flow	19	-13	-88	-0.52	131	-119	65	-45	152	56

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	May 2025	Jun 2025	Jul 2025	Sep 2025
Promoters	45.69%	49.62%	49.62%	46.15%	46.12%	46.12%	46.15%	46.21%	48.21%	48.21%	43.21%	43.21%
FIIs	2.22%	1.61%	2.14%	1.64%	1.84%	2.52%	2.16%	3.33%	2.58%	2.19%	1.85%	2.32%
DIIs	0.05%	0.05%	0.65%	3.32%	3.31%	3.28%	2.65%	1.03%	1.03%	0.88%	2.25%	1.69%
Public	52.05%	48.73%	47.60%	48.90%	48.73%	48.08%	49.05%	49.43%	48.18%	48.73%	52.69%	52.78%
Total Shareholders	31,539	34,330	35,193	44,206	46,295	53,582	56,984	56,405	59,431	59,257	56,856	54,425

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 03, 2025	Man finance private limited	Insider - Promoter Group	Acquisition	183.50	45.88 Cr	25,00,000	3.86
Mar 10, 2025	Man finance private limited	Insider - Promoter Group	Acquisition	268.78	0.25 Cr	9,366	0.01
Mar 05, 2025	Man finance private limited	Insider - Promoter Group	Acquisition	217.96	0.20 Cr	9,175	0.01
Mar 04, 2025	Man finance private limited	Insider - Promoter Group	Acquisition	207.36	0.41 Cr	20,000	0.03
Mar 15, 2024	Man finance private limited	Insider - Promoter Group	Acquisition	382.70	0.57 Cr	15,000	0.02
Mar 15, 2024	Man finance private limited	Insider - Promoter Group	Acquisition	356.19	0.07 Cr	2,000	0.00
Mar 13, 2024	Man finance private limited	Insider - Promoter Group	Acquisition	375.86	0.76 Cr	20,223	0.03
Mar 13, 2024	Man finance private limited	Insider - Promoter Group	Acquisition	388.78	0.58 Cr	15,002	0.02
Sep 01, 2023	Hrti private limited	Bulk	Buy	172.39	4.50 Cr	2,60,764	0.38
Sep 01, 2023	Hrti private limited	Bulk	Sell	172.49	5.31 Cr	3,07,743	0.45

Projection

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	490	1,018	833	811	749	806	732	1,218	742	834
Expenses	444	948	768	752	711	743	653	1,097	693	713
Operating Profit	47	70	65	58	38	64	79	121	49	121
OPM %	9.55	6.84	7.77	7.20	5.04	7.90	10.76	9.95	6.62	14.52
Other Income	3.58	21	14	14	20	11	5.54	15	31	-19
Interest	21	22	20	25	18	21	26	35	30	30
Depreciation	15	15	16	15	13	11	11	11	13	22
Profit Before Tax	14	54	43	32	28	43	47	91	38	49
Tax %	22.10	27.81	29.22	25.62	30.73	25.58	27.19	25.27	27.81	25.19
Net Profit	11	39	31	24	19	32	34	68	28	37
EPS in Rs	1.52	5.35	3.92	3.31	2.44	4.09	4.45	7.61	3.70	4.68

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,060	1,608	2,222	1,759	2,080	2,139	2,231	3,142	3,505	3,499
Expenses	1,012	1,483	2,044	1,591	1,875	1,958	2,094	2,901	3,204	3,186
Operating Profit	48	125	178	168	205	181	137	241	301	313
OPM %	4.56	7.75	8.02	9.55	9.86	8.44	6.14	7.68	8.60	8.94
Other Income	72	53	21	14	31	37	39	52	52	63
Interest	36	43	64	64	53	37	41	88	100	112
Depreciation	40	39	46	52	46	45	45	61	45	45
Profit Before Tax	44	95	88	65	137	135	89	144	208	219
Tax %	24.23	33.22	33.47	14.95	26.22	24.73	25.06	27.14	26.48	26.18
Net Profit	34	64	59	56	101	102	67	105	153	162
EPS in Rs	—	—	—	7.40	13.07	13.11	9.58	14.11	18.60	20.45
Dividend Payout %	25.51	13.45	14.56	10.29	11.92	0.00	17.91	11.95	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	29	29	29	29	29	29	30	30	32	32
Reserves	538	570	624	673	718	806	913	1,102	1,372	1,575
Borrowings	267	357	264	200	255	296	57	301	326	476
Other Liabilities	409	401	782	692	825	655	821	427	684	1,696
Total Liabilities	1,243	1,356	1,698	1,594	1,827	1,786	1,820	1,860	2,415	3,779
Fixed Assets	349	346	355	396	368	337	318	551	604	642
CWIP	19	5.28	63	2.76	3.56	1.01	20	14	31	133
Investments	104	104	103	102	102	103	102	2.02	229	27
Other Assets	771	902	1,176	1,093	1,353	1,345	1,379	1,293	1,552	2,977
Total Assets	1,243	1,356	1,698	1,594	1,827	1,786	1,820	1,860	2,415	3,779

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	205	-75	132	137	214	-60	451	-120	257	68
Cash from Investing Activity	2.41	21	-105	0.16	-46	4.26	-119	-135	-264	-41
Cash from Financing Activity	-188	41	-115	-138	-37	-63	-267	211	158	30
Net Cash Flow	19	-13	-88	-0.52	131	-119	65	-45	152	56

Overview

Detailed Summary

Man Industries (India) Ltd. is a leading manufacturer of large-diameter carbon steel line pipes for high-pressure transmission applications, including gas, oil, petrochemical products, and water.

Man Industries reported a robust order book of INR 4,750 crore as of Q2-FY26, reflecting strong demand and providing substantial revenue visibility for the upcoming quarters.

Despite stable revenues, the company achieved its highest ever quarterly EBITDA margin, highlighting effective cost management, product mix optimization, and operational excellence.

Export markets are crucial to Man Industries, with international orders forming ~90% of the order book, indicating global trust in their capabilities and boosting their strategic global presence.

Sector

Steel

Industry

Steel - Tubes / Pipes

Market Cap

3,387 Cr

Volatility

High Risk

P/E Ratio

20.3

Industry P/E

25.9

PEG Ratio

1.0

P/B Ratio

1.7

52W High

490.90

52W Low

201.45

Sales CAGR

11.56%

14.19%

12.13%

10Y

9.38%

Profit CAGR

45.68%

10.65%

20.50%

10Y

5.32%

ROE

TTM

8.48%

7.85%

8.91%

10Y

8.99%

ROCE

TTM

13.70%

14.35%

15.82%

10Y

16.06%