Man Industries (India) Limited (MANINDS) AI Stock Analysis

• Market Cap: ₹36.23B
• Dividend Yield: N/A
• Average Volume (3M): 54.30K
• Price to Earnings (P/E): 13.2
• Beta (1Y): 2.38
• Revenue Growth: 10.26%
• EPS Growth: 46.49%
• Country: IN
• Employees: 794
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 7.30
• Shares Outstanding: 75,009,570
• 10 Day Avg. Volume: 31,399
• 30 Day Avg. Volume: 54,305
• PEG Ratio: 0.34
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 0.54
• P/FCF Ratio: -21.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 50.97
• Revenue Forecast (FY): ₹53.59B

• Rating: 78 Outperform
• Price Target: ₹580.00 ▲(46.17% Upside)
• Action: Upgraded Date: 02/13/26
• Date: Action: Upgraded 02/13/26

The score is driven primarily by strong financial performance (solid growth/profitability and a healthy balance sheet) and supportive technical strength (price above major moving averages with positive MACD). The main offsets are weaker cash flow quality (negative free cash flow in 2025) and near-overbought momentum signals, while valuation appears reasonable based on the P/E but lacks dividend support.

Positive Factors

Sustained revenue growth

Consistent 17% revenue growth reflects durable demand for large-diameter pipes and successful order execution. Over 2-6 months this supports expanding market share and demonstrates the company can convert project awards into sustained top-line momentum, strengthening long-term sales visibility.

Negative Factors

Negative free cash flow in 2025

Negative free cash flow driven by elevated capex weakens internal funding for growth and dividends and may force external financing. Persistently negative FCF would strain liquidity and increase financing costs, limiting flexibility to invest or weather project delays over several quarters.

Man Industries (India) Limited Business Overview & Revenue Model

Company Description

Man Industries (India) Limited manufactures, processes, and trades in submerged arc welded pipes and steel products in India. The company offers longitudinal submerged arc welded line pipes for use in oil, gas, petrochemicals, fertilizers, and dre...

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Man Industries (India) Limited manufactures, processes, and trades in submerged arc welded pipes and steel products in India. The company offers longitudinal submerged arc welded line pipes for use in oil, gas, petrochemicals, fertilizers, and dre...

How the Company Makes Money

MAN Industries makes money mainly by manufacturing and selling large-diameter steel pipes to customers executing pipeline projects. Revenue is primarily generated through (1) sale of LSAW and HSAW steel pipes, typically produced against customer o...

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MAN Industries makes money mainly by manufacturing and selling large-diameter steel pipes to customers executing pipeline projects. Revenue is primarily generated through (1) sale of LSAW and HSAW steel pipes, typically produced against customer o...

Man Industries (India) Limited Financial Statement Overview

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	35.27B	35.05B	31.42B	22.31B	21.39B	20.80B
Gross Profit	8.37B	7.71B	4.48B	2.28B	2.84B	5.42B
EBITDA	3.73B	3.01B	2.63B	1.76B	2.18B	2.36B
Net Income	1.67B	1.53B	1.05B	670.40M	1.02B	1.01B
Balance Sheet
Total Assets	40.50B	37.79B	24.15B	17.28B	18.20B	17.86B
Cash, Cash Equivalents and Short-Term Investments	4.80B	4.05B	4.17B	372.88M	819.50M	179.17M
Total Debt	5.61B	4.76B	3.26B	2.99B	569.53M	2.96B
Total Liabilities	20.84B	21.72B	10.10B	7.24B	8.78B	9.51B
Stockholders Equity	19.67B	16.07B	14.05B	11.32B	9.42B	8.35B
Cash Flow
Free Cash Flow	-1.19B	-863.30M	1.37B	-3.26B	4.05B	-720.88M
Operating Cash Flow	-619.62M	679.90M	2.57B	-1.19B	4.51B	-598.94M
Investing Cash Flow	-3.09B	-413.30M	-2.64B	-1.35B	-1.19B	42.59M
Financing Cash Flow	2.00B	296.30M	1.58B	2.11B	-2.67B	-631.01M

Man Industries (India) Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 396.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANINDS, the sentiment is Positive. The current price of 396.8 is below the 20-day moving average (MA) of 398.23, below the 50-day MA of 403.15, and below the 200-day MA of 406.39, indicating a bullish trend. The MACD of 29.66 indicates Negative momentum. The RSI at 77.43 is Negative, neither overbought nor oversold. The STOCH value of 95.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANINDS.

Man Industries (India) Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANINDS	78 Outperform	₹36.23B	13.17	―	―	10.26%	46.49%
INDIANHUME	63 Neutral	₹17.15B	8.72	―	1.00%	0.25%	452.41%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
VENUSPIPES	61 Neutral	₹26.60B	23.46	―	0.08%	17.45%	-7.82%
MANGLMCEM	59 Neutral	₹25.08B	46.52	―	0.19%	10.61%	43.88%
RAMASTEEL	54 Neutral	₹8.82B	176.56	―	―	14.51%	-30.02%
SAGCEM	52 Neutral	₹23.24B	-12.17	―	0.33%	3.34%	-112.79%