+
Man Industries Delivers Record Margins And Strong FY26 Results
ECONOMY & POLICY

Man Industries Delivers Record Margins And Strong FY26 Results

Man Industries (India) Limited (MAN Industries) reported results for the quarter and fiscal year ended 31 March 2026, delivering highest-ever standalone and consolidated EBITDA and PAT margins as the company optimised product and geographic mix and deepened its global order pipeline. Standalone revenue in the fourth quarter rose 36 per cent year-on-year to Rs 11.57 bn, while consolidated revenue grew 36.2 per cent on a like-for-like basis after adjusting for Rs 3.69 bn of one-time real estate income from Merino Shelters in the prior-year quarter.

On a standalone basis FY26 EBITDA margin reached 14.0 per cent and PAT margin 5.6 per cent, with fourth quarter EBITDA at Rs 1.71 bn and PAT at Rs 700 mn. Standalone quarter PBT was Rs 950 mn and EBITDA expanded by 69 per cent year-on-year. On a consolidated basis EBITDA reached Rs 1.48 bn and margin 13.0 per cent, underlining improved operating leverage across the core pipe business.

The balance sheet remained robust with cash and cash equivalents of Rs 6.572 bn and net cash of Rs 1.575 bn; the company generated free cash flow of Rs 1.32 bn after capital expenditure of Rs 3.4 bn during the year. The standalone order book stood at approximately Rs 30 bn, executable over the next six to 12 months and providing near-term visibility. Merino Shelters has received full commencement certificate for 2,000,000 sq ft with planned launch in June 2026 and cash flows expected that month.

On 21 May 2026 MAN Industries, through its wholly owned subsidiary, completed acquisition of National Pipe Company for USD 102 million, about Rs 10 bn; NPC adds 430,000 MTPA of HSAW and LSAW capacity and a debt-free balance sheet with USD 83 million in cash. Combined with MAN Industries' 1.2 million MTPA India capacity and the forthcoming Dammam coating facility, the transaction creates an integrated cross-border pipeline platform. The company provided consolidated revenue guidance of Rs 50 bn to Rs 55 bn for FY27 with an EBITDA margin target of 13 to 15 per cent, excluding Merino Shelters.

Man Industries (India) Limited (MAN Industries) reported results for the quarter and fiscal year ended 31 March 2026, delivering highest-ever standalone and consolidated EBITDA and PAT margins as the company optimised product and geographic mix and deepened its global order pipeline. Standalone revenue in the fourth quarter rose 36 per cent year-on-year to Rs 11.57 bn, while consolidated revenue grew 36.2 per cent on a like-for-like basis after adjusting for Rs 3.69 bn of one-time real estate income from Merino Shelters in the prior-year quarter. On a standalone basis FY26 EBITDA margin reached 14.0 per cent and PAT margin 5.6 per cent, with fourth quarter EBITDA at Rs 1.71 bn and PAT at Rs 700 mn. Standalone quarter PBT was Rs 950 mn and EBITDA expanded by 69 per cent year-on-year. On a consolidated basis EBITDA reached Rs 1.48 bn and margin 13.0 per cent, underlining improved operating leverage across the core pipe business. The balance sheet remained robust with cash and cash equivalents of Rs 6.572 bn and net cash of Rs 1.575 bn; the company generated free cash flow of Rs 1.32 bn after capital expenditure of Rs 3.4 bn during the year. The standalone order book stood at approximately Rs 30 bn, executable over the next six to 12 months and providing near-term visibility. Merino Shelters has received full commencement certificate for 2,000,000 sq ft with planned launch in June 2026 and cash flows expected that month. On 21 May 2026 MAN Industries, through its wholly owned subsidiary, completed acquisition of National Pipe Company for USD 102 million, about Rs 10 bn; NPC adds 430,000 MTPA of HSAW and LSAW capacity and a debt-free balance sheet with USD 83 million in cash. Combined with MAN Industries' 1.2 million MTPA India capacity and the forthcoming Dammam coating facility, the transaction creates an integrated cross-border pipeline platform. The company provided consolidated revenue guidance of Rs 50 bn to Rs 55 bn for FY27 with an EBITDA margin target of 13 to 15 per cent, excluding Merino Shelters.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code