Man Industries (India) Ltd.

MANINDS

₹376.05

2.09% (7.7)

Market Cap

₹2,525 Cr.

P/E

16.48

About

Man Industries (India) Limited was incorporated in 1988 having its registered office in Vile Parle (West), Mumbai. The company is engaged in the business of manufacturing, processing and trading of su… Read more

Man Industries (India) Limited was incorporated in 1988 having its registered office in Vile P… Read more

Low

202

52W Range

High

514

Timeline

Key company specific updates

Company Timeline

Custom financial statementNew

Edit rows

In Rs. Cr.	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

In Rs. Cr.	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Balance sheet
Net Block	349	346	355	396	368	337	318	551	604	623
Shareholders Funds	566	598	652	702	746	835	942	1,132	1,405	1,607
Profit & Loss
Operating Profit	119	48.32	125	176	168	205	181	125	241	301
Net Sales	1,391	1,060	1,608	2,222	1,759	2,080	2,139	2,231	3,142	3,505
Cash flow
Cash from Operating Activity	205	-74.78	132	137	214	-59.89	451	-120	257	67.99
Net Capex (est)	46.37	22.89	110	26.70	10.70	12.19	45.68	207	120	154
Ratios
ROCE (%)	18.65	10.40	18.17	19.20	16.42	21.64	17.63	10.09	14.64	—
ROE (%)	15.27	5.61	9.77	8.38	7.44	12.08	10.78	5.92	7.48	—

Forensics

9 Yes

Positive for this company

1 Neutral

Neutral for this company

7 No

Negative for this company

0 No Data

Insufficient data to analyse

Accounting & Shareholding

Contingent Liabilities

Company does not have significant contingent liabilities
Other Income

Other income is not affecting ratios of the company
Promoter Holding

Promoter has been buying shares from the open market over last 90 days
Revenue Recognition

Company is converting accounting profit to cash
Depreciation Effect

Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Pledge

Promoters have pledged a significant portion of their holding
Retail Holding

Retail has been buying the stock which is usually a sign of exuberance

Price & Performance

Capex vs ROCE

Roce of the company has increased over the last three years
ROE

Asset turnover is responsible for roe increase over last 10 years
Share price

Share price has increased over last 10 years due to earnings
Working Capital

Working capital of the company seems to be under control
Sales Growth

Sales of the company has grown at a good pace
Balance Sheet Strength

Balance sheet of the company is strong. but it might have issues paying it suppliers
Current vs Historic Valuation

Company is trading at a premium to 3yr historic valuations
Debt

Company might have issues servicing its debt
Margin Stability

Margins of the company are volatile
ROCE Strength

Roce of the company is not consistently strong

Revenue mix

Product Wise Break-Up

Segment Break-Up

Location Wise Break-Up

Operational Metrics

Manufacturing Capacity - Steel Pipes (MTPA)

Man Industries (India) Ltd.

Manufacturing Capacity - Steel Pipes (MTPA)
Source
Manufacturing Capacity - HSAW Pipes (MTPA)
Source
Manufacturing Capacity - LSAW Pipes (MTPA)
Source

Peer Comparison

Peer Name	Latest Price	PE	Market cap(Cr)	Prom Holding(%)	YoY Qtly Sales(%)	ROCE (%)	ROE (%)
Man Industries	376.05	16.16	2,476	46.21	50.3	14.64	7.48
Maharashtra Seamless	691.45	11.96	9,297	68.86	16.7	20.36	16.6
ISMT	120.19	22.28	3,612	74.95	-11.95	11.48	5.94
JTL Industries	66.86	26.66	2,634	48.91	0.73	19.94	14.59
Aeroflex Industries	165.88	40.83	2,144	66.99	17.9	20.37	14.24
Venus Pipes & Tubes	1,423.2	30.55	2,838	48.12	15.19	30.7	21.17
Hi-Tech Pipes	95.35	26.75	1,951	43.97	7.74	14.1	7.64
Goodluck India	941	18.79	3,096	55.78	22.4	20.05	11.79

Corporate Actions

Consolidated Dividend

DATE

DETAILS

2023, Aug 14

Dividend Dividend of Rs.2 per share

2022, Apr 28

Dividend Dividend of Rs.2 per share

2020, Nov 03

Dividend Dividend of Rs.2 per share

2020, Mar 19

Dividend Dividend of Rs.1 per share

2019, Sep 19

Dividend Dividend of Rs.1.5 per share

Suppliers

Jupiter Wagons Ltd.
CIE Automotive India Ltd.
JK Tyre & Industries Ltd.
Gabriel India Ltd.
Sharda Motor Industries Ltd.
Dynamatic Technologies Ltd.
Jamna Auto Industries Ltd.
Steel Strips Wheels Ltd.
Automotive Axles Ltd.
Setco Automotive Ltd.

Showing 5 of 10

Customers

Bharat Heavy Electricals Ltd.
Bharat Petroleum Corporation Ltd.
GAIL (India) Ltd.
Hindustan Petroleum Corporation Ltd.
Indian Oil Corporation Ltd.
Larsen & Toubro Ltd.
Oil & Natural Gas Corporation Ltd.
Petronet LNG Ltd.
Reliance Industries Ltd.
Hyundai Engineering
Kinder Morgan
Kuwait Oil Company
Shell

Showing 5 of 13

FAQs on Man Industries (India) Ltd. Business

What does Man Industries do?

Established in 1988, Man Industries (India) Limited is based in Mumbai and specializes in manufacturing, processing, and trading submerged arc welded pipes and steel products.

Who are the competitors of Man Industries?

Man Industries major competitors are Maharashtra Seamless, ISMT, Aeroflex Industries, JTL Industries, Hi-Tech Pipes, Venus Pipes & Tubes, Goodluck India.
Market Cap of Man Industries is ₹2,476 Crs.
While the median market cap of its peers are ₹2,838 Crs.

Is Man Industries financially stable compared to its competitors?

Man Industries seems to be less financially stable compared to its competitors.
Altman Z score of Man Industries is 4.12 and is ranked 8 out of its 8 competitors.

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Company Filing

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Discussions & Analysis

Man Industries (India) Ltd.

View the discussion on ValuePickr

Interesting idea to track Man Industries - Shikhar Mundhra

Summary thesis on MAN industries - Solidarity

Man Industries' ₹1200 Cr Capex Bet: Bold Expansion or Risky Move? - Green Portfolio

Steel Pipes

Steel Pipes Industry Overview - SOIC

Will Water Industry be the next Mega Theme? - SOIC

WATER Sector Analysis - Pipes - Sadhan

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Man Industries (India) Ltd.