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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/E24.3
Book Value₹ 267
Price to Book1.23
Dividend Yield0.00 %
ROCE17.0 %
ROE10.3 %
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 20.5% CAGR over last 5 years
  • Latest quarter profit grew 167.6% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.93x)
  • Company generates healthy free cash flow
  • Company maintains a comfortable, low leverage position

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • A large part of profit comes from other income (46.4% of PBT)
  • Company has a low return on equity of 9.0% over last 3 years
  • Promoter holding has decreased over last 2 years: -2.9pp
  • Inventory has been piling up - inventory days up from 27 to 75
  • Debtor days have increased from 49 to 72

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4641,0088307787328057318507137828041,1571,010
4179367667326957366597746676706771,003924
Operating Profit47726546366972774611212715486
OPM %10.08%7.14%7.80%5.97%4.98%8.55%9.88%9.04%6.40%14.34%15.75%13.29%8.51%
4232118259152435-13131818
Interest21222024182126353030385532
Depreciation15151515121011101221202221
Profit before Tax155850253246505739488295104
Tax %21.12%25.55%25.36%31.98%24.82%24.24%25.17%29.09%25.23%25.40%25.49%25.84%25.33%
Net Profit12433717243538402936617078
1.987.236.182.863.735.425.726.324.364.628.459.7410.39

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
1,3911,0601,5722,2151,7592,0752,0942,0923,0803,1183,752
1,2731,0151,4502,0401,5931,8701,9141,9692,8502,8763,274
Operating Profit11746123175166205180123230242478
OPM %8.44%4.30%7.81%7.90%9.44%9.87%8.59%5.89%7.46%7.76%12.75%
6974542214313753668637
Interest56364364645337418799155
Depreciation3740394652464545604384
Profit before Tax934395876413613590149185329
Tax %7.40%24.75%33.51%34.02%15.30%26.27%24.80%24.96%26.14%26.08%25.52%
Net Profit863363575410110167110137245
EPS15.065.7211.0110.059.4516.7417.4611.2116.9521.18—
Dividend Payout %9.96%26.23%13.63%14.93%10.58%11.35%0.00%17.87%11.80%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
9%
5 Years:
12%
3 Years:
14%

COMPOUNDED PROFIT GROWTH

10 Years:
10%
5 Years:
20%
3 Years:
11%

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:
9%
Last Year:
10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
5415726256737168009099731,2341,375
35945837824730230363303306325
Trade Payables2202125775595605187503375011,196
1029098882251427084208544
Total Liabilities1,2491,3611,7061,5961,8311,7911,8221,7272,2823,472
347343355396368337313483504499
Capital Work in Progress195633411633194
105105129131133133133136368216
128109418217380332305107352932
00000000342886
Cash & Bank1681546647221102237162227288
484644673802725887818836458558
Total Assets1,2491,3611,7061,5961,8311,7911,8221,7272,2823,472

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
224-61180164240-23484-8530995
Cash from Investing320-1070-464-109-126-260-24
Cash from Financing-19143-140-138-36-63-26718783-73
19-13-88-0131-11962-51132-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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