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INVESTMENT INSIGHTS

Check Before You Invest : Man Industries (India) Ltd

BSE: 513269 NSE: MANINDS ISIN: INE993A01026
  |   Sector:  Metals & Mining   |   Industry:  Steel & Iron Products

Snapshot

Q.1 Which industry/sub-sector does Man Industries (India) Ltd belong to?
Man Industries (India) Ltd belongs to the Metals & Mining sector, operating specifically within the Steel & Iron Products segment.
Q.2 Is Man Industries (India) Ltd a good quality company?
Man Industries (India) Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Man Industries (India) Ltd undervalued or overvalued?
Man Industries (India) Ltd appears Overvalued, as its key valuation ratios are higher than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 25.41 14.30
Price to Book 2.29 1.20
Price to Sales 1.34 0.55
EV to EBITDA 10.28 5.67
Q.4 Is Man Industries (India) Ltd a good buy now?
Man Industries (India) Ltd is a good buy now, based on strong price trend analysis suggesting prices may rise. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Man Industries (India) Ltd?
Man Industries (India) Ltd revenue growth is 1.2% for FY-2025, which is below its 5-year CAGR of 12.13%, indicating slower growth.

Q.2 Gross Profit margin of Man Industries (India) Ltd?
Man Industries (India) Ltd Gross profit margin which is the profit after deduction of direct costs, is 7.3% for FY-2025, which is in line with its 5-year median of 7.3%, indicating stable margins.

Q.3 Operating Profit Margin of Man Industries (India) Ltd?
Man Industries (India) Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 7.76% for FY-2025, which is in line with its 5-year median of 7.76% indicating stable margins.

Q.4 Net Profit Margin of Man Industries (India) Ltd?
Man Industries (India) Ltd Net Profit Margin is 4.4% for FY-2025, is in line with its 5-year median of 4.4%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 7.3 7.3
Operating Profit Margin (%) 7.76 7.76
Net Profit Margin (%) 4.4 4.4

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Man Industries (India) Ltd?
Man Industries (India) Ltd Return on Asset is 4.77%, which is below its 5-year historical median of 5.48%, indicating deteriorated asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Man Industries (India) Ltd?
Man Industries (India) Ltd Return on capital employed is 16.96% for FY-2025, which is in line with its 5-year historical median of 16.33%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Q.7 Return on Equity (ROE) of Man Industries (India) Ltd?
Man Industries (India) Ltd Return on equity is 10.26% for FY-2025, which is in line with its 5-year historical median of 10.26%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of Man Industries (India) Ltd?
Man Industries (India) Ltd Cash conversion cycle is 46 days, above its 5-year historical median of 39 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 1.08 1.16
ROE (%) 10.26 10.26
ROCE (%) 16.96 16.33
Cash Conversion Cycle 46 days 39 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Man Industries (India) Ltd?
Man Industries (India) Ltd Debt-to-Equity ratio is 0.25, which is lower the industry average of 0.31, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Man Industries (India) Ltd?
Man Industries (India) Ltd Debt to cash flow from operations is 3.71, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Man Industries (India) Ltd?

Q.1 Promoter shareholding and pledge status of Man Industries (India) Ltd?
Promoters hold 43.21% of the Man Industries (India) Ltd, with 20.05% of their stake pledged, indicating high pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Man Industries (India) Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Man Industries (India) Ltd vs industry peers?
Man Industries (India) Ltd revenue CAGR is 12.13%, compared to the industry median CAGR of 7.56%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 1.2 7.6
Gross Profit Growth (%) 9.6 19.3
Operating Profit Growth (%) 5.2 13.8
Net Profit Growth (%) 24.6 24.6
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 1.08 1.27
ROE (%) 10.26 8.04
ROCE (%) 16.96 11.28
Cash Conversion Cycle (days) 46.25 72

Valuation & price assessment

Q.1 Stock return of Man Industries (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 24.9% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 24.9% 41.7% 65.1% 73.2%
Q.2 Valuation ratios of Man Industries (India) Ltd vs historical?
The current P/E ratio of 25.41 is higher than its historical median of 14.30, indicating that the stock is trading above its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 25.41 14.30 17.36
Price to Book 2.29 1.20 1.63
Price to Sales 1.34 0.55 0.74
EV to EBITDA 10.28 5.67 10.05

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