Man Industries (India) Limited

Basic Materials — Steel · NSE

₹870.50+₹24.70 (+2.92%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Man Industries (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Man Industries (India) Limited manufactures, processes, sells, and trades in submerged arc-welded steel pipes and products in India and internationally.

IndustrySteel

SectorBasic Materials

Employees825

Annual revenue₹3,508 Cr

How does it make money?

Turns over ₹3,508 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 825 employees supports ₹4.25 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹4.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, JINDAL STEEL LIMITED, STEEL AUTHORITY OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 13.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.8%

What is the outlook?

1 analysts covering the stock expect revenue to grow about 32.6% and earnings to grow about 60.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+32.6%

Est. earnings growth+60.2%

Analysts1

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +58% while net margin moved +61% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+58%

Margin effect+61%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 31.9x already prices in growth
✗ P/E is 42% above its own historical median of 22.5x — expensive by its own standards

Quality vs. Valuation

Company Quality

65/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

43/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

31.9x

3Y Median

22.5x

40 monthly readings · mean 24.2x · range 12.7x–41.7x

Sector Median

18.2x

median of 4 sector peers

⚠️Current valuation is approximately 42% above its 3y median of 22.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 76% above the peer median of 18.2x.

vs. its own history

Expensive

22.5x median over 40 months · +42%

vs. sector peers

Expensive

18.2x median of 4 peers · +76%

vs. generic bands

Fair

15x–35x

EV/EBITDA

16.9x

PEG

0.88

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 7.4% to 11.8% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 8.9% to 13.7%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 109% over 3 years, from ₹301 Cr to ₹628 Cr.
🔴Inventory building faster than salesFinancial
Inventory up 277% against revenue up 58% — stock may not be moving.
🟡Receivables growing faster than salesFinancial
Receivables up 104% against revenue up 58% — sales are being booked faster than they are collected.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 25% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 7.4% to 11.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹132 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 104% against revenue up 58%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
The price already assumes success
The stock trades 42% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 12% a year✓ 16.5% CAGR
Latest reported year was 41.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 11.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✓ 3.5x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹132 Cr
Profit that never becomes cash eventually stops being profit.
5Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

9 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹6,530 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.9x

Fair

Fairly valued against the generic band

P/B Ratio

3.03x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹27.25

Profitable

Profitable on a per-share basis

ROE

8.2%

Moderate

Moderate capital efficiency

ROCE

13.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.30x

Low

Conservative leverage

Revenue Growth (YoY)

41.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

95.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹132 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

11.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

10.8%

Average

Average margins

Net Margin

5.3%

Average

Average bottom-line conversion

Current Ratio

1.36

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.50

Defensive

Steadier than the market

52W Range Position

77%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

905.1 / 790.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

29.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,217 Cr	₹3,113 Cr	₹3,470 Cr	₹3,508 Cr	+16.5%
EBITDA	₹165 Cr	₹268 Cr	₹325 Cr	₹413 Cr	+35.8%
EBITDA Margin	7.4%	8.6%	9.4%	11.8%	—
PAT (Net Profit)	₹67 Cr	₹105 Cr	₹153 Cr	₹170 Cr	+36.5%
EPS	₹11.17	₹16.73	₹22.78	₹23.26	+27.7%
ROE	5.9%	7.5%	9.5%	8.2%	—
ROCE	8.9%	12.8%	15.5%	13.7%	—
Total Debt	₹301 Cr	₹326 Cr	₹476 Cr	₹628 Cr	+27.8%
Free Cash Flow	-₹328 Cr	₹228 Cr	-₹81 Cr	₹132 Cr	—

🟢 Revenue has grown at 16.5% a year over 3 years.

🟢 EBITDA has grown at 35.8% a year over 3 years.

🟢 EBITDA Margin has risen from 7.4% to 11.8% over 3 years (+4.3 pts).

🟢 PAT (Net Profit) has grown at 36.5% a year over 3 years.

🟢 EPS has grown at 27.7% a year over 3 years.

🟢 ROE has risen from 5.9% to 8.2% over 3 years (+2.2 pts).

🟢 ROCE has risen from 8.9% to 13.7% over 3 years (+4.9 pts).

🔴 Total Debt has grown at 27.8% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹328 Cr to ₹132 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹5,021 Cr

Total Liabilities

₹2,934 Cr

Cash & Equivalents

₹189 Cr

Operating Cash Flow

₹472 Cr

Capex

-₹340 Cr

Shareholding (proxy)

Institutional Holding

0.9%

Insider Holding

57.3%

Corporate Actions

Ex-Dividend Date

14 Aug 2023

Analyst Consensus

Recommendations

1 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹800

-8.1% vs CMP

Target Range

₹800 – ₹800

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
JINDAL STEEL LIMITED	39.1x	5.3%
STEEL AUTHORITY OF INDIA	16.5x	7.1%

Recent News

1 positive2 mixed3 general

Here's Why Man Industries (India) (NSE:MANINDS) Has Caught The Eye Of Investors

Simply Wall Street, 24 Sept

Man Industries (India) (MANINDS) Share Price Falls 5.97% as Mid Cap Trades Lower

Univest, 08 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Man Industries (India) Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Man Industries (India)Bags ₹600 Crore Pipe Orders; Shares Gain Over 9%

HDFC Sky, 10 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Ashish Kacholia portfolio stock: Man Ind soars 15%; zooms 222% from Feb low

Business Standard, 23 Sept

Man Industries Schedules July 8 Analyst Meet Following Recent ₹1,000 Crore Global Order Wins

Sahi, 04 JulOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Risk

WeakProfitability · Valuation

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 2 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑