Want to see IN:MANINDS full AI Analyst Report?
Top Page
Man Industries (India) Limited
(MANINDS)
Select Model
Select Model
Rating:65Neutral
Price Target:
₹826.00
▲(108.17% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by improving revenue and profitability with a generally reasonable leverage profile, but is held back by inconsistent operating/free cash flow that raises earnings-quality and cycle risk. Technically, the stock is in a strong uptrend, though overbought indicators suggest near-term pullback risk. Valuation is a further headwind with a P/E around 28 and no dividend yield data.
Positive Factors
Scaling revenue and profit
Revenue scaled strongly from 2023 to 2026, while 2026 profitability improved with higher gross and operating margins and rising net income. This indicates operating recovery and better earnings capacity, although the cyclical history limits visibility.
Negative Factors
Inconsistent cash generation
Cash generation has been inconsistent, with negative operating cash flow in some years and volatile or weak free cash flow relative to earnings. Working-capital and capital-spending swings reduce confidence that reported profits will convert reliably into cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Scaling revenue and profit
Revenue scaled strongly from 2023 to 2026, while 2026 profitability improved with higher gross and operating margins and rising net income. This indicates operating recovery and better earnings capacity, although the cyclical history limits visibility.
Read all positive factors
Man Industries (India) Limited (MANINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹57.10B
Dividend YieldN/A
Average Volume (3M)47.56K
Price to Earnings (P/E)27.2
Beta (1Y)2.29
Revenue Growth10.75%
EPS Growth10.60%
CountryIN
Employees794
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)23.30
Shares Outstanding75,009,570
10 Day Avg. Volume54,172
30 Day Avg. Volume47,556
Financial Highlights & Ratios
PEG Ratio-318.48
Price to Book (P/B)1.10
Price to Sales (P/S)0.64
P/FCF Ratio57.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)40.03
Revenue Forecast (FY)₹47.95B
Man Industries (India) Limited Business Overview & Revenue Model
Company Description
Man Industries (India) Limited, established in 1988 and headquartered in Mumbai, India, is engaged in the production, processing, and domestic distribution of submerged arc welded (SAW) pipes and other steel goods. The company manufactures longitu...
How the Company Makes Money
Man Industries (India) Limited primarily makes money by manufacturing and selling steel pipes—especially large-diameter pipes used in cross-country and city pipeline networks for oil & gas transmission, water transmission, and other infrastructure...
Man Industries (India) Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 35.64B | 35.05B | 31.42B | 22.31B | 21.39B |
| Gross Profit | 11.64B | 7.71B | 4.48B | 2.28B | 2.84B |
| EBITDA | 4.68B | 3.01B | 2.63B | 1.76B | 2.18B |
| Net Income | 1.70B | 1.53B | 1.05B | 670.40M | 1.02B |
Balance Sheet | |||||
| Total Assets | 50.21B | 37.79B | 24.15B | 17.28B | 18.20B |
| Cash, Cash Equivalents and Short-Term Investments | 7.28B | 4.05B | 4.17B | 372.88M | 819.50M |
| Total Debt | 6.28B | 4.76B | 3.26B | 2.99B | 569.53M |
| Total Liabilities | 29.34B | 21.72B | 10.10B | 7.24B | 8.78B |
| Stockholders Equity | 20.87B | 16.07B | 14.05B | 11.32B | 9.42B |
Cash Flow | |||||
| Free Cash Flow | 398.90M | -863.30M | 1.37B | -3.26B | 4.05B |
| Operating Cash Flow | 3.80B | 679.90M | 2.57B | -1.19B | 4.51B |
| Investing Cash Flow | -5.94B | -413.30M | -2.64B | -1.35B | -1.19B |
| Financing Cash Flow | 2.71B | 296.30M | 1.58B | 2.11B | -2.67B |
Man Industries (India) Limited Technical Analysis
Positive
396.80
Price Trends
595.99
Positive
566.96
Positive
482.14
Positive
Market Momentum
53.22
Negative
70.80
Negative
75.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANINDS, the sentiment is Positive. The current price of 396.8 is below the 20-day moving average (MA) of 661.83, below the 50-day MA of 595.99, and below the 200-day MA of 482.14, indicating a bullish trend. The MACD of 53.22 indicates Negative momentum. The RSI at 70.80 is Negative, neither overbought nor oversold. The STOCH value of 75.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANINDS.
Man Industries (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹616.42B | 49.93 | ― | 0.31% | 9.64% | 53.35% | |
68 Neutral | ₹197.70B | 30.19 | ― | 0.80% | -8.57% | -62.05% | |
66 Neutral | ₹47.63B | 15.10 | ― | 2.03% | 11.69% | 8.23% | |
65 Neutral | ₹57.10B | 27.22 | ― | ― | 10.75% | 10.60% | |
65 Neutral | ₹182.82B | 42.65 | ― | 0.59% | -16.30% | -24.14% | |
64 Neutral | ₹673.58B | 28.81 | ― | 0.31% | 20.21% | 14.36% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MANINDS
Man Industries (India) Limited
745.45
331.00
79.86%
IN:APLAPOLLO
APL Apollo Tubes Limited
2,217.80
543.55
32.47%
IN:JINDALSAW
Jindal Saw Limited
309.55
101.86
49.05%
IN:RATNAMANI
Ratnamani Metals & Tubes Ltd.
2,629.05
237.19
9.92%
IN:SURYAROSNI
Surya Roshni Limited
216.55
-82.80
-27.66%
IN:WELCORP
Welspun Corp Limited
2,522.00
1,672.82
196.99%
Man Industries (India) Limited Corporate Events
Man Industries Board Clears Q1 FY27 Unaudited Results, Appoints New Cost Auditor
Aug 11, 2026
Man Industries (India) Limited has reported its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following approval by the board of directors at a meeting held on August 11, 2026. The results have underg...
Man Industries Denies Undisclosed News Behind Share Price Surge
Jun 8, 2026
Man Industries (India) Limited has responded to stock exchange queries after a significant recent increase in trading volume and movement in its share price. The company stated it remains fully compliant with SEBI’s disclosure regulations an...
Exchange Seeks Clarification as Man Industries Sees Surge in Trading Volume
Jun 5, 2026
The stock of Man Industries (India) Limited has seen a significant increase in trading volume, drawing the attention of the stock exchange to potential information asymmetry or unusual market interest. In response, the exchange has sought clarific...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.