Man Industries Reports Record FY26 Margins

27 May 2026 CW Team

Man Industries (India) announced its audited financial results for Q4 and FY26, reporting its highest-ever standalone and consolidated EBITDA and PAT margins. The company said FY26 performance was supported by an optimised product and geographic mix, along with a stronger global order pipeline.

On a standalone basis, Q4 FY26 revenue grew 36 per cent year-on-year to Rs 11.57 billion, while EBITDA rose 69 per cent to Rs 1.71 billion. PAT increased 74 per cent year-on-year to Rs 700 million. For FY26, standalone EBITDA margin stood at 14.0 per cent and PAT margin at 5.6 per cent.

The company ended the year with cash and cash equivalents of Rs 6.57 billion and remained net cash positive at Rs 1.57 billion. Its standalone order book stood at around Rs 30 billion, executable over the next six to 12 months.

Man Industries has guided for consolidated revenue of Rs 50–55 billion in FY27, with an EBITDA margin of 13–15 per cent. The guidance excludes any contribution from Merino Shelters, whose cash flows are expected from June 2026.

The company also acquired National Pipe Company in Saudi Arabia through its subsidiary MISIC for USD 102 million. The acquisition adds 430,000 MTPA of pipe capacity and strengthens Man Industries’ position in global pipeline solutions.

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