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Man Industries (India) Limited
(MANINDS)
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Rating:65Neutral
Price Target:
₹1,063.00
▲(167.89% Upside)
Action:Reiterated
Date:09/24/26
The score is driven primarily by solid financial performance (strong growth/margins and a reasonably levered balance sheet) but capped by inconsistent operating/free cash flow that weakens earnings quality. Technicals are supportive due to strong uptrends, though overbought RSI adds pullback risk. Valuation is a headwind given the elevated P/E and lack of dividend data.
Positive Factors
Revenue Scaling
Sustained revenue expansion indicates the company is converting demand for large-diameter pipeline products into increasing business scale. A larger revenue base can improve operating leverage, support customer and project coverage, and provide a stronger platform for future infrastructure-driven growth.
Negative Factors
Inconsistent Operating Cash Flow
Repeated swings into negative operating cash flow show that reported earnings have not converted consistently into cash. This can reflect significant timing or working-capital movements in project-based operations, reducing confidence in the durability of profits and complicating funding and planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling
Sustained revenue expansion indicates the company is converting demand for large-diameter pipeline products into increasing business scale. A larger revenue base can improve operating leverage, support customer and project coverage, and provide a stronger platform for future infrastructure-driven growth.
Read all positive factors
Man Industries (India) Limited (MANINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹67.96B
Dividend Yield1.37%
Average Volume (3M)98.73K
Price to Earnings (P/E)33.7
Beta (1Y)2.29
Revenue Growth10.75%
EPS Growth9.71%
CountryIN
Employees794
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)27.36
Shares Outstanding75,009,570
10 Day Avg. Volume116,576
30 Day Avg. Volume98,726
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.75B | 35.64B | 35.05B | 31.42B | 22.31B | 21.39B |
| Gross Profit | 13.92B | 11.64B | 7.71B | 4.48B | 2.28B | 2.84B |
| EBITDA | 5.29B | 4.68B | 3.01B | 2.63B | 1.76B | 2.18B |
| Net Income | 2.04B | 1.70B | 1.53B | 1.05B | 670.40M | 1.02B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 50.21B | 37.79B | 24.15B | 17.28B | 18.20B |
| Cash, Cash Equivalents and Short-Term Investments | 7.28B | 7.28B | 4.05B | 4.17B | 372.88M | 819.50M |
| Total Debt | 0.00 | 6.28B | 4.76B | 3.26B | 2.99B | 569.53M |
| Total Liabilities | -20.87B | 29.34B | 21.72B | 10.10B | 7.24B | 8.78B |
| Stockholders Equity | 20.87B | 20.87B | 16.07B | 14.05B | 11.32B | 9.42B |
Cash Flow | ||||||
| Free Cash Flow | -1.19B | 398.90M | -863.30M | 1.37B | -3.26B | 4.05B |
| Operating Cash Flow | -619.62M | 3.80B | 679.90M | 2.57B | -1.19B | 4.51B |
| Investing Cash Flow | -3.09B | -5.94B | -413.30M | -2.64B | -1.35B | -1.19B |
| Financing Cash Flow | 2.00B | 2.71B | 296.30M | 1.58B | 2.11B | -2.67B |
Man Industries (India) Limited Technical Analysis
Positive
396.80
Price Trends
720.55
Positive
636.36
Positive
524.90
Positive
Market Momentum
64.04
Positive
59.29
Neutral
49.34
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 873.04, below the 50-day MA of 720.55, and below the 200-day MA of 524.90, indicating a bullish trend. The MACD of 64.04 indicates Positive momentum. The RSI at 59.29 is Neutral, neither overbought nor oversold. The STOCH value of 49.34 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 | ₹605.59B | 47.80 | ― | 0.40% | 9.64% | 53.35% | |
68 Neutral | ₹716.35B | 29.75 | ― | 0.19% | 20.21% | 14.36% | |
68 Neutral | ₹177.85B | 26.40 | ― | 0.74% | -8.57% | -62.05% | |
66 Neutral | ₹48.08B | 15.41 | ― | 2.27% | 11.69% | 8.23% | |
65 Neutral | ₹67.96B | 33.68 | ― | 1.37% | 10.75% | 9.71% | |
65 Neutral | ₹190.77B | 42.41 | ― | 0.38% | -16.30% | -24.14% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MANINDS
Man Industries (India) Limited
922.80
547.60
145.95%
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IN:WELCORP
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Man Industries (India) Limited Corporate Events
Man Industries Schedules 38th AGM, Issues SEBI-Compliant Newspaper Notices
Sep 4, 2026
Man Industries (India) Limited has announced the scheduling of its 38th Annual General Meeting for Friday, September 25, 2026, reinforcing its ongoing corporate governance and shareholder engagement. The company has published statutory AGM notices...
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...
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.