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

• Market Cap: ₹33.17B
• Dividend Yield: N/A
• Average Volume (3M): 54.30K
• Price to Earnings (P/E): 16.4
• Beta (1Y): 2.14
• 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): 32.63
• Revenue Forecast (FY): ₹38.55B

• Rating: 78 Outperform
• Price Target: ₹496.00 ▲(25.00% 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

Revenue growth and improving margins

Man Industries has delivered robust revenue expansion with strong gross margins and improving net profitability through 2025. This trend indicates durable demand and effective cost management, supporting sustainable earnings generation and margin resilience over the next several quarters.

Healthy balance sheet and improving ROE

A prudent leverage profile and a strong equity ratio give the company financial stability and flexibility to fund projects or absorb shocks. Improving ROE signals better capital efficiency, supporting longer-term investment capacity and lower financing vulnerability.

Specialized pipe manufacturing with value-added services

Focused capability in large-diameter pipeline products plus coating/lining services creates a competitive niche. Value-added services increase customer stickiness and margin mix, anchoring longer-term contract opportunities in oil, gas and water infrastructure markets.

Negative Factors

Negative free cash flow from higher capex

Negative free cash flow driven by elevated capex reduces internal funding availability and may necessitate external financing. Over the medium term this can pressure liquidity, increase interest costs or delay returns unless capex yields improved utilization and profitable backlog conversion.

Rising total liabilities require monitoring

An upward trend in total liabilities can signal growing leverage or working capital strain. If persistent, it raises refinancing and covenant risk, reducing strategic flexibility and potentially increasing financing costs during industry downturns or project delays.

Order-driven revenue and steel input cost exposure

Revenue depends on tender awards and timely order conversion, while margins are sensitive to steel input price swings. This structural exposure creates variable revenue visibility and margin pressure when input costs rise or contracts lack full pass-through mechanisms.

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

Strong income statement (revenue growth, solid margins, improving net profitability) and a healthy balance sheet (prudent leverage, strong equity ratio, improving ROE). Cash flow is the main weakness, with free cash flow turning negative in 2025 due to higher capex and recent FCF deterioration.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Positive
• Last Price: 396.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 412.78, above the 50-day MA of 381.54, and below the 200-day MA of 401.95, indicating a bullish trend. The MACD of 21.71 indicates Negative momentum. The RSI at 60.46 is Neutral, neither overbought nor oversold. The STOCH value of 75.64 is Neutral, 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	₹33.17B	16.43	―	―	10.26%	46.49%
INDIANHUME	71 Outperform	₹16.99B	2.84	―	1.00%	0.25%	452.41%
VENUSPIPES	70 Outperform	₹22.02B	22.81	―	0.08%	17.45%	-7.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MANGLMCEM	59 Neutral	₹23.96B	31.00	―	0.19%	10.61%	43.88%
RAMASTEEL	56 Neutral	₹11.01B	66.97	―	―	14.51%	-30.02%
SAGCEM	48 Neutral	₹24.78B	-14.63	―	0.33%	3.34%	-112.79%

Man Industries (India) Limited Corporate Events

Man Industries Bags Rs 550-Crore Pipe Orders, Order Book Climbs to Rs 4,600 Crore

Man Industries (India) Limited has secured new domestic and international pipe supply orders worth approximately Rs.550 crore, with execution scheduled within six months, underscoring continued demand for its products across key markets. With these wins, the company’s unexecuted order book has risen to about Rs.4,600 crore, reflecting a robust business environment and reinforcing customer confidence in its technological and execution strengths, which should support near-term capacity utilization and revenue visibility for stakeholders.