Man Industries (India) share price today

Man Industries (India) Ltd's share price was ₹772.70 at the close on 4 November 2026. It has been rising for 30 weeks. That is 24.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹314 and ₹1,020, and at that close it sat 65% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Man Industries (India) Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 15 weeks in a row.

Over the last 11 years the share price moved +1,358% while the NIFTY 500 moved +243%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: operating margin up 7 points on a year earlier.

1. Operating margin up 7 points on a year earlier

   14% in the June 2026 quarter, from 7%.

   Why: The company says the gain came from a better mix of products and places it sold to, not from one clear cost item.

   Next results: check whether a full quarter of the Saudi business and lower costs keep the margin up.

   From the earnings call on 12 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Man Industries (India) reported revenue of ₹1,053 crore, up 41.9% from ₹742 crore a year earlier, and a profit of ₹61.0 crore, up 117.9% from ₹28.0 crore.

Man Industries (India) results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Man Industries (India)'s management discussed these results on a call held on 12 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Man Industries (India) closed at ₹772.70 on 4 November 2026, up 101.3% from ₹383.85 a year earlier (7 November 2025) and up 636.3% over five years. Its highest weekly close since April 2016 was ₹1,020.35 on 25 September 2026.

Man Industries (India) share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

561 weekly closes from 1 April 2016 to 4 November 2026.

4 Nov 2026: Man Industries (India) closed at ₹772.70, up 6.5% on the week and down 16.2% on the month. 12 Aug 2026: Man Industries (India) held its results call for April to June 2026. Management guided: FY27 consolidated revenue around ₹5,000 crore, including NPC revenue around ₹1,500 crore.

Earlier

• Results for April to June 2026: Revenue up 41.9% and profit up 117.9% on a year earlier.

Man Industries (India) paid no dividend in the 12 months to 5 November 2026. The last was an interim dividend of ₹2 a share, ex-date 14 August 2023.

Man Industries (India) dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Not in its latest year. Man Industries (India) Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 9 of its last 13 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 12 August 2026, Man Industries (India)'s management guided: FY27 consolidated revenue around ₹5,000 crore, including NPC revenue around ₹1,500 crore.

“Our objective is to consistently deliver between 14% and 16% over the next 3-5 years. With the Saudi acquisition and the coating numbers pushing up EBITDA, we should hopefully be able to reach that level. However, I cannot commit to it as of today.”Nikhil Mansukhani, on the call for April to June 2026

What management guided

• FY27 India revenue around ₹3,800 crore and Saudi revenue around ₹1,200 crore; segment figures did not fully reconcile with the prepared guide.
• NPC quarterly run-rate ₹300-500 crore from July to September 2026; NPC operating margin expected at 15-18%, potentially almost 20% or more with greater Aramco mix; consolidated operating profit objective 14-16% over 3-5 years, uncommitted.
• Dammam operations and Jammu production planned for March 2027.
• FY28 growth framed at 25-30% in one answer and 25-35% later; Saudi revenue ₹2,400-3,000 crore and Jammu initial contribution ₹200-300 crore.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 12 August 2026.

What is changing at Man Industries (India), from the latest results and calls: saudi arabia facility commissioning (geographical expansion), value-added product mix shift (lsaw + specialized coatings + bends) and jammu stainless steel facility (operating leverage inflection).

• Saudi Arabia Facility Commissioning (Geographical Expansion). ₹1,500-2,000 Cr incremental FY27 revenue at 50-55% utilisation; ramps to ₹2,000-2,500 Cr FY28. Aramco offtake preference locks GCC demand. ⚠ estimate
• Value-Added Product Mix Shift (LSAW + Specialized Coatings + Bends). Record 16.2% operating margin in Dec-2025. LSAW 80% of export mix; specialized coatings and custom bends growing. ⚠ estimate
• Jammu Stainless Steel Facility (Operating Leverage Inflection). 17-18% operating margin profile, above company average. ₹300 Cr FY27 partial-year, ₹500-600 Cr FY28. GST credit + 6% interest subsidy create capital arbitrage. ⚠ estimate
• Order Book + Export Momentum. ₹4,000 Cr executable order book with 83% exports; 6-12 month visibility. MENA, Southeast Asia, CIS, Africa all active. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

Order book ₹4,000 Cr with 83% exports (Dec 2025)

• Saudi commissioning, product mix, order book are HIGH catalysts active across 4 concalls. ⚠ estimate
• Executable order book ₹4,000 Cr with 6-12 months visibility; bid pipeline ₹11,500 Cr with 20-30% historical win ratio. ✓ fact
• April to June 2025 (Jun 2025): order book ₹3,200 Cr as of June 30, 2025; bid pipeline ₹15,000 Cr. ✓ fact

Our read after the latest results, written 17 May 2026.

A third slip on Saudi (beyond April to June 2026) collapses the 25-30% FY27 growth thesis entirely.

The main risks

• Repeated project timeline slippage, Saudi and Jammu: A third slip on Saudi (beyond April to June 2026) collapses the 25-30% FY27 growth thesis entirely. ✓ fact
• SEBI governance failure, round-tripping, RPT misrepresentation, subsidiary non-consolidation: SEBI order Sep 2025 found systematic round-tripping and subsidiary non-consolidation FY2015-FY2021. SAT conditional stay active. Promoter family dispute ongoing. ✓ fact
• Bid pipeline contraction, ₹15,000 Cr to ₹11,500 Cr with in-call inconsistency: Bid pipeline fell from ₹15,000+ Cr (maintained 2 consecutive calls) to ₹11,500 Cr in Feb 2026, with management initially stating ₹7,500-8,500 Cr on the same call. ✓ fact
• DDP freight and logistics cost inflation: Higher freight and logistics from DDP-executed orders drove sharp increase in other expenses in October to December 2025. Structural as long as export mix stays 80%+. ⚠ estimate

Our read after the latest results, written 17 May 2026.

When Man Industries (India) reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: NPC full-quarter contribution and margin - check whether the next quarter validates the planned Saudi ramp and cost improvements.

Man Industries (India) is not on any of our India lists this week.

Man Industries (India) Ltd earned ₹61.0 Cr of net profit in the Jun 2026 quarter, +117.9% on the same quarter a year earlier. Full-year FY26 profit was ₹170 Cr. Over 10 years profit has grown 7.1% a year on average. That is 5.8% of the quarter's revenue. The same quarter a year earlier earned ₹28.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹170 Cr (+11.1% on the year before).

Why profit moved: revenue changed +41.9% on a year earlier and the margin moved +7.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +42.6% and revenue +13.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Man Industries (India) Ltd reported ₹1,053 Cr of revenue in the Jun 2026 quarter, +41.9% on the same quarter a year earlier. Over 10 years it has grown 9.9% a year on average. The last full year, FY26, came in at ₹3,564 Cr. The last four reported quarters add to ₹3,874 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The Saudi LSAW facility in Dammam (300,000 TPA) has been the headline growth lever since FY25. At 50-55% utilisation in year one, management guides ₹1,500-2,000 Cr in FY27, ramping to ₹2,000-2,500 Cr in FY28 and potentially ₹4,500-5,000 Cr at 75-85% optimal utilisation. The Aramco offtake agreement and local-player preference in Saudi procurements provide a structural demand anchor. Civil works and major equipment are substantially complete; trials underway. The risk is the track record: Saudi has been delayed from Q3 FY26 → Q4 FY26 → Q1 FY27 across three consecutive calls. Each delay pushes ₹1,500-2,000 Cr of revenue one quarter further.

FY26 revenue was ₹3,564 Cr, +1.7% on the year before.

Recent pace: the last four quarters grew +13.4% on average, against 9.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +10.7%, against +6.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +25.9%, against +34.4% a year (rolling over).

Man Industries (India) Ltd's operating margin was 14.0% in the Jun 2026 quarter, 7.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 4.6% and 12.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The core operational achievement of FY26. Gross margin expanded from 20% to 28% QoQ in Q2 as value-added coated pipe execution accelerated. Hedging policy locks raw material costs at order confirmation, neutralising commodity swings. Management has beaten margin guidance in every quarter since the mix-shift strategy was articulated. This is not speculative, it is a delivered thesis with four quarters of evidence. The risk is sustainability: at 16.2% EBITDA, Man Industries is running near its structural ceiling for standalone operations unless Jammu (17-18%) becomes a significant contributor.

Why the margin moved: operating margin changed +7.0 percentage points on the year while gross margin changed +14.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years, 208% of Man Industries (India) Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹472 Cr of operating cash against ₹170 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Why this happened. The Marino Shelters project (Navi Mumbai, opposite DY Patil Stadium) was RERA-approved and launched in March 2026. Man Industries has 30% of developed area (~450,000 sq ft RERA carpet). ₹70 Cr upfront already received in March 2025. FY27 revenue guided ₹70-100 Cr; total 6-7 year inflow ₹600-800 Cr, all profit with zero associated cost. This is a non-core asset monetisation that creates a pure FCF channel to reduce the expansion-related debt load.

After ₹493 Cr of spending on assets, free cash was −₹21.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 208% of profit came in as cash: the cash cycle got 47 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 4.4× depreciation over three years. The next section checks what that spending is building.

Man Industries (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 114 days in FY26, up from 67 days in FY21. It spent ₹808 Cr on assets over the last 3 years. Customers take 103 days to pay, and stock sits for 251 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹3,564 Cr, each day of that cycle ties up about ₹9.8 Cr, so roughly ₹1,113 Cr is tied up in the business at any time.

FY26: customers took 103 days to pay and stock sat for 251 days, about 8.3 months of sales sitting as stock, for a full cycle of 114 days, longer than FY21's 67.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 251 days. Customers pay about 103 days after that. Suppliers are paid at 241 days. Together that makes the 114-day cycle.

Spending on assets: ₹808 Cr over the last 3 years, against ₹185 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹326 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Man Industries (India) Ltd's P/E is 28.3×, about the highest it has ever been. Its usual P/E (the middle reading) is 6.4×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.