Man Industries (India) Ltd
MANINDSMan Industries (India) Ltd's price has outrun its earnings. +21.2% in a year against EPS −3.9% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +21.2% in a year while annual EPS moved −3.9% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (15 weeks in) while the P/E sits at the 96th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −25.0% year on year, and 217% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Man Industries (India) Ltd trades at ₹530, in a confirmed uptrend and 15 weeks into that stage. That is +13.8% against its own 200-day average. It sits at 77% of a 52-week range of ₹314 to ₹594. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.
Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹530 it trades +13.8% versus its 200-day average and sits at 77% of its 52-week range (₹314–₹594).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +899% while the NIFTY 500 moved +266% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 96th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Man Industries (India) Ltd trades at 23.2× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 6.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 23.2× is at the pricey end of its own range (96th percentile), against a long-run median of 6.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −3.9% against a +21.2% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +35.1%/yr price move, ~+5.0%/yr came from earnings growth and ~+30.1 pp from the multiple (expanding); over 10y, of the +26.2%/yr price move, ~+10.2%/yr came from earnings growth and ~+16.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Man Industries (India) Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +60.9% at its peak → +11.8% latest) while ROCE still reads 18.3%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +1.7% | +16.9% | +11.4% | +9.9% |
| Profit | +11.1% | +36.4% | +11.0% | +7.1% |
| EPS | −3.9% | +26.8% | +5.2% | +4.1% |
| Share price | +21.2% | +54.7% | +35.1% | +26.2% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
53.8/100 — rank 8 of 15 in Steel - Tubes/Pipes · 96% evidence confidence
Man Industries (India) Ltd scores 53.8 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 16.9 + 13.6 + 12 + 11.3 = 53.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Man Industries (India) Ltd reported ₹1,157 Cr of revenue in the Mar 26 quarter, −5.0% year on year. Over 10 years it has compounded at 9.9% a year. The last full year, FY26, came in at ₹3,564 Cr. The last four reported quarters add to ₹3,563 Cr.
Man Industries (India) Ltd reported ₹1,157 Cr of revenue in the Mar 26 quarter, −5.0% year on year. Over 10 years it has compounded at 9.9% a year. The last full year, FY26, came in at ₹3,564 Cr. The last four reported quarters add to ₹3,563 Cr.
FY26 revenue came in at ₹3,564 Cr (+1.7% on the year), capping 10 years at 9.9% compound. The latest quarter (Mar 26) printed ₹1,157 Cr, −5.0% year on year.
Pace check: the last four quarters averaged +2.8% growth against the decade's 9.9% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +1.7% over the last 4 quarters against +6.3%/yr over the last 8 — rolling over; TTM profit +11.8% vs +27.6%/yr — rolling over.
→ Revenue slipped — did margins hold as it scaled? Next: 12.0% this quarter (+2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Man Industries (India) Ltd's operating margin is 12.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 5.0% to 12.0%. The current quarter sits inside that band.
Man Industries (India) Ltd's operating margin is 12.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 5.0% to 12.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 12.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0%–12.0%, and FY26's 12.0% is the top of that band — a record year.
Why the margin moved: operating margin went +2.1 pp year on year while gross margin went +33.5 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit −25.0% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Man Industries (India) Ltd earned ₹51.0 Cr of net profit in the Mar 26 quarter, −25.0% year on year. Full-year FY26 profit was ₹170 Cr. The 10-year compound rate is 7.1%. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹68.0 Cr.
Man Industries (India) Ltd earned ₹51.0 Cr of net profit in the Mar 26 quarter, −25.0% year on year. Full-year FY26 profit was ₹170 Cr. The 10-year compound rate is 7.1%. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹68.0 Cr.
Mar 26 profit was ₹51.0 Cr, −25.0% year on year. On the full year, FY26 printed ₹170 Cr (+11.1%), and the 10-year compound rate is 7.1%.
🚨 Why profit moved: revenue contributed −5.0% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +24.9% vs revenue +2.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 217% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 217% of Man Industries (India) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹515 Cr of operating cash against ₹170 Cr of profit. After ₹493 Cr of capital spending, ₹22.0 Cr was left as free cash.
FY26: operating cash of ₹515 Cr against reported profit of ₹170 Cr, leaving free cash of ₹22.0 Cr after ₹493 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 217% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 217%: the cash cycle stretched 47 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 4.4× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹808 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Man Industries (India) Ltd's cash conversion cycle runs 114 days in FY26, up from 67 days in FY21. Capital spending ran ₹808 Cr over the last 3 years. At FY26 sales of ₹3,564 Cr each day of that cycle holds about ₹9.8 Cr, so roughly ₹1,113 Cr sits inside the business at any moment.
FY26: debtors at 103 days, inventory at 251 days — roughly 8.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 114 days, looser than FY21's 67.
The full loop: cash goes out to suppliers and production on day 0; stock waits 251 days to sell; customers pay about 103 days after that; and suppliers themselves are paid at 241 days — netting out to the 114-day cycle.
In money terms: at FY26 sales of ₹3,564 Cr, each day of the cycle holds about ₹9.8 Cr — so the 114-day loop keeps roughly ₹1,113 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹808 Cr over the last 3 fiscal years against ₹185 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹326 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 16% and the ROIC − WACC spread is +0.8 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Man Industries (India) Ltd earns a ROCE of 16% in FY26. That is up from a trough of 5% in FY14. Return on invested capital clears the cost of that capital by +0.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 4.8% net margin on 0.71× asset turns.
FY26 ROCE is 16%, recovered from a FY14 trough of 5% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 4.8% net margin × 0.71× asset turns × 2.41× balance-sheet leverage ≈ 8.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 12.8% − 12.0% = a +0.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.30.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Man Industries (India) Ltd carries total debt of ₹628 Cr against shareholder equity of ₹2,087 Cr as of Mar 26, a debt-to-equity of 0.30 — effectively unlevered. On the annual view that ratio went from 0.06 in FY22 to 0.30 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹628 Cr against shareholder equity of ₹2,087 Cr — a debt-to-equity of 0.30. On the annual view, debt-to-equity went from 0.06 (FY22) to 0.30 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Promoters cut 2.9 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 2.9 points of Man Industries (India) Ltd over 8 quarters, the biggest move on the register. That takes promoters to 43.2% of the company. Domestic institutions moved −1.9 points over the same window, to 1.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −2.9 points over 8 quarters to 43.2%; Domestic institutions: −1.9 points over 8 quarters to 1.4%; Foreign institutions: +1.0 points over 8 quarters to 2.9%.
🚨 Why the register moved: promoters drove it (−2.9 points), alongside domestic institutions (−1.9 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Man Industries (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Man Industries (India) Ltd this page | 23.2× | ₹3,956 Cr | Mixed | |||
| APL Apollo Tubes Ltd | 42.1× | ₹50,612 Cr | Mixed | |||
| Maharashtra Seamless Ltd | 10.9× | ₹7,658 Cr | Deteriorating | |||
| Surya Roshni Ltd | 18.1× | ₹5,179 Cr | Mixed | |||
| Goodluck India Ltd | 27.8× | ₹5,024 Cr | Mixed | |||
| DEE Development Engineers Ltd | 57.4× | ₹4,526 Cr | No read | |||
| Venus Pipes & Tubes Ltd | 34.4× | ₹3,522 Cr | Turning around | |||
| Sambhv Steel Tubes Ltd | 23.6× | ₹3,416 Cr | — | No read | ||
| Welspun Specialty Solutions Ltd | 119.0× | ₹3,399 Cr | No read | |||
| JTL Industries Ltd | 28.2× | ₹2,775 Cr | Turning around | |||
| Welspun Specialty Solutions Ltd | 112.0× | ₹2,469 Cr | No read | |||
| Hi-Tech Pipes Ltd | 22.6× | ₹1,722 Cr | Mixed | |||
| Hariom Pipe Industries Ltd | 16.0× | ₹1,213 Cr | No read | |||
| Gandhi Special Tubes Ltd | 18.2× | ₹1,055 Cr | Mixed | |||
| Scoda Tubes Ltd | 22.7× | ₹880 Cr | No read | |||
| Rama Steel Tubes Ltd | 55.4× | ₹697 Cr | Turning around |
Frequently asked questions
What is Man Industries (India) Ltd's share price today?
Man Industries (India) Ltd trades at ₹530, +21.2% over the past year. The company is valued at ₹3,956 Cr. The stock sits at 77% of its 52-week range of ₹314–₹594, +13.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 15 weeks in. — as of 24 July 2026.
What were Man Industries (India) Ltd's latest quarterly results?
Man Industries (India) Ltd reported revenue of ₹1,157 Cr and net profit of ₹51.0 Cr for the Mar 26 quarter. Revenue fell 5.0% and profit fell 25.0% year on year. Earnings per share were ₹6.78. The operating margin was 12.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.
What is Man Industries (India) Ltd's revenue?
Man Industries (India) Ltd reported revenue of ₹1,157 Cr in the Mar 26 quarter, −5.0% year on year. For the full FY26 fiscal year, revenue was ₹3,564 Cr (+1.7%). Over the last 10 years revenue compounded at 9.9% a year. — as of 24 July 2026.
What is Man Industries (India) Ltd's profit?
Man Industries (India) Ltd earned ₹51.0 Cr of net profit in the Mar 26 quarter, −25.0% year on year. Full-year FY26 profit was ₹170 Cr. The operating margin ran 12.0% in the latest quarter. — as of 24 July 2026.
What is Man Industries (India) Ltd's market cap?
Man Industries (India) Ltd's market capitalisation is ₹3,956 Cr at a share price of ₹530. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Man Industries (India) Ltd's P/E ratio?
Man Industries (India) Ltd trades at a P/E of 23.2×, at the 96th percentile of its own 10-year range, against a long-run median of 6.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Man Industries (India) Ltd pay a dividend?
Not in its latest year — Man Industries (India) Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 9 of its last 13 reported fiscal years, so there is a history but no current dividend. — as of 24 July 2026.
Is Man Industries (India) Ltd overvalued?
On its own history, Man Industries (India) Ltd looks expensive against its own history: its P/E of 23.2× sits at the 96th percentile of its 10-year range (long-run median 6.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.
Is Man Industries (India) Ltd growing?
Not right now — Man Industries (India) Ltd's latest numbers are shrinking: latest-quarter revenue −5.0% year on year, profit −25.0%, and the margin +2.0 pp at 12.0%. The 10-year compound rates are 9.9% (revenue) and 7.1% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Man Industries (India) Ltd performing?
Man Industries (India) Ltd is in a confirmed uptrend, 15 weeks in. Its latest quarter's revenue fell 5.0% and profit fell 25.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Man Industries (India) Ltd in?
Topping out — profit and EPS growth have decelerated hard (profit growth +60.9% at its peak → +11.8% latest) while ROCE still reads 18.3%. The read comes from the last 12 quarters of growth (revenue growth +1.7% latest, profit growth +11.8% latest, eps growth −2.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Man Industries (India) Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 15 of stage 2), trading +13.8% versus its 200-day average and at 77% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Man Industries (India) Ltd beating the market?
On recent form, yes — Man Industries (India) Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +899% against the NIFTY 500's +266% — ahead of the index over the full window. — as of 24 July 2026.
Will Man Industries (India) Ltd's share price go up?
This page publishes no price forecast for Man Industries (India) Ltd. What it measures instead: the share price is ₹530, the price is in a confirmed uptrend 15 weeks in. Its P/E of 23.2× sits at the 96th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Man Industries (India) Ltd?
Promoters hold 43.2% of Man Industries (India) Ltd, foreign institutions 2.9%, domestic institutions 1.4% and the public 52.5% (latest quarter). The biggest move on the register over the last two years: Promoters cut 2.9 points over 8 quarters. — as of 24 July 2026.
Does Man Industries (India) Ltd have too much debt?
No — Man Industries (India) Ltd's debt-to-equity is 0.30, and operating profit covers the interest bill 3×. FY26 borrowings were ₹628 Cr against equity of ₹2,087 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Man Industries (India) Ltd's capex?
Man Industries (India) Ltd spent ₹808 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹493 Cr, with ₹326 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Man Industries (India) Ltd's cash flow?
Man Industries (India) Ltd generated ₹515 Cr of operating cash flow in FY26 and ₹22.0 Cr of free cash flow after ₹493 Cr of capital spending. Reported profit that year was ₹170 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Man Industries (India) Ltd's profit real cash?
Yes — over the last 3 fiscal years, 217% of Man Industries (India) Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹515 Cr against reported profit of ₹170 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Man Industries (India) Ltd in its business cycle?
Man Industries (India) Ltd's FY26 operating margin was 12.0%, against a 13-year band of 5.0%–12.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 12.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Man Industries (India) Ltd story?
The sharpest disagreement: the price moved +21.2% in a year while annual EPS moved −3.9% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Man Industries (India) Ltd a stock worth studying right now?
This is not investment advice. The machine read: Man Industries (India) Ltd's price has outrun its earnings. +21.2% in a year against EPS −3.9% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.