Man Industries (India) Limited (IN:MANINDS)
:MANINDS
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Man Industries (India) Limited
(MANINDS)
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Rating:68Neutral
Price Target:
₹598.00
▲(50.71% Upside)
Action:Downgraded
Date:05/27/26
The score is led by solid financial performance from strong revenue growth and improved margins with manageable leverage, but is capped by volatile operating/free cash flow that weakens confidence in earnings quality. Technicals add support via an established uptrend and neutral-to-positive momentum, while valuation appears reasonable on P/E with no dividend data to further bolster the view.
Positive Factors
Revenue scaling and improved profitability
Revenue scaled strongly from 2023 to 2026 and 2026 shows improved gross and operating margins. This persistent top-line growth and margin recovery enhance long-term earnings capacity, enabling larger contract wins, better fixed-cost absorption and reinvestment into capacity and quality.
Negative Factors
Inconsistent cash generation and weak FCF quality
Operating cash flow volatility and episodes of negative free cash flow reduce confidence in earnings quality and the firm's ability to self-fund growth or service obligations. Persistent working-capital and capex swings can constrain capital allocation and magnify stress during industry slowdowns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scaling and improved profitability
Revenue scaled strongly from 2023 to 2026 and 2026 shows improved gross and operating margins. This persistent top-line growth and margin recovery enhance long-term earnings capacity, enabling larger contract wins, better fixed-cost absorption and reinvestment into capacity and quality.
Read all positive factors
Man Industries (India) Limited (MANINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹39.70B
Dividend YieldN/A
Average Volume (3M)54.30K
Price to Earnings (P/E)22.4
Beta (1Y)2.32
Revenue Growth1.67%
EPS Growth-1.21%
CountryIN
Employees794
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)23.47
Shares Outstanding75,009,570
10 Day Avg. Volume31,399
30 Day Avg. Volume54,305
Financial Highlights & Ratios
PEG Ratio-318.49
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)43.43
Revenue Forecast (FY)₹67.90B
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
The company makes money primarily by manufacturing and selling steel pipes, with revenue largely derived from fulfilling customer orders for large-diameter pipeline projects. Its core revenue stream is the sale of pipes (typically including supply...
Man Industries (India) Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.27B | 35.64B | 35.05B | 31.42B | 22.31B | 21.39B |
| Gross Profit | 8.37B | 11.64B | 7.71B | 4.48B | 2.28B | 2.84B |
| EBITDA | 3.73B | 4.39B | 3.01B | 2.63B | 1.76B | 2.18B |
| Net Income | 1.67B | 1.70B | 1.53B | 1.05B | 670.40M | 1.02B |
Balance Sheet | ||||||
| Total Assets | 40.50B | 50.21B | 37.79B | 24.15B | 17.28B | 18.20B |
| Cash, Cash Equivalents and Short-Term Investments | 4.80B | 7.28B | 4.05B | 4.17B | 372.88M | 819.50M |
| Total Debt | 5.61B | 6.28B | 4.76B | 3.26B | 2.99B | 569.53M |
| Total Liabilities | 20.84B | 29.34B | 21.72B | 10.10B | 7.24B | 8.78B |
| Stockholders Equity | 19.67B | 20.87B | 16.07B | 14.05B | 11.32B | 9.42B |
Cash Flow | ||||||
| Free Cash Flow | -1.19B | 398.90M | -863.30M | 1.37B | -3.26B | 4.05B |
| Operating Cash Flow | -619.62M | 3.80B | 679.90M | 2.57B | -1.19B | 4.51B |
| Investing Cash Flow | -3.09B | -5.94B | -413.30M | -2.64B | -1.35B | -1.19B |
| Financing Cash Flow | 2.00B | 2.71B | 296.30M | 1.58B | 2.11B | -2.67B |
Man Industries (India) Limited Technical Analysis
Neutral
396.80
Price Trends
477.43
Positive
429.80
Positive
422.28
Positive
Market Momentum
17.99
Positive
49.52
Neutral
25.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANINDS, the sentiment is Neutral. The current price of 396.8 is below the 20-day moving average (MA) of 544.97, below the 50-day MA of 477.43, and below the 200-day MA of 422.28, indicating a neutral trend. The MACD of 17.99 indicates Positive momentum. The RSI at 49.52 is Neutral, neither overbought nor oversold. The STOCH value of 25.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹157.26B | 16.11 | ― | 1.18% | -14.08% | -44.02% | |
69 Neutral | ₹361.82B | 22.47 | ― | 0.61% | 19.98% | -15.82% | |
68 Neutral | ₹39.70B | 22.42 | ― | ― | 1.67% | -1.21% | |
67 Neutral | ₹51.71B | 18.10 | ― | 2.03% | 1.41% | -17.68% | |
65 Neutral | ₹518.68B | 43.05 | ― | 0.31% | 8.56% | 58.85% | |
65 Neutral | ₹181.55B | 37.38 | ― | 0.60% | -13.35% | -11.28% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
IN:MANINDS
Man Industries (India) Limited
529.20
153.70
40.93%
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47.31%
Man Industries (India) Limited Corporate Events
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...
Man Industries Backs Saudi Subsidiary With USD 70 Million Corporate Guarantee
Apr 22, 2026
Man Industries (India) Limited’s board has approved issuing a corporate guarantee of USD 70 million in favour of the lenders of its wholly owned subsidiary, Man International Steel Industries Company, which is expanding its business in Saudi...
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.