Geographical Expansion
Expected: FY27HIGH confidence
What: Saudi Revenue Guidance: ₹1,500-₹2,000 Cr
“The Saudi facility is advancing as planned, and is expected to be completed by Q1 FY '27.”
Man Industries (India) Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +47.2%Strong5w Streak
In , Man Industries (India) Ltd (Steel - Tubes/Pipes) is outperforming Nifty 500 with +47.2% relative strength. Fundamentals: Strong. On a 5-week streak.
Man Industries (India) Ltd Key Facts
- PE Ratio
- 21.0x
- Market Cap
- ₹3,950 Cr
- PAT Growth YoY
- +62%
- Revenue Growth YoY
- +13%
- OPM
- 15.0%
- RS vs Nifty 500
- +47.2%
PE: At PeakStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
👔Promoter stake down 2.9% this quarter
🏛️DII reducing — stake down 1.6%
💰Trading 83% below estimated fair value — significant discount
Earnings Acceleration Triggers
1. Geographical Expansion
FY27HIGH
2. Value Added Product Mix Shift
CurrentHIGH
3. Order Book Or Contract Wins
6-12 monthsMEDIUM
Key Risks
1. Sharp increase in other expenses due to higher freight and logistics costs for D
MEDIUM2. Volatility in steel and commodity prices affects the absolute revenue figures
MEDIUM3. Slight delay in Jammu plant due to war-related disruptions and natural calamitie
LOWSector-Specific Signals
Executable Order Book₹4,000 Cr
Export % of Order Book83%
LSAW Pipes in Export Mix80%
Bid Pipeline₹11,500 Cr
Key Numbers
PAT Growth YoY
+62%
Stable
Revenue YoY
+13%
Stable
Operating Margin
15.0%
+400 bps YoY
PE Ratio
21.0
Current Price
₹527
Fundamental Score
64/100
Strong
3Y PAT CAGR
+14%
Market Cap
4.0K Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Man Industries (India) Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Value Added Product Mix Shift
Expected: CurrentHIGH confidence
What: EBITDA Margin: 16.2%
Impact: 480 bps expansion
“Within the export mix, LSAW pipes constitute 80%, which is an increasing contribution from our value-added offerings.”
Order Book Or Contract Wins
Expected: 6-12 monthsMEDIUM confidence
What: Order Book: ₹4,000 Cr
“As on date, our executable order book stands at approximately INR 4,000 crores, providing execution visibility over the next 6-12 months.”
Operating Leverage Inflection
Expected: FY27MEDIUM confidence
What: Utilization Target: 50-60%
“And we are looking at around 50%-60% utilization in the year 1.”
Regulatory Approval Or License Win
Expected: Long-termMEDIUM confidence
What: Aramco Approval: Off-take agreement
“there is an off-take agreement which would be in place once the plant is up. Early approvals and preference of being the local player.”
EBITDA Margin of 16.2% vs 11-12% guidance
HIGH confidence
What: EBITDA Margin of 16.2% vs 11-12% guidance
“EBITDA grew by approximately 61.4% Y-o-Y to INR 136 crores, with margin expanding by 480 basis points, Y-o-Y to 16.2%.”
EBITDA Margin guidance raised
HIGH confidence
What: 11%-12% → 13%-14%
“upgraded our margin guidance to 13%-14%, compared to the initial margin guidance of 11%-12%.”
What Are the Key Risks for Man Industries (India) Ltd?
Earnings deceleration risks from management commentary
Sharp increase in other expenses due to higher freight and logistics costs for D
MEDIUMTrigger: Fulfilling a significant portion of executed orders under Delivered Duty Paid (DDP) terms.
Management view: The company hedges shipping costs at the time of booking orders to protect profitability.
Monitor: logistics
Volatility in steel and commodity prices affects the absolute revenue figures
MEDIUMTrigger: Steel prices have fluctuated significantly over the last 18 months.
Management view: Raw material purchases are hedged immediately upon order confirmation.
Monitor: commodity
Slight delay in Jammu plant due to war-related disruptions and natural calamitie
LOWTrigger: War and natural calamities (flooding) impacted manpower and power availability.
Management view: Operations have restarted and activities are being rebuilt.
Monitor: geopolitical
What Is Man Industries (India) Ltd's Management Saying?
Key quotes from recent conference calls
“We reiterate our full year guidance of proposed 20% revenue growth in FY26 driven by timely project execution. [Previous Revenue Growth guidance]”
“We expect to maintain double-digit EBITDA margin between 11% to 12%, we are estimating. [Previous EBITDA Margin guidance]”
“Saudi Dammam plant... we are looking at around 50%-60% utilization in the year 1... revenue recognition... between INR 1,500 and INR 2,000 crores. [Initiative: Saudi Arabia Facility Expansion]”
“And margins in Jammu should be around 17%-18%, right? NIKHIL MANSUKHANI: Yes. [Initiative: Jammu Facility (Stainless Steel)]”
What Did Man Industries (India) Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹838.7 Cr
YoY +13.7%QoQ +2.9%
Why: Growth was driven by strong execution of existing export orders, particularly from the MENA region and Southeast Asia.
Revenue growth was back-ended as expected, with Q4 anticipated to be even stronger.
EBITDA
₹136 Cr
YoY +61.4%Margin 16.2%
Why: Margin expansion was driven by value addition in products, improved internal systems, and a favorable product mix including specialized coatings.
The company achieved its highest-ever quarterly EBITDA margin during this period.
PAT
₹55 Cr
YoY +61%
Why: Profitability increased in line with EBITDA growth and operational efficiencies despite higher freight and logistics costs.
PAT growth mirrored the strong operational performance and margin expansion.
Other Highlights
• Net cash position of ₹38 Cr as of December 31, 2025.
• Exports account for 83% of the current order book.
• LSAW pipes constitute 80% of the export mix.
What Sector Metrics Matter for Man Industries (India) Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Executable Order Book
₹4,000 Cr
QoQ -15.8%
Why: Reduction from ₹4,750 Cr in Q2 due to execution of orders during the quarter.
Export % of Order Book
83%
QoQ -7%
Why: Slight shift as some domestic orders were won during the quarter.
LSAW Pipes in Export Mix
80%
Bid Pipeline
₹11,500 Cr
QoQ -23.3%
Why: Bids vary monthly as projects are awarded or expire; some bids were converted or lost.
Saudi Plant Year 1 Utilization
50-60%
Why: Standard ramp-up for a new facility.
Jammu Plant EBITDA Margin
17-18%
Why: High-value stainless steel product mix.
Net Cash Position
₹38 Cr
QoQ +171%
Why: Improved collections and cash profit generation during the quarter.
Average Borrowing Cost
8-8.5%
What Is Man Industries (India) Ltd's Management Guidance?
Forward-looking targets from management for FY26
OPM Guidance
13–14%
Capex Plan
₹400 Cr
Revenue Outlook
₹3,600-₹3,700 Cr for FY26
Margin Outlook
RAISED
Capex Plan
₹350-₹400 Cr
Remaining spend for Saudi and Jammu facilities
Management Tone: BULLISH
Guidance Changes
RAISED
EBITDA Margin: 11%-12% → 13%-14%
How Fast Is Man Industries (India) Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +13% | +18% | Stable |
| PAT (Net Profit) | +62% | +14% | Stable |
| OPM | 15.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Steel - Tubes/Pipes Stocks Beating Nifty 500
Frequently Asked Questions: Man Industries (India) Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Man Industries (India) Ltd's latest quarterly results?
Man Industries (India) Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +61.8% (stable)
- Revenue Growth YoY: +13.4%
- Operating Margin: 15.0% (volatile)
Is Man Industries (India) Ltd's profit growing or declining?
Man Industries (India) Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +61.8% (latest quarter)
- PAT Growth QoQ: +48.6% (sequential)
- 3-Year PAT CAGR: +14.5%
- Trend: Stable — consistent growth pattern
What is Man Industries (India) Ltd's revenue growth trend?
Man Industries (India) Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +13.4%
- Revenue Growth QoQ: -0.5% (sequential)
- 3-Year Revenue CAGR: +17.9%
How is Man Industries (India) Ltd's operating margin trending?
Man Industries (India) Ltd's operating margin is volatile.
- Current OPM: 15.0%
- OPM Change YoY: +4.0% basis points
- OPM Change QoQ: 0.0% basis points
What is Man Industries (India) Ltd's 3-year profit and revenue CAGR?
Man Industries (India) Ltd's long-term compounding rates
- 3-Year Profit CAGR: +14.5%
- 3-Year Revenue CAGR: +17.9%
Is Man Industries (India) Ltd's growth accelerating or decelerating?
Man Industries (India) Ltd's earnings growth is stable with improving on a sequential basis.
- YoY Acceleration: +46.2% bps
- Sequential Acceleration: +16.5% bps
What is Man Industries (India) Ltd's trailing twelve month (TTM) performance?
Man Industries (India) Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹188 Cr
- TTM PAT Growth: +72.5% YoY
- TTM Revenue: ₹4,000 Cr
- TTM Revenue Growth: +17.0% YoY
- TTM Operating Margin: 11.7%
Is Man Industries (India) Ltd overvalued or undervalued?
Man Industries (India) Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 21.0x
- Price-to-Book: 2.0x
What is Man Industries (India) Ltd's current PE ratio?
Man Industries (India) Ltd's current PE ratio is 21.0x.
- Current PE: 21.0x
- Market Cap: 4.0K Cr
How does Man Industries (India) Ltd's valuation compare to its history?
Man Industries (India) Ltd's current PE is 21.0x.
- Current PE: 21.0x
- Valuation Assessment: Significantly Undervalued
What is Man Industries (India) Ltd's price-to-book ratio?
Man Industries (India) Ltd's price-to-book ratio is 2.0x.
- Price-to-Book (P/B): 2.0x
- Book Value per Share: ₹262
- Current Price: ₹527
Is Man Industries (India) Ltd a fundamentally strong company?
Man Industries (India) Ltd is rated Strong with a fundamental score of 63.61/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +13.4% (10% weight)
- PAT Growth YoY: +61.8% (10% weight)
- PAT Growth QoQ: +48.6% (10% weight)
- Margins stable (10% weight)
Is Man Industries (India) Ltd debt free?
Man Industries (India) Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹476 Cr
What is Man Industries (India) Ltd's return on equity (ROE) and ROCE?
Man Industries (India) Ltd's return ratios over recent years
- FY2023: ROCE 10.0%
- FY2024: ROCE 14.0%
- FY2025: ROCE 16.0%
Is Man Industries (India) Ltd's cash flow positive?
Man Industries (India) Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹68 Cr
- Free Cash Flow (FCF): ₹27 Cr
- CFO/PAT Ratio: 44% (weak cash conversion)
What is Man Industries (India) Ltd's dividend yield?
Man Industries (India) Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹527
Who holds Man Industries (India) Ltd shares — promoters, FII, DII?
Man Industries (India) Ltd's shareholding pattern (Mar 2026)
- Promoters: 43.2%
- FII (Foreign): 2.4%
- DII (Domestic): 1.3%
- Public: 53.0%
Is promoter holding increasing or decreasing in Man Industries (India) Ltd?
Man Industries (India) Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 43.2% (Mar 2026)
- Previous Quarter: 43.2% (Dec 2025)
- Change: 0.00% (stable)
How long has Man Industries (India) Ltd been outperforming Nifty 500?
Man Industries (India) Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Man Industries (India) Ltd a new momentum entry or an established outperformer?
Man Industries (India) Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Man Industries (India) Ltd?
Man Industries (India) Ltd has 7 key growth catalysts identified from recent earnings analysis
- Geographical Expansion — The Saudi plant is nearing completion and will serve the high-demand GCC market.
- Value Added Product Mix Shift — Shift toward LSAW pipes with specialized coatings and bends.
- Order Book Or Contract Wins — Provides clear visibility for the next fiscal year's execution.
- Operating Leverage Inflection — New facilities in Saudi and Jammu will start contributing to fixed cost absorption.
What are the key risks in Man Industries (India) Ltd?
Man Industries (India) Ltd has 3 key risks worth monitoring
- [MEDIUM] Sharp increase in other expenses due to higher freight and logistics costs for D — Fulfilling a significant portion of executed orders under Delivered Duty Paid (DDP) terms.
- [MEDIUM] Volatility in steel and commodity prices affects the absolute revenue figures — Steel prices have fluctuated significantly over the last 18 months.
- [LOW] Slight delay in Jammu plant due to war-related disruptions and natural calamitie — War and natural calamities (flooding) impacted manpower and power availability.
What did Man Industries (India) Ltd's management say in the latest earnings call?
In Q3 FY26, Man Industries (India) Ltd's management highlighted
- "We reiterate our full year guidance of proposed 20% revenue growth in FY26 driven by timely project execution. [Previous Revenue Growth guidance]"
- "We expect to maintain double-digit EBITDA margin between 11% to 12%, we are estimating. [Previous EBITDA Margin guidance]"
- "Saudi Dammam plant... we are looking at around 50%-60% utilization in the year 1... revenue recognition... between INR 1,500 and INR 2,000 crores. [I..."
What is Man Industries (India) Ltd's management guidance for growth?
Man Industries (India) Ltd's management has provided the following forward guidance for FY26
- Revenue outlook: ₹3,600-₹3,700 Cr for FY26
- OPM guidance: 13–14%
- Capex plan: ₹400 Cr for Remaining spend for Saudi and Jammu facilities
- Management tone: bullish
- Milestone: [RAISED] EBITDA Margin: 11%-12% → 13%-14%
What sector-specific metrics matter most for Man Industries (India) Ltd?
Man Industries (India) Ltd's most important sub-sector-specific KPIs from the latest concall
- Executable Order Book: ₹4,000 Cr (QoQ -15.8%) — Reduction from ₹4,750 Cr in Q2 due to execution of orders during the quarter.
- Export % of Order Book: 83% (QoQ -7%) — Slight shift as some domestic orders were won during the quarter.
- LSAW Pipes in Export Mix: 80%
- Bid Pipeline: ₹11,500 Cr (QoQ -23.3%) — Bids vary monthly as projects are awarded or expire; some bids were converted or lost.
- Saudi Plant Year 1 Utilization: 50-60% — Standard ramp-up for a new facility.
- Jammu Plant EBITDA Margin: 17-18% — High-value stainless steel product mix.
Is Man Industries (India) Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Man Industries (India) Ltd may be worth studying
- Earnings growing at +61.8% YoY
- Valuation: appears significantly undervalued
- Cash flow is positive — CFO ₹68 Cr
What is the investment thesis for Man Industries (India) Ltd?
Man Industries (India) Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +13.4% YoY
- Appears significantly undervalued
- Growth catalyst: Geographical Expansion
Risk Factors (Bear Case)
- Key risk: Sharp increase in other expenses due to higher freight and logistics costs for D
What is the future outlook for Man Industries (India) Ltd?
Man Industries (India) Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Undervalued
- Key Catalyst: Geographical Expansion
- Key Risk: Sharp increase in other expenses due to higher freight and logistics costs for D
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.