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Man Industries (India) Limited
(MANINDS)
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Rating:61Neutral
Price Target:
₹680.00
▲(71.37% Upside)
Action:Reiterated
Date:06/06/26
The score is driven primarily by solid financial performance (strong growth and improved margins with manageable leverage) but is held back by inconsistent cash generation and weak current technical momentum. Valuation is moderate-to-high for a cyclical steel company and lacks dividend support in the provided data.
Positive Factors
Revenue and profit scaling
Sustained revenue expansion alongside improved gross and operating margins indicates stronger execution and earnings capacity. Although steel margins remain cyclical, the larger operating base can support durable profit growth if volume and pricing remain healthy.
Negative Factors
Inconsistent cash generation
Volatile operating and free cash flow reduces confidence that reported earnings consistently convert into liquidity. Working-capital swings or capital spending demands may constrain debt reduction, dividends, and reinvestment even when accounting profits remain strong.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit scaling
Sustained revenue expansion alongside improved gross and operating margins indicates stronger execution and earnings capacity. Although steel margins remain cyclical, the larger operating base can support durable profit growth if volume and pricing remain healthy.
Read all positive factors
Man Industries (India) Limited (MANINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹47.32B
Dividend YieldN/A
Average Volume (3M)54.30K
Price to Earnings (P/E)23.0
Beta (1Y)2.27
Revenue Growth10.75%
EPS Growth10.60%
CountryIN
Employees794
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)23.30
Shares Outstanding75,009,570
10 Day Avg. Volume31,399
30 Day Avg. Volume54,305
Financial Highlights & Ratios
PEG Ratio-318.48
Price to Book (P/B)1.10
Price to Sales (P/S)0.64
P/FCF Ratio57.53
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)37.9
Revenue Forecast (FY)₹49.70B
Man Industries (India) Limited Business Overview & Revenue Model
Company Description
Man Industries (India) Limited, established in 1988 and headquartered in Mumbai, India, is engaged in the production, processing, and domestic distribution of submerged arc welded (SAW) pipes and other steel goods. The company manufactures longitu...
How the Company Makes Money
Man Industries (India) Limited primarily makes money by manufacturing and selling steel pipes—especially large-diameter pipes used in cross-country and city pipeline networks for oil & gas transmission, water transmission, and other infrastructure...
Man Industries (India) Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 35.64B | 35.05B | 31.42B | 22.31B | 21.39B |
| Gross Profit | 11.64B | 7.71B | 4.48B | 2.28B | 2.84B |
| EBITDA | 4.68B | 3.01B | 2.63B | 1.76B | 2.18B |
| Net Income | 1.70B | 1.53B | 1.05B | 670.40M | 1.02B |
Balance Sheet | |||||
| Total Assets | 50.21B | 37.79B | 24.15B | 17.28B | 18.20B |
| Cash, Cash Equivalents and Short-Term Investments | 7.28B | 4.05B | 4.17B | 372.88M | 819.50M |
| Total Debt | 6.28B | 4.76B | 3.26B | 2.99B | 569.53M |
| Total Liabilities | 29.34B | 21.72B | 10.10B | 7.24B | 8.78B |
| Stockholders Equity | 20.87B | 16.07B | 14.05B | 11.32B | 9.42B |
Cash Flow | |||||
| Free Cash Flow | 398.90M | -863.30M | 1.37B | -3.26B | 4.05B |
| Operating Cash Flow | 3.80B | 679.90M | 2.57B | -1.19B | 4.51B |
| Investing Cash Flow | -5.94B | -413.30M | -2.64B | -1.35B | -1.19B |
| Financing Cash Flow | 2.71B | 296.30M | 1.58B | 2.11B | -2.67B |
Man Industries (India) Limited Technical Analysis
Positive
396.80
Price Trends
560.96
Positive
527.15
Positive
464.20
Positive
Market Momentum
18.08
Negative
71.31
Negative
84.32
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 555.77, below the 50-day MA of 560.96, and below the 200-day MA of 464.20, indicating a bullish trend. The MACD of 18.08 indicates Negative momentum. The RSI at 71.31 is Negative, neither overbought nor oversold. The STOCH value of 84.32 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹577.53B | 47.02 | ― | 0.31% | 9.64% | 53.34% | |
69 Neutral | ₹496.47B | 21.49 | ― | 0.31% | 20.21% | 14.36% | |
67 Neutral | ₹48.13B | 15.45 | ― | 2.03% | 11.69% | 8.23% | |
66 Neutral | ₹172.76B | 26.41 | ― | 0.80% | -8.57% | -62.05% | |
63 Neutral | ₹164.81B | 38.11 | ― | 0.59% | -16.30% | -24.14% | |
61 Neutral | ₹47.32B | 23.04 | ― | ― | 10.75% | 10.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MANINDS
Man Industries (India) Limited
644.60
231.00
55.85%
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2,366.20
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IN:WELCORP
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120.89%
Man Industries (India) Limited Corporate Events
Man Industries Board Clears Q1 FY27 Unaudited Results, Appoints New Cost Auditor
Aug 11, 2026
Man Industries (India) Limited has reported its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following approval by the board of directors at a meeting held on August 11, 2026. The results have underg...
Man Industries Denies Undisclosed News Behind Share Price Surge
Jun 8, 2026
Man Industries (India) Limited has responded to stock exchange queries after a significant recent increase in trading volume and movement in its share price. The company stated it remains fully compliant with SEBI’s disclosure regulations an...
Exchange Seeks Clarification as Man Industries Sees Surge in Trading Volume
Jun 5, 2026
The stock of Man Industries (India) Limited has seen a significant increase in trading volume, drawing the attention of the stock exchange to potential information asymmetry or unusual market interest. In response, the exchange has sought clarific...
Man Industries Releases Q4 and FY26 Earnings Presentation
May 26, 2026
Man Industries (India) Limited has released its earnings presentation for the fourth quarter and full financial year 2025-26, following the approval of its audited standalone and consolidated results. The disclosure, made under SEBI’s Listin...
Man Industries to Acquire Saudi Arabia’s National Pipe Company for Vision 2030 Push
May 26, 2026
Man Industries (India) Limited has announced a strategic acquisition of National Pipe Company Limited in Saudi Arabia, aligning its expansion with the Kingdom’s Vision 2030 industrial ambitions. The move aims to create manufacturing synergie...
Man Industries Board Clears FY26 Results With Unmodified Audit Opinion
May 26, 2026
Man Industries (India) Limited’s board has approved the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, at a meeting held on May 25, 2026. The company confirmed that its auditors issu...
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.