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Man Industries (India) Ltd (MANINDS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513269 NSE: MANINDS Steel & Iron Products | Small Cap | Man Industries Share Price

₹972 -16.95 (-1.71%)

As on 24-Sep'26 10:25

Man Industries (India) Ltd (MANINDS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513269 NSE: MANINDS Steel & Iron Products | Small Cap | Man Industries Share Price

₹972 -16.95 (-1.71%)

As on 24-Sep'26 10:25

Key Metrics
Valuation Multiples
Market Cap
₹7,418 Cr.
Current Price
₹972
52-Week Low / High
₹302 / 1,006
TTM EPS
₹27.2
TTM Sales
₹3,875 Cr.
Book Value per Share
₹285
P/E Ratio
36.31
Higher than its 5-year historical median
Industry PE
25.4
Price to Book (P/B)
3.47
Higher than its 5-year historical median
Price to Sales (P/S)
1.91
Higher than its 5-year historical median
EV/EBITDA
13.42
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
9.28%
Outperforms industry median
Return on Capital Employed (ROCE)
16.73%
Outperforms industry median
Return on Assets (ROA)
3.87%
Operating Profit Margin
14.4%
Net Profit Margin
4.78%
Gross Profit Margin
8.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.81%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
45.75%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
11.31%
Asset Quality
Promoter Holding
43.21%
Pledged shares (%) of Promoter's holding (%)
20.05%
Reserves
₹2,100 Cr.
Equity
₹37.5 Cr.
Face Value
₹5
All Time Low / High
₹1.85 / 945.00

Man Industries (India) stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 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.

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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.

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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 11.37%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
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.
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 34.6% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

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.
Man Industries (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ8.1%13.3%15.4%13%17.6%16.2%11.4%16.3%17.1%20.2%-
Value Creation
Index ⓘ		-0.4-0.10.1-0.10.30.2-0.20.20.20.4-

Growth Parameters ⓘ
Sales ⓘ1,0601,5722,2151,7592,0752,0942,0923,0803,1183,4553,752
Sales YoY Gr.-48.3%40.9%-20.6%18%0.9%-0.1%47.2%1.2%10.8%-
Adj EPS ⓘ2.41010.39.815.514.78.413.717.132.432.6
YoY Gr.-316.3%3.2%-4.5%57.8%-4.8%-43.3%63.4%24.8%90%-
BVPS (₹) ⓘ105.1114.4122.9130.4145158.6166.9195.7217.4254.9265.3
Adj Net
Profit ⓘ		13.656.858.65688.487.250.388.4110243245
Cash Flow from Ops. ⓘ-76.4160138213-59.8438-11230978.3293-
Debt/CF from Ops. ⓘ-5.92.31.81.3-4.90.1-2.714.51.5-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ14%10.7%18.2%10.8%
Adj EPS ⓘ33.6%15.9%57.1%90%
BVPSⓘ10.3%11.9%15.2%17.3%
Share Price 34.4% 54.7% 74.9% 122.6%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		2.39.18.77.811.29.85.27.88.214.612.5
Op. Profit
Mgn % ⓘ		4.37.889.59.98.66.57.57.814.714.2
Net Profit
Mgn % ⓘ		1.33.62.73.24.34.22.42.93.576.5
Debt to
Equity ⓘ		0.70.60.40.40.40.10.30.20.30.2-
Working Cap
Days ⓘ		235214174220204204180124206288135
Cash Conv.
Cycle ⓘ		6346243850392125476242

Valuation of Man Industries - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *27.2127.2327.2127.2121.7320.0520.0520.0520.0520.05
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,0601,6082,2221,7592,0802,1392,2313,1423,5053,564
Operating Expenses ⓘ + 1,0121,4832,0451,5921,8751,9582,1072,9013,2043,125
Manufacturing Costs7311412110290173127162431159
Material Costs8191,2091,6971,2631,4231,5831,7732,4032,4312,229
Employee Cost 38374646444450586580
Other Costs ⓘ 82122181181318158157278277656
Operating Profit ⓘ 48125176168205181125241301439
Operating Profit Margin (%) 4.6%7.7%7.9%9.5%9.9%8.4%5.6%7.7%8.6%12.3%
Other Income ⓘ + 72572217313751525529
Exceptional Items ⓘ 0-40-3000000
Interest ⓘ 3643646453374188103152
Depreciation ⓘ 40394652464545614579
Profit Before Tax ⓘ 4495886513713589144208237
Tax ⓘ 11323010363322395566
Profit After Tax 3464595610110267105153170
PAT Margin (%) 3.2%4.0%2.7%3.2%4.9%4.8%3.0%3.4%4.4%4.8%
Adjusted EPS (₹)5.911.210.39.717.717.211.216.223.722.7
Dividend Payout Ratio (%)25.50%13.50%14.60%10.30%11.30%0%17.90%12.30%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5986527027468309411,1321,3931,5962,077
Share Capital ⓘ 28.5528.5528.5528.5528.5529.5930.0532.3732.3737.50
Reserves ⓘ 5706246737188019111,1021,3611,5632,039
Debt +35726420024027948280291411364
Long Term Debt13190491524130136138240
Short Term Debt22517415122527745151155272124
Minority Interest0000000000
Trade Payables2125785635615187553405031,2001,471
Others Liabilities ⓘ 190204128279159761082285731,108
Total Liabilities ⓘ 1,3561,6981,5941,8271,7861,8201,8602,4153,7795,021

Fixed Assets

Net Fixed Assets ⓘ +346355396368337318551604642863
Gross Block4234725565785936208909931,0751,376
Accumulated Depreciation77116159210256302339390433513
CWIP ⓘ 563341201431133326
Investments ⓘ 10410310210210310202282671
Inventories1094182173803323184076461,2691,535
Trade Receivables3413835554506565444943558961,010
Cash Equivalents 1556747222102240170255379657
Others Assets ⓘ 297309274302256277223297434559
Total Assets ⓘ 1,3561,6981,5941,8271,7861,8201,8602,4153,7795,021
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + -75132137214-60451-12034573472
PBT ⓘ 4495886513713590144208237
Adjustment ⓘ 43571041281477994123156328
Changes in Working Capital ⓘ -1470-2848-306283-277111-238-42
Tax Paid ⓘ -15-21-27-27-37-46-27-33-53-51
Cash Flow From Investing Activity ⓘ + 21-1050-464-119-135-279-111-594
Capex -23-110-27-11-12-46-207-117-154-340
Net Investments 2-2519-4312-7667-16343-254
Others ⓘ 423087434000
Cash Flow From Financing Activity ⓘ + 41-115-138-37-63-2672118625136
Net Proceeds from Shares ⓘ 0260001051700255
Net Proceeds from Borrowing ⓘ -59-42-40-34-47-21247-187
Interest Paid ⓘ -38-44-64-63-57-38-41-85-113-135
Dividend Paid ⓘ -9-9-9-14-110-12-1200
Others ⓘ 147-47-247452-2381356139-71
Net Cash Flow ⓘ -13-88-1131-11965-45152-1414
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)5.7710.198.697.6612.7911.476.478.3310.259.28
ROCE (%)8.2113.415.5613.1617.6816.3310.7914.7816.4716.73
Asset Turnover Ratio0.821.051.351.031.151.191.211.471.130.81
PAT to CFO Conversion(x)-2.212.062.323.82-0.594.42-1.793.290.482.78
Working Capital Days
Receivable Days104.5082.1077.10104.3097102.4084.9049.3065.1097.60
Inventory Days40.7059.9052.2061.9062.4055.5059.3061.1099.70143.60
Payable Days96.10119.20122.70162.50138.40146.70112.7064127.90218.80

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Man Industries (India) Ltd FAQs

The current trading price of Man Industries on 24-Sep-2026 10:25 is ₹972.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Sep-2026 the market cap of Man Industries stood at ₹7,418.1 Cr

The latest P/E ratio of Man Industries as of 23-Sep-2026 is 30.32.

The latest P/B ratio of Man Industries as of 23-Sep-2026 is 3.73.

The 52-week high of Man Industries is ₹1,005.7 and the 52-week low is ₹302.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Man Industries is ₹3,752 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Man Industries (India) Ltd is a 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

About Man Industries (India) Ltd

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.

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