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

• Market Cap: ₹26.36B
• Dividend Yield: N/A
• Average Volume (3M): 54.30K
• Price to Earnings (P/E): 14.2
• Beta (1Y): 2.31
• Revenue Growth: 10.26%
• EPS Growth: 46.49%
• Country: IN
• Employees: 794
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 6.40
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹527.00 ▲(32.81% Upside)

Man Industries scores well due to its strong financial performance and positive technical indicators. The company's robust revenue growth and profitability improvements are significant strengths. However, the valuation is moderate, and the absence of a dividend yield may limit appeal to some investors. Technical indicators suggest strong momentum, but caution is advised due to potential overbought conditions.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, enhancing the company's competitive position in the steel industry.

Profitability Improvements

Improved profitability suggests effective cost management and pricing strategies, which can sustain financial health and support future growth initiatives.

Balance Sheet Health

A strong balance sheet with prudent leverage provides financial stability and flexibility, enabling the company to invest in growth opportunities and weather economic fluctuations.

Negative Factors

Rising Liabilities

Rising liabilities can increase financial risk and limit the company's ability to invest in growth, necessitating careful management to maintain financial stability.

Cash Flow Challenges

Negative free cash flow indicates potential liquidity issues, which could constrain operational flexibility and investment capacity if not addressed.

EBIT Margin Decline

Decreasing EBIT margins may reflect rising costs or inefficiencies, potentially impacting profitability if not managed effectively.

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 dredging sectors; and helically submerged arc welded line pipes for use in oil and gas transportation, water supply, sewerage, agriculture, and construction, as well as for high pressure applications. It provides various options of coating systems, which include internal blasting and painting, concrete weight coating, and coal tar enamel, as well as single layer fusion bonded epoxy, 3 Layer polyethylene, and 3 layer polypropylene coating systems. It also exports its products. Man Industries (India) Limited was incorporated in 1988 and is based in Mumbai, India.

How the Company Makes Money

Man Industries generates revenue primarily through the manufacturing and supply of large diameter steel pipes for the oil and gas, water, and infrastructure sectors. The company earns money by selling these products to various clients, including government bodies, private corporations, and multinational firms engaged in infrastructure projects. Key revenue streams include direct sales of steel pipes, coating services, and related value-added services. Additionally, MANINDS benefits from significant partnerships with major players in the energy and infrastructure sectors, which help secure large contracts and projects. Fluctuations in raw material prices, demand from the construction and energy sectors, and the company's ability to innovate and maintain quality standards also play critical roles in its earnings.

Man Industries (India) Limited Financial Statement Overview

Summary

Man Industries demonstrates strong financial performance with consistent revenue growth and profitability improvements. The balance sheet is robust, though rising liabilities should be watched. Cash flow management needs attention to ensure liquidity amidst capital expenditure increases. Overall, the company is well-positioned in the steel industry, but careful financial strategy is necessary to maintain its growth momentum.

Income Statement

Man Industries has exhibited robust revenue growth with a notable increase from 2020 to 2025. The gross profit margin remains strong, indicating effective cost management. The net profit margin has improved, reflecting enhanced profitability. However, a slight decline in EBIT margin in 2025 suggests increased operational expenses. Overall, the income statement showcases a positive growth trajectory and profitability in the steel industry.

Balance Sheet

The company maintains a healthy balance sheet with a favorable debt-to-equity ratio, indicating prudent financial leverage. The equity ratio is strong, reflecting stability and a solid asset base. Return on Equity has improved, demonstrating effective utilization of shareholder funds. However, the increase in total liabilities over the years warrants monitoring for potential risk management.

Cash Flow

The cash flow analysis reveals fluctuations, with free cash flow turning negative in 2025 due to higher capital expenditures. The operating cash flow to net income ratio is positive, indicating efficient cash generation relative to net income. However, the negative free cash flow growth rate in recent years points to potential liquidity challenges, which need addressing for sustained financial health.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.99B	35.05B	31.42B	22.31B	21.39B	20.80B
Gross Profit	7.96B	7.71B	4.48B	2.28B	2.84B	5.42B
EBITDA	3.46B	3.01B	2.63B	1.76B	2.18B	2.36B
Net Income	1.62B	1.53B	1.05B	670.40M	1.02B	1.01B
Balance Sheet
Total Assets	0.00	37.79B	24.15B	17.28B	18.20B	17.86B
Cash, Cash Equivalents and Short-Term Investments	4.05B	4.05B	4.17B	372.88M	819.50M	179.17M
Total Debt	0.00	4.76B	3.26B	2.99B	569.53M	2.96B
Total Liabilities	-16.07B	21.72B	10.10B	7.24B	8.78B	9.51B
Stockholders Equity	16.07B	16.07B	14.05B	11.32B	9.42B	8.35B
Cash Flow
Free Cash Flow	0.00	-863.30M	1.37B	-3.26B	4.05B	-720.88M
Operating Cash Flow	0.00	679.90M	2.57B	-1.19B	4.51B	-598.94M
Investing Cash Flow	0.00	-413.30M	-2.64B	-1.35B	-1.19B	42.59M
Financing Cash Flow	0.00	296.30M	1.58B	2.11B	-2.67B	-631.01M

Man Industries (India) Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANINDS, the sentiment is Negative. The current price of 396.8 is below the 20-day moving average (MA) of 397.75, below the 50-day MA of 417.83, and above the 200-day MA of 385.15, indicating a bearish trend. The MACD of -15.50 indicates Positive momentum. The RSI at 26.97 is Positive, neither overbought nor oversold. The STOCH value of 10.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	74 Outperform	₹26.36B	14.15	―	―	10.26%	46.49%
VENUSPIPES	70 Outperform	₹23.80B	25.43	―	0.08%	17.45%	-7.82%
INDIANHUME	68 Neutral	₹21.48B	3.77	―	1.00%	0.25%	452.41%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MANGLMCEM	59 Neutral	₹20.61B	26.73	―	0.19%	10.61%	43.88%
RAMASTEEL	55 Neutral	₹14.32B	71.37	―	―	14.51%	-30.02%
SAGCEM	48 Neutral	₹26.47B	-15.86	―	0.33%	3.34%	-112.79%

Man Industries (India) Limited Corporate Events

Man Industries Receives SEBI Compliance Certificate for Q3 2025

Man Industries (India) Limited has announced the receipt of a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2025. The certificate, issued by MUFG Intime India Private Limited, confirms that the securities received for dematerialisation were processed and listed on the stock exchanges. This announcement ensures compliance with regulatory requirements and maintains transparency in the company’s securities management.

Man Industries Chairman to Feature in Zee Business Interview

Man Industries (India) Limited announced that its Chairman, Mr. Rameshchandra Mansukhani, will be interviewed on Zee Business on October 1, 2025. The interview will not cover any unpublished price sensitive information, ensuring compliance with SEBI regulations. This engagement highlights the company’s proactive communication strategy and could enhance its visibility and stakeholder engagement.