Man Industries (India) Ltd Share Price – NSE  / BSE

Steel, Small Cap

The agency has reaffirmed the company?s short-term rating at 'Crisil A1'.

Crisil Ratings stated that the upgrade reflects a significant improvement in MIIL's business risk profile following the strategic acquisition of National Pipe Company (NPC), Saudi Arabia, which was completed on 21 May 2026.

This acquisition is expected to significantly improve MIIL's scale of operations by over 50-60% and operating profit before depreciation, interest, and tax (OPBDIT) margins to around 14-15% (12.3% in fiscal 2026). It will also enhance geographic diversification and add 430,000 metric tonnes (MT) of LSAW/HSAW capacity in Saudi Arabia.

NPC is expected to be revenue and earnings accretive from day one, given its fully operational status. The acquisition will also provide MIIL with an immediate entry into the growing Saudi Arabian market.

The upgrade also factors in the improvement in MIIL?s operating performance, supported by OPBDIT margins improving to 12.3% in fiscal 2026, from 8-10% in the past, driven by better product mix focused on exports and value-added products.

The NPC acquisition, valued at Rs 1,000 crores (USD 102 million), was funded through a mix of debt (USD 70 million) and equity (USD 32 million). Despite the incremental debt, MIIL's financial risk profile is expected to remain comfortable. Liquidity is expected to remain strong, with net cash accruals of over Rs 450 crores against repayment obligations of Rs 240-250 crore.

The ratings continue to reflect MIIL's established market position in the submerged arc welding (SAW) pipes industry, along with a healthy financial risk profile.

These strengths are partially offset by the integration risks associated with the NPC acquisition, the working capital-intensive nature of operations, and the company's susceptibility to cyclicality in end-user industries, along with volatility in raw material prices and foreign exchange (forex) rates.

Man Industries India (MIIL) is one of the largest SAW pipe players in India with combined capacity of 11.75 lakh tonne per annum, distributed equally between helically submerged arc welded (HSAW) and longitudinal submerged arc welded (LSAW) and electric resistance welded (ERW).

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EBITDA improved by 8.4% to Rs 148 crore in Q4 FY26 from Rs 136 crore in Q4 FY25. EBITDA margin was 12.7% in Q4 FY26.

The company reported that consolidated Q4 FY25 revenue included Rs 369 crore from the Merino Shelters real estate asset. Adjusting for this one-time contribution, the core pipe business delivered approximately 36.2% year-on-year revenue growth in Q4 FY26, reflecting strong underlying momentum in the pipeline business.

On a full-year basis, the company?s consolidated net profit jumped 11.3% to Rs 170.48 crore on a 1.67% increase in revenue from operations to Rs 3,563.90 crore in FY26 over FY25.

The company guided for consolidated revenue of Rs 5,000?5,500 crore for FY27, along with EBITDA margin guidance of 13?15%. This outlook excludes any contribution from Merino Shelters, which is expected to act as an incremental earnings driver from June 2026 onwards.

Cash and cash equivalents stood at Rs 657.2 crore at year-end. The company remained net cash positive at Rs 157.5 crore and generated free cash flow of Rs 132 crore, despite incurring capital expenditure of Rs 340 crore during the year.

The company said that on 21 May 2026, MAN Industries, through its subsidiary MISIC, acquired a 100% stake in National Pipe Company (NPC), Saudi Arabia, for USD 102 million (approximately Rs 1,000 crore). NPC is an API-certified large-diameter pipe manufacturer with 430,000 MTPA capacity and a strong customer base, including a long-standing relationship with Saudi Aramco. The deal was completed at 1.5x EV/EBITDA, below peer valuations, and is EPS-accretive from day one.

Nikhil Mansukhani, managing director, MAN Industries (India), said, ?FY26 has been a defining year for Man Industries. We are proud to have achieved our highest-ever consolidated EBITDA and PAT margins, a milestone that reflects the strength of our strategy: optimizing our product portfolio toward high-value applications, deepening our international footprint, and maintaining rigorous financial discipline.

The strong momentum in Q4, particularly on the standalone front, demonstrates the operating leverage embedded in our business as we scale. With a robust order book of approximately Rs 3,000 crore, our acquisition of National Pipe Company (NPC) in Saudi Arabia, and the upcoming greenfield stainless-steel plant in Jammu, we are building a more diversified and resilient platform for sustained growth. We enter FY27 at an inflection point. The foundations are in place, the order book is strong, and the runway ahead is significant. Our best years are still to come.?

Man Industries is a leading manufacturer and exporter of large-diameter carbon steel line pipes for various high-pressure transmission applications for gas, crude oil, petrochemical products, and potable water.

Shares of Man Industries rose 1.60% to Rs 566.50 on the BSE.

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Securities in F&O Ban:

Shares Steel Authority of India (SAIL) are banned from F&O trading on 26 May 2026.

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Net profit of Man Industries (India) declined 25.39% to Rs 50.85 crore in the quarter ended March 2026 as against Rs 68.15 crore during the previous quarter ended March 2025. Sales declined 5.02% to Rs 1157.30 crore in the quarter ended March 2026 as against Rs 1218.49 crore during the previous quarter ended March 2025.

For the full year,net profit rose 11.30% to Rs 170.48 crore in the year ended March 2026 as against Rs 153.17 crore during the previous year ended March 2025. Sales rose 1.67% to Rs 3563.90 crore in the year ended March 2026 as against Rs 3505.35 crore during the previous year ended March 2025.

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