Synopsis:
Shares of a major pipe manufacturer dropped 16% after SEBI barred its top three executives from market access for two years. Despite a minor revenue decline, net profit surged 47%, backed by robust operations, large-scale production, and strategic expansion projects.
The shares of the prominent pipe manufacturer plummeted up to 16 percent in the morning session after the Securities and Exchange Board of India (SEBI) issued an order barring the top three executives from accessing the securities markets for two years.
With a market capitalization of Rs 2,630.59 crore, the shares of Man Industries (India) Ltd were trading at Rs 353.05 per share, decreasing around 13.11 percent as compared to the previous closing price of Rs 406.30 apiece.
SEBI Order
The shares of Man Industries (India) Ltd have seen bearish movement after the Securities and Exchange Board of India (SEBI) issued an order barring the top three executives, namely Mr. Ramesh Mansukhani (Chairman & Director), Mr. Nikhil Mansukhani (Managing Director), and Mr. Ashok Gupta (Ex-Chief Financial Officer) of the Company from accessing the securities markets for two years, and also SEBI has imposed the following monetary penalty of Rs 25,00,000 on the company & each executive.
Further, the company clarified that the penalty imposed is minimal compared to its overall scale and has no effect on daily operations. With a robust order book exceeding ₹4,700 crore, business remains fully functional. Management also emphasized that since the firm does not trade in securities, restrictions on market access have no bearing on its core activities.
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Financial & operational Highlights
The company’s revenue slightly declined by 1% from ₹749 crore to ₹742 crore year-on-year in Q1FY26. Despite this, net profit surged 47%, rising from ₹19 crore to ₹28 crore, reflecting improved operational efficiency and cost management, which strengthened overall profitability despite the minor revenue dip.
MAN Industries operates two advanced manufacturing plants, Anjar in Gujarat and Pithampur in Madhya Pradesh, spanning 182 acres. They boast a massive 1.18 million tonnes annual capacity, producing LSAW, HSAW, and ERW pipes. Certified under ISO 9001, ISO 14001, and ISO 45001, their facilities deliver precision-driven output, cater to global and domestic markets, and maintain strict quality control throughout production
MAN Industries is driving strategic expansions in Saudi Arabia and Jammu, investing Rs 6 bn for H-SAW pipes and Rs 5.9 bn for stainless steel seamless pipes, commercializing by Q3/Q4 FY26. Both projects benefit from strong incentives, enhanced margins, and growing demand. These moves position MAN to capture high-margin opportunities and regional growth in water and oil & gas sectors.
Man Industries is a leading global manufacturer and exporter of large-diameter carbon steel pipes like LSAW and HSAW for various industrial applications. The company’s core mission involves partnering with major global clients in the oil, gas, and water sectors by providing quality solutions within committed timelines.
Written by Abhishek Singh
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