Man Industries (India) Ltd

Q4 FY25Industrial Products

Man Industries (India) Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹715

Market cap₹4.0K Cr

P/E23.5

Updated23 Aug 2026

Read4 min read

The short version

FY'26 standalone revenue target is around Rs. The company targets a 20% topline growth during the current fiscal year (FY'26), aiming to reach around Rs.

From Man Industries (India) Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

FY'26 standalone revenue target is around Rs. 4,000 crore with a conservative 20% growth expected during the year.
Potential to reach over Rs. 5,000 crore revenue from existing capacity by FY'27 without additional CAPEX, driven by marketing and product mix.
New capacities in Jammu and Saudi Arabia will become operational from Q3 FY'26, expected to contribute additional revenue of around Rs. 1,500 crore over time.
Anticipated revenue growth over the next 5-6 years from real estate projects estimated at around Rs. 700 crore, with steady yearly inflows of Rs. 80-120 crore.
Volume growth is expected to correspond with revenue growth, assuming stable steel prices.
Order book stands at Rs. 2,500 crore with a large bid pipeline of Rs. 15,000 crore, mostly export-oriented (80%), supporting future order inflows.
ERW segment, contributing 10% revenue, is expected to grow further with new accreditations and export orders.

Profitability & Margins

The company targets a 20% topline growth during the current fiscal year (FY'26), aiming to reach around Rs. 4,000 crore standalone revenue.
EBITDA margins are expected to improve by 50 to 100 basis points driven by a favorable product mix and higher contribution from exports and value-added products.
Export revenues contribute around 75-80% of consolidated revenue, reinforcing growth potential from international markets.
New capacities in Jammu and Saudi Arabia will become operational from Q3 FY'26, expected to ramp up over two years, potentially adding around Rs. 3,500 crore in revenue at full capacity.
Profit After Tax (PAT) for FY'25 grew 46% YoY; EBITDA for the year increased 20% YoY, and these trends are expected to continue with capacity ramp-up and margin improvement.
Real estate segment revenues will contribute gradually over 5-6 years, adding stable additional profit streams.

See what Man Industries (India) Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

No new CAPEX announced except ongoing projects in Jammu and Saudi Arabia.
Jammu and Saudi plants CAPEX: Approximately Rs. 550-600 crore for Saudi and Rs. 600 crore combined with Jammu.
CAPEX in Jammu and Saudi expected to complete during FY'26; plants to be operational by Q3 FY'26.
Routine/small CAPEX of Rs. 25-30 crore continues for plant upgradation and modernization.
Working capital for new plants to be arranged with bank support before production starts; no major capital required beyond this.
No immediate plans for additional strategic investments or expansion CAPEX beyond current projects.
CAPEX so far incurred includes Rs. 156 crore on stainless steel project; balance committed via machinery orders.
CAPEX linked to specialized product capability like green hydrogen pipes (approved for production but no projects yet).

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Fundraising & Capital Structure

There is no explicit mention of new fundraising plans through debt or equity at this moment.
When asked about raising funds, the management stated they will not comment on it currently (Page 8).
For the Jammu and Saudi Arabia projects, debt financing is partly secured: Rs. 400 crore debt portion out of the total Rs. 600 crore project cost has an in-principle bank approval (Page 7).
Interest costs related to new projects will appear in financials next year, currently capitalized as CWIP (Page 9).
Routine/small CAPEX is ongoing, mainly for plant upgradation and modernization, around Rs. 25-30 crores annually (Page 15).
No new CAPEX announcements beyond ongoing Jammu and Saudi projects; focus is on completing current projects (Page 15).

See what Man Industries (India) Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

As of March 31, 2025, Man Industries has an order book of Rs. 2,500 crores.
The bid pipeline stands at approximately Rs. 15,000 crores, indicating strong future potential.
Around 80%-90% of the current order book and pipeline is from international markets, reflecting a strong export focus.
The order book is described as a rolling process, with orders worth about Rs. 2,500 crores covering six months, translating to around Rs. 5,000 crores of annual orders.
Management is confident of improving the order book soon, noting that quarterly fluctuations in order book size are typical and not indicative of market weakness.
There are ongoing negotiations expected to convert substantial bid pipeline opportunities into confirmed orders in the near term.
No significant decline in large orders is expected; potential for orders similar or larger than previous large orders of Rs. 1,800+ crores exists.

Man Industries (India) Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net profit ₹51 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Man Industries (India) Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Man Industries (India) Ltd Q4 FY25 results?

FY'26 standalone revenue target is around Rs. The company targets a 20% topline growth during the current fiscal year (FY'26), aiming to reach around Rs.

What is Man Industries (India) Ltd share price analysis?

Man Industries (India) Ltd currently shows a neutral. The stock trades at a P/E of 23.5 with a market cap of ₹3,999 Cr. Investors should review the full earnings analysis for detailed insights.

Is Man Industries (India) Ltd planning capital expenditure?

No new CAPEX announced except ongoing projects in Jammu and Saudi Arabia.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.