About
Man Industries (India) Limited manufactures, processes, sells, and trades in submerged arc-welded pipes and steel products in India. The company offers longitudinal submerged arc-welded (LSAW) and helically submerged arc-welded (HSAW) line pipes, external coatings and internal linings, electro resistance-welded (ERW) pipes, and hot induction bends (HIB) pipes. It serves customers in the oil, gas, petrochemicals, water dredging, and fertilizer industries. The company exports its products. Man Industries (India) Limited was incorporated in 1988 and is based in Mumbai, India.
Key Metrics
as of Sep 2026Market Cap5,919 Cr
P/E29.00
Div Yield0.00 %
Book Value₹278.00
52w High₹809.00
52w Low₹302.00
Face Value₹5.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,053.00 | 1,157.00 | 830.00 | 834.00 | 742.00 | 1,218.00 | 732.00 | 806.00 | 749.00 | 811.00 | 833.00 | 1,018.00 | 490.00 |
| Expenses | 910.00 | 1,018.00 | 703.00 | 713.00 | 693.00 | 1,097.00 | 653.00 | 742.00 | 711.00 | 752.00 | 768.00 | 948.00 | 444.00 |
| Operating Profit | 143.00 | 140.00 | 128.00 | 121.00 | 49.00 | 121.00 | 79.00 | 64.00 | 38.00 | 58.00 | 65.00 | 70.00 | 47.00 |
| OPM % | 14.00 | 12.00 | 15.00 | 15.00 | 7.00 | 10.00 | 11.00 | 8.00 | 5.00 | 7.00 | 8.00 | 7.00 | 10.00 |
| Other Income | 12.00 | 8.00 | 8.00 | -19.00 | 31.00 | 15.00 | 6.00 | 11.00 | 20.00 | 14.00 | 14.00 | 21.00 | 4.00 |
| Depreciation | 30.00 | 23.00 | 21.00 | 22.00 | 13.00 | 11.00 | 11.00 | 11.00 | 13.00 | 15.00 | 16.00 | 15.00 | 15.00 |
| Interest | 40.00 | 52.00 | 38.00 | 30.00 | 30.00 | 35.00 | 26.00 | 21.00 | 18.00 | 25.00 | 20.00 | 22.00 | 21.00 |
| Profit before tax | 85.00 | 73.00 | 76.00 | 49.00 | 38.00 | 91.00 | 47.00 | 43.00 | 28.00 | 32.00 | 43.00 | 54.00 | 14.00 |
| Tax % | 28.00 | 30.00 | 28.00 | 25.00 | 28.00 | 25.00 | 27.00 | 26.00 | 31.00 | 26.00 | 29.00 | 28.00 | 22.00 |
| Net Profit | 61.00 | 51.00 | 55.00 | 37.00 | 28.00 | 68.00 | 34.00 | 32.00 | 19.00 | 24.00 | 31.00 | 39.00 | 11.00 |
| EPS in Rs | 8.19 | 6.78 | 7.34 | 4.93 | 4.11 | 10.53 | 5.27 | 4.92 | 2.94 | 3.73 | 5.09 | 6.50 | 1.87 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,564.00 | 3,505.00 | 3,142.00 | 2,231.00 | 2,139.00 | 2,080.00 | 1,759.00 | 2,222.00 | 1,608.00 | 1,060.00 | 1,392.00 | 1,364.00 |
| Expenses | 3,125.00 | 3,204.00 | 2,901.00 | 2,094.00 | 1,958.00 | 1,875.00 | 1,591.00 | 2,044.00 | 1,483.00 | 1,012.00 | 1,272.00 | 1,250.00 |
| Operating Profit | 439.00 | 301.00 | 241.00 | 137.00 | 181.00 | 205.00 | 168.00 | 178.00 | 125.00 | 48.00 | 120.00 | 114.00 |
| OPM % | 12.00 | 9.00 | 8.00 | 6.00 | 8.00 | 10.00 | 10.00 | 8.00 | 8.00 | 4.60 | 9.00 | 8.00 |
| Other Income | 29.00 | 52.00 | 52.00 | 39.00 | 37.00 | 31.00 | 14.00 | 21.00 | 53.00 | 72.00 | 67.00 | 35.00 |
| Interest | 152.00 | 100.00 | 88.00 | 41.00 | 37.00 | 53.00 | 64.00 | 64.00 | 43.00 | 36.00 | 56.00 | 46.00 |
| Depreciation | 79.00 | 45.00 | 61.00 | 46.00 | 45.00 | 46.00 | 52.00 | 46.00 | 39.00 | 40.00 | 37.00 | 43.00 |
| Profit before tax | 237.00 | 208.00 | 144.00 | 89.00 | 135.00 | 137.00 | 65.00 | 88.00 | 95.00 | 44.00 | 93.00 | 60.00 |
| Tax % | 28.00 | 26.00 | 27.00 | 25.00 | 25.00 | 26.00 | 15.00 | 33.00 | 33.00 | 24.00 | 7.00 | 17.00 |
| Net Profit | 170.00 | 153.00 | 105.00 | 67.00 | 102.00 | 101.00 | 56.00 | 59.00 | 64.00 | 34.00 | 86.00 | 50.00 |
| EPS in Rs | 22.73 | 23.66 | 16.24 | 11.15 | 17.16 | 17.66 | 9.72 | 10.30 | 11.15 | 5.88 | 15.14 | 8.82 |
| Dividend Payout % | 0.00 | 0.00 | 12.00 | 0.00 | 0.00 | 11.00 | 10.00 | 15.00 | 13.00 | 26.00 | 10.00 | 17.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 38.00 | 32.00 | 32.00 | 30.00 | 30.00 | 29.00 | 29.00 | 29.00 | 29.00 | 29.00 | 29.00 | 29.00 |
| Reserves | 2,049.00 | 1,575.00 | 1,372.00 | 1,102.00 | 913.00 | 806.00 | 718.00 | 673.00 | 624.00 | 570.00 | 538.00 | 454.00 |
| Borrowings | 628.00 | 476.00 | 326.00 | 301.00 | 57.00 | 296.00 | 294.00 | 244.00 | 368.00 | 447.00 | 353.00 | 495.00 |
| Other Liabilities | 2,306.00 | 1,696.00 | 684.00 | 427.00 | 821.00 | 655.00 | 787.00 | 648.00 | 678.00 | 311.00 | 323.00 | 522.00 |
| Total Liabilities | 5,021.00 | 3,779.00 | 2,415.00 | 1,860.00 | 1,820.00 | 1,786.00 | 1,827.00 | 1,594.00 | 1,698.00 | 1,356.00 | 1,243.00 | 1,499.00 |
| Fixed Assets | 864.00 | 643.00 | 605.00 | 553.00 | 318.00 | 337.00 | 368.00 | 396.00 | 355.00 | 346.00 | 349.00 | 416.00 |
| CWIP | 326.00 | 133.00 | 31.00 | 14.00 | 20.00 | 1.00 | 4.00 | 3.00 | 63.00 | 5.00 | 19.00 | 3.00 |
| Investments | 71.00 | 26.00 | 228.00 | 0.00 | 102.00 | 103.00 | 102.00 | 102.00 | 103.00 | 104.00 | 104.00 | 3.00 |
| Other Assets | 3,760.00 | 2,977.00 | 1,552.00 | 1,293.00 | 1,379.00 | 1,345.00 | 1,353.00 | 1,093.00 | 1,176.00 | 902.00 | 771.00 | 1,077.00 |
| Total Assets | 5,021.00 | 3,779.00 | 2,415.00 | 1,860.00 | 1,820.00 | 1,786.00 | 1,827.00 | 1,594.00 | 1,698.00 | 1,356.00 | 1,243.00 | 1,499.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 515.00 | 68.00 | 345.00 | -120.00 | 451.00 | -60.00 | 214.00 | 137.00 | 132.00 | -75.00 | 205.00 | 64.00 |
| Cash from Investing Activity | -594.00 | -41.00 | -279.00 | -135.00 | -119.00 | 4.00 | -46.00 | 0.00 | -105.00 | 21.00 | 2.00 | -61.00 |
| Cash from Financing Activity | 136.00 | 30.00 | 86.00 | 211.00 | -267.00 | -63.00 | -37.00 | -138.00 | -115.00 | 41.00 | -188.00 | -35.00 |
| Net Cash Flow | 57.00 | 56.00 | 152.00 | -45.00 | 65.00 | -119.00 | 131.00 | -1.00 | -88.00 | -13.00 | 19.00 | -31.00 |
| Free Cash Flow | 175.00 | -86.00 | 228.00 | -328.00 | 405.00 | -72.00 | 204.00 | 111.00 | 22.00 | -98.00 | 158.00 | 69.00 |
| CFO/OP % | 119.00 | 40.00 | 157.00 | -68.00 | 275.00 | -11.00 | 144.00 | 92.00 | 123.00 | -123.00 | 186.00 | 68.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 103.00 | 93.00 | 41.00 | 81.00 | 93.00 | 115.00 | 93.00 | 91.00 | 87.00 | 117.00 | 70.00 | 130.00 |
| Inventory Days | 251.00 | 190.00 | 98.00 | 84.00 | 73.00 | 85.00 | 110.00 | 47.00 | 126.00 | 49.00 | 44.00 | 92.00 |
| Days Payable | 241.00 | 180.00 | 76.00 | 70.00 | 174.00 | 133.00 | 162.00 | 121.00 | 174.00 | 94.00 | 75.00 | 135.00 |
| Cash Conversion Cycle | 114.00 | 104.00 | 63.00 | 95.00 | -8.00 | 67.00 | 41.00 | 17.00 | 39.00 | 71.00 | 39.00 | 87.00 |
| Working Capital Days | 29.00 | 38.00 | 33.00 | 69.00 | 23.00 | 34.00 | -14.00 | 17.00 | 25.00 | 46.00 | 34.00 | 62.00 |
| ROCE % | 16.00 | 16.00 | 14.00 | 10.00 | 16.00 | 17.00 | 13.00 | 16.00 | 14.00 | 8.00 | 16.00 | 10.00 |
Corporate Actions
30 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Other | 19 Sep 2024 | — | — | — | Annual General Meeting |
| Other | 14 Sep 2023 | — | — | — | Annual General Meeting |
| Dividend | 14 Aug 2023 | 16 Aug 2023 | — | 2.00 | |
| Other | 21 Sep 2022 | — | — | — | Annual General Meeting |
| Dividend | 28 Apr 2022 | 29 Apr 2022 | — | 2.00 | |
| Other | 21 Sep 2021 | — | — | — | Annual General Meeting |
| Dividend | 03 Nov 2020 | 04 Nov 2020 | — | 2.00 | |
| Other | 24 Sep 2020 | 25 Sep 2020 | — | — | Spin Off |
| Other | 24 Sep 2020 | 25 Sep 2020 | — | — | Demerger |
| Other | 22 Sep 2020 | — | — | — | Annual General Meeting |
| Dividend | 19 Mar 2020 | 21 Mar 2020 | — | 1.00 | |
| Dividend | 19 Sep 2019 | — | — | 1.50 | |
| Dividend | 19 Sep 2018 | — | — | 1.50 | |
| Dividend | 19 Sep 2017 | — | — | 1.50 | |
| Dividend | 15 Sep 2016 | — | — | 1.50 | |
| Dividend | 18 Dec 2015 | — | — | 1.50 | |
| Dividend | 18 Sep 2014 | — | — | 1.00 | |
| Dividend | 23 Oct 2013 | — | — | 2.00 | |
| Dividend | 22 Aug 2012 | — | — | 2.00 | |
| Dividend | 15 Dec 2011 | — | — | 2.00 | |
| Dividend | 08 Jul 2010 | — | — | 1.75 | |
| Dividend | 14 Sep 2009 | — | — | 1.50 | |
| Dividend | 18 Sep 2008 | — | — | 1.50 | |
| Split | 09 Oct 2007 | 16 Oct 2007 | 10:5 | — | |
| Dividend | 06 Sep 2007 | — | — | 3.00 | NSE/BSE dividend mismatch: NSE=1.5; BSE=3.0 |
| Dividend | 06 Sep 2007 | — | — | 1.50 | NSE/BSE dividend mismatch: NSE=1.5; BSE=3.0 |
| Other | 13 Apr 2007 | 20 Apr 2007 | — | — | Scheme of Arrangement |
| Other | 13 Apr 2007 | 20 Apr 2007 | — | — | Scheme Of Demerger |
| Dividend | 07 Sep 2006 | — | — | 1.25 | |
| Dividend | 16 Sep 2005 | — | — | 2.00 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update20 Jul from crisil
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Rating update1 Jun from crisil
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Rating update2 Jan from crisil
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Rating update10 Oct 2025 from crisil
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Rating update28 Mar 2025 from crisil
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Rating update24 Sep 2024 from crisil
Conference Calls
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