Man Industries (India) Ltd logo

Man Industries (India) Ltd

MANINDS NSE

Key Fundamentals

MicrocapIron & Steel ProductsIndustrial Products
Market Cap
₹4,816 Cr
Volatility
High Risk
P/E Ratio
23.57
EBITDA
₹439 Cr
Return on Equity
9.53%
Debt to Equity
0.3
Book Value
₹278.17
EPS
₹17.43
52W High
₹649.95
52W Low
₹302.05

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Weaknesses

4
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 9.17% over last 3 years.
  • Debtor days have increased from 79.3 to 103 days.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
0.19% ↗
Net Income Growth
10.22% ↘
Cash Flow Change
-80.29% ↘
ROE
27.41% ↗
ROCE
17.28% ↗
EBITDA Margin (Avg.)
23.16% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 43d ago
AI opinion · based on fundamentals
Risk high

Man Industries (India) Ltd is a mid-cap industrial company with a market cap of ₹4,385 Cr trading at a P/E of 25.6x and P/B of 2.1x. The company has delivered strong profit growth of 43% CAGR over 3 years but maintains a modest ROE of ~9% and faces rising working capital pressures with debtor days increasing to 103 days.

Bull Case 7
  • Strong 3-year compounded profit growth of 43% CAGR indicates significant earnings momentum
  • Stock has delivered 61% CAGR over 3 years and 39% CAGR over 5 years, reflecting sustained market confidence
  • 10-year compounded sales growth of 10% demonstrates long-term revenue consistency in the industrials space
  • TTM profit growth of 13% shows continued earnings expansion even as top-line growth moderated to 2%
  • P/B ratio of 2.1x is reasonable for an industrial company with improving profitability trends
  • 3-year compounded sales growth of 17% suggests the company captured a meaningful demand cycle in its segment
  • 5-year compounded profit growth of 11% alongside 5-year sales growth of 11% indicates margin stability over longer horizons
Bear Case 8
  • ROE has remained stagnant at 9% across 3-year, 5-year, and 10-year periods despite profit growth, suggesting poor capital efficiency
  • Debtor days have increased from 79.3 to 103 days, indicating deteriorating working capital management and potential collection risk
  • TTM sales growth has decelerated sharply to just 2% compared to 17% over 3 years, signaling a possible demand slowdown
  • Company has high cost of borrowing which compresses net margins and increases financial risk in a rising rate environment
  • Despite reporting repeated profits, the company pays negligible dividends with a yield of only 0.34%, offering poor shareholder returns
  • P/E of 25.6x is elevated relative to a single-digit ROE of 9%, implying the stock prices in growth that capital efficiency does not support
  • 10-year compounded profit growth of only 7% suggests the recent 43% three-year surge may not be structurally sustainable
  • Dividend payout remains minimal despite repeated profitability, raising concerns about capital allocation priorities

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 43d ago
Positives 1
  • Rs 1,000 Cr order win Jun 18

    Man Industries and its subsidiary secured pipe orders worth Rs 1,000 crore with delivery scheduled in 6-9 months, providing near-term revenue visibility.

Neutral 2
  • Multiple investor meets scheduled Jul 6

    Company hosted or scheduled investor meetings on Jun 22, Jun 29, and Jul 8 with ICICI Securities, Prabhudas Lilladher, and institutional investors. No UPSI to be discussed.

  • No promoter share encumbrance Jun 15

    Promoter Rameshchandra Mansukhani confirmed no new encumbrance created on promoter-held shares for FY26, indicating no pledging concerns.

TL;DR: Man Industries is seeing healthy order momentum with a Rs 1,000 crore pipe order win providing 6-9 months of delivery visibility. No material headwinds are evident in recent news. Frequent institutional investor meetings suggest growing market interest. The near-term outlook is constructive, supported by a clean promoter holding structure and solid order book replenishment.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
490
1,018
833
811
749
806
732
1,218
742
834
830
1,157
1,053
Expenses
444
948
768
752
711
742
653
1,097
693
713
703
1,018
910
Operating Profit
47
70
65
58
38
64
79
121
49
121
128
140
143
OPM %
10%
7%
8%
7%
5%
8%
11%
10%
7%
15%
15%
12%
14%
Other Income
4
21
14
14
20
11
6
15
31
-19
8
8
12
Interest
21
22
20
25
18
21
26
35
30
30
38
52
40
Depreciation
15
15
16
15
13
11
11
11
13
22
21
23
30
PBT
14
54
43
32
28
43
47
91
38
49
76
73
85
Tax %
22%
28%
29%
26%
31%
26%
27%
25%
28%
25%
28%
30%
28%
Net Profit
11
39
31
24
19
32
34
68
28
37
55
51
61
EPS in Rs
1.87
6.5
5.09
3.73
2.94
4.92
5.27
10.53
4.11
4.93
7.34
6.78
8.19
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,364
1,392
1,060
1,608
2,222
1,759
2,080
2,139
2,231
3,142
3,505
3,564
3,875
Expenses
1,250
1,272
1,012
1,483
2,044
1,591
1,875
1,958
2,094
2,901
3,204
3,125
3,343
Operating Profit
114
120
48
125
178
168
205
181
137
241
301
439
532
OPM %
8%
9%
4.6%
8%
8%
10%
10%
8%
6%
8%
9%
12%
14%
Other Income
35
67
72
53
21
14
31
37
39
52
52
29
9
Interest
46
56
36
43
64
64
53
37
41
88
100
152
161
Depreciation
43
37
40
39
46
52
46
45
46
61
45
79
96
PBT
60
93
44
95
88
65
137
135
89
144
208
237
284
Tax %
17%
7%
24%
33%
33%
15%
26%
25%
25%
27%
26%
28%
—
Net Profit
50
86
34
64
59
56
101
102
67
105
153
170
204
EPS in Rs
8.82
15.14
5.88
11.15
10.3
9.72
17.66
17.16
11.15
16.24
23.66
22.73
27.24
Div. Payout %
17%
10%
26%
13%
15%
10%
11%
0%
0%
12%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
29
29
29
29
29
29
29
30
30
32
32
38
Reserves
454
538
570
624
673
718
806
913
1,102
1,372
1,575
2,049
Borrowings
495
353
447
368
244
294
296
57
301
326
476
628
Other Liabilities
522
323
311
678
648
787
655
821
427
684
1,696
2,306
Total Liabilities
1,499
1,243
1,356
1,698
1,594
1,827
1,786
1,820
1,860
2,415
3,779
5,021
Fixed Assets
416
349
346
355
396
368
337
318
553
605
643
864
CWIP
3
19
5
63
3
4
1
20
14
31
133
326
Investments
3
104
104
103
102
102
103
102
0
228
26
71
Other Assets
1,077
771
902
1,176
1,093
1,353
1,345
1,379
1,293
1,552
2,977
3,760
Total Assets
1,499
1,243
1,356
1,698
1,594
1,827
1,786
1,820
1,860
2,415
3,779
5,021
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
64
205
-75
132
137
214
-60
451
-120
345
68
515
Investing
-61
2
21
-105
0
-46
4
-119
-135
-279
-41
-594
Financing
-35
-188
41
-115
-138
-37
-63
-267
211
86
30
136
Net Cash Flow
-31
19
-13
-88
-1
131
-119
65
-45
152
56
57
Free Cash Flow
69
158
-98
22
111
204
-72
405
-328
228
-86
175
CFO/OP
68
186
-123
123
92
144
-11
275
-68
157
40
119
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
130
70
117
87
91
93
115
93
81
41
93
103
Inventory Days
92
44
49
126
47
110
85
73
84
98
190
251
Days Payable
135
75
94
174
121
162
133
174
70
76
180
241
Cash Conversion Cycle
87
39
71
39
17
41
67
-8
95
63
104
114
Working Capital Days
62
34
46
25
17
-14
34
23
69
33
38
29
ROCE %
10%
16%
8%
14%
16%
13%
17%
16%
10%
14%
16%
16%

Shareholding Pattern

As of Jun 2026
Promoters 43.21%
Public 34.41%
Others 18.08%
FIIs 2.87%
DIIs 1.43%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025May 2025Jun 2025Jul 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
42.57%
42.57%
42.62%
42.62%
44.69%
45.69%
45.69%
45.69%
45.69%
45.69%
49.62%
49.62%
46.15%
46.12%
46.15%
46.15%
46.21%
48.21%
48.21%
43.21%
43.21%
43.21%
43.21%
43.21%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.61%
0.00%
1.64%
1.84%
2.52%
2.16%
3.33%
2.58%
2.19%
0.00%
2.32%
3.35%
2.41%
2.87%
DIIs
0.21%
0.20%
0.20%
0.20%
0.19%
0.19%
0.19%
0.19%
0.23%
0.05%
0.05%
0.04%
3.32%
3.31%
3.28%
2.65%
1.03%
1.03%
0.88%
0.04%
1.69%
1.27%
1.34%
1.43%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
36.07%
35.84%
39.57%
39.51%
37.56%
38.40%
37.50%
37.70%
37.94%
37.48%
36.15%
35.09%
35.45%
34.88%
35.16%
35.50%
35.30%
35.61%
35.25%
34.74%
35.07%
33.67%
34.01%
34.41%
Others
21.16%
21.40%
17.61%
17.67%
17.56%
15.72%
16.62%
16.42%
16.14%
16.78%
12.58%
15.25%
13.44%
13.85%
12.89%
13.55%
14.13%
12.56%
13.47%
22.02%
17.71%
18.50%
19.03%
18.08%
No. of Shareholders
35,402
32,870
41,429
40,937
40,643
41,970
39,466
38,740
37,549
31,539
34,330
35,193
44,197
46,295
53,582
56,984
56,405
59,431
59,257
56,856
54,425
51,822
50,913
49,144

Documents

Frequently Asked Questions about Man Industries (India) Ltd

What does Man Industries (India) Ltd do?
Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in Pipe Industry.
Where is Man Industries (India) Ltd (MANINDS) listed?
Man Industries (India) Ltd is listed on the Indian stock exchanges. It is listed on NSE: MANINDS and BSE: 513269. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Man Industries (India) Ltd belong to?
Man Industries (India) Ltd operates in the Industrial Products sector within the Iron & Steel Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Man Industries (India) Ltd?
Man Industries (India) Ltd has a market capitalisation of approximately ₹4816.36 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Man Industries (India) Ltd?
The Price-to-Earnings (PE) ratio of Man Industries (India) Ltd is 23.57. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Man Industries (India) Ltd?
Over the past 52 weeks, Man Industries (India) Ltd has traded between a low of ₹302.05 and a high of ₹649.95. This range helps investors understand the stock's price volatility and recent trading levels.
Does Man Industries (India) Ltd pay dividends?
Yes, Man Industries (India) Ltd has a dividend yield of 0.31%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Man Industries (India) Ltd?
Man Industries (India) Ltd has a Return on Equity (ROE) of 9.53%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Man Industries (India) Ltd on Tapetide?
On Tapetide, you can view Man Industries (India) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in Pipe Industry.

Website mangroup.com
CEO Mr. Ramesh Chandra Mansukhani
Employees 833
Listed 2005-06-24
Face Value ₹ 5
Issued Size 7,50,09,571

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