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 ₹866, in a confirmed uptrend and 23 weeks into that stage. That is +63.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹314 to ₹866. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.

Today the stock is in a confirmed uptrend — week 23 of stage 2, confirmed. At ₹866 it trades +63.5% versus its 200-day average and sits at 100% of its 52-week range (₹314–₹866).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,534% while the NIFTY 500 moved +259% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — 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.

Story check

Man Industries (India) Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: FULLY_EXPANDED. Still open: Both projects have slipped timelines twice in four consecutive calls. A third slip on Saudi (beyond Q1 FY27) collapses the 25-30% FY27 growth thesis entirely.

Our read, 17 May 2026. A capacity-doubling pipe exporter at peak EBITDA margins — execution on Saudi and Jammu decides whether the re-rating is real or a timeline fiction.

From the numbers. PE at 90th percentile of 10-year range. The cycle label is AT_PEAK — not a value-driven setup. The thesis is entirely earnings-driven: if Saudi and Jammu deliver their guided FY27 revenue step-up, PAT can roughly double…

From the price. Price stage 2, week 23 — above its 200-day line, relative strength rising.

From the research. A capacity-doubling pipe exporter at peak EBITDA margins — execution on Saudi and Jammu decides whether the re-rating is real or a timeline fiction.

🚨 Where they disagree. PE at 90th percentile of 10-year range. The cycle label is AT_PEAK — not a value-driven setup. The thesis is entirely earnings-driven: if Saudi and Jammu deliver their guided FY27 revenue step-up, PAT can roughly double from FY26 levels within 24 months, compressing PE back to fair-value territory even at current price. FII ownership has risen from 1.6% (Mar 2023) to 3.35% (Dec 2025) — incremental institutional conviction despite governance overhang. Promoter stake has declined from 49.6% to 43.2% over the same period.

What is proven. A capacity-doubling pipe exporter at peak EBITDA margins — execution on Saudi and Jammu decides whether the re-rating is real or a timeline fiction.

What is not proven yet. Both projects have slipped timelines twice in four consecutive calls. A third slip on Saudi (beyond Q1 FY27) collapses the 25-30% FY27 growth thesis entirely.

The test written in advance. Repeated project timeline slippage — Saudi and Jammu — Repeated project timeline slippage — Saudi and Jammu Saudi first commercial shipment announcement; Q1 FY27 concall commentary on utilisation ramp by the next result.

The test written in advance. SEBI governance failure — round-tripping, RPT misrepresentation, subsidiary non-consolidation — SEBI governance failure — round-tripping, RPT misrepresentation, subsidiary non-consolidation SAT hearing outcomes; any new SEBI notice; resolution of promoter family dispute by the next result.

The test written in advance. Bid pipeline contraction — ₹15,000 Cr to ₹11,500 Cr with in-call inconsistency — Bid pipeline contraction — ₹15,000 Cr to ₹11,500 Cr with in-call inconsistency Bid pipeline figure in next concall; order book evolution Q1-Q2 FY27 by the next result.

What the company does. Man Industries printed its highest-ever EBITDA margin of 16.2% in Dec-2025, upgrading full-year guidance from 11-12% to 13-14%, with 9M FY26 PAT up 41% YoY. Saudi Arabia facility (₹1,500-2,000 Cr revenue at 50% utilisation in FY27) and Jammu SS plant (17-18% margin profile) represent a structural 2x scale-up — but both projects have slipped timelines twice already. PE at 90th percentile of its own 10-year cycle; thesis hinges on FY27 earnings delivery from new capacity, not multiple expansion.

Lever 10 · New geographies — BUILDING. ₹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. What proves it keeps working: Saudi Arabia Facility Commissioning (Geographical Expansion). It stops working if Saudi first commercial shipment announcement; Q1 FY27 concall commentary on utilisation ramp.

Lever 2 · Value-added mix — BUILDING. Record 16.2% EBITDA margin in Dec-2025. LSAW 80% of export mix; specialized coatings and custom bends growing. Product mix is the proven margin engine. What proves it keeps working: Value-Added Product Mix Shift (LSAW + Specialized Coatings + Bends). It stops working if Saudi first commercial shipment announcement; Q1 FY27 concall commentary on utilisation ramp.

Lever 3 · Management change — BUILDING. 17-18% EBITDA margin profile, above company average. ₹300 Cr FY27 partial-year, ₹500-600 Cr FY28. GST credit + 6% interest subsidy create capital arbitrage. What proves it keeps working: Jammu Stainless Steel Facility (Operating Leverage Inflection). It stops working if Saudi first commercial shipment announcement; Q1 FY27 concall commentary on utilisation ramp.

Lever 6 · Order-book wins — BUILDING. ₹4,000 Cr executable order book with 83% exports; 6-12 month visibility. MENA, Southeast Asia, CIS, Africa all active. What proves it keeps working: Order Book + Export Momentum. It stops working if Saudi first commercial shipment announcement; Q1 FY27 concall commentary on utilisation ramp.

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Man Industries (India) Ltd reported ₹1,053 Cr of revenue in the Jun 26 quarter, +41.9% 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 ₹3,874 Cr.

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 came in at ₹3,564 Cr (+1.7% on the year), capping 10 years at 9.9% compound. The latest quarter (Jun 26) printed ₹1,053 Cr, +41.9% year on year.

Pace check: the last four quarters averaged +13.4% growth against the decade's 9.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +10.7% over the last 4 quarters against +6.6%/yr over the last 8 — accelerating; TTM profit +25.9% vs +34.4%/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 14.0% in the Jun 26 quarter, +7.0 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 is running above every full year in that window.

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.

The latest quarter's operating margin is 14.0%, +7.0 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 +7.0 pp year on year while gross margin went +14.7 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 ₹61.0 Cr of net profit in the Jun 26 quarter, +117.9% year on year. Full-year FY26 profit was ₹170 Cr. The 10-year compound rate is 7.1%. That is 5.8% of the quarter's revenue. The same quarter a year earlier earned ₹28.0 Cr.

Jun 26 profit was ₹61.0 Cr, +117.9% 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 +41.9% and the margin +7.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +42.6% vs revenue +13.4%. 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.

Why this happened. The Marino Shelters project (Navi Mumbai, opposite DY Patil Stadium) was RERA-approved and launched in March 2026. Man Industries holds 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.

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 +1.3 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: 13.3% − 12.0% = a +1.3 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.

Why this happened. The Jammu plant for specialty stainless steel and HSS tubes targets 17-18% EBITDA margins — above the current company average. The NCSS scheme provides 18% gross GST rebate over 10 years post-COD and 6% interest subsidy reducing effective borrowing cost to ~3.5%. Management now guides Q2 FY27 commissioning (delayed from April 1, 2026 originally). Revenue guidance: ~₹300 Cr in FY27 (partial year from Q2), ₹500-600 Cr in FY28. On ₹500 Cr revenue at 17% EBITDA, this facility alone adds ~₹85 Cr of incremental EBITDA in FY28.

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.

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 31.8× P/E, about the priciest it has ever traded. Its long-run median P/E is 6.3×, measured across 10.6 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 31.8× is about the priciest it has ever traded, against a long-run median of 6.3× measured over 10.6 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 +111.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +49.6%/yr price move, ~+8.6%/yr came from earnings growth and ~+41.0 pp from the multiple (expanding); over 10y, of the +33.1%/yr price move, ~+12.1%/yr came from earnings growth and ~+21.0 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Man Industries (India) Ltd was paying for profit growth of about 14.1% a year. Profit itself has compounded 7.1% a year over the past 10 years. Today the market pays 31.8× P/E, the 100th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed 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 mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +85.7% at its peak to +25.9% but is still expanding, ROCE holding at 18.3%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

68.9/100 — rank 1 of 15 in Steel - Tubes/Pipes · 100% evidence confidence

Man Industries (India) Ltd scores 68.9 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23 + 14.5 + 11.4 + 20 = 68.9. 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.

Said versus delivered

What Man Industries (India) Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Revenue Guidance Cut · 12 August 2026. In Nov 2025, management planned for approximately 7,000 crores of FY27 revenue, including 4,500 crores from India, 2,000 crores from Saudi Arabia and 500 crores from Jammu. In Aug 2026, management's stated split of around 3,800 crores from India and 1,200-odd crores from Saudi Arabia implies roughly 5,000 crores, a reduction of approximately 29% from the prior plan, without a reconciliation of the change.

Jammu Production Timeline Delayed · 12 August 2026. In Nov 2025, management targeted Jammu production commencement on April 1, 2026. In Aug 2026, the target had moved to March 2027, representing an approximately 11-month delay; although management said construction remained on track, it did not explain the change in commissioning schedule.

🚨 FY27 Revenue Guidance Materially Downgraded · 26 May 2026. In the Nov 2025 call, management specifically projected a consolidated FY27 revenue target of 7,000 crores across their India, Saudi, and Jammu operations. However, in the May 2026 call, management materially reduced their FY27 consolidated revenue guidance to a range of 5,000 to 5,500 crores without explicitly addressing the substantial 1,500 to 2,000 crore shortfall from their previously stated plan.

🚨 Jammu Plant Commissioning Misses Timeline · 26 May 2026. During the Nov 2025 call, management committed to launching the Jammu stainless steel plant on April 1, 2026 (the exact start of FY27), which was expected to contribute 500 crores in its first year. In the May 2026 call, this timeline was quietly pushed back by a full year, with management referring to FY28 as the first operational year, without providing a justification for the delay.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions