Man Industries (India) Limited (IN:MANINDS)
:MANINDS
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Man Industries (India) Limited
(MANINDS)
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Rating:78Outperform
Price Target:
₹384.00
▼(-3.23% Downside)
Action:UpgradedDate: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
Revenue growth above 17% and repeated commentary of a robust income statement indicate expanding order conversion and market traction in pipe supply. Durable top-line expansion supports scale benefits, steadier utilization and the ability to invest in capacity or margin improvement over the next 2-6 months.
Negative Factors
Negative Free Cash Flow (2025)
Free cash flow turned negative due to elevated capex, eroding internal liquidity. Sustained negative FCF forces reliance on external funding or delayed investment payback, increasing refinancing and execution risk and constraining the company's ability to self-fund working capital and growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Revenue growth above 17% and repeated commentary of a robust income statement indicate expanding order conversion and market traction in pipe supply. Durable top-line expansion supports scale benefits, steadier utilization and the ability to invest in capacity or margin improvement over the next 2-6 months.
Read all positive factors
Man Industries (India) Limited (MANINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹25.28B
Dividend YieldN/A
Average Volume (3M)54.30K
Price to Earnings (P/E)13.2
Beta (1Y)2.03
Revenue Growth10.26%
EPS Growth46.49%
CountryIN
Employees794
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)7.30
Shares Outstanding75,009,570
10 Day Avg. Volume31,399
30 Day Avg. Volume54,305
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)1.17
Price to Sales (P/S)0.54
P/FCF Ratio-21.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)32.63
Revenue Forecast (FY)₹38.55B
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...
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...
Man Industries (India) Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| 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
Negative
396.80
Price Trends
381.24
Negative
400.59
Negative
404.71
Negative
Market Momentum
-9.03
Positive
33.54
Neutral
5.44
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 406.90, above the 50-day MA of 381.24, and below the 200-day MA of 404.71, indicating a bearish trend. The MACD of -9.03 indicates Positive momentum. The RSI at 33.54 is Neutral, neither overbought nor oversold. The STOCH value of 5.44 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹25.28B | 13.17 | ― | ― | 10.26% | 46.49% | |
64 Neutral | ₹16.09B | 8.72 | ― | 1.00% | 0.25% | 452.41% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ₹19.00B | 23.46 | ― | 0.08% | 17.45% | -7.82% | |
59 Neutral | ₹22.11B | 46.52 | ― | 0.19% | 10.61% | 43.88% | |
52 Neutral | ₹20.06B | -12.17 | ― | 0.33% | 3.34% | -112.79% | |
51 Neutral | ₹7.51B | 176.56 | ― | ― | 14.51% | -30.02% |
* Basic Materials Sector Average
IN:MANINDS
Man Industries (India) Limited
337.05
73.15
27.72%
IN:INDIANHUME
Indian Hume Pipe Co. Ltd.
305.50
-60.12
-16.44%
IN:MANGLMCEM
Mangalam Cement Ltd
804.10
28.63
3.69%
IN:RAMASTEEL
Rama Steel Tubes Ltd.
4.59
-5.28
-53.50%
IN:SAGCEM
Sagar Cements Ltd
153.45
-28.45
-15.64%
IN:VENUSPIPES
Venus Pipes & Tubes Ltd.
917.10
-385.96
-29.62%
Man Industries (India) Limited Corporate Events
Man Industries Bags Rs 550-Crore Pipe Orders, Order Book Climbs to Rs 4,600 Crore
Jan 12, 2026
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 thes...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.