MANINDS

Man Industries (India) Limited

Man Industries (India) Limited (MANINDS) financial statements and selected valuation metrics through 30 June 2026.

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

mangroup.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹865.35
Market cap
6,491 Cr
Stock P/E
31.8
P/B
3.11
Dividend yield
0.2%
ROE (FY26)
8.2%
ROCE (FY26)
15.0%
Operating margin (FY26)
10.1%
Debt / equity (FY26)
0.24
OCF / EBITDA (FY26)
107.5%
OCF / EBITDA (3Y)
81.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Man Industries (MAN) makes large-diameter welded steel line pipes and coats them, supplying pipeline projects in India and overseas, with a presence in 30+ countries.

Company snapshot

13thBy market cap

Ranked among 64 companies in Iron & Steel Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Manufacturing
100.0%
732 Cr68 Cr0 Cr
Real Estate—0 Cr-0.72 Cr0 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.24x — the company is largely funded by its own money, not borrowed funds.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,018 Cr833 Cr811 Cr749 Cr806 Cr732 Cr1,218 Cr742 Cr834 Cr830 Cr1,157 Cr1,053 Cr
Operating expenses (approx.)948 Cr768 Cr752 Cr711 Cr743 Cr653 Cr1,097 Cr693 Cr713 Cr703 Cr1,018 Cr910 Cr
EBITDA70 Cr65 Cr58 Cr38 Cr64 Cr79 Cr121 Cr49 Cr121 Cr128 Cr140 Cr143 Cr
OPM %6.8%7.8%7.2%5.0%7.9%10.8%9.9%6.6%14.5%15.4%12.1%13.6%
Other income21 Cr14 Cr14 Cr20 Cr11 Cr6 Cr15 Cr31 Cr-19 Cr8 Cr8 Cr12 Cr
Interest22 Cr20 Cr25 Cr18 Cr21 Cr26 Cr35 Cr30 Cr30 Cr38 Cr52 Cr40 Cr
Depreciation15 Cr16 Cr15 Cr13 Cr11 Cr11 Cr11 Cr13 Cr22 Cr21 Cr23 Cr30 Cr
Profit before tax54 Cr43 Cr32 Cr28 Cr43 Cr47 Cr91 Cr38 Cr49 Cr76 Cr73 Cr85 Cr
Tax %27.8%29.2%25.6%30.7%25.6%27.2%25.3%27.8%25.2%27.9%30.3%28.1%
Net profit39 Cr31 Cr24 Cr19 Cr32 Cr34 Cr68 Cr28 Cr37 Cr55 Cr51 Cr61 Cr
EPS (₹)₹6.68₹5.09₹4.00₹2.94₹4.92₹5.36₹9.15₹4.13₹4.83₹7.64₹7.00₹8.19

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,060 Cr1,608 Cr2,222 Cr1,759 Cr2,080 Cr2,139 Cr2,231 Cr3,142 Cr3,505 Cr3,564 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,012 Cr1,483 Cr2,043 Cr1,591 Cr1,875 Cr1,958 Cr2,094 Cr2,901 Cr3,204 Cr3,125 CrSign in free for the trailing twelve months
EBITDA48 Cr125 Cr179 Cr168 Cr205 Cr181 Cr137 Cr241 Cr301 Cr439 CrSign in free for the trailing twelve months
OPM %4.6%7.7%8.1%9.5%9.9%8.4%6.1%7.7%8.6%12.3%Sign in free for the trailing twelve months
Other income72 Cr57 Cr21 Cr17 Cr31 Cr37 Cr40 Cr52 Cr52 Cr29 CrSign in free for the trailing twelve months
Interest36 Cr43 Cr65 Cr64 Cr53 Cr37 Cr41 Cr88 Cr100 Cr152 CrSign in free for the trailing twelve months
Depreciation40 Cr39 Cr46 Cr52 Cr46 Cr45 Cr45 Cr61 Cr45 Cr79 CrSign in free for the trailing twelve months
Profit before tax44 Cr95 Cr88 Cr65 Cr137 Cr135 Cr90 Cr144 Cr208 Cr237 CrSign in free for the trailing twelve months
Tax %24.2%33.4%33.5%15.0%26.2%24.7%24.8%27.1%26.5%28.0%Sign in free for the trailing twelve months
Net profit34 Cr64 Cr59 Cr56 Cr101 Cr102 Cr68 Cr105 Cr153 Cr170 CrSign in free for the trailing twelve months
EPS (₹)₹5.88₹11.12₹10.30₹9.72₹17.66₹17.78₹11.33₹17.42₹23.66₹23.65Sign in free for the trailing twelve months
Dividend payout %————11.3%0.0%17.4%11.4%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital29 Cr29 Cr29 Cr29 Cr29 Cr30 Cr30 Cr32 Cr32 Cr38 Cr
Reserves570 Cr624 Cr673 Cr718 Cr806 Cr913 Cr974 Cr1,373 Cr1,575 Cr2,049 Cr
Borrowings357 Cr264 Cr200 Cr240 Cr279 Cr49 Cr294 Cr308 Cr456 Cr500 Cr
Other liabilities401 Cr782 Cr692 Cr841 Cr672 Cr828 Cr430 Cr702 Cr1,716 Cr2,434 Cr
Total liabilities1,356 Cr1,698 Cr1,594 Cr1,827 Cr1,786 Cr1,820 Cr1,728 Cr2,415 Cr3,779 Cr5,021 Cr
Fixed assets (net)346 Cr355 Cr396 Cr368 Cr337 Cr318 Cr489 Cr540 Cr572 Cr655 Cr
CWIP5 Cr63 Cr3 Cr4 Cr1 Cr20 Cr14 Cr31 Cr133 Cr326 Cr
Investments104 Cr103 Cr102 Cr102 Cr103 Cr102 Cr103 Cr229 Cr27 Cr72 Cr
Loans & advances——50 Cr11 Cr10 Cr1 Cr72 Cr2 Cr0.18 Cr16 Cr
Inventories109 Cr418 Cr217 Cr380 Cr332 Cr318 Cr121 Cr646 Cr1,269 Cr1,535 Cr
Trade receivables341 Cr383 Cr555 Cr450 Cr656 Cr544 Cr494 Cr355 Cr896 Cr1,010 Cr
Cash & bank119 Cr5 Cr5 Cr136 Cr17 Cr82 Cr37 Cr189 Cr245 Cr189 Cr
Other assets334 Cr370 Cr266 Cr376 Cr331 Cr433 Cr398 Cr424 Cr636 Cr1,218 Cr
Total assets1,356 Cr1,698 Cr1,594 Cr1,827 Cr1,786 Cr1,820 Cr1,728 Cr2,415 Cr3,779 Cr5,021 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-75 Cr132 Cr137 Cr214 Cr-60 Cr451 Cr-119 Cr257 Cr67 Cr472 Cr
Cash from investing21 Cr-105 Cr0.16 Cr-46 Cr4 Cr-119 Cr-135 Cr-264 Cr-45 Cr-594 Cr
Cash from financing41 Cr-115 Cr-138 Cr-37 Cr-63 Cr-267 Cr209 Cr158 Cr34 Cr136 Cr
Net cash flow-13 Cr-88 Cr-0.52 Cr131 Cr-119 Cr65 Cr-45 Cr152 Cr56 Cr14 Cr
Free cash flow (OCF − Capex)-98 Cr22 Cr111 Cr204 Cr-72 Cr405 Cr-326 Cr137 Cr-87 Cr132 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %8.4%15.1%17.0%13.1%17.0%17.4%10.1%13.5%14.9%15.0%
ROE %5.6%9.7%8.4%7.4%12.1%10.8%6.8%7.5%9.5%8.2%
Debtor days11787919311593814193103
Inventory days481145211994753095198252
Days payable941541351761471798574187242
Cash conversion cycle714683762-112662104114
OCF / EBITDA %-154.8%106.0%76.7%127.6%-29.2%249.7%-86.6%106.8%22.2%107.5%
OCF / EBITDA % (3 years)——55.3%102.6%52.9%109.4%52.1%105.5%30.3%81.1%
Debt / equity0.600.400.290.320.330.050.290.220.280.24
Current ratio1.501.211.191.151.331.451.671.921.391.36
Net debt / EBITDA4.93—1.090.621.28-0.181.870.500.700.71