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Swing Capital

Man Industries (India) Ltd

NSE: MANINDS BSE: 513269

Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in Pipe Industry.

₹552
52W: ₹302 — ₹570
PE 25 · Book ₹237 · +133% vs book
Market Cap₹4,144 Cr
Stock P/E25Price to Earnings
ROCE16.6%Return on Capital
ROE9.99%Return on Equity
Div. Yield0%Face Value ₹5

Weaknesses

  • −Company has a low return on equity of 8.69% over last 3 years.
  • −Dividend payout has been low at 9.89% of profits over last 3 years
  • −Debtor days have increased from 76.3 to 104 days.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters43.21%
FIIs2.41%
DIIs1.34%
Public53.03%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters46.12%46.15%▲0.046.15%46.2%▲0.148.21%▲2.043.21%▼5.043.21%43.21%
FIIs1.84%2.52%▲0.72.16%▼0.43.33%▲1.22.19%▼1.12.32%▲0.13.35%▲1.02.41%▼0.9
DIIs3.31%3.27%▼0.02.64%▼0.61.03%▼1.60.88%▼0.21.68%▲0.81.26%▼0.41.34%▲0.1
Public48.72%48.05%▼0.749.05%▲1.049.43%▲0.448.73%▼0.752.77%▲4.052.18%▼0.653.03%▲0.9

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,008830778732805731850713782804
Expenses936766732695736659786667670677
Operating Profit7265463669726446112127
OPM %7%8%6%5%9%10%8%6%14%16%
Net Profit43371724353840293661
EPS ₹7.236.182.663.735.425.816.234.334.758.12

AI Insights

Revenue Trend

TTM revenue at ₹3,149Cr, up 1% YoY. OPM at 11%.

Debt Position

Borrowings at ₹484Cr. Debt-to-equity ratio: 0.28x. Healthy balance sheet.

Capex Cycle

CWIP at ₹102Cr (17% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.34% (+1.30pp change). FIIs: 2.41% (+0.19pp change). Promoters hold 43.21%.

Margin & Efficiency

ROCE improving from 5% (Mar 2014) to 17% (Mar 2025). Working capital days: 40.

Valuation

PE 25x with 16.6% ROCE. Price is 133% above book value of ₹237. Dividend yield: 0%.

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