Synopsis:
Man Industries Ltd. has announced plans for revenue growth, new orders, and capex in FY26, demonstrating confidence in future growth driven by exports and expansion projects.
A largest Manufacturer and Exporter of LSAW and HSAW pipes is in the spotlight today following the announcement of its revenue and capex guidance for FY26 in their Q1 results. The article below provides a detailed overview of the company’s performance and future outlook.
With a market capitalization of Rs. 2,902.12 crore, the shares of Man Industries (India) Limited closed at Rs. 386.90 on Friday, up by 1.22 percent from its previous closing price of Rs. 382.25 per equity share.
What’s the News?
Man Industries Ltd.’s management has provided a positive outlook, including revenue growth, order inflows, and planned capex. The company is confident in maintaining strong business momentum through strategic investments and a robust pipeline of opportunities.
Revenue Guidance
Man Industries Ltd.’s Management expects revenue to grow by 20 percent in FY26, supported by operating profit growth, with 80 percent of the revenue coming from export orders.
Order Guidance
As of June 2025, MAN Industries had an order book of around Rs. 3,200 crore. During Q1FY26, it secured new orders worth Rs. 1,400 crore and expects to receive an additional Rs. 2,500 crore of new inflows through the rest of the year, taking the total order inflow guidance for FY26 to about Rs. 3,900 crore. The company also expects to close FY26 with a strong opening order book of Rs. 2,500–3,000 crore for FY27.
CAPEX Guidance
MAN Industries is launching two major projects with a combined capital expenditure of around INR 1,200 crore, both of which are expected to be operational by FY26. The first is a 300,000-tonne-per-year facility in Dammam, Saudi Arabia, which will cost INR 630 crore and aims to reduce import duties while also serving core demand centers, with an estimated incremental turnover of around INR 3,000 crore.
Before the plant begins operations, discussions with the Saudi government are taking place about potential orders. The second project is a stainless-steel seamless plant in Jammu, with construction underway and production expected to begin in FY26.
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About the Company
Man Industries Ltd. is a leading Indian manufacturer and exporter of large-diameter LSAW and HSAW pipes, with over 30 years of industry experience and a total installed capacity of approximately 1.18 million tonnes per year.
The company operates two advanced manufacturing facilities, with six production lines, that are strategically located to serve export markets. It has supplied over 20,000 kilometers of pipes globally, and it is an approved vendor for major domestic and international oil and gas companies, and operates in over 30 countries.
Financial Outlook
For Q1 FY26, the company’s revenue decreased by 39.08 percent quarter-over-quarter, rising from Rs. 1,218 crore to Rs. 742 crore. However, on a year-over-year basis, revenue declined by 0.93 percent, down from Rs. 749 crore in Q1 FY25.Similarly, net profit decreased by 58.82 percent from Rs. 68 crore in Q4FY25 to Rs. 28 crore in Q1 FY26, however increased year over year by 47.37 percent from Rs. 19 crore in Q1 FY25.
At the moment, the company’s P/E stands at 16x lower than the industry average of 22.8x. ROE and ROCE of 10.2 percent and 16.2 percent respectively, indicates company’s financial performance. Its Debt to Equity ratio stands at 0.30.
Written by: Akshay Sanghavi
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