Synopsis: The shares of this small-cap pipe company were in the news today following the announcement of results with growth in performance metrics, operational factors and expansion strategies.
The shares of this company, which is one of the largest manufacturers and exporters of LSAW and HSAW pipes in India and is among the leading manufacturers of large-diameter pipes, had its shares in the limelight today after announcing its Q2 results with growth in performance metrics, along with other growth prospects.
With a market cap of Rs 3,235 crore, the shares of Man Industries (India) Ltd soared 15 per cent, reaching a high of Rs 440.50 in today’s trading session when compared to its previous day closing price of Rs 383.75. The shares are trading very close to their 52-week high of Rs 469 at just a 6.5 per cent discount compared to today’s high.
Q2 FY26 Result highlights.
The revenue from operations for the company stood at Rs 834.09 crore when compared to Rs 806.23 crore in Q2 FY25, growing by about 3.46 per cent on a YoY basis and on a QoQ basis increasing by 12.39 per cent from Rs 742.13 crore in Q1 FY26.
The PAT grew by about 16 per cent on a YoY basis when you compare the Q2 FY26 profit at Rs 36.98 crore to Rs 31.86 crore in Q2 FY25 and on a QoQ basis has increased by 34 per cent from Rs 27.62 crore in Q1 FY26.
Other business updates and outlook.
Man Industries (India) Ltd’s order book is also robust at around Rs 4,750 crore, with delivery lined up over the next 6 to 9 months, and an additional bid pipeline of over Rs 15,000 crore adding further visibility. Meanwhile, expansion projects in Saudi Arabia and Jammu are moving ahead quickly, with key milestones already achieved and commissioning expected by Q4 FY26. With strong execution and healthy order inflows, the company remains confident in achieving around 20 per cent revenue growth YoY.
Mr Nikhil Mansukhani, Managing Director, MAN Industries (India) Limited, commented, “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. Our continued emphasis on value-added products, disciplined capital allocation, and customer diversification will drive sustainable performance and further strengthen our leadership in the global line pipe industry.”
MAN Industries (India) Ltd. provides large-scale pipeline solutions for water, infrastructure, and oil and gas projects. The business has established a solid reputation for dependable execution, effective operations, and a wide range of products. With a strong order pipeline and an expanding global footprint, particularly in Saudi Arabia, the company is rapidly solidifying its position as a major contributor to global infrastructure and energy initiatives.
Written by Leon Mendonca.
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