Man Industries (India) Limited (IN:MANINDS)
:MANINDS
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Man Industries (India) Limited
(MANINDS)
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Rating:78Outperform
Price Target:
₹408.00
▲(2.82% Upside)
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
Revenue growth & profitability
Consistent revenue growth (≈17% recent) with strong gross and improving net margins indicates durable demand and effective cost management. For a project-driven pipe manufacturer, this reflects successful order conversion, pricing recovery and operational scalability that support sustainable earnings over the medium term.
Negative Factors
Negative free cash flow from higher capex
Negative free cash flow driven by elevated capex reduces internal funding capacity and weakens cash conversion of earnings. Sustained FCF deficits can force external financing, constrain dividend or buyback potential, and limit the firm's ability to self-fund future capacity or absorb project execution delays.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & profitability
Consistent revenue growth (≈17% recent) with strong gross and improving net margins indicates durable demand and effective cost management. For a project-driven pipe manufacturer, this reflects successful order conversion, pricing recovery and operational scalability that support sustainable earnings over the medium term.
Read all positive factors
Man Industries (India) Limited (MANINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹32.91B
Dividend YieldN/A
Average Volume (3M)54.30K
Price to Earnings (P/E)13.2
Beta (1Y)2.05
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)50.97
Revenue Forecast (FY)₹53.59B
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
Positive
396.80
Price Trends
388.86
Positive
398.14
Positive
404.04
Positive
Market Momentum
6.66
Negative
68.28
Neutral
95.24
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 above the 20-day moving average (MA) of 379.57, above the 50-day MA of 388.86, and below the 200-day MA of 404.04, indicating a bullish trend. The MACD of 6.66 indicates Negative momentum. The RSI at 68.28 is Neutral, neither overbought nor oversold. The STOCH value of 95.24 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹32.91B | 13.17 | ― | ― | 10.26% | 46.49% | |
63 Neutral | ₹17.27B | 8.72 | ― | 1.00% | 0.25% | 452.41% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ₹24.77B | 23.46 | ― | 0.08% | 17.45% | -7.82% | |
59 Neutral | ₹23.86B | 46.52 | ― | 0.19% | 10.61% | 43.88% | |
52 Neutral | ₹23.06B | -12.17 | ― | 0.33% | 3.34% | -112.79% | |
49 Neutral | ₹8.51B | 176.56 | ― | ― | 14.51% | -30.02% |
* Basic Materials Sector Average
IN:MANINDS
Man Industries (India) Limited
464.85
194.70
72.07%
IN:INDIANHUME
Indian Hume Pipe Co. Ltd.
326.05
-57.35
-14.96%
IN:MANGLMCEM
Mangalam Cement Ltd
865.60
62.49
7.78%
IN:RAMASTEEL
Rama Steel Tubes Ltd.
5.41
-3.89
-41.83%
IN:SAGCEM
Sagar Cements Ltd
181.95
-12.90
-6.62%
IN:VENUSPIPES
Venus Pipes & Tubes Ltd.
1,232.25
37.61
3.15%
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.