# Man Industries (India) share price today (Man Industries (India) Ltd, NSE: MANINDS)

> Man Industries (India) share price today: ₹772.70 at the NSE close on 4 November 2026, up 101.3% in a year. Man Industries (India) (NSE: MANINDS) is worth ₹5,793 crore, trades at a P/E of 28.3 and has closed between ₹313.70 and ₹1,020.35 over the past 52 weeks. > Man Industries (India) Ltd's share price has risen faster than its earnings: +101.3% in a year, against −3.9% for earnings per share. MANINDS · Steel - Tubes/Pipes · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/man-industries-indialtd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹772.70 (+101.3% in a year)
- P/E: 28.3× (higher than 98% of the last 11 years)
- Revenue (Jun 2026): ₹1,053 Cr (+41.9% on a year ago)
- Profit (Jun 2026): ₹61.0 Cr (+117.9% on a year ago)
- Operating margin: 14.0% (+7.0 points on a year ago)
- ROCE: 16%, FY26
- ROIC: 13.3%, against a 12.0% cost of capital: +1.3 points

The main question: the share price moved +101.3% in a year while yearly earnings per share moved −3.9%. The difference came from the market paying a higher multiple. ## What is the 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. 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. ## What changed at Man Industries (India) this quarter? 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. ## What are Man Industries (India)'s latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,053 crore | ₹742 crore | +41.9% |
| Profit | ₹61.0 crore | ₹28.0 crore | +117.9% |
| Earnings per share | ₹8.19 | ₹4.11 | +99.3% |
| Operating margin | 14.0% | 7.0% | +7.0 points |

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.)

## What is the Man Industries (India) share price history? 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹725.70 | +6.5% |
| 1 month ago · 1 Oct 2026 | ₹921.55 | −16.2% |
| 6 months ago · 8 May 2026 | ₹529.80 | +45.8% |
| 1 year ago · 7 Nov 2025 | ₹383.85 | +101.3% |
| 3 years ago · 3 Nov 2023 | ₹234.95 | +228.9% |
| 5 years ago · 4 Nov 2021 | ₹104.95 | +636.3% |
| 10 years ago · 4 Nov 2016 | ₹42.86 | +1,702.8% |
| Earliest weekly close in our records · 1 Apr 2016 | ₹53.01 | +1,357.6% |
| Highest weekly close since April 2016, also the 52-week high · 25 Sep 2026 | ₹1,020.35 | −24.3% |
| Lowest weekly close since April 2016 · 22 May 2020 | ₹29.75 | +2,497.3% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹313.70 | +146.3% |

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.)

## What is the latest news on Man Industries (India)? 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. ## What dividend does Man Industries (India) pay? 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 14 Aug 2023 | ₹2 | Interim | 16 Aug 2023 |
| 28 Apr 2022 | ₹2 | Interim | 29 Apr 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 2 of 5 Of the last 5 financial years, years with an NSE dividend record

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.)

## What did Man Industries (India) management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/1595-12-Aug-2026.pdf). (From the call for April to June 2026, 12 August 2026.)

## What is the future of Man Industries (India)? What is changing in the business? 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.)

## What is Man Industries (India)'s order book? 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.)

## What could change the Man Industries (India) story? What are the risks? 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.)

## What to watch in Man Industries (India)'s next results? 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. - What to check (from the call)
- NPC full-quarter contribution and margin - check whether the next quarter validates the planned Saudi ramp and cost improvements. - India order-book conversion and mix-led margins - check whether export execution and value-added orders sustain the operating trajectory. - Merino launch and cash conversion - check approved project milestones translate into guided FY27 receipts. - Jammu and Dammam execution - check construction, funding drawdowns and commissioning remain on schedule. ## Which stock lists is Man Industries (India) on? Man Industries (India) is not on any of our India lists this week. ## Is Man Industries (India) profitable? 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. 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. ## How much revenue does Man Industries (India) make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Man Industries (India) keep? 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. 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. ## Is Man Industries (India)'s profit turning into cash? 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. 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. ## Where does Man Industries (India)'s cash go? 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. 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. ## What is Man Industries (India)'s P/E ratio, and how does it compare with its own history? 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. Why the multiple is where it is: over the past year earnings per share moved −3.9% while the price moved +101.3%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +49.1% a year; about +8.5% a year came from earnings growth and about +40.6 percentage points from the multiple (the market paying more); over 10 years the price moved +33.5% a year; about +6.0% a year came from earnings growth and about +27.5 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Man Industries (India) business getting better or worse? Man Industries (India) Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +85.7% at its peak to +25.9%, but the business is still expanding, with ROCE steady at 21.0%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Man Industries (India) story, and has it been checked? Man Industries (India) Ltd's story is not scored yet against the checks our research 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. From the numbers. 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 30, above its 200-day line, relative strength falling. From the research. What is proven. 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. Measured by: 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. Measured by: 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. Measured by: 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. 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 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Man Industries (India) management deliver what it promised? What Man Industries (India) Ltd's management promised, against what actually happened: 4 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 planned Jammu production commencement on April 1, 2026. In Aug 2026, the goal 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 goal 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. ## What is Man Industries (India) management's track record? FY25 operating income +11.6% on a year earlier, net profit +45.7% on a year earlier with margin expansion. Management guided large order book. But SEBI's finding of systematic round-tripping and subsidiary non-consolidation (FY2015-FY2021) fundamentally questions historical financial disclosures. Management track record on disclosure = fail. ### Regulatory and governance record

SEBI barred Man Industries, Chairman Ramesh Mansukhani, MD Nikhil Mansukhani, and ex-CFO Ashok Gupta for 2 years (Sep 30, 2025 order). Violations: (1) Failed to consolidate subsidiary Merino Shelters in financials FY2015-FY2021, (2) Misrepresented related-party transactions, (3) Round-tripping of funds to conceal true financial condition. Penalty ₹25 lakh each on company + 3 executives. Forensic audit commissioned Nov 2021. SAT granted conditional stay Oct 2025 on 50% deposit of penalty. Key flag: promoter family dispute between RCM Group (Ramesh+Nikhil Mansukhani) vs JCM Group (Anita Mansukhani+JPA Holdings), dividends held in abeyance, active legal conflict within promoter family. (Checked 12 April 2026.)

## How much does Man Industries (India) earn on its capital? Man Industries (India) Ltd earned a ROCE of 16% in FY26. That is up from a low of 5% in FY14. Its return on capital used (ROIC) is 1.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 4.8% net margin and 0.71× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 4.8% net margin × 0.71× asset turnover × 2.41× leverage (assets divided by equity) ≈ 8.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 13.3% − 12.0% = +1.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 9.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Man Industries (India) have too much debt? Man Industries (India) Ltd has total debt of ₹628 Cr against shareholder equity of ₹2,087 Cr as of Jun 2026, so its debt is 0.30× its equity, which is very little. Year by year, that ratio went from 0.06 in FY22 to 0.30 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Man Industries (India) shareholding pattern? Promoters cut their stake in Man Industries (India) Ltd by 2.9 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 43.2% of the company. Domestic institutions moved −2.1 points over the same period, to 1.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. The Jammu plant for specialty stainless steel and HSS tubes goals 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. Over the last two years: Promoters: −2.9 points over 8 quarters, to 43.2%; Domestic institutions: −2.1 points over 8 quarters, to 1.2%; Foreign institutions: +1.0 points over 8 quarters, to 3.5%. Why the owners changed: promoters drove it (−2.9 points), together with domestic institutions (−2.1 points). They reduced their stake. ## How far is Man Industries (India) from balance-sheet trouble? For Man Industries (India) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Man Industries (India) rank in its industry? 68.9 out of 100, rank 4 of 15 in Steel - Tubes/Pipes, with 96% of the evidence available. Man Industries (India) Ltd scores 68.9 out of 100 against the 15 companies it is compared with in Steel - Tubes/Pipes, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 23.2 + 14.9 + 11.1 + 19.7 = 68.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Man Industries (India) compared with? Man Industries (India) ranks 4 of 15 Steel - Tubes/Pipes companies on the 4-Factor Sector Score, with 68.9 out of 100. 1. [Sambhv Steel Tubes Ltd](https://www.sectoralpha.in/stocks/sambhv-steel-tubes-ltd) SAMBHV · breaking out · Most evidence points up · 93% evidence 74.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.4/35 · Revenue 41.9% · Profit 100% · Operating margin change 2 points · 100% evidence Capital efficiency 15.8/25 · ROCE 19.1% · Operating margin 12% · 100% evidence Valuation 9.6/20 · P/E 22.7× · PEG 1.74 · 65% evidence Relative strength 19.3/20 · Lead over its industry 27.9% · Lead over NIFTY 500 39% · 1 year 35.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.4 + 15.8 + 9.6 + 19.3 = 74.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Gandhi Special Tubes Ltd](https://www.sectoralpha.in/stocks/gandhi-special-tubes-ltd) GANDHITUBE · breaking out · Most evidence points up · 96% evidence 70.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.1/35 · Revenue 11.1% · Profit 13.6% · Operating margin change 4 points · 88% evidence Capital efficiency 22.4/25 · ROCE 28.4% · Operating margin 47% · 100% evidence Valuation 16.6/20 · P/E 13.1× · PEG 0.85 · 100% evidence Relative strength 11.4/20 · Lead over its industry -1.2% · Lead over NIFTY 500 8.5% · 1 year -0.9% · 100% evidence · 8 of 12 weeks ahead Exact sum: 20.1 + 22.4 + 16.6 + 11.4 = 70.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [APL Apollo Tubes Ltd](https://www.sectoralpha.in/stocks/apl-apollo-tubes-ltd) APLAPOLLO · breaking out · Most evidence points up · 100% evidence 69.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.5/35 · Revenue 14.9% · Profit 24.8% · Operating margin change 0 points · 100% evidence Capital efficiency 20.8/25 · ROCE 31.8% · Operating margin 8% · 100% evidence Valuation 10.4/20 · P/E 45.9× · PEG 0.92 · 100% evidence Relative strength 15.4/20 · Lead over its industry 3.8% · Lead over NIFTY 500 14.7% · 1 year 20.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.5 + 20.8 + 10.4 + 15.4 = 69.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. Man Industries (India) Ltd this page MANINDS · leader · Most evidence points up · 96% evidence 68.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 10.8% · Profit 25.9% · Operating margin change 7 points · 88% evidence Capital efficiency 14.9/25 · ROCE 16.2% · Operating margin 14% · 100% evidence Valuation 11.1/20 · P/E 26.6× · PEG 0.22 · 100% evidence Relative strength 19.7/20 · Lead over its industry 31% · Lead over NIFTY 500 40% · 1 year 76.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.2 + 14.9 + 11.1 + 19.7 = 68.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [DEE Development Engineers Ltd](https://www.sectoralpha.in/stocks/dee-development-engineers-ltd) DEEDEV · quiet · Evidence leans up · 89% evidence 60.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 40.1% · Profit 50% · Operating margin change 1 points · 88% evidence Capital efficiency 9.1/25 · ROCE 10.7% · Operating margin 17% · 100% evidence Valuation 13.6/20 · P/E 46.6× · PEG 0.62 · 65% evidence Relative strength 11.8/20 · Lead over its industry 14.2% · Lead over NIFTY 500 20.2% · 1 year 96.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 26.4 + 9.1 + 13.6 + 11.8 = 60.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Venus Pipes & Tubes Ltd](https://www.sectoralpha.in/stocks/venus-pipes-tubes-ltd) VENUSPIPES · leader · Evidence leans up · 96% evidence 58.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 21.9% · Profit 14.3% · Operating margin change 0 points · 88% evidence Capital efficiency 20.8/25 · ROCE 21.3% · Operating margin 16% · 100% evidence Valuation 4.1/20 · P/E 39.9× · PEG 3.94 · 100% evidence Relative strength 17.3/20 · Lead over its industry 22.1% · Lead over NIFTY 500 31.6% · 1 year 41.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 16.1 + 20.8 + 4.1 + 17.3 = 58.3 · What this means: Relative strength against the index is 31.6%, and revenue and profit growth are weak. 7. [JTL Industries Ltd](https://www.sectoralpha.in/stocks/jtl-industries-ltd) JTLIND · breaking out · Evidence leans up · 78% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 19% · Profit 42.4% · Operating margin change 3.7 points · 83% evidence Capital efficiency 7.9/25 · ROCE 9.6% · Operating margin 8% · 76% evidence Valuation 12.4/20 · P/E 25.4× · PEG n/a · 50% evidence Relative strength 13.2/20 · Lead over its industry 3.4% · Lead over NIFTY 500 12.7% · 1 year 15.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.6 + 7.9 + 12.4 + 13.2 = 56.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Goodluck India Ltd](https://www.sectoralpha.in/stocks/goodluck-india-ltd) GOODLUCK · breaking out · Evidence leans up · 100% evidence 56.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 18.8% · Profit 31.3% · Operating margin change 0 points · 100% evidence Capital efficiency 12.8/25 · ROCE 14.4% · Operating margin 9% · 100% evidence Valuation 9.7/20 · P/E 23.4× · PEG 0.94 · 100% evidence Relative strength 13.1/20 · Lead over its industry 10.3% · Lead over NIFTY 500 20% · 1 year 17.9% · 100% evidence · 7 of 12 weeks ahead Exact sum: 20.4 + 12.8 + 9.7 + 13.1 = 56 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Hariom Pipe Industries Ltd](https://www.sectoralpha.in/stocks/hariom-pipe-industries-ltd) HARIOMPIPE · quiet · Evidence leans down · 81% evidence 45.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 10.8% · Profit 1.5% · Operating margin change 0 points · 88% evidence Capital efficiency 13.2/25 · ROCE 15.7% · Operating margin 12% · 100% evidence Valuation 10.3/20 · P/E 13.8× · PEG 3.05 · 100% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.6% · 1 year -30.9% · 25% evidence · 1 of 12 weeks ahead Exact sum: 13.1 + 13.2 + 10.3 + 8.4 = 45 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Maharashtra Seamless Ltd](https://www.sectoralpha.in/stocks/maharashtra-seamless-ltd) MAHSEAMLES · losing its lead · Evidence leans down · 96% evidence 43.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.0/35 · Revenue -12.2% · Profit -16.1% · Operating margin change 2 points · 88% evidence Capital efficiency 12.2/25 · ROCE 14.3% · Operating margin 16% · 100% evidence Valuation 15.7/20 · P/E 9.8× · PEG 0.78 · 100% evidence Relative strength 5.6/20 · Lead over its industry -13.8% · Lead over NIFTY 500 -5.3% · 1 year -5.2% · 100% evidence · 6 of 12 weeks ahead Exact sum: 10 + 12.2 + 15.7 + 5.6 = 43.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 11. [Scoda Tubes Ltd](https://www.sectoralpha.in/stocks/scoda-tubes-ltd) SCODATUBES · quiet · Evidence leans down · 64% evidence 43.2 out of 100 Growth Capital Valuation Relative
12. [Surya Roshni Ltd](https://www.sectoralpha.in/stocks/surya-roshni-ltd) SURYAROSNI · basing · Evidence leans down · 96% evidence 39.1 out of 100 Growth Capital Valuation Relative
13. [Hi-Tech Pipes Ltd](https://www.sectoralpha.in/stocks/hi-tech-pipes-ltd) HITECH · basing · Most evidence points down · 96% evidence 34.4 out of 100 Growth Capital Valuation Relative
14. [Welspun Specialty Solutions Ltd](https://www.sectoralpha.in/stocks/welspun-specialty-solutions-ltd) WELSPLSOL · losing its lead · Most evidence points down · 83% evidence 28.9 out of 100 Growth Capital Valuation Relative
15. [Rama Steel Tubes Ltd](https://www.sectoralpha.in/stocks/rama-steel-tubes-ltd) RAMASTEEL · quiet · Most evidence points down · 96% evidence 24.2 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel - Tubes/Pipes](https://www.sectoralpha.in/sectors/steel-tubes-pipes), all 15 compared on one page. ## Which companies are close to Man Industries (India) in size? Man Industries (India) is the 3rd largest of 15 Steel - Tubes/Pipes companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: APL Apollo Tubes and Maharashtra Seamless. Just below it: Goodluck India, Sambhv Steel Tubes, Surya Roshni and Venus Pipes & Tubes. ### Steel - Tubes/Pipes companies close in size

1. [APL Apollo Tubes Ltd](https://www.sectoralpha.in/stocks/apl-apollo-tubes-ltd) ₹60,116 crore
2. [Maharashtra Seamless Ltd](https://www.sectoralpha.in/stocks/maharashtra-seamless-ltd) ₹7,213 crore
3. Man Industries (India) Ltd ₹5,443 crore
4. [Goodluck India Ltd](https://www.sectoralpha.in/stocks/goodluck-india-ltd) ₹4,923 crore
5. [Sambhv Steel Tubes Ltd](https://www.sectoralpha.in/stocks/sambhv-steel-tubes-ltd) ₹4,487 crore
6. [Surya Roshni Ltd](https://www.sectoralpha.in/stocks/surya-roshni-ltd) ₹4,436 crore
7. [Venus Pipes & Tubes Ltd](https://www.sectoralpha.in/stocks/venus-pipes-tubes-ltd) ₹4,147 crore

[All 15 Steel - Tubes/Pipes companies, largest first](https://www.sectoralpha.in/sectors/steel-tubes-pipes#all-companies)

### Companies close in size in other industries

1. [GMM Pfaudler Ltd](https://www.sectoralpha.in/stocks/gmm-pfaudler-ltd) ₹5,464 crore · Glass - Others
2. [Archean Chemical Industries Ltd](https://www.sectoralpha.in/stocks/archean-chemical-industries-ltd) ₹5,460 crore · Chemicals - Inorganic
3. Man Industries (India) Ltd ₹5,443 crore
4. [Lohia Corp Ltd](https://www.sectoralpha.in/stocks/lohia-corp-ltd) ₹5,419 crore · Textile machinery
5. [Fedbank Financial Services Ltd](https://www.sectoralpha.in/stocks/fedbank-financial-services-ltd) ₹5,390 crore · Finance & Investments - Gold Loan

## What else do people ask about Man Industries (India)? ### What is Man Industries (India)'s share price today? Man Industries (India) Ltd's share price is ₹772.70, +101.3% over the past year. The whole company is worth ₹5,793 Cr on the market. In the last 52 weeks it traded between ₹314 to ₹1,020; today it is 65% of the way up from the low, 24.5% above its 200-day average (as of 4 November 2026). ### What were Man Industries (India)'s latest quarterly results? Man Industries (India) Ltd reported revenue of ₹1,053 Cr and net profit of ₹61.0 Cr for the Jun 2026 quarter. Revenue rose 41.9% and profit rose 117.9% compared with a year earlier. Earnings per share were ₹8.19. The operating margin was 14.0%, 7.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Man Industries (India)'s market cap? Man Industries (India) Ltd's market capitalisation is ₹5,793 Cr at a share price of ₹772.70. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Man Industries (India) performing? Man Industries (India) Ltd's share price has been rising for 30 weeks. In its latest quarter, revenue rose 41.9% and profit rose 117.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 15 weeks running (as of 4 November 2026). ### Will Man Industries (India)'s share price go up? This page does not forecast Man Industries (India) Ltd's share price. What it shows instead: the share price is ₹772.70, and it has been rising for 30 weeks. Its P/E of 28.3× is higher than 98% of its own last 11 years (as of 4 November 2026). ### Who owns Man Industries (India)? Promoters own 43.2% of Man Industries (India) Ltd, foreign institutions 3.5%, domestic institutions 1.2% and the public 52.1% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 2.9 percentage points over 8 quarters (as of 4 November 2026). ### Where is Man Industries (India) in its business cycle? Man Industries (India) Ltd's FY26 operating margin was 12.0%, against a 13-year range of 4.6% to 12.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Man Industries (India) story? The main question: the share price moved +101.3% in a year while yearly earnings per share moved −3.9%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Man Industries (India) a stock worth studying right now? What the numbers show: Man Industries (India) Ltd's share price has risen faster than its earnings: +101.3% in a year, against −3.9% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Man Industries (India) share price forecast for 2026? What management itself guided: FY27 consolidated revenue around ₹5,000 crore, including NPC revenue around ₹1,500 crore. 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). What would change the story: A third slip on Saudi (beyond April to June 2026) collapses the 25-30% FY27 growth thesis entirely. ### Where does this page get Man Industries (India)'s management information? From Man Industries (India)'s results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.