Fin Cascade
Get Android appGet iOS app

Prices as of 9 Oct 2026 close · Not investment advice

Man Industries (India) Limited

NSE: MANINDSIron & Steel ProductsASM stage 1

Share price

₹867.90

+1.17% close of 9 Oct 2026

Market cap ₹6,596 CrP/E 32.3

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

53

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹6,596 Cr

P/E ratio

32.3

P/B ratio

3.1

ROCE

16.2%

ROE

9.2%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹1,020.3552-week low ₹310.55

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 10.7% over the past year, and 13.8% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 7.2% to 13.9% over the last four years.

Whether it grew faster than its sector

It grew 13.8% a year against a sector median of 10.6% — 3.2 percentage points faster.

Room to re-rate, or risk of de-rating

At 32.0× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 30.3×, across 5 companies. It is against its own five-year median of 18.8×, the 97th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.7 times its growth rate, on earnings growth of 43%.

Profit growthPrice per ₹1 profitPer 1% growth
Man Industries (India) Limited — this one43%/yr32.0×₹0.74
Welspun Corp Limited119%/yr30.3×—
APL Apollo Tubes Limited23%/yr46.5×₹2.0
Shyam Metalics and Energy Limited9%/yr26.4×₹2.9
Ratnamani Metals & Tubes Limited-1%/yr39.9×—
Jindal Saw Limited14%/yr26.5×₹1.9

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Iron & Steel Products), it ranks 25 of 70 on returns, 29 of 68 on growth, 29 of 70 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 16.2% on capital, ahead of 64% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹1221 crore of cash from the business and spent ₹865 crore on plant and equipment, with ₹356 crore to spare; it still raised ₹191 crore mostly borrowed — borrowings rose from ₹57 crore to ₹628 crore. And the profit is real: of every 100 rupees it reported over 12 years, about 176 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

6 of 9 checks clear · 67%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Revenue rose 42% year on year and net profit more than doubled.

Announced 11 Aug 2026 · Consolidated · Unaudited

Revenue

₹1,053 Cr

Revenue vs last year

+41.9%

Revenue vs last quarter

-9.0%

Net profit

₹61 Cr

Profit vs last year

+119.5%

Profit vs last quarter

+20.5%

Net margin

5.8%

EPS

₹8.19

Earnings call transcript · 12 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹6,596 Cr
Prev close
₹867.90
52w High
₹1,040
52w Low
₹302
Enterprise value
₹6,496 Cr
Beta
2.2
Price CAGR 1y
143.0%
Price CAGR 3y
68.0%
Price CAGR 5y
51.0%
Price CAGR 10y
36.0%

Ratios

Return on assets
3.4%
PEG ratio
0.7
P/E ratio
32.3
P/B ratio
3.1
EV / EBITDA
12.2
Industry P/E
24.8
ROCE
16.2%
ROCE 5y average
14.4%
ROE
9.2%
Debt / Equity
0.3
Interest coverage
2.6
Dividend yield
0.0%
ROE 3y average
9.0%
ROE last year
9.0%

Annual P&L

Annual revenue
₹3,564 Cr
Annual profit
₹170 Cr
Operating margin
12.0%
Net profit margin
4.8%
EBITDA margin
12.3%
Sales growth 3y
16.9%
Sales growth 5y
11.4%
Profit growth 3y
43.0%
Profit growth 5y
11.0%
EPS
₹22.7
Sales growth TTM
11.0%
Profit growth TTM
26.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹1,053 Cr
Profit latest quarter
₹61 Cr
YoY quarterly sales growth
41.9%
YoY quarterly profit growth
117.9%
OPM latest quarter
13.6%

Balance Sheet

Book Value
₹275
Face Value
₹5.0
Total debt
₹628 Cr
Total cash
₹657 Cr
Borrowings
₹628 Cr
Reserves / Equity
53.9

Cash Flow

Operating cash flow
₹472 Cr
Free cash flow
₹132 Cr
FCF yield
-0.3%
Net cash flow
₹14 Cr

Shareholding

Promoter holding
43.2%
FII holding
2.9%
DII holding
1.4%
Public holding
52.5%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Welspun Corp2,629.4030.069,3610.181,047.9198.64,081.114.922.9
APL Apollo Tubes2,081.0047.057,7810.40263.110.95,606.78.431.8
Shyam Metalics1,060.0026.429,5880.42350.718.15,455.123.413.0
Jindal Saw270.6026.417,3050.7290.8-75.44,452.39.010.4
Ratnamani Metals2,448.0539.117,1590.40107.0-37.7971.6-15.617.9
Usha Martin508.0028.415,4810.73142.040.71,033.016.419.5
Godawari Power208.8017.114,0570.47222.42.71,750.532.320.5
Man Industries870.6031.96,5300.0061.4122.41,053.141.916.2
Median172.5022.79650.0014.328.3213.216.613.0

Competes with: APL Apollo Tubes Limited, Gallantt Ispat Limited, Godawari Power And Ispat limited, Jindal Saw Limited, Ratnamani Metals & Tubes Limited, Shyam Metalics and Energy Limited, Usha Martin Limited, Welspun Corp Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4901,0188338117498067321,2187428348301,1571,053
Expenses4449487687527117426531,0976937137031,018910
Material Cost661515303736663502
Change in Inventories302-40123-238-125180
Purchases of Stock-in-Trade1211517700.631.71
Employee Cost212020232936
Other Expenses1028391182450191
Operating Profit4770655838647912149121128140143
OPM %9.556.847.777.205.047.90119.956.6215151214
Other Income4211414201161531-198812
Exceptional items (within Other Income)000000
Interest21222025182126353030385240
Depreciation15151615131111111322212330
Profit before tax14544332284347913849767385
Tax %22282926312627252825283028
Net Profit11393124193234682837555161
EPS in Rs1.876.505.093.732.944.925.27114.114.937.346.788.19
Diluted EPS in Rs8.824.134.687.5178.06

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,3641,3921,0601,6082,2221,7592,0802,1392,2313,1423,5053,5643,875
Expenses1,2501,2721,0121,4832,0441,5911,8751,9582,0942,9013,1693,1253,343
Material Cost2,3362,217
Change in Inventories142-281
Purchases of Stock-in-Trade258293
Employee Cost7792
Other Expenses392804
Operating Profit11412048125178168205181137241336439532
OPM %894.60881010868101214
Other Income3567725321143137395220299
Exceptional items (within Other Income)00
Interest46563643646453374188103152161
Depreciation43374039465246454661457996
Profit before tax60934495886513713589144208237284
Tax %17724333315262525272628
Net Profit50863464595610110267105153170204
EPS in Rs8.82155.8811109.7218171116242327
Diluted EPS in Rs2323
Dividend Payout %17102613151011-0-012-0-0

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
10%
5 years
11%
3 years
17%
TTM
11%

Compounded profit growth

10 years
7%
5 years
11%
3 years
43%
TTM
26%

Stock price CAGR

10 years
36%
5 years
51%
3 years
68%
1 year
143%

Return on equity

10 years
9%
5 years
9%
3 years
9%
Last year
9%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital292929292929293030323238
Reserves4545385706246737188069131,1021,3721,5752,049
Borrowings49535344736824429429657301326476628
Other Liabilities5223233116786487876558214276841,6962,306
Minority Interest00
Total Liabilities1,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,7795,021
Fixed Assets416349346355396368337318553605643864
CWIP319563341201431133326
Investments310410410310210210310202282671
Other Assets1,0777719021,1761,0931,3531,3451,3791,2931,5522,9773,760
Total Assets1,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,7795,021

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity64205-75132137214-60451-12034573472
Cash from Investing Activity-61221-1050-464-119-135-279-111-594
Cash from Financing Activity-35-18841-115-138-37-63-2672118625136
Net Cash Flow-3119-13-88-1131-11965-45152-1414
Free Cash Flow69158-9822111204-72405-328228-81132

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1307011787919311593814193103
Inventory Days9244491264711085738498190251
Days Payable13575941741211621331747076180241
Cash Conversion Cycle87397139174167-89563104114
Working Capital Days6234462517-14342369333821
ROCE %10168141613171610141616

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters505046464646464843434343
FIIs1.612.141.641.842.522.163.332.192.323.352.412.87
DIIs0.040.643.313.313.272.641.030.881.681.261.341.43
Public494849494849494953525352
No. of Shareholders34,33035,19344,20646,29553,58256,98456,40559,25754,42551,82250,91349,144

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +135.1% (₹369.10 → ₹867.90)Brick size ₹57.18 (fixed)Bricks 16
₹400₹600₹800₹1,000₹868Jan '26Aug '26
Price moved up one brickPrice moved down one brickLast close ₹867.90 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-99.77inr_cr

2026-03-31

order book, Rs crore

3,600inr_cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

4,18,81,818inr

2026-03-31

News

News and filings about Man Industries (India) Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • anti-corrosion coating inputs for 3LPE, 3LPP and FBE coated pipes
  • hot rolled coils / HR coils for HSAW and ERW pipes
  • steel plates for LSAW pipes

Depends on the price of

  • steel

Sells to

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Iron & Steel Products
Classification
Capital Goods › Iron & Steel Products
ISIN
INE993A01026

Business segments

  • Manufacturing · 100%

Plants

  • Anjar manufacturing facilities · Anjar, Kutch, Gujarat
  • Dammam Saudi Arabia facility
  • Jammu stainless steel plant
  • Pithampur plant · Pithampur, Madhya Pradesh

News impact

Big market events that reach Man Industries (India) Limited, and how the effect spreads.

Who it hits first

  • Welspun Corp, a maker of large steel pipes, saw its shares jump 4.3% to Rs 2810 after a subsidiary won its largest-ever order.
  • The win adds fresh work to Welspun's order book, though the pack does not disclose the order's value or buyer.
  • Sister Welspun companies share the brand but book none of this pipe revenue directly.

Who may gain

  • Welspun Corp holders, as the record order lifts revenue visibility for the pipe maker
  • Pipe-sector mood, since a largest-ever tender proves customer demand is strong

Along the supply chain

Downstream

Welspun supplies pipe buyers such as GAIL, ONGC, Indian Oil and HPCL, so the downstream gain is steadier pipe supply for energy and water projects, not a price change.

Upstream

No direct upstream pull is named in the pack - Welspun lists no steel suppliers here, so steel mills gain only if Welspun orders more coils and plates to execute the job.

Where demand moves

Business

Pipe buyers placed a record order with Welspun's unit, so factory work and billing flow to Welspun Corp; rival pipe makers get no volumes from this deal but may benefit later if tendering stays strong.

Capital

Investors bought Welspun Corp, pushing it 4.3% to Rs 2810 intraday; some sympathy money may drift to group shares and pipe peers, while the Welspun Group Master Trust bulk sale in Welspun Living leans the other way.

How it spreads across sectors

Construction

Welspun Enterprises shares the brand but wins no work, so the ripple here is sentiment-only.

Metals & Mining

A record pipe tender signals healthy steel-pipe demand, a mild positive for pipe makers even though Welspun took this deal.

When it plays out

Immediate

Welspun Corp extends its 4.3% pop as traders chase the record-order news over 1-7 days.

Medium term

Order execution and margin delivery over 1-6 months decide whether the gain sticks or fades.

Short term

Group shares and pipe peers drift on sympathy over 1-4 weeks while the market waits for order value details.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

14 Aug 2023interim₹2
28 Apr 2022interim₹2
3 Nov 2020interim₹2
24 Sep 2020demerger₹0
19 Mar 2020interim₹1
19 Sep 2019unspecified₹1.5
19 Sep 2018unspecified₹1.5
19 Sep 2017unspecified₹1.5

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Bulk & block deals

DateWhoBought / soldSharesPrice
23 Sep 2026HRTI PRIVATE LIMITEDBUY4,43,427₹952.17
23 Sep 2026HRTI PRIVATE LIMITEDSELL4,27,070₹953.53
10 Sep 2026MICROCURVES TRADING PRIVATE LIMITEDBUY4,44,491₹890.40
10 Sep 2026MICROCURVES TRADING PRIVATE LIMITEDSELL4,44,443₹890.46

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.