Man Industries Delivers Record Margins And Strong FY26 Results

27 May 2026 CW Team

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.

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