Key Financial Performance (Consolidated)

Q2 FY27 Performance (YoY):

  • Revenue from Operations: ₹1,210 crore, up 45.1% from ₹834 crore in Q2 FY26
  • Total Income: ₹1,216 crore, up 49.3% from ₹815 crore in Q2 FY26
  • EBITDA: ₹190 crore, up 86.6% from ₹102 crore in Q2 FY26
  • EBITDA Margin: 15.6%, improved by 310 basis points from 12.5%
  • PAT: ₹82 crore, up 121.7% from ₹37 crore in Q2 FY26
  • PAT Margin: 6.7%, improved by 220 basis points from 4.5%

Q2 FY27 Performance (QoQ):

  • Revenue from Operations increased 14.9% from ₹1,053 crore in Q1 FY27
  • Total Income increased 14.2% from ₹1,065 crore in Q1 FY27
  • EBITDA increased 22.4% from ₹155 crore in Q1 FY27
  • EBITDA Margin improved by 100 basis points from 14.6%
  • PAT increased 33.5% from ₹61 crore in Q1 FY27
  • PAT Margin improved by 90 basis points from 5.8%

H1 FY27 Performance (YoY):

  • Revenue from Operations: ₹2,263 crore, up 43.6% from ₹1,576 crore in H1 FY26
  • Total Income: ₹2,281 crore, up 43.6% from ₹1,588 crore in H1 FY26
  • EBITDA: ₹345 crore, up 89.2% from ₹182 crore in H1 FY26
  • EBITDA Margin: 15.1%, improved by 360 basis points from 11.5%
  • PAT: ₹143 crore, up 122.1% from ₹65 crore in H1 FY26
  • PAT Margin: 6.3%, improved by 220 basis points from 4.1%

National Pipe Company (NPC) Acquisition Update

The acquisition of National Pipe Company (Saudi Arabia) was completed on 21 May 2026. Q2 FY27 represents the first full quarter with NPC's contribution. Since acquisition, NPC has contributed:

  • Revenue: ₹532 crore (SAR 208.0 Mn)
  • EBITDA: ₹94 crore (SAR 36.6 Mn)
  • PAT: ₹79 crore (SAR 30.7 Mn)

NPC Q3 CY26 (Jul-Sep 2026) Performance:

  • Revenue: SAR 191.1 Mn (₹485.6 crore)
  • Gross Profit: SAR 39.3 Mn (₹99.9 crore) with 20.6% margin
  • EBITDA: SAR 34.4 Mn (₹87.5 crore) with 18.0% margin
  • PAT: SAR 30.2 Mn (₹76.8 crore) with 15.8% margin

Business Updates and Expansion Plans

Order Book: The company maintains a consolidated order book of approximately ₹3,500 crore, executable over the next 6-9 months.

USA Expansion: Through a wholly owned subsidiary, the company is establishing an HSAW Pipe Manufacturing Facility in the USA.

Jammu Plant: A greenfield stainless steel seamless pipe facility with 22,000 MTPA capacity is targeted for production in April 2027. This will produce SS seamless mother pipes and pilgered pipes for higher-value applications.

Saudi Arabia Expansion: A 4M sq m Dammam Coating Plant in KSA is targeted for production in March 2027, offering 3LPE, FBE and internal coating capabilities.

Merino Shelters JDA: A joint development agreement with Paradise Group launched on October 26, 2026, is expected to generate ₹700-800 crore in cash flows over 5-6 years.

Manufacturing Capacity and Global Presence

  • Total pipe capacity: 1.6Mn MTPA (includes NPC capacity of 0.43Mn MTPA)
  • Manufacturing facilities in Anjar (Gujarat), Pithampur (Madhya Pradesh), Dhahran (Saudi Arabia)
  • Only company in KSA with both LSAW and HSAW manufacturing capabilities
  • Aramco-approved vendor

Exceptional Item

There is an exceptional item in profit before tax comprising the write-back of customer advance of ~₹25 crore consequent to the settlement of a sales contract worth ~₹38 crore.

Balance Sheet Highlights (Consolidated, H1-FY27)

  • Shareholders' Fund: ₹2,775 crore (up from ₹2,087 crore in FY26)
  • Long-term Borrowings: ₹814 crore (up from ₹240 crore in FY26)
  • Short-term Borrowings: ₹630 crore (up from ₹259 crore in FY26)
  • Cash & Bank Balances: ₹1,105 crore (up from ₹657 crore in FY26)
  • Total Assets: ₹6,264 crore (up from ₹5,021 crore in FY26)

Investor Relations Contacts

  • CA Sakshi Shah: sakshis@goindiaadvisors.com
  • Nikhar Arora: Nikhar@goindiaadvisors.com
  • Mr. Vijay Gyanchandani (DGM - Investor Relations): +91 9619438448, Vijay.gyanchandani@maninds.org
  • Mr. Rahul Rawat (Company Secretary): cs@maninds.org