Man Industries (India) Ltd

Man Industries (India) has entered into a Memorandum of Understanding (MoU) with the Aramco Asia India, to explore the long-term supply of product range of MAN Industries (India) or any of its subsidiaries and for business potential of setting up a manufacturing facility in Saudi Arabia. Key Highlights of the MOU: The MoU is effective immediately for a period of five years. Exploring the potential to establish a state-of-the-art steel pipe manufacturing facility in the Kingdom of Saudi Arabia through MAN or its subsidiaries. Joint development of advanced capabilities, technologies, and resources to support the energy, infrastructure, and industrial requirements of Saudi Arabia, the GCC, and the broader Middle East region.Powered by Capital Market - Live

This MoU, which is effective immediately and will remain in force for a period of five years, seeks to explore the potential for establishing a steel pipe manufacturing facility in the Kingdom of Saudi Arabia through MAN or its subsidiaries. The collaboration is also designed to undertake the joint development of advanced capabilities, technologies, and resources. This effort aims to support the energy, infrastructure, and industrial requirements of Saudi Arabia, the GCC, and the broader Middle East region. MAN Industries (India) is the flagship company of the MAN Group. The company is one of the largest manufacturers and exporters of large diameter carbon steel line pipes in India, with capabilities in LSAW (longitudinal submerged arc welded), HSAW (helical submerged arc welded), and ERW (electric resistance welded) pipe technologies, as well as advanced pipe coating solutions. The company's consolidated net profit rose 16.07% to Rs 36.98 crore on a 3.46% increase in revenue to Rs 834.09 crore in Q2 FY26 as compared with Q2 FY25. Powered by Capital Market - Live

Net profit of Man Industries (India) rose 16.07% to Rs 36.98 crore in the quarter ended September 2025 as against Rs 31.86 crore during the previous quarter ended September 2024. Sales rose 3.46% to Rs 834.09 crore in the quarter ended September 2025 as against Rs 806.23 crore during the previous quarter ended September 2024. ParticularsQuarter EndedSep. 2025Sep. 2024% Var. Sales834.09806.23 3 OPM %14.527.90 - PBDT71.6053.58 34 PBT49.4342.81 15 NP36.9831.86 16 Powered by Capital Market - Live

The board of Man Industries (India) at its meeting held on 13 November 2025 has approved the incorporation of the following subsidiaries: - Incorporation of a step-down subsidiary namely Man Coating Complex - L.L.C - S.P.C, being the subsidiary of Man Overseas Metal DMCC, a wholly owned subsidiary of the company. - Incorporation of a step-down subsidiary namely Man Overseas Investment LLC, being the subsidiary of Man Overseas Metal DMCC, a wholly owned subsidiary of the Company. Powered by Capital Market - Live

The board of Man Industries (India) at its meeting held on 13 November 2025 has approved the appointment of Esha Padmanabhan Achan (DIN:10350369) as an Additional Director (Non Executive, Independent) of the Company with effect from 13 November 2025, subject to approval of the shareholders. Powered by Capital Market - Live

EBITDA improved by 36.7% to Rs 102 crore in Q2 FY26 from Rs 74 crore in Q2 FY25. EBITDA margin was 12.5% in Q2 FY26 as against 9.1% in Q2 FY25. Profit before tax in Q2 FY26 stood at Rs 49 crore, up by 15.5% from Rs 43 crore recorded in Q2 FY25. The company stated that performance was driven by a favorable product and geographic mix along with continued cost optimization and operational efficiency initiatives. The company maintained a net cash position, with a cash balance of Rs 14 crore as of 30 September 2025. The company's executable order book stands at around Rs 4,750 crore, scheduled for delivery over the next 6'9 months. In addition, it also has a bid pipeline exceeding Rs 15,000 crore. The company further said that the outlook for H2 FY26 remains strong, driven by steady order execution and healthy new order inflows. The company reiterates its full-year revenue growth guidance of around 20% year-on-year. Nikhil Mansukhani, managing director, MAN Industries (India), said: 'We are delighted to report our highest-ever quarterly EBITDA margin, reflecting the strength of our strategy, execution excellence, and focus on operational efficiency. The improvement in profitability and margins reflects the resilience and scalability of our business model. With a record order book, capacity expansions progressing in Saudi Arabia and Jammu, and a growing international footprint, we are well-positioned for the next phase of growth.' MAN Industries (India) is the flagship company of the MAN Group. The company is one of the largest manufacturers and exporters of large diameter carbon steel line pipes in India, with capabilities in LSAW (longitudinal submerged arc welded), HSAW (helical submerged arc welded), and ERW (electric resistance welded) pipe technologies, as well as advanced pipe coating solutions. Powered by Capital Market - Live

Man Industries (India) will hold a meeting of the Board of Directors of the Company on 13 November 2025.Powered by Capital Market - Live

Man Industries has received reaffirmation in credit rating from CRISIL at CRISIL A; Stable/ CRISIL A1. Powered by Capital Market - Live

Crisil Ratings stated that SEBI vide its order dated 29th September 2025 has completed the forensic audit of the financial statements of MIIL and has imposed a penalty of Rs 25 lakhs each on MIIL, Ramesh Mansukhani (promoter), Nikhil Mansukhani (promoter) and Ashok Gupta (ex-CFO). The order also bans MIIL and its promoters from accessing securities markets for 2 years. The SEBI action primarily relates to non-consolidation of the financial statements of Merino Shelters (MSPL) for the year FY15-FY21 and partial disclosure of related party transactions. Crisil Ratings has taken note of the order and expects impact on the business and financial risk profile of the company to be limited, given its healthy liquidity position and absence of any major plans to raise funds in near term. However, the financial flexibility of the company will be a monitorable as the implementation of capacity expansions is currently underway and commercialization of expanded capacities within expected timelines will be critical. In Q1 fiscal 2026, MIIL has recorded revenue of Rs.742 crores with operating margins at 7%. The company currently has healthy revenue visibility for fiscal 2026 with an order book of Rs 4,700 crore to be executed in the next 6-12 months. MIIL is in the process of increasing its product offerings in India and overseas. The company is currently undertaking a capex of Rs 1,180 crore. The total will capex be funded via debt of Rs 800-850 crore and balance through equity and internal accruals. The capex, mainly towards value-added products, is also expected to boost the profitability of the company upon commissioning. The financial risk profile of the company remains comfortable, as reflected in adequate debt coverage and healthy capitalization ratios. The debt coverage and capitalization ratios are expected to remain comfortable over the medium term as well, in-spite of the debt funded planned capex. The ratings continue to reflect the established market position of MIIL in the submerged arc welding (SAW) pipes industry along with a healthy financial risk profile. These strengths are partially offset by the working capital-intensive nature of operations and the susceptibility of the company to cyclicality in end-user industries along with volatility in raw material prices and foreign exchange (forex) rates. MIIL is one of the largest SAW pipe players in India with combined capacity of 11.75 lakh tonne per annum, distributed equally between HSAW and LSAW. On a consolidated basis, net profit of Man Industries (India) rose 44.99% to Rs 27.62 crore while net sales declined 0.88% to Rs 742.13 crore in Q1 June 2025 over Q1 June 2024. The scrip fell 2.62% to currently trade at Rs 372.95 on the BSE. Powered by Capital Market - Live

The SEBI order, dated 29 September 2025, dealt with historical lapses between FY2015 and FY2021, mainly linked to the non-consolidation of subsidiary Merino Shelters Pvt Ltd and minor compliance issues. The company said it has been consolidating financials since FY23-24 and has maintained a clean compliance record for the last four years. SEBI imposed a penalty of Rs 25 lakh and barred the company from trading in shares of other firms for two years. Man Industries said the restriction is immaterial, as such activities are not part of its business, and investors remain free to trade in its own shares. Despite the regulatory setback, the company pointed to a strong business outlook with a record order book of Rs 4,700 crore, improving margins, and ongoing capex projects on track for Q4 FY26 completion. It also highlighted progress on asset monetisation, stating that the sale of Merino Shelters has already yielded an inflow of Rs 70 crore, with an additional Rs 650-700 crore expected over the next five to six years. The company assured investors the matter has no material impact on its financial health. It reiterated that the SEBI order pertains only to legacy matters and reaffirmed its commitment to governance, transparency and long-term shareholder value creation. Man Industries (India) is a manufacturer and exporter of large-diameter carbon steel line pipes, offering expertise in LSAW (Longitudinal Submerged Arc Welded), HSAW (Helical Submerged Arc Welded), and ERW (Electric Resistance Welded) technologies, along with advanced pipe coating solutions. On a consolidated basis, net profit of Man Industries (India) rose 44.99% to Rs 27.62 crore while net sales declined 0.88% to Rs 742.13 crore in Q1 June 2025 over Q1 June 2024. Powered by Capital Market - Live