Man Industries (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Manufacturing: 89.5% • Real Estate: 10.5%
AI Sector View
AI GENERATEDMetals & Mining
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1310.35 | 12.93 | 320440.06 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 188.55 | 21.33 | 235375.56 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 186.25 | 18.01 | 76931.03 | 1.26 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2607.95 | 29.79 | 68795.28 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 782.80 | 19.87 | 64535.57 | 0.51 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2167.50 | 48.97 | 60182.46 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1073.35 | 26.68 | 29960.62 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| RATNAMANI | 2862.55 | 46.35 | 20064.19 | 0.35 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| SARDAEN | 546.75 | 17.05 | 19266.45 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 253.20 | 21.14 | 17046.41 | 0.39 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| MANINDS | 793.60 | 29.14 | 5952.76 | 0.00 | 61.43 | 122.41 | 1053.13 | 41.91 | 16.31 | 13.62 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 490 | 1,018 | 833 | 811 | 749 | 806 | 732 | 1,218 | 742 | 834 | 830 | 1,157 | 1,053 | |
| 444 | 948 | 768 | 752 | 711 | 742 | 653 | 1,085 | 693 | 713 | 703 | 1,018 | 980 | |
| Operating Profit | 47 | 70 | 65 | 58 | 38 | 64 | 79 | 134 | 49 | 121 | 128 | 140 | 74 |
| 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% |
| 4 | 21 | 14 | 14 | 20 | 11 | 6 | 3 | 31 | -19 | 8 | 8 | 12 | |
| Interest | 21 | 22 | 20 | 25 | 18 | 21 | 26 | 35 | 30 | 30 | 38 | 52 | 40 |
| Depreciation | 15 | 15 | 16 | 15 | 13 | 11 | 11 | 11 | 13 | 22 | 21 | 23 | 30 |
| Profit before Tax | 14 | 54 | 43 | 32 | 28 | 43 | 47 | 91 | 38 | 49 | 76 | 73 | 85 |
| 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 Profit | 0 | 0 | 0 | 0 | 19 | 32 | 34 | 68 | 28 | 37 | 55 | 51 | 61 |
| 1.90 | 6.68 | 5.09 | 4.00 | 2.94 | 4.92 | 5.36 | 9.15 | 4.13 | 4.83 | 7.64 | 7.00 | 8.19 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,391 | 1,060 | 1,608 | 2,222 | 1,759 | 2,080 | 2,139 | 2,231 | 3,142 | 3,505 | 3,875 | |
| 1,271 | 1,012 | 1,483 | 2,045 | 1,592 | 1,875 | 1,958 | 2,107 | 2,901 | 3,204 | 3,413 | |
| Operating Profit | 119 | 48 | 125 | 176 | 168 | 205 | 181 | 125 | 241 | 301 | 462 |
| OPM % | 8.59% | 4.56% | 7.75% | 7.94% | 9.52% | 9.86% | 8.44% | 5.59% | 7.68% | 8.60% | 11.92% |
| 68 | 72 | 53 | 22 | 14 | 31 | 37 | 51 | 52 | 52 | 9 | |
| Interest | 56 | 36 | 43 | 64 | 64 | 53 | 37 | 41 | 88 | 100 | 161 |
| Depreciation | 37 | 40 | 39 | 46 | 52 | 46 | 45 | 45 | 61 | 45 | 96 |
| Profit before Tax | 93 | 44 | 95 | 88 | 65 | 137 | 135 | 89 | 144 | 208 | 284 |
| Tax % | 7.36% | 24.23% | 33.22% | 33.47% | 14.95% | 26.22% | 24.73% | 25.06% | 27.14% | 26.48% | 28.10% |
| Net Profit | 86 | 34 | 64 | 59 | 56 | 101 | 102 | 67 | 105 | 153 | 204 |
| EPS | 15.14 | 5.88 | 11.15 | 10.30 | 9.72 | 16.78 | 17.52 | 11.17 | 16.24 | 23.66 | — |
| 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
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 30 | 30 | 32 | 32 |
| 538 | 570 | 624 | 673 | 718 | 801 | 911 | 1,102 | 1,361 | 1,563 | |
| 359 | 454 | 371 | 248 | 294 | 296 | 56 | 300 | 309 | 430 | |
| Trade Payables | 220 | 212 | 578 | 563 | 561 | 518 | 755 | 340 | 503 | 1,200 |
| 98 | 93 | 96 | 81 | 226 | 142 | 68 | 88 | 210 | 553 | |
| Total Liabilities | 1,243 | 1,356 | 1,698 | 1,594 | 1,827 | 1,786 | 1,820 | 1,860 | 2,415 | 3,779 |
| 349 | 346 | 355 | 396 | 368 | 337 | 318 | 551 | 604 | 642 | |
| Capital Work in Progress | 19 | 5 | 63 | 3 | 4 | 1 | 20 | 14 | 31 | 133 |
| 104 | 104 | 103 | 102 | 102 | 103 | 102 | 0 | 228 | 26 | |
| 128 | 109 | 418 | 217 | 380 | 332 | 318 | 407 | 646 | 1,269 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 355 | 896 | |
| Cash & Bank | 168 | 155 | 67 | 47 | 222 | 102 | 240 | 170 | 255 | 379 |
| 476 | 638 | 691 | 829 | 752 | 912 | 821 | 717 | 297 | 434 | |
| Total Assets | 1,243 | 1,356 | 1,698 | 1,594 | 1,827 | 1,786 | 1,820 | 1,860 | 2,415 | 3,779 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 221 | -59 | 153 | 164 | 241 | -23 | 497 | -94 | 345 | 68 | |
| Cash from Investing | 2 | 21 | -105 | 0 | -46 | 4 | -119 | -135 | -279 | -41 |
| Cash from Financing | -188 | 41 | -115 | -138 | -37 | -63 | -267 | 211 | 86 | 30 |
| 19 | -13 | -88 | -1 | 131 | -119 | 65 | -45 | 152 | 56 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Man Industries (India) Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-09-04 - Man Industries (India) Limited has informed the Exchange about Copy of Newspaper Publication
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 - Man Industries (India) Limited has informed the Exchange about Investor Presentation
2026-08-26 - Man Industries (India) Limited has informed the Exchange about Schedule of meet
2026-08-18 - Man Industries (India) Limited has informed the Exchange about Transcript
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 - Man Industries (India) Limited has informed the Exchange about Copy of Newspaper Publication
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.
News
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