Nature of Disclosure: Revised unaudited financial results (standalone and consolidated) for Q2 and H1 FY27 submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance - Standalone (₹ crore):

  • Q2 FY27 Revenue from Operations: ₹721 crore, down 7.7% YoY from ₹782 crore in Q2 FY26 and down 28.6% QoQ from ₹1,010 crore in Q1 FY27
  • H1 FY27 Revenue from Operations: ₹1,731 crore, up 15.8% YoY from ₹1,495 crore in H1 FY26
  • Q2 FY27 EBITDA: ₹96 crore, down 3.0% YoY from ₹99 crore, with EBITDA margin at 12.9% (4 bps improvement YoY)
  • H1 FY27 EBITDA: ₹254 crore, up 41.0% YoY from ₹180 crore, with EBITDA margin at 14.3% (240 bps improvement YoY)
  • Q2 FY27 PAT: ₹40 crore, up 12.4% YoY from ₹36 crore, with PAT margin at 5.4% (80 bps improvement YoY)
  • H1 FY27 PAT: ₹118 crore, up 82.2% YoY from ₹65 crore, with PAT margin at 6.7% (240 bps improvement YoY)
  • Other Income: Q2 FY27: ₹22 crore; H1 FY27: ₹41 crore

Financial Performance - Consolidated (₹ crore):

  • Q2 FY27 Revenue from Operations: ₹1,210 crore, up 45.1% YoY from ₹834 crore and up 14.9% QoQ from ₹1,053 crore
  • H1 FY27 Revenue from Operations: ₹2,263 crore, up 43.6% YoY from ₹1,576 crore
  • Q2 FY27 EBITDA: ₹190 crore (record high), up 86.6% YoY from ₹102 crore and up 22.4% QoQ from ₹155 crore, with EBITDA margin at 15.6% (310 bps improvement YoY)
  • H1 FY27 EBITDA: ₹345 crore, up 89.2% YoY from ₹182 crore, with EBITDA margin at 15.1% (360 bps improvement YoY)
  • Q2 FY27 PAT: ₹82 crore, up 121.7% YoY from ₹37 crore and up 33.5% QoQ from ₹61 crore, with PAT margin at 6.7% (220 bps improvement YoY)
  • H1 FY27 PAT: ₹143 crore, up 122.1% YoY from ₹65 crore, with PAT margin at 6.3% (220 bps improvement YoY)
  • Other Income: Q2 FY27: ₹6 crore; H1 FY27: ₹18 crore

National Pipe Company (NPC) Performance:

  • MAN completed acquisition of NPC on May 21, 2026, and consolidated it from that date
  • Q3 CY26 (July-September 2026) Performance: Revenue SAR 191 million (~₹486 crore), EBITDA SAR 34 million (~₹88 crore) with 18% margin, PAT SAR 30 million (~₹77 crore) with 15.8% net margin
  • 9M CY26 (January-September 2026) Performance: Revenue SAR 415 million (~₹1,062 crore), EBITDA SAR 76 million (~₹194 crore) with 18.2% margin, PAT SAR 67 million (~₹171 crore) with 16.1% net margin
  • Contribution to MAN (May 21-September 30, 2026): Revenue SAR 208 million (~₹532 crore), EBITDA SAR 37 million (~₹94 crore), PAT SAR 31 million (~₹79 crore)
  • Currency conversion rates: SAR 1 = ₹25.57 for YTD numbers, SAR 1 = ₹25.41 for Q3 numbers

Operational Highlights:

  • Shipping Disruption Impact: Geopolitical conflict in West Asia disrupted maritime routes through Strait of Hormuz, causing port congestion and delays
  • Approximately ₹320 crore revenue deferred beyond Q2 FY27 due to dispatch delays
  • Customer has nominated alternate ports and shipments are being executed
  • Order Book: Consolidated order book stands at ~₹3,500 crore across India and Saudi Arabia, majority executable over next 6-9 months

Expansion Projects:

  • Jammu Greenfield Plant: Stainless steel seamless pipe plant implementation on track, production expected by April 2027
  • Dammam Coating & Double Jointing Facility: Operations targeted to commence by March 2027 in Saudi Arabia
  • USA Manufacturing Facility: Establishment of HSAW pipe facility through wholly owned subsidiary with capacity of 350,000 MTPA and planned capex of US$110 million

Real Estate Development:

  • Joint development agreement (JDA) project with Paradise Group at Navi Mumbai launched on October 26, 2026
  • Expected cash flows of ₹700-800 crore over next 5-6 years

Exceptional Items:

  • Write-back of customer advance of ₹24.69 crore consequent to settlement of sales contract worth ₹37.85 crore
  • Reported under exceptional items in financial results, described as normal business transaction

Management Commentary:

Mr. Nikhil Mansukhani, Managing Director, stated that Q2 FY27 was a landmark quarter with record consolidated EBITDA of ₹190 crore. NPC acquisition has added scale and profitability with integration progressing well. Shipping disruptions deferred revenue but customer has nominated alternate ports. With strong order book and expansion projects, company is positioned to build larger global pipeline solutions business.

Company Background:

MAN Industries (India) Limited (BSE: 513269, NSE: MANINDS) is a leading manufacturer of large-diameter carbon steel line pipes and coating systems for oil & gas sector. Operates three manufacturing facilities at Pithampur (Madhya Pradesh), Anjar (Gujarat), and Saudi Arabia with combined installed capacity over 1.6 million MTPA. Supplies pipeline infrastructure to oil & gas, petrochemicals, water transmission, fertilizers, dredging and city gas distribution sectors. Holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.