Man Industries (India) Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,443 Cr
- P/E
- 26.63
- ROE
- 9.18%
- PEG
- 0.61
- Price to sales
- 1.40
- Debt to equity
- 0.30
- 52W high / low
- ₹1,020 / ₹311
- Sales growth (5Y)
- 11.37%
- EBITDA margin
- 13.73%
- Net profit margin
- 4.76%
- Promoter holding
- 43.21%
- Sales (last year)
- ₹3,875 Cr
Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in Pipe Industry.
Guidance scorecard · Q1 FY27 call
What Man Industries's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- For FY28, Man Industries expects a consolidated revenue growth of approximately 25% to 30%.
- Jammu plant to add around INR 200-300 crores in top line initially, scaling up over time.
- With NPC ramping up, Dammam coating facility coming online, and Jammu plant beginning operation, top line growth will be supported by these expansions.
- India revenues are expected to grow nominally to around INR 3,800 crores in FY27, with Saudi operations contributing about INR 1,200 crores.
- Bid pipeline stands strong at INR 24,000 crores, with about 70% in MENA regions and 35-40% related to water projects.
- Market demand is anticipated to be structural and multiyear, driven by government and national oil company investments globally.
2 more points from Man Industries's call on revenue
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MarginsQ1 FY27 call
FlatSee what Man Industries said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Jammu Project: INR600 crores capex (₹350 crores spent, ₹250 crores ongoing), funded ~70% internal cash and 30% debt; expected to add INR200-300 crores revenue from FY28.
- Saudi Arabia Coating Plant: Investment of USD50 million (~INR400 crores), split equally between loans and internal funds; coating capacity planned at 4 lakh square meters per annum.
- Dammam Coating and Double Jointing Facility (Saudi): Operations targeted to commence by March 2027, part of strengthening integrated manufacturing and value-added processing capabilities.
2 more points from Man Industries's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Man Industries said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current consolidated order book: INR 3,600 crores (India: INR 2,200-2,300 crores; NPC: remaining portion).
- India order book breakup: Over 80% exports, around 20% domestic.
- Bid pipeline: Approximately INR 24,000 crores.
- Around 70% of the bid pipeline is from MENA and extended MENA regions.
- Within bid pipeline, 35-40% is water-related projects (India and international).
- Large international pipelines planned globally with expected traction post-war resolution.
- Projected revenue growth between 25%-30% for FY28 considering ramp-up of NPC, Jammu, and Dammam coating facilities.
2 more points from Man Industries's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingMan Industries announcements
All announcements →Financials of Man Industries
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Man Industries
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 598 | 490 | 1,018 | 833 | 811 | 749 | 806 | 732 | 1,218 | 742 | 834 | 830 | 1,157 |
| Expenses + | 557 | 444 | 948 | 768 | 752 | 711 | 742 | 653 | 1,097 | 693 | 713 | 703 | 1,018 |
| Operating Profit | 41 | 47 | 70 | 65 | 58 | 38 | 64 | 79 | 121 | 49 | 121 | 128 | 140 |
| OPM % | 7% | 10% | 7% | 8% | 7% | 5% | 8% | 11% | 10% | 7% | 15% | 15% | 12% |
| Other Income + | 11 | 4 | 21 | 14 | 14 | 20 | 11 | 6 | 15 | 31 | -19 | 8 | 8 |
| Interest | 6 | 21 | 22 | 20 | 25 | 18 | 21 | 26 | 35 | 30 | 30 | 38 | 52 |
| Depreciation | 11 | 15 | 15 | 16 | 15 | 13 | 11 | 11 | 11 | 13 | 22 | 21 | 23 |
| Profit before tax | 34 | 14 | 54 | 43 | 32 | 28 | 43 | 47 | 91 | 38 | 49 | 76 | 73 |
| Tax % | 12% | 22% | 28% | 29% | 26% | 31% | 26% | 27% | 25% | 28% | 25% | 28% | 30% |
| Net Profit + | 30 | 11 | 39 | 31 | 24 | 19 | 32 | 34 | 68 | 28 | 37 | 55 | 51 |
| EPS in Rs | 4.96 | 1.87 | 6.50 | 5.09 | 3.73 | 2.94 | 4.92 | 5.27 | 10.53 | 4.11 | 4.93 | 7.34 | 6.78 |
Financials of Man Industries
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,364 | 1,392 | 1,060 | 1,608 | 2,222 | 1,759 | 2,080 | 2,139 | 2,231 | 3,142 | 3,505 | 3,564 |
| Expenses + | 1,250 | 1,272 | 1,012 | 1,483 | 2,044 | 1,591 | 1,875 | 1,958 | 2,094 | 2,901 | 3,204 | 3,125 |
| Operating Profit | 114 | 120 | 48 | 125 | 178 | 168 | 205 | 181 | 137 | 241 | 301 | 439 |
| OPM % | 8% | 9% | 5% | 8% | 8% | 10% | 10% | 8% | 6% | 8% | 9% | 12% |
| Other Income + | 35 | 67 | 72 | 53 | 21 | 14 | 31 | 37 | 39 | 52 | 52 | 29 |
| Interest | 46 | 56 | 36 | 43 | 64 | 64 | 53 | 37 | 41 | 88 | 100 | 152 |
| Depreciation | 43 | 37 | 40 | 39 | 46 | 52 | 46 | 45 | 46 | 61 | 45 | 79 |
| Profit before tax | 60 | 93 | 44 | 95 | 88 | 65 | 137 | 135 | 89 | 144 | 208 | 237 |
| Tax % | 17% | 7% | 24% | 33% | 33% | 15% | 26% | 25% | 25% | 27% | 26% | 28% |
| Net Profit + | 50 | 86 | 34 | 64 | 59 | 56 | 101 | 102 | 67 | 105 | 153 | 170 |
| EPS in Rs | 8.82 | 15.14 | 5.88 | 11.15 | 10.30 | 9.72 | 17.66 | 17.16 | 11.15 | 16.24 | 23.66 | 22.73 |
| Dividend Payout % | 17% | 10% | 26% | 13% | 15% | 10% | 11% | 0% | 0% | 12% | 0% | 0% |
Financials of Man Industries
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 30 | 30 | 32 | 32 | 38 |
| Reserves | 454 | 538 | 570 | 624 | 673 | 718 | 806 | 913 | 1,102 | 1,372 | 1,575 | 2,049 |
| Borrowings + | 495 | 353 | 447 | 368 | 244 | 294 | 296 | 57 | 301 | 326 | 476 | 628 |
| Other Liabilities + | 522 | 323 | 311 | 678 | 648 | 787 | 655 | 821 | 427 | 684 | 1,696 | 2,306 |
| Total Liabilities | 1,499 | 1,243 | 1,356 | 1,698 | 1,594 | 1,827 | 1,786 | 1,820 | 1,860 | 2,415 | 3,779 | 5,021 |
| Fixed Assets + | 416 | 349 | 346 | 355 | 396 | 368 | 337 | 318 | 553 | 605 | 643 | 864 |
| CWIP | 3 | 19 | 5 | 63 | 3 | 4 | 1 | 20 | 14 | 31 | 133 | 326 |
| Investments | 3 | 104 | 104 | 103 | 102 | 102 | 103 | 102 | 0 | 228 | 26 | 71 |
| Other Assets + | 1,077 | 771 | 902 | 1,176 | 1,093 | 1,353 | 1,345 | 1,379 | 1,293 | 1,552 | 2,977 | 3,760 |
| Total Assets | 1,499 | 1,243 | 1,356 | 1,698 | 1,594 | 1,827 | 1,786 | 1,820 | 1,860 | 2,415 | 3,779 | 5,021 |
Financials of Man Industries
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 64 | 205 | -75 | 132 | 137 | 214 | -60 | 451 | -120 | 345 | 68 | |
| Cash from Investing Activity + | -61 | 2 | 21 | -105 | 0 | -46 | 4 | -119 | -135 | -279 | -41 | |
| Cash from Financing Activity + | -35 | -188 | 41 | -115 | -138 | -37 | -63 | -267 | 211 | 86 | 30 | |
| Net Cash Flow | -31 | 19 | -13 | -88 | -1 | 131 | -119 | 65 | -45 | 152 | 56 | |
| Free Cash Flow | 69 | 158 | -98 | 22 | 111 | 204 | -72 | 405 | -328 | 228 | -86 | |
| CFO/OP | 68% | 186% | -123% | 123% | 92% | 144% | -11% | 275% | -68% | 157% | 40% |
Financials of Man Industries
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 130 | 70 | 117 | 87 | 91 | 93 | 115 | 93 | 81 | 41 | 93 | 103 |
| Inventory Days | 92 | 44 | 49 | 126 | 47 | 110 | 85 | 73 | 84 | 98 | 190 | 251 |
| Days Payable | 135 | 75 | 94 | 174 | 121 | 162 | 133 | 174 | 70 | 76 | 180 | 241 |
| Cash Conversion Cycle | 87 | 39 | 71 | 39 | 17 | 41 | 67 | -8 | 95 | 63 | 104 | 114 |
| Working Capital Days | 62 | 34 | 46 | 25 | 17 | -14 | 34 | 23 | 69 | 33 | 38 | 29 |
| ROCE % | 10% | 16% | 8% | 14% | 16% | 13% | 17% | 16% | 10% | 14% | 16% | 16% |
Guidance history
How Man Industries's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
45 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +73.2% | 91% |
| Last 6 months | +37.8% | 86% |
| Last 3 months | +36.3% | 94% |
The price is 29% below its all-time high of ₹1,021.55 (25 Sept 2026). Stocks more than 20% below their peak have their score halved, so 90 became 45.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Man Industries: 0.4 × 91 + 0.4 × 86 + 0.2 × 94 = 90, halved to 45 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Man Industries's management said in earlier quarters
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