Synopsis:
MAN Industries posted Q1 FY26 revenue of Rs. 742 crore, profit of Rs. 28 crore, maintained a strong order book, progressed Saudi/Jammu expansions, and reaffirmed 20 percent FY26 revenue growth guidance.
During Tuesday’s trading session, shares of one of the largest manufacturers and exporters of large diameter carbon steel line pipes in India moved down by nearly 11 percent on BSE, after reporting financial results for Q1 FY26 with a net profit decline of around 59 percent QoQ.
At 11:17 a.m., the shares of MAN Industries (India) Limited were trading in the red at Rs. 406.6 on BSE, down by around 8 percent, as against its previous closing price of Rs. 443.65, with a market cap of Rs. 2,734 crores. The stock has delivered negative returns of around 10 percent in the last one year, and has fallen by over 1 percent in the last one month.
What’s the News
MAN Industries (India) Limited announced the financial results for Q1 FY26 on Monday after market hours, according to the latest regulatory filings on the stock exchanges.
For Q1 FY26, MAN Industries reported a consolidated revenue from operations of Rs. 742 crores, down by around 39 percent QoQ from Rs. 1,218 crores in Q4 FY25 and 1 percent from Rs. 749 crores recorded in Q1 FY25.
Net profit for the quarter stood at Rs. 28 crores, marking a decline of around 59 percent QoQ from Rs. 68 crores in Q4 FY25, but a year-on-year increase of about 47 percent from Rs. 19 crores in Q1 FY25.
In terms of margins, the company reported a PAT Margin of 3.6 percent in Q1 FY26, a rise of 110 bps from 2.5 percent in Q1 FY25. Similarly, the EBITDA margin improved by 290 bps to 10.4 percent from 7.5 percent in Q1 FY25.
Export volumes during the quarter were affected by the deferment of certain scheduled consignments, driven by vessel availability constraints stemming from the Iran–Israel conflict. The shipments affected are now in transit and are expected to be accounted for in the current quarter.
As of Q1 FY26, MAN Industries holds a strong executable order book of Rs. 3,200 crore for delivery over the next 6-12 months, backed by a healthy bid pipeline of about Rs. 15,000 crore, ensuring robust revenue visibility.
Strategic Expansions: Greenfield projects in Saudi Arabia and Jammu are progressing as planned, with commissioning targeted for Q3/Q4 FY26. Once operational, these facilities will significantly strengthen MAN Industries’ global manufacturing footprint and market reach.
The company reaffirmed its FY26 revenue growth guidance of around 20 percent, driven by strong momentum anticipated in H2 FY26. This outlook is supported by a robust production schedule for H2 FY26 and consistent order inflows, which are expected to substantially improve capacity utilisation.
With strategic capacity expansions, most notably the upcoming greenfield projects in Saudi Arabia and Jammu, the company is well-positioned to reinforce its presence in high-growth markets such as the Middle East and deliver sustained value to stakeholders.
Establishing a new manufacturing facility in Dammam, Saudi Arabia, with a total capex of ~Rs. 1,200 crore, aimed at boosting capabilities, expanding global presence, and capturing high-growth opportunities in international markets. As of the July 2025 shareholding data available with the BSE, the ace investor Ashish Kacholia holds a 1.82 percent stake in the company.
Man Industries (India) Limited is engaged in the business of manufacturing, processing, and trading of submerged arc welded pipes & steel products. It is one of the largest manufacturers and exporters of large diameter carbon steel line pipes in India, with world-class capabilities in LSAW (Longitudinal Submerged Arc Welded), HSAW (Helical Submerged Arc Welded), and ERW (Electric Resistance Welded) pipe technologies, and advanced pipe coating solutions.
The company supplies critical infrastructure to high-pressure transmission systems for oil & gas, petrochemicals, water, fertilisers, dredging, hydrocarbon, and city gas distribution (CGD) sectors across India and global markets.
It operates two state-of-the-art manufacturing facilities – one in Pithampur (Madhya Pradesh), and the other in Anjar (Gujarat), with a combined installed capacity of over 1.18 million tonnes per annum (MTPA).
Written by Shivani Singh
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