Key Financial Figures - Consolidated Performance (₹ Crore)

Q2 FY27 Performance:

  • Revenue from Operations: ₹1,210 crore (up 45.1% YoY)
  • Other Income: ₹6 crore
  • Total Income: ₹1,216 crore (up 49.3% YoY)
  • EBITDA: ₹190 crore (up 86.6% YoY)
  • EBITDA Margin: 15.6% (expanded 310 bps YoY)
  • PBT: ₹122 crore (up 147.6% YoY)
  • PBT Margin: 10.1% (expanded 400 bps YoY)
  • PAT: ₹82 crore (up 121.7% YoY)
  • PAT Margin: 6.7% (expanded 220 bps YoY)

Q2 FY27 Sequential Performance:

  • Revenue from Operations increased 14.9% QoQ from ₹1,053 crore
  • EBITDA increased 22.4% QoQ from ₹155 crore
  • PAT increased 33.5% QoQ from ₹61 crore

H1 FY27 Performance:

  • Revenue from Operations: ₹22,635 crore (up 43.6% YoY)
  • Total Income: ₹22,813 crore (up 43.6% YoY)
  • EBITDA: ₹3,452 crore (up 89.2% YoY)
  • EBITDA Margin: 15.1% (expanded 360 bps YoY)
  • PBT: ₹2,079 crore (up 137.1% YoY)
  • PBT Margin: 9.1% (expanded 360 bps YoY)
  • PAT: ₹1,434 crore (up 122.1% YoY)
  • PAT Margin: 6.3% (expanded 220 bps YoY)

Key Financial Figures - Standalone Performance (₹ Crore)

Q2 FY27 Performance:

  • Revenue from Operations: ₹721 crore (down 7.7% YoY)
  • Other Income: ₹22 crore
  • Total Income: ₹744 crore (down 3.3% YoY)
  • EBITDA: ₹96 crore (down 3.0% YoY)
  • EBITDA Margin: 12.9% (flat YoY)
  • PBT: ₹61 crore (up 28.4% YoY)
  • PBT Margin: 8.2% (expanded 200 bps YoY)
  • PAT: ₹40 crore (up 12.4% YoY)
  • PAT Margin: 5.4% (expanded 80 bps YoY)

Q2 FY27 Sequential Performance:

  • Revenue from Operations decreased 28.6% QoQ from ₹1,010 crore
  • EBITDA decreased 38.8% QoQ from ₹157 crore
  • PAT decreased 48.7% QoQ from ₹78 crore

H1 FY27 Performance:

  • Revenue from Operations: ₹17,314 crore (up 15.8% YoY)
  • Total Income: ₹17,720 crore (up 16.8% YoY)
  • EBITDA: ₹2,536 crore (up 41.0% YoY)
  • EBITDA Margin: 14.3% (expanded 240 bps YoY)
  • PBT: ₹1,657 crore (up 91.2% YoY)
  • PBT Margin: 9.3% (expanded 360 bps YoY)
  • PAT: ₹1,180 crore (up 82.2% YoY)
  • PAT Margin: 6.7% (expanded 240 bps YoY)

Operational Highlights and Strategic Updates

National Pipe Company (NPC) Acquisition:

  • MAN Industries completed the acquisition of Saudi Arabia-based National Pipe Company (NPC) on May 21, 2026
  • NPC has been consolidated in MAN's financial results from the acquisition date
  • Currency conversion rates: SAR 1 = ₹25.57 for YTD numbers, SAR 1 = ₹25.41 for Q3 numbers

NPC Q3 CY26 Performance (July-September 2026):

  • Revenue: SAR 191 million (~₹486 crore)
  • EBITDA: SAR 34 million (~₹88 crore)
  • EBITDA Margin: ~18%
  • PAT: SAR 30 million (~₹77 crore)
  • Net Margin: 15.8%

NPC 9M CY26 Performance (January-September 2026):

  • Revenue: SAR 415 million (~₹1,062 crore)
  • EBITDA: SAR 76 million (~₹194 crore)
  • EBITDA Margin: 18.2%
  • PAT: SAR 67 million (~₹171 crore)
  • Net Margin: 16.1%

NPC 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)

Shipping Disruption Impact:

  • Geopolitical conflict in West Asia disrupted key maritime routes, particularly the Strait of Hormuz
  • Resulted in port congestion and delays in dispatches of finished goods
  • Approximately ₹320 crore revenue was deferred beyond Q2 FY27
  • Customer has nominated alternate ports and shipments are being executed

Order Book Position:

  • Consolidated order book stands at approximately ₹3,500 crore
  • Majority executable over the next 6-9 months

Expansion and Development Projects

Jammu Greenfield Project:

  • Greenfield stainless steel seamless pipe plant at Jammu
  • Implementation on track
  • Production expected by April 2027

Dammam Coating & Double Jointing Facility:

  • Operations targeted to commence by March 2027
  • Will strengthen integrated manufacturing and value-added processing capabilities in Saudi Arabia

USA Manufacturing Facility:

  • Establishment of HSAW pipe facility through wholly owned subsidiary
  • Capacity: 350,000 MTPA
  • Planned capex: US$110 million

Merino Shelters Project:

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

Management Commentary

Mr. Nikhil Mansukhani, Managing Director, stated that Q2 FY27 was a landmark quarter with record consolidated EBITDA of ₹190 crore. The NPC acquisition has added scale and profitability, with integration progressing well. Shipping disruptions deferred approximately ₹320 crore revenue, but shipments are now being executed through alternate ports. With a strong order book and expansion projects, the company is positioned to build a larger, more integrated 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 the oil & gas sector. Following the NPC acquisition, the company operates three manufacturing facilities at Pithampur (Madhya Pradesh), Anjar (Gujarat), and Saudi Arabia, with combined installed capacity of over 1.6 million MTPA. The company supplies pipeline infrastructure to oil & gas, petrochemicals, water transmission, fertilizers, dredging and city gas distribution sectors.