BSE: 513269 | NSE: MANINDS | Steel & Iron Products | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Man Industries (India) Ltd is a below average quality company.
The key valuation ratios of Man Industries (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Man Industries (India) Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3.5% | 7.4% | 12.4% | 4% | 8.4% | 10.5% | 10.2% | 11.6% | 10.7% | 7.5% | - |
| Value Creation Index ⓘ | -0.8 | -0.5 | -0.1 | -0.7 | -0.4 | -0.3 | -0.3 | -0.2 | -0.2 | -0.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,005 | 1,364 | 1,391 | 1,060 | 1,572 | 2,215 | 1,759 | 2,075 | 2,094 | 2,092 | 2,857 |
| Sales YoY Gr. | - | 35.7% | 2% | -23.8% | 48.3% | 40.9% | -20.6% | 18% | 0.9% | -0.1% | - |
| Adj EPS ⓘ | 2 | 7.5 | 13.3 | 2.4 | 10 | 10.3 | 9.8 | 15.5 | 14.7 | 9.6 | 18.5 |
| YoY Gr. | - | 277.9% | 76.3% | -82% | 316.3% | 3.2% | -4.5% | 57.8% | -4.8% | -34.6% | - |
| BVPS (₹) ⓘ | 116.2 | 85.6 | 99.7 | 105.1 | 114.4 | 122.9 | 130.4 | 145 | 158.6 | 166.9 | 193.7 |
| Adj Net Profit ⓘ | 11.4 | 43 | 75.7 | 13.6 | 56.8 | 58.6 | 56 | 88.4 | 87.2 | 58 | 119 |
| Cash Flow from Ops. ⓘ | 225 | 112 | 208 | -76.4 | 160 | 138 | 213 | -59.8 | 438 | -112 | - |
| Debt/CF from Ops. ⓘ | 2 | 4 | 1.7 | -5.9 | 2.3 | 1.8 | 1.3 | -4.9 | 0.1 | -2.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.5% | 5.9% | 6% | -0.1% | ||||
| Adj EPS ⓘ | 19.2% | -0.6% | -0.6% | -34.6% | ||||
| BVPSⓘ | 4.1% | 7.8% | 8.6% | 5.2% | ||||
| Share Price | 20.3% | 43.7% | 70.8% | 357.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.7 | 7.5 | 14.3 | 2.3 | 9.1 | 8.7 | 7.8 | 11.2 | 9.8 | 6 | 10.2 |
| Op. Profit Mgn % ⓘ | 5.5 | 8.4 | 8.5 | 4.3 | 7.8 | 8 | 9.5 | 9.9 | 8.6 | 6.5 | 7.9 |
| Net Profit Mgn % ⓘ | 1.1 | 3.2 | 5.5 | 1.3 | 3.6 | 2.7 | 3.2 | 4.3 | 4.2 | 2.8 | 4.2 |
| Debt to Equity ⓘ | 0.7 | 0.9 | 0.6 | 0.7 | 0.6 | 0.4 | 0.4 | 0.4 | 0.1 | 0.3 | - |
| Working Cap Days ⓘ | 362 | 239 | 191 | 235 | 214 | 174 | 220 | 204 | 204 | 180 | 68 |
| Cash Conv. Cycle ⓘ | 48 | 21 | 39 | 63 | 46 | 24 | 38 | 50 | 39 | 21 | 24 |
Return on Equity has increased versus last 3 years average to 10.20%
Sales growth is good in last 4 quarters at 40.33%
Sales growth has been subdued in last 3 years 5.96%
Net Profit has been subdued in last 3 years -0.58%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 18.5 | 16.5 |
| TTM Sales (₹ Cr.) | 2,857 | 2,939 |
| BVPS (₹.) ⓘ | 193.7 | 212 |
| Reserves (₹ Cr.) ⓘ | 1,222 | 1,340 |
| P/BV ⓘ | 2.17 | 1.98 |
| PE ⓘ | 22.80 | 25.47 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 91.00 / 459.00 |
| All Time Low / High (₹) | 1.85 / 459.00 |
| Market Cap (₹ Cr.) | 2,723 |
| Equity (₹ Cr.) | 32.4 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 27.4 |
| Pledged * | 33.40 | 30.87 | 29.61 | 29.61 | 29.61 | 29.61 | 29.61 | 27.26 | 27.26 | 27.21 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,005 | 1,364 | 1,391 | 1,060 | 1,572 | 2,215 | 1,759 | 2,075 | 2,094 | 2,092 |
| Operating Expenses ⓘ | 954 | 1,249 | 1,273 | 1,015 | 1,450 | 2,040 | 1,593 | 1,870 | 1,914 | 1,969 |
| Manufacturing Costs | 39 | 50 | 47 | 73 | 115 | 121 | 102 | 90 | 173 | 127 |
| Material Costs | 816 | 1,080 | 1,068 | 819 | 1,175 | 1,693 | 1,263 | 1,418 | 1,540 | 1,639 |
| Employee Cost | 32 | 32 | 34 | 36 | 35 | 45 | 44 | 44 | 43 | 48 |
| Other Costs ⓘ | 67 | 87 | 124 | 87 | 125 | 181 | 184 | 319 | 158 | 156 |
| Operating Profit ⓘ | 51 | 115 | 117 | 46 | 123 | 175 | 166 | 205 | 180 | 123 |
| Operating Profit Margin (%) | 5.1% | 8.4% | 8.4% | 4.3% | 7.8% | 7.9% | 9.4% | 9.9% | 8.6% | 5.9% |
| Other Income ⓘ | 35 | 38 | 69 | 74 | 58 | 22 | 17 | 31 | 37 | 53 |
| Interest ⓘ | 42 | 46 | 56 | 36 | 43 | 64 | 64 | 53 | 37 | 41 |
| Depreciation ⓘ | 32 | 42 | 37 | 40 | 39 | 46 | 52 | 46 | 45 | 45 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | -4 | 0 | -3 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 12 | 64 | 93 | 43 | 95 | 87 | 64 | 136 | 135 | 90 |
| Tax ⓘ | 3 | 11 | 7 | 11 | 32 | 30 | 10 | 36 | 33 | 22 |
| Profit After Tax | 9 | 54 | 86 | 33 | 63 | 57 | 54 | 101 | 101 | 67 |
| PAT Margin (%) | 0.9% | 3.9% | 6.2% | 3.1% | 4.0% | 2.6% | 3.1% | 4.8% | 4.8% | 3.2% |
| Adjusted EPS (₹) | 1.6 | 9.4 | 15.1 | 5.7 | 11.0 | 10.1 | 9.5 | 17.6 | 17.1 | 11.2 |
| Dividend Payout Ratio (%) | 64% | 16% | 10% | 26% | 14% | 15% | 11% | 11% | 0% | 18% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 663 | 489 | 569 | 600 | 653 | 702 | 745 | 828 | 939 | 1,003 |
| Share Capital ⓘ | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 30 | 30 |
| Reserves ⓘ | 635 | 460 | 541 | 572 | 625 | 673 | 716 | 800 | 909 | 973 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 418 | 384 | 267 | 357 | 270 | 200 | 248 | 287 | 56 | 283 |
| Long Term Debt | 310 | 265 | 190 | 131 | 90 | 49 | 15 | 2 | 4 | 128 |
| Short Term Debt | 109 | 120 | 77 | 225 | 180 | 151 | 232 | 285 | 52 | 155 |
| Trade Payables | 363 | 398 | 220 | 212 | 577 | 559 | 560 | 518 | 750 | 337 |
| Others Liabilities ⓘ | 134 | 177 | 193 | 192 | 205 | 135 | 279 | 159 | 78 | 104 |
| Total Liabilities ⓘ | 1,578 | 1,448 | 1,249 | 1,361 | 1,706 | 1,596 | 1,831 | 1,791 | 1,822 | 1,727 |
Fixed Assets | ||||||||||
| Gross Block | 712 | 727 | 384 | 420 | 471 | 555 | 578 | 593 | 614 | 821 |
| Accumulated Depreciation | 309 | 374 | 37 | 77 | 116 | 159 | 210 | 256 | 301 | 338 |
| Net Fixed Assetsⓘ | 403 | 354 | 347 | 343 | 355 | 396 | 368 | 337 | 313 | 483 |
| CWIP ⓘ | 2 | 3 | 19 | 5 | 63 | 3 | 4 | 1 | 16 | 3 |
| Investmentsⓘ | 21 | 102 | 105 | 105 | 129 | 131 | 133 | 133 | 133 | 136 |
| Inventories | 115 | 136 | 128 | 109 | 418 | 217 | 380 | 332 | 305 | 107 |
| Trade Receivables | 283 | 466 | 246 | 324 | 367 | 532 | 427 | 635 | 540 | 485 |
| Cash Equivalents | 178 | 148 | 168 | 154 | 66 | 47 | 221 | 102 | 237 | 162 |
| Others Assetsⓘ | 576 | 239 | 238 | 321 | 306 | 270 | 298 | 252 | 278 | 351 |
| Total Assets ⓘ | 1,578 | 1,448 | 1,249 | 1,361 | 1,706 | 1,596 | 1,831 | 1,791 | 1,822 | 1,727 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 225 | 112 | 208 | -76 | 159 | 138 | 213 | -60 | 438 | -112 |
| PBT ⓘ | 12 | 64 | 93 | 43 | 95 | 87 | 64 | 136 | 135 | 90 |
| Adjustment ⓘ | 40 | -162 | 44 | 41 | 56 | 104 | 128 | 147 | 79 | 94 |
| Changes in Working Capital ⓘ | 175 | 223 | 89 | -146 | 30 | -26 | 48 | -306 | 271 | -269 |
| Tax Paid ⓘ | -2 | -13 | -18 | -15 | -21 | -27 | -27 | -37 | -46 | -27 |
| Cash Flow From Investing Activity ⓘ | -7 | -60 | 3 | 20 | -107 | 0 | -46 | 4 | -109 | -126 |
| Capex | -40 | 6 | -46 | -23 | -113 | -27 | -11 | -12 | -36 | -199 |
| Net Investments | 9 | -81 | 0 | 2 | -25 | 19 | -43 | 12 | -76 | 68 |
| Others ⓘ | 25 | 16 | 49 | 42 | 30 | 8 | 7 | 4 | 3 | 5 |
| Cash Flow From Financing Activityⓘ | -209 | -82 | -191 | 43 | -140 | -138 | -36 | -63 | -267 | 187 |
| Net Proceeds from Shares ⓘ | -52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 5 |
| Net Proceeds from Borrowing ⓘ | 11 | -45 | -70 | 0 | 0 | -40 | -34 | -47 | -2 | 124 |
| Interest Paid ⓘ | -32 | -38 | -56 | -36 | -43 | -64 | -63 | -57 | -38 | -41 |
| Dividend Paid ⓘ | -6 | -9 | -9 | -9 | -9 | -9 | -14 | -11 | 0 | -12 |
| Others ⓘ | -130 | 9 | -56 | 88 | -88 | -24 | 75 | 52 | -238 | 112 |
| Net Cash Flow ⓘ | 10 | -30 | 19 | -13 | -88 | 0 | 131 | -119 | 62 | -51 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.29 | 9.3 | 16.26 | 5.58 | 10.03 | 8.47 | 7.46 | 12.8 | 11.46 | 6.93 |
| ROCE (%) | 4.6 | 10.81 | 16.11 | 8.09 | 13.26 | 15.36 | 12.97 | 17.57 | 16.21 | 11.37 |
| Asset Turnover Ratio | 0.63 | 0.92 | 1.03 | 0.81 | 1.03 | 1.34 | 1.03 | 1.15 | 1.16 | 1.18 |
| PAT to CFO Conversion(x) | 25 | 2.07 | 2.42 | -2.3 | 2.52 | 2.42 | 3.94 | -0.59 | 4.34 | -1.67 | Working Capital Days |
| Receivable Days | 105 | 98 | 93 | 98 | 80 | 74 | 100 | 93 | 102 | 89 |
| Inventory Days | 52 | 33 | 35 | 41 | 61 | 52 | 62 | 63 | 56 | 36 |
| Payable Days | 131 | 129 | 106 | 96 | 123 | 123 | 162 | 139 | 150 | 121 |
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 60â€. 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.
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