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Man Industries (India) Ltd. Stock Analysis

Small Cap
Evaluated by 679 users | BSE: 513269 | NSE: MANINDS |
Castings/Forgings
Man Industries (India) incorporated in 1988, is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products.The company is part of Man Group, UK that is promoted by Mr. R C Mansukhani and Mr. J C Mansukhani.Company has received various certifications such as...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 6.25%9.59%13.35%3.46%7.38%12.44%3.96%8.38%10.52%10.23%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 1,5881,7021,4621,0051,3641,3911,0601,5722,2151,759
Y-o-Y Gr. Rt.-7.1%-14.1%-31.2%35.7%2%-23.8%48.3%40.9%-20.6%
Adjusted EPS (Rs.) 9.9320.0720.551.997.5213.262.399.9510.279.81
Y-o-Y Gr. Rt.-102.1%2.4%-90.3%277.9%76.3%-82%316.3%3.2%-4.5%
Book Value per Share (Rs.) 99.17116.66119.18116.1585.5799.71105.13114.42122.91130.39
Adjusted Net Profit 54.911112311.44375.713.656.858.656
Net Op. Cash Flow (Rs. Cr.) -377864-467225112208-76.4160138213
Debt to Cash Flow from Ops -2.920.47-1.151.953.951.7-5.852.341.771.34
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Man Industries (India) Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 1.1%5.2%18.4%-20.6%
Adjusted EPS -0.1%5.5%60.1%-4.5%
Book Value per Share 3.18.87.46.1
Share Price -6.2% -6.6% -14% 47.3%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 10.8118.5718.11.657.4614.322.339.078.657.75
Operating Profit Margin (%) 5.2711.0113.645.478.428.454.37.817.989.46
Net Profit Margin (%) 3.456.528.41.133.155.451.283.622.653.18
Debt to Equity 2.010.630.750.660.910.620.740.570.350.38
Working Capital Days 205196220362239191235214174220
Cash Conversion Cycle 63883448213963462438
Entity Percentage Holding
Promoters 42.37%
Institutions 4.50%
Non-Institutions 53.13%
Pledged *21.1211.699.728.858.5941.2141.1141.5641.4041.40
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Man Industries (India) Ltd.'s performance infers:

Man Industries (India) Ltd. earnings have grown by 5.5%, whereas share price has depreciated -6.6% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Man Industries (India) Ltd. share prices over the last 10 years. Here is what we found out:

Man Industries (India) Ltd. share price has depreciated -2.4% annually over the past ten years.

Man Industries (India) incorporated in 1988, is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products.

The company is part of Man Group, UK that is promoted by Mr. R C Mansukhani and Mr. J C Mansukhani.

Company has received various certifications such as API, ISO-9001, ISO-9002, ISO-14001, and ISO-18001 for its quality management.

In India, the company has clientele namely Gas Authority of India, Indian Oil corporation, Bharat Petroleum

Man Industries (India) incorporated in 1988, is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products.

The company is part of Man Group, UK that is promoted by Mr. R C Mansukhani and Mr. J C Mansukhani.

Company has received various certifications such as API, ISO-9001, ISO-9002, ISO-14001, and ISO-18001 for its quality management.

In India, the company has clientele namely Gas Authority of India, Indian Oil corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, ONGC, India, Engineers India, Reliance Industries, Essar Constructions, Larsen & Toubro, Bharat Heavy Electricals, Adani Ports are among others.

Overseas the company has clientele namely ENPPI, Egypt, S.C.O.T., Syria, Shell Global International B.V., NPCC, Abu Dhabi, Qatar Petroleum, Qatar and many more.

Products

Longitudinal Submerged Arc Welded (LSAW) -Man Industries manufacture LSAW line pipes that have diameter ranging from 16” to 60”. Company manufactures customised products for clients of various sectors such as Oil, Gas, Petrochemicals, Fertilizers and Dredging.

Helically Submerged Arc Welded (HSAW) Line Pipe- The Company manufactures HSAW Line Pipe used by various segments such as Oil transportation, Water Supply, Sewerage, Agriculture and Construction. It has total installed capacity of 375,000 MT per year.

Coating- Coating protects line pipes from corrosion and to enhance its operational life. Company offers Single layer FBE, 3 Layer PE and 3 layer PP Coating, Internal Blasting and Painting and Coaltar Enamel Coating

Aluminium Extrusions-Company is the largest manufacturer and exporter of aluminium extruded products in India. This segments caters to industries like automobiles, automation, air conditioning, architectural, heavy engineering, lighting, textiles, electronics are among others.

Milestones

1988- Man Industries (India) was incorporated by Mansukhani family. Company’s Aluminium Extrusion Plant became operational in same year.

1994- In order to set up its first SAW pipe plant at Pithampur, company entered in a MoU with Haeusler of Switzerland.

1996-Company set up an LSAW pipe plant with a manufacturing capacity of 50,000 TPA at Pithampur.

1999- Company commenced HSAW pipe plant with capacity of 50,000 TPA. The same year company also increased LSAW plant manufacturing capacity to 135,000 TPA.

2001- Company set up a coating plant for PE and CTE coating with capacity of 2mn and 1.6mn sq. mtr respectively.  2005-Company established a new pipe and coating complex with 365,000 TPA LSAW and 50,000 TPA HSAW capacities.

2006- Company set up a captive power plant of 7 MV in Gujarat.

2007- Company was awarded a prestigious order of approx. USD 225 Million from USA. The same year it set up two new production lines of 200,000 MT each for HSAW. The Aluminum Business of Company has been demerged as Man Aluminium.

2008- In order to foray USA market, Man USA Inc was set up to manufacture of HSAW pipes.

2011 - The Company has been Awarded Trophy for Star Performer, by Engineering Export Promotion Council, India.
2012 - Company entered in strategic relationship with Kobe Steel Ltd of Japan
2013 - A new facility installed to manufacture Connector Welded Casing Pipes.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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