Key Financial Performance - Standalone (₹ Crore)

Q4 FY26 Performance:

  • Revenue from Operations: ₹1,157 crore, up 36.0% YoY from ₹850 crore in Q4 FY25
  • Other Income: ₹18 crore, down 28.2% YoY from ₹25 crore
  • Total Income: ₹1,175 crore, up 34.2% YoY from ₹875 crore
  • EBITDA: ₹171 crore, up 69.0% YoY from ₹101 crore
  • EBITDA Margin: 14.6%, expanding 300 bps from 11.6% in Q4 FY25
  • PAT: ₹70 crore, up 74% YoY
  • Sequential growth: Revenue up 44% from Q3 FY26 (₹804 crore), EBITDA up 21% from ₹142 crore

FY26 Annual Performance - Standalone:

  • Revenue from Operations: ₹3,455 crore, up 10.8% YoY from ₹3,118 crore
  • Other Income: ₹53 crore, down 2.0% YoY from ₹54 crore
  • Total Income: ₹3,508 crore, up 10.6% YoY from ₹3,172 crore
  • EBITDA: ₹493 crore, up 48.9% YoY from ₹331 crore
  • EBITDA Margin: 14.0%, expanding 360 bps from 10.4% in FY25
  • Record high standalone EBITDA and PAT margins achieved

Key Financial Performance - Consolidated (₹ Crore)

Q4 FY26 Performance:

  • Revenue from Operations: ₹1,157 crore, down 5.0% YoY from ₹1,218 crore (Q4 FY25 included ₹369 crore from Merino Shelters real estate income)
  • Core pipe business revenue growth: ~36.2% YoY after adjusting for Merino Shelters contribution
  • Other Income: ₹8 crore, up 200.7% YoY from ₹3 crore
  • Total Income: ₹1,166 crore, down 4.6% YoY from ₹1,221 crore
  • EBITDA: ₹148 crore, up 8.4% YoY from ₹136 crore
  • EBITDA Margin: 12.7%, expanding 150 bps from 11.2% in Q4 FY25
  • PBT: ₹73 crore, down 20.0% YoY from ₹91 crore
  • PAT: ₹51 crore, down 25.4% YoY from ₹68 crore
  • PAT Margin: 4.4% vs 5.6% in Q4 FY25

FY26 Annual Performance - Consolidated:

  • Revenue from Operations: ₹3,564 crore, up 1.7% YoY from ₹3,505 crore
  • Other Income: ₹29 crore, up 43.2% YoY from ₹20 crore
  • Total Income: ₹3,592 crore, up 1.9% YoY from ₹3,525 crore
  • EBITDA: ₹468 crore, up 31.3% YoY from ₹356 crore
  • EBITDA Margin: 13.0%, expanding 290 bps from 10.1% in FY25
  • PBT: ₹237 crore, up 13.7% YoY from ₹208 crore
  • PAT: ₹170 crore, up 11.3% YoY from ₹153 crore
  • PAT Margin: 4.7%, expanding 40 bps from 4.3% in FY25
  • Record high consolidated EBITDA and PAT margins achieved

Strategic Acquisition

On May 21, 2026, Man Industries through its wholly owned subsidiary MISIC acquired 100% of National Pipe Company Limited (NPC), Saudi Arabia for total consideration of USD 102 million (~₹1,000 crore).

NPC Acquisition Details:

  • 430,000 MTPA of HSAW and LSAW pipe capacity
  • Debt-free balance sheet with USD 83 million in cash and liquid assets
  • Blue-chip customer base including two-decade relationship with Saudi Aramco
  • Transaction completed at 1.5x EV/EBITDA
  • EPS-accretive from Day 1
  • API-certified large-diameter pipe manufacturer

Operational Highlights

Order Book & Visibility:

  • Current standalone order book: Approximately ₹3,000 crore
  • Executable over next 6-12 months
  • Provides strong revenue visibility for FY27

Merino Shelters Project:

  • Full Commencement Certificate received for 20,00,000 sq. ft.
  • Launch on course for June 2026
  • Cash flows expected to commence from June 2026 onwards

Jammu Greenfield Project:

  • Stainless steel seamless pipe plant under construction
  • Completion on track for December 2026
  • Commercial production expected by March 2027
  • Revenue contribution anticipated from FY 2027-28 onwards

Financial Position

  • Cash and cash equivalents: ₹657.2 crore at year-end
  • Net cash positive: ₹157.5 crore
  • Free cash flow generation: ₹132 crore
  • Capital expenditure during year: ₹340 crore

Forward Guidance

  • FY27 Consolidated Revenue Guidance: ₹5,000-5,500 crore
  • FY27 EBITDA Margin Guidance: 13-15%
  • Guidance excludes any contribution from Merino Shelters
  • Merino Shelters expected to be incremental earnings driver from June 2026 onwards

Management Commentary

Mr. Nikhil Mansukhani, Managing Director, stated that FY26 was a defining year with highest-ever consolidated EBITDA and PAT margins. The company is building a more diversified and resilient platform with robust order book, NPC acquisition, and upcoming Jammu plant. The company enters FY27 at an inflection point with strong foundations and significant runway ahead.

Business Overview

Man Industries (India) Limited is a manufacturer of large-diameter carbon steel line pipes and coating systems for oil & gas sector. Operates two manufacturing facilities at Pithampur, Madhya Pradesh and Anjar, Gujarat with combined installed capacity of over 1.2 million MTPA. Holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.