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

Steel, Small Cap

Man Industries (India) will hold a meeting of the Board of Directors of the Company on 13 November 2025.

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Man Industries has received reaffirmation in credit rating from CRISIL at CRISIL A; Stable/ CRISIL A1.

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Crisil Ratings stated that SEBI vide its order dated 29th September 2025 has completed the forensic audit of the financial statements of MIIL and has imposed a penalty of Rs 25 lakhs each on MIIL, Ramesh Mansukhani (promoter), Nikhil Mansukhani (promoter) and Ashok Gupta (ex-CFO). The order also bans MIIL and its promoters from accessing securities markets for 2 years.

The SEBI action primarily relates to non-consolidation of the financial statements of Merino Shelters (MSPL) for the year FY15-FY21 and partial disclosure of related party transactions.

Crisil Ratings has taken note of the order and expects impact on the business and financial risk profile of the company to be limited, given its healthy liquidity position and absence of any major plans to raise funds in near term.

However, the financial flexibility of the company will be a monitorable as the implementation of capacity expansions is currently underway and commercialization of expanded capacities within expected timelines will be critical.

In Q1 fiscal 2026, MIIL has recorded revenue of Rs.742 crores with operating margins at 7%. The company currently has healthy revenue visibility for fiscal 2026 with an order book of Rs 4,700 crore to be executed in the next 6-12 months.

MIIL is in the process of increasing its product offerings in India and overseas. The company is currently undertaking a capex of Rs 1,180 crore. The total will capex be funded via debt of Rs 800-850 crore and balance through equity and internal accruals. The capex, mainly towards value-added products, is also expected to boost the profitability of the company upon commissioning.

The financial risk profile of the company remains comfortable, as reflected in adequate debt coverage and healthy capitalization ratios. The debt coverage and capitalization ratios are expected to remain comfortable over the medium term as well, in-spite of the debt funded planned capex.

The ratings continue to reflect the established market position of MIIL in the submerged arc welding (SAW) pipes industry along with a healthy financial risk profile. These strengths are partially offset by the working capital-intensive nature of operations and the susceptibility of the company to cyclicality in end-user industries along with volatility in raw material prices and foreign exchange (forex) rates.

MIIL is one of the largest SAW pipe players in India with combined capacity of 11.75 lakh tonne per annum, distributed equally between HSAW and LSAW.

On a consolidated basis, net profit of Man Industries (India) rose 44.99% to Rs 27.62 crore while net sales declined 0.88% to Rs 742.13 crore in Q1 June 2025 over Q1 June 2024.

The scrip fell 2.62% to currently trade at Rs 372.95 on the BSE.

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The SEBI order, dated 29 September 2025, dealt with historical lapses between FY2015 and FY2021, mainly linked to the non-consolidation of subsidiary Merino Shelters Pvt Ltd and minor compliance issues. The company said it has been consolidating financials since FY23-24 and has maintained a clean compliance record for the last four years.

SEBI imposed a penalty of Rs 25 lakh and barred the company from trading in shares of other firms for two years. Man Industries said the restriction is immaterial, as such activities are not part of its business, and investors remain free to trade in its own shares.

Despite the regulatory setback, the company pointed to a strong business outlook with a record order book of Rs 4,700 crore, improving margins, and ongoing capex projects on track for Q4 FY26 completion. It also highlighted progress on asset monetisation, stating that the sale of Merino Shelters has already yielded an inflow of Rs 70 crore, with an additional Rs 650-700 crore expected over the next five to six years.

The company assured investors the matter has no material impact on its financial health. It reiterated that the SEBI order pertains only to legacy matters and reaffirmed its commitment to governance, transparency and long-term shareholder value creation.

Man Industries (India) is a manufacturer and exporter of large-diameter carbon steel line pipes, offering expertise in LSAW (Longitudinal Submerged Arc Welded), HSAW (Helical Submerged Arc Welded), and ERW (Electric Resistance Welded) technologies, along with advanced pipe coating solutions.

On a consolidated basis, net profit of Man Industries (India) rose 44.99% to Rs 27.62 crore while net sales declined 0.88% to Rs 742.13 crore in Q1 June 2025 over Q1 June 2024.

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