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

• Market Cap: ₹27.97B
• Dividend Yield: N/A
• Average Volume (3M): 54.30K
• Price to Earnings (P/E): 13.2
• Beta (1Y): 2.03
• 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: ₹418.00 ▲(5.34% 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

Sustained revenue growth from 2020–2025 indicates expanding order intake and successful execution in its core large‑diameter pipe markets. For an order-driven manufacturer, multi-year top‑line expansion supports durable capacity utilization, supplier relationships and competitive positioning over the next several quarters.

Margin Sustainability

Consistently strong gross and improving net margins signal structural cost control and some pricing power in project contracts. Margin resilience helps absorb steel input volatility, supports reinvestment into coatings/capacity, and underpins sustainable profitability across project cycles.

Balance Sheet Health

Prudent leverage, a strong equity ratio and rising ROE provide financial flexibility to bid on large infrastructure contracts and fund working capital. A solid balance sheet enhances resilience to cyclicality in steel and project timelines and supports strategic capex when needed.

Negative Factors

Negative Free Cash Flow

Negative free cash flow in 2025 driven by elevated capex reduces internal funding for working capital and future investments. Over the medium term this can force reliance on external financing, raise financing costs, and constrain the company’s ability to self‑fund project execution or opportunistic expansion.

Rising Liabilities

An upward trend in total liabilities increases financial risk by potentially raising interest and covenant exposure. If liabilities continue to grow relative to equity, the company’s ability to competitively bid long‑duration projects and absorb delays or cost overruns may be impaired.

Cash Flow Volatility

Volatile cash generation and negative FCF growth reduce predictability of cash available to service debt, fund coatings/capacity or return capital to shareholders. Even with positive operating cash to income, inconsistent cash conversion raises execution and liquidity risk across project cycles.

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 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 orders/tenders for oil & gas transmission, water transportation, and other cross-country pipeline infrastructure; pricing and volumes are driven by awarded project orders, specifications, and delivery schedules. In addition, the company earns (2) service revenue from value-added processing associated with pipe supply—such as external coating and internal lining—when these activities are contracted as part of the overall supply scope or as standalone requirements. Earnings are therefore influenced by factors such as order book conversion, capacity utilization, steel input costs versus contract pricing (including any pass-through/escalation mechanisms where applicable), and execution performance (timely production and delivery). Specific details on customer concentration, named partnerships, or segment-wise revenue breakdown are null.

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	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

• Technical Analysis Sentiment: Negative
• Last Price: 396.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 411.47, above the 50-day MA of 382.15, and below the 200-day MA of 404.98, indicating a bearish trend. The MACD of -4.86 indicates Positive momentum. The RSI at 41.47 is Neutral, neither overbought nor oversold. The STOCH value of 10.18 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANINDS	78 Outperform	₹27.97B	13.17	―	―	10.26%	46.49%
INDIANHUME	64 Neutral	₹17.02B	8.72	―	1.00%	0.25%	452.41%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
VENUSPIPES	61 Neutral	₹19.65B	23.46	―	0.08%	17.45%	-7.82%
MANGLMCEM	59 Neutral	₹22.90B	46.52	―	0.19%	10.61%	43.88%
RAMASTEEL	51 Neutral	₹8.85B	176.56	―	―	14.51%	-30.02%
SAGCEM	48 Neutral	₹21.82B	-12.17	―	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.