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Man Industries (India) Ltd.

•
mangroup.comBSE: 513269NSE: MANINDS
Market Cap₹ 5,953 Cr.
Current Price
High / Low₹ 844 / 302
Stock P/E29.1
Book Value₹ 286
Price to Book1.08
Dividend Yield0.00 %
ROCE16.3 %
ROE10.2 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Manufacturing: 89.5% • Real Estate: 10.5%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence
61%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 22.5% CAGR over last 5 years
  • Latest quarter profit grew 122.4% YoY, showing strong momentum
  • Company has consistently been profitable over the last 5 years
  • Company generates healthy free cash flow
  • Company maintains a comfortable, low leverage position

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on equity of 8.3% over last 3 years
  • Promoter holding has decreased over last 2 years: -2.9pp
  • Total debt has risen sharply - up 47.8% year on year
  • Inventory has been piling up - inventory days up from 61 to 100
  • Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.JSWSTEEL1310.3512.93320440.060.544696.00112.5847364.0011.5520.6719.60
2.TATASTEEL188.5521.33235375.562.122385.2418.8260794.2915.2612.7015.40
3.SAIL186.2518.0176931.031.261644.05120.8026245.671.257.0815.92
4.WELCORP2607.9529.7968795.280.191047.88200.114081.1214.9123.9432.17
5.JSL782.8019.8764535.570.51768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2167.5048.9760182.460.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1073.3526.6829960.620.423507.301106.6354550.901133.3513.8814.03
8.RATNAMANI2862.5546.3520064.190.35107.03-15.82971.63-15.6318.0116.69
9.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
10.SARDAEN546.7517.0519266.450.37478.139.501608.04-1.0717.7641.59
11.GPIL253.2021.1417046.410.39222.372.751750.4732.2920.2019.36
12.MANINDS793.6029.145952.760.0061.43122.411053.1341.9116.3113.62
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4901,0188338117498067321,2187428348301,1571,053
4449487687527117426531,0856937137031,018980
Operating Profit477065583864791344912112814074
OPM %9.55%6.84%7.77%7.20%5.04%7.90%10.76%10.97%6.62%14.52%15.37%12.07%6.99%
421141420116331-198812
Interest21222025182126353030385240
Depreciation15151615131111111322212330
Profit before Tax14544332284347913849767385
Tax %22.10%27.80%29.20%25.62%30.73%25.58%27.19%25.26%27.79%25.19%27.85%30.31%28.11%
Net Profit0000193234682837555161
1.906.685.094.002.944.925.369.154.134.837.647.008.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
1,3911,0601,6082,2221,7592,0802,1392,2313,1423,5053,875
1,2711,0121,4832,0451,5921,8751,9582,1072,9013,2043,413
Operating Profit11948125176168205181125241301462
OPM %8.59%4.56%7.75%7.94%9.52%9.86%8.44%5.59%7.68%8.60%11.92%
687253221431375152529
Interest563643646453374188100161
Depreciation3740394652464545614596
Profit before Tax934495886513713589144208284
Tax %7.36%24.23%33.22%33.47%14.95%26.22%24.73%25.06%27.14%26.48%28.10%
Net Profit863464595610110267105153204
EPS15.145.8811.1510.309.7216.7817.5211.1716.2423.66—
Dividend Payout %9.91%25.51%13.45%14.56%10.29%11.32%0.00%17.93%12.31%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
10%
5 Years:
15%
3 Years:
18%

COMPOUNDED PROFIT GROWTH

10 Years:
12%
5 Years:
23%
3 Years:
15%

STOCK PRICE CAGR

10 Years:
32%
5 Years:
50%
3 Years:
70%
1 Year:
113%

RETURN ON EQUITY

10 Years:
10%
5 Years:
10%
3 Years:
8%
Last Year:
10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2023

Aug 14

₹ 0.40

Interim Dividend

2022

Apr 28

₹ 0.40

Interim Dividend

2020

Nov 3

₹ 0.40

Interim Dividend

2018

Sep 19

₹ 0.30

Rs.1.5000 per share(30%)Dividend

2017

Sep 19

₹ 0.30

2016

Sep 15

₹ 0.30

Rs.1.5000 per share(30%)Dividend

2015

Dec 18

₹ 0.30

Rs.1.5000 per share(30%)Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital29292929292930303232
5385706246737188019111,1021,3611,563
35945437124829429656300309430
Trade Payables2202125785635615187553405031,200
989396812261426888210553
Total Liabilities1,2431,3561,6981,5941,8271,7861,8201,8602,4153,779
349346355396368337318551604642
Capital Work in Progress19563341201431133
104104103102102103102022826
1281094182173803323184076461,269
00000000355896
Cash & Bank1681556747222102240170255379
476638691829752912821717297434
Total Assets1,2431,3561,6981,5941,8271,7861,8201,8602,4153,779

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
221-59153164241-23497-9434568
Cash from Investing221-1050-464-119-135-279-41
Cash from Financing-18841-115-138-37-63-2672118630
19-13-88-1131-11965-4515256

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
46.1246.1546.1546.2148.2143.2143.2143.2143.21
1.832.522.163.332.192.323.352.412.87
3.313.272.641.030.881.681.261.341.43
Government0.000.000.000.000.000.000.000.000.00
48.7348.0549.0549.4348.7352.7852.1753.0452.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Bagging/Receiving of orders/contracts

2026-09-10 - Man Industries (India) Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-09-04
Copy of Newspaper Publication

2026-09-04 - Man Industries (India) Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02
Shareholders meeting

2026-09-02 - Man Industries (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-09-01
Investor Presentation

2026-09-01 - Man Industries (India) Limited has informed the Exchange about Investor Presentation

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Man Industries (India) Limited has informed the Exchange about Schedule of meet

2026-08-18
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Man Industries (India) Limited has informed the Exchange about Transcript

2026-08-14
Press Release

2026-08-14 - Man Industries (India) Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Press Release".

2026-08-13
Copy of Newspaper Publication

2026-08-13 - Man Industries (India) Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12
Monitoring Agency Report

2026-08-12 - Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report for the quarter ended June 30, 2026 in respect of utilization of funds raised through Preferential Issue of Equity Shares to Non-Promoters, issued by CRISIL Ratings Limited, duly reviewed, approved and taken on record by the Audit Committee and the Board of Directors of the Company in their meeting held on August 11, 2026. This is for your kind information and record.

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