MAN Industries (I) Ltd.
NSE: MANINDS · Iron & Steel Products · sector
₹783.85NSE close 2026-10-26
Key numbers
Market cap₹5,879 cr
Price₹783.85
52w high / low₹1,040 / ₹302
P/E28.3xSector median 15.5x
P/B2.8xSector median 1.7x
Book value₹278.2
Dividend yield–Sector median 0.60%
ROE11.1%Sector median 11.1%
ROCE17.2%Sector median 11.9%
OPM13.7%Sector median 6.7%
Debt / equity0.24xSector median 0.21x
EV/EBITDA10.6xSector median 11.8x
Interest cover2.8x
Current ratio1.36x
Sales growth 3y+16.9%Sector median +2.1%
Profit growth 3y+35.9%Sector median +13.0%
PEG1.02x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹728 cr vs borrowings ₹500 cr (FY26): cash is higher (net cash).
- Borrowings rose in each of the last 3 years (₹294 cr → ₹500 cr).
- Operating profit covered interest 2.8x in the last 12 months.
- 20.05% of the promoters' shares are pledged (8.7% of all shares).
- Operating cash flow was below net profit in 2 of the last 5 years (FY25, FY23).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 4% of net profit in the last 12 months.
- Debtor days went from 41 (FY24) to 103 (FY26).
- Dividend paid in 2 of the last 5 financial years.
- Price ₹783.85 on 2026-10-26: -24.6% from the 52-week high, +159.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹962.85 · low ₹210.02
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 806 | 732 | 1,218 | 742 | 834 | 830 | 1,157 | 1,053 |
| EBITDA | 64 | 79 | 121 | 49 | 121 | 128 | 140 | 143 |
| OPM % | 7.9% | 10.8% | 9.9% | 6.6% | 14.5% | 15.4% | 12.1% | 13.6% |
| Other income | 11 | 6 | 15 | 31 | -19 | 8 | 8 | 12 |
| Net profit | 32 | 34 | 68 | 28 | 37 | 55 | 51 | 61 |
| EPS (₹) | 4.92 | 5.36 | 9.15 | 4.13 | 4.83 | 7.64 | 7.00 | 8.19 |
| Revenue YoY | +3.5% | +13.4% | -5.0% | +41.9% | ||||
| Profit YoY | +16.1% | +61.3% | -25.4% | +122.5% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,139 | 2,231 | 3,142 | 3,505 | 3,564 | 3,875 |
| EBITDA | 181 | 137 | 241 | 301 | 439 | 532 |
| Net profit | 102 | 68 | 105 | 153 | 170 | 204 |
| EPS (₹) | 17.78 | 11.33 | 17.42 | 23.66 | 23.65 | 27.66 |
| Revenue growth | +4.3% | +40.8% | +11.6% | +1.7% | +10.8% | |
| Profit growth | -33.1% | +54.6% | +45.7% | +11.3% | +26.3% | |
| Dividend / share (₹) | – | 2.00 | 2.00 | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +16.9% | +11.4% | +10.7% |
| Net profit | +35.8% | +11.1% | +26.3% |
| EPS | +27.8% | +6.0% | – |
| Share price | – | +63.5% (2y) | +104.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,004 | 1,405 | 1,607 | 2,087 |
| Borrowings | – | 294 | 308 | 456 | 500 |
| Cash & equivalents | – | 170 | 483 | 405 | 728 |
| Total assets | – | 1,728 | 2,415 | 3,779 | 5,021 |
| Fixed assets | – | 489 | 540 | 572 | 655 |
| Capital work in progress | – | 14 | 31 | 133 | 326 |
| Investments | – | 102 | 0 | 0 | 1 |
| Receivables | – | 494 | 355 | 896 | 1,010 |
| Inventory | – | 121 | 646 | 1,269 | 1,535 |
| Payables | – | 340 | 503 | 1,200 | 1,471 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 451 | -119 | 257 | 67 | 472 |
| Cash from investing | -119 | -135 | -264 | -45 | -594 |
| Cash from financing | -267 | 209 | 158 | 34 | 136 |
| Capex | 46 | 207 | 120 | 154 | 340 |
| Free cash flow | 405 | -326 | 137 | -87 | 132 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 6.8% | 7.5% | 9.5% | 8.2% |
| ROCE % | – | 10.1% | 13.5% | 14.9% | 15.0% |
| Debtor days | – | 81 | 41 | 93 | 103 |
| Inventory days | – | 25 | 98 | 169 | 251 |
| Payable days | – | 70 | 76 | 160 | 241 |
| Cash conversion cycle (days) | – | 36 | 63 | 102 | 113 |
| Working capital days | – | 61 | 89 | 80 | 96 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 43.21% |
| FIIs | 3.49% |
| DIIs | 1.18% |
| of which Mutual funds | 0.00% |
| Public (non-institutions) | 52.12% |
| Quarter | May 2025 | Jun 2025 | Jul 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 48.21% | 48.21% | 43.21% | 43.21% | 43.21% | 43.21% | 43.21% | 43.21% |
| Promoter group | % |
|---|---|
| Rameshchandra Mansukhani | 15.00% |
| Man Finance Private Limited | 11.96% |
| Heena Vinay Kalantri | 6.48% |
| Nikhil Mansukhani | 4.78% |
| Man Global Limited | 2.46% |
| Deepadevi Rameshchandra Mansukhani | 2.41% |
| Rameshchandra Mansukhani (HUF) | 0.10% |
| Jagdishchandra Jhamaklal Mansukhani (Refer note) | 0.02% |
| Anita Jagdish Mansukhani (Refer note) | 0.01% |
| Jpa Solutions Private Limited (Refer note) | 0.00% |
| Man Tubinox Limited (Refer note) | 0.00% |
| Priyal Mansukhani (Refer note) | 0.00% |
| Public holders above 1% | % |
|---|---|
| Ashish Kacholia | 3.04% |
| Suresh Kumar Agarwal | 2.77% |
| Vikas Vijaykumar Khemani | 2.39% |
| Hiten Dilip Bhatia | 1.40% |
| The Court Receiver High Court Bombay(Com Arb Pet No 31/2020) | 1.29% |
| B Arunkumar Capital And Credit Services Pvt Ltd | 1.26% |
| Anil Laxmichand Shah | 1.05% |
| Carnelian Structural Shift Fund | 1.02% |
58,731 shareholders. Pledged: 20.05% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MANINDS | ₹5,879 cr | 28.3x | 2.8x | 11.1% | 17.2% | 13.7% | +16.9% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Manufacturing | ₹3,564 cr | 100.0% | ₹362 cr | 10.2% |
| Real Estate | ₹0 cr | – | ₹-2 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-19 | Other | Annual General Meeting |
| 2023-09-14 | Other | Annual General Meeting |
| 2023-08-14 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2022-09-21 | Other | Annual General Meeting |
| 2022-04-28 | Dividend | Interim Dividend - Rs 2/- Per Share |
| 2021-09-21 | Other | Annual General Meeting |
| 2020-11-03 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2020-09-24 | Restructuring | Demerger |
| 2020-09-22 | Other | Annual General Meeting |
| 2020-03-19 | Dividend | Interim Dividend - Re 1 Per Share |
| 2019-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2018-09-19 | Dividend | Annual General Meeting/Dividend- Rs 1.50 Per Share |
| 2017-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2016-09-15 | Dividend | Annual General Meeting/ Dividend - Rs 1.50/- Per Share |
| 2015-12-18 | Dividend | Annual General Meeting/ Dividend - Rs 1.50/- Per Share (Book Closure Dates Revised) |
| 2014-09-18 | Dividend | Annual General Meeting / Final Dividend - Re 1/- Per Share |
| 2013-10-23 | Dividend | Annual General Meeting / Dividend - Rs 2/- Per Share |
| 2012-08-22 | Dividend | Annual General Meeting/Dividend Rs 2 Per Share |
| 2011-12-15 | Dividend | Annual General Meeting / Dividend - Rs.2 Per Share |
| 2010-07-08 | Dividend | Annual General Meeting And Dividend Re.1.75 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacture of steel pipes and pipe coating systems
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | MANINDS |
| BSE code | 513269 |
| ISIN | INE993A01026 |
| Face value | ₹5.0 |
| Incorporated | 1988-05-19 |
| Website | www.mangroup.com |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.