Man Industries
Man Industries Q2 FY26: Order Book ₹4,750 Cr
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #45 of 100 in Industrial Products
See the sector's top 10 — free with your mobile number.
Man Industries Q2 FY26 key numbers
- Revenue
- Jammu plant (starting April 2026): Expected revenue ~₹500 crores in the first year, ramping up from ~40% utilization.
As stated in Man Industries's Q2 FY26 earnings call transcript · published 19 Jul 2026. Reported figures, not investment advice.
The short version
FY27 revenue target: Around ₹7,000 crores, combining existing, Saudi, and Jammu plants. FY27 PAT margin is expected to improve to 5% - 5.5% due to EBITDA margin increase despite higher finance costs, depreciation, and tax.
From Man Industries's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- FY27 revenue target: Around ₹7,000 crores, combining existing, Saudi, and Jammu plants.
- Saudi plant (Q4 FY26 start): Expected revenue ~₹2,000 crores in the first year at ~50% capacity utilization.
- Jammu plant (starting April 2026): Expected revenue ~₹500 crores in the first year, ramping up from ~40% utilization.
- Current Indian operations: Expected to contribute ~₹4,500 crores in FY27.
- Volume ramp-up: Jammu 40% utilization in year 1, 70% in year 2; Saudi plant ramping up slowly after launch.
- Order book: ₹4,750 crores currently for India; Saudi and Jammu order books developing, expected confirmed once production starts.
2 more points from Man Industries's call on revenue
Create a free account to keep reading this call
Profitability & Margins
See what Man Industries said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- MAN Industries is undertaking a major expansion with a total capex of around ₹1,200 crores.
- For the Jammu plant, project cost is ₹595 crores; around ₹200 crores equity already invested, with additional LC commitments totaling ₹200 crores.
- Jammu plant focuses on special steel stainless steel seamless tubes with higher margins (18%-22% EBITDA).
- Saudi plant primarily targets the Saudi market but can supply other GCC regions, expecting EBITDA of 12%-15%.
- Both plants combined accounted for about ₹200 crores investment so far.
2 more points from Man Industries's call on capex
Create a free account to keep reading this call
Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Man Industries said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Current order book stands at approximately ₹4,750 crores, with about 90% being exports.
- The ₹4,500 crores order book primarily pertains to Indian operations; Saudi and Jammu plants currently have no declared order book as they are not yet operational.
- Discussions and negotiations for Saudi and Jammu plant orders are in advanced stages, with expectations to start booking orders from Q4 FY26 onwards.
- The combined targeted revenue for FY27 from Indian operations, Saudi, and Jammu plants is ₹7,000 crores, implying additional order inflows post-plant commissioning.
2 more points from Man Industries's call on order book
Create a free account to keep reading this call
Man Industries — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.2K Cr, net profit ₹51 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Man Industries's management said in earlier quarters
Others in Industrial Products this season
- Lead Reclaim and Rubber Products Ltd (Q2 FY26)
Revenue from Operations for H1 FY26: ₹2,190 lakhs, up 138.04% YoY (from ₹920 lakhs in H1 FY25) (Page 19) . Key investor presentation takeaways from Lead Reclaim
- Shubhshree Biofuels Energy Ltd (Q2 FY26)
Revenue from operations for H1 FY26: ₹9,604.6 Lakhs . Key investor presentation takeaways from Shubhshree Biofuels Energy Ltd's Q2 FY26 investor presentation —
- De Neers Tools Ltd (Q2 FY26)
H1FY26 Net Sales:** ₹670.4 Mn . Key investor presentation takeaways from De Neers Tools's Q2 FY26 investor presentation — and how it ranks against sector peers.
- WOL 3D India Ltd (Q2 FY26)
Revenue from Operations for H1FY26 is Rs 415 Mn, up 82% YoY from Rs 227 Mn in H1FY25 (Page 9, Page 5). Key investor presentation takeaways from WOL 3D India Ltd
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Arthneeti Pro · Annual
Man Industries and 15K+ more earnings calls,
for less than your morning chai
a day
Every earnings call, ranking and concall Q&A across all four results seasons.
Secure Razorpay payment · instant access
Frequently Asked Questions
What were Man Industries Q2 FY26 results?
FY27 revenue target: Around ₹7,000 crores, combining existing, Saudi, and Jammu plants. FY27 PAT margin is expected to improve to 5% - 5.5% due to EBITDA margin increase despite higher finance costs, depreciation, and tax.
What is Man Industries share price analysis?
Man Industries currently shows a neutral. The stock trades at a P/E of 31.8 with a market cap of ₹6,491 Cr. Investors should review the full earnings analysis for detailed insights.
Is Man Industries planning capital expenditure?
MAN Industries is undertaking a major expansion with a total capex of around ₹1,200 crores.
Keep Man Industries on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.