Man Industries (India) Ltd

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 ₹532, in a confirmed uptrend and 17 weeks into that stage. That is +12.9% against its own 200-day average. It sits at 78% of a 52-week range of ₹314 to ₹594. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹532 it trades +12.9% versus its 200-day average and sits at 78% of its 52-week range (₹314–₹594).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +904% while the NIFTY 500 moved +268% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-24) — 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.

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 23.4× 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 23.4× 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 +21.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +31.9%/yr price move, ~+5.1%/yr came from earnings growth and ~+26.8 pp from the multiple (expanding); over 10y, of the +26.9%/yr price move, ~+10.2%/yr came from earnings growth and ~+16.7 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.

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.

4-Factor Sector Score

54.8/100 — rank 7 of 15 in Steel - Tubes/Pipes · 96% evidence confidence

Man Industries (India) Ltd scores 54.8 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 7. 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 + 14.3 + 12.3 + 11.3 = 54.8. 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.

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.

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 4.6% 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 4.6%–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.

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.

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.

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.

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.

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.

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.

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.

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.

Frequently asked questions