Man Industries Q4 Revenue Jumps 36% YoY

Company Overview

Leading manufacturer of large diameter pipes with 3 decades of presence in pipe industry
2 state-of-the-art manufacturing facilities with 6 production lines
Total installed capacity: 1.2 Million+ MTPA
35+ years history of distributing dividend to stakeholders
Products: API grade LSAW, HSAW, ERW, Coating used across O&G, water sector, Hydro-Carbon & CGD Sector
20,000+ KM pipes supplied since inception
Approved vendor for domestic & international oil & gas majors
Global presence across 30+ nations

Manufacturing Facilities

Two facilities located in Anjar, Kutch District, Gujarat and Pithampur, Madhya Pradesh
Total area: ~182 acres
Combined manufacturing capacity: 1.2 million tonnes per annum (TPA)
Products: LSAW, HSAW, and ERW pipes
Certifications: ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018
Strategic location advantages: Easy access to Kandla & Mudra port, proximity to rail and national highway

Q4 FY26 Operational Highlights

Record Margins: Standalone FY26 EBITDA and PAT margins reached all-time highs of 14.0% and 5.6% respectively, expanding 360 bps and 130 bps year-on-year
Consolidated Performance: EBITDA and PAT margins reached record highs of 13.0% and 4.7%, expanding 290 bps and 40 bps year-on-year
Q4 Revenue Growth: Standalone revenue grew 36% year-on-year and 44% sequentially to ₹1,157 crore
Q4 Profitability: EBITDA jumped 69% to ₹171 crore (margins: 14.6%, +300 bps), with PBT and PAT growing 67% and 74% year-on-year to ₹95 crore and ₹70 crore respectively
Core Business Performance: Adjusting for one-time Merino Shelters contribution of ₹369 crore in Q4 FY25, core pipe business delivered revenue growth of ~36.2% year-on-year in Q4 FY26

Financial Position

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

Order Book & Business Outlook

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

Project Updates

Merino Shelters: 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: Construction of stainless steel seamless pipe plant on track for completion by December 2026. Commercial production expected by March 2027. Revenue contribution anticipated from FY 2027-28 onwards

FY27 Guidance

Consolidated revenue guidance: ₹5,000-5,500 crore
EBITDA margin guidance: 13-15%
Guidance excludes any contribution from Merino Shelters, which is expected to be incremental earnings driver from June 2026 onwards

Quarterly Standalone Financial Performance (₹ Millions)

| Particulars | Q4-FY26 | Q4-FY25 | YoY (%) | Q3-FY26 | QoQ (%) |

| Revenue from Operations | 11,570 | 8,504 | 36.0% | 8,035 | 43.8% |

| Other Income | 176 | 245 | (28.2)% | 133 | 32.2% |

| Total Income | 11,746 | 8,749 | 34.2% | 8,169 | 43.8% |

| Operating expenses | 10,033 | 7,736 | 29.7% | 6,752 | 48.6% |

| EBITDA | 1,713 | 1,014 | 69.0% | 1,416 | 21.0% |

| EBITDA Margins (%) | 14.6% | 11.6% | 300 Bps | 17.3% | (270) Bps |

| Depreciation and amortization | 216 | 100 | 115.5% | 205 | 5.3% |

| Finance costs | 551 | 345 | 59.6% | 394 | 39.8% |

| PBT | 947 | 569 | 66.5% | 817 | 15.8% |

| Tax | 245 | 165 | 47.9% | 208 | 17.4% |

| PAT | 702 | 403 | 74.1% | 609 | 15.3% |

| PAT Margins(%) | 6.0% | 4.6% | 140 Bps | 7.5% | (150) Bps |

Annual Standalone Financial Performance (₹ Millions)

| Particulars | FY26 | FY25 | Y-o-Y |

| Revenue from Operations | 34,552 | 31,182 | 10.8% |

| Other Income | 531 | 542 | (2.0)% |

| Total Income | 35,083 | 31,724 | 10.6% |

| Operating expenses | 30,155 | 28,415 | 6.1% |

| EBITDA | 4,928 | 3,309 | 48.9% |

| EBITDA Margins (%) | 14.0% | 10.4% | 360 Bps |

| Depreciation and amortization | 756 | 433 | 74.6% |

| Finance costs | 1,542 | 1,022 | 50.9% |

| PBT | 2,630 | 1,854 | 41.8% |

| Tax | 672 | 484 | 39.0% |

| PAT | 1,958 | 1,370 | 42.8% |

| PAT Margins(%) | 5.6% | 4.3% | 130 Bps |

Quarterly Consolidated Financial Performance (₹ Millions)

| Particulars | Q4-FY26 | Q4-FY25 | YoY (%) | Q3-FY26 | QoQ (%) |

| Total Income | 11,655 | 12,212 | (4.6)% | 8,386 | 39.0% |

| Operating expenses | 10,176 | 10,848 | (6.2)% | 7,010 | 45.2% |

| EBITDA | 1,479 | 1,364 | 8.4% | 1,376 | 7.5% |

| EBITDA Margins (%) | 12.7% | 11.2% | 150 Bps | 16.4% | (370) Bps |

| Depreciation and amortization | 227 | 105 | 115.4% | 215 | 5.5% |

| Finance costs | 523 | 347 | 50.5% | 398 | 31.4% |

| PBT | 730 | 912 | (20.0)% | 763 | (4.3)% |

| Tax | 221 | 231 | (4.0)% | 213 | 4.1% |

| PAT | 509 | 681 | (25.4)% | 550 | (7.6)% |

| PAT Margins(%) | 4.4% | 5.6% | (120) Bps | 6.6% | (220) Bps |

Annual Consolidated Financial Performance (₹ Millions)

| Particulars | FY26 | FY25 | Y-o-Y |

| Revenue from Operations | 35,639 | 35,054 | 1.7% |

| Other Income | 286 | 200 | 43.2% |

| Total Income | 35,925 | 35,253 | 1.9% |

| Operating expenses | 31,246 | 31,690 | (1.4)% |

| EBITDA | 4,679 | 3,563 | 31.3% |

| EBITDA Margins (%) | 13.0% | 10.1% | 290 Bps |

| Depreciation and amortization | 789 | 453 | 74.4% |

| Finance costs | 1,520 | 1,027 | 48.1% |

| PBT | 2,370 | 2,084 | 13.7% |

| Tax | 665 | 552 | 20.4% |

| PAT | 1,705 | 1,532 | 11.3% |

| PAT Margins(%) | 4.7% | 4.3% | 40 Bps |

Capital Market Data (As on 31st March, 2026)

Face Value: ₹5.0
CMP: ₹318.1
52 Week H/L: ₹490.9/₹249.0
Market Capitalization: ₹23,860.5 Million
Shares Outstanding: 75.0 Million

Management & Board

Chairman: Dr. Ramesh C. Mansukhani - First-generation entrepreneur with over four decades of industrial experience

Managing Director: Mr. Nikhil Mansukhani - Associated with company since 2011, 9+ years experience in steel pipes industry

Board of Directors:

Mr. Narendra Mairpady (Non-Executive Independent Director)
Mrs. Renu Jalan (Non-Executive Independent Director)
Mr. Rabi Bastia (Non-Executive Independent Director)
Mrs. Esha Padmanabhan Achan (Non-Executive Independent Director)

Key Management Personnel:

Mr. Sandeep Kumar Garg (Chief Financial Officer)
Mr. Rahul Rawat (Company Secretary)

Senior Management:

Mr. Jaspreet Bhatia (Sr. VP – Operations)
Mr. Hardik Shah (VP-Projects)
Mr. Swatantra Joshi (Plant Head - Anjar Facility)
Mr. Sushil Shukla (Plant Head – Pithampur Facility)