Man Industries (India) Ltd.

•

₹ 715.45.69%

2026-08-21

mangroup.comBSE: 513269NSE: MANINDS

Market Cap₹ 4,824 Cr.

Current Price₹ 677

High / Low₹ 652 / 302

Stock P/E23.6

Book Value₹ 286

Price to Book1.08

Dividend Yield0.00 %

ROCE16.3 %

ROE10.2 %

Face Value₹ 5

Add ratio to table

ABOUT

KEY POINTS

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

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

EDIT COLUMNS

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	JSWSTEEL	1281.30	12.64	313336.02	0.55	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	184.00	20.82	229695.59	2.17	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	172.50	16.68	71251.56	1.36	1644.05	120.80	26245.67	1.25	6.39	15.92
4.	JSL	723.75	18.37	59667.37	0.55	768.66	7.56	11278.54	10.50	19.19	12.09
5.	APLAPOLLO	2115.90	47.80	58749.74	0.40	263.11	10.94	5606.71	12.07	22.90	7.34
6.	WELCORP	1974.70	22.56	52090.74	0.25	1047.88	200.11	4081.12	14.91	23.94	32.17
7.	SHYAMMETL	988.70	24.57	27597.77	0.46	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	SARDAEN	512.45	15.98	18057.78	0.39	478.13	9.50	1608.04	-1.07	15.84	41.59
9.	JINDALSAW	268.95	26.32	17199.57	0.74	90.79	-78.15	4452.31	9.00	10.38	8.79
10.	GPIL	246.30	20.55	16578.39	0.41	222.37	2.75	1750.47	32.29	23.51	19.36
11.	RATNAMANI	2295.95	37.17	16092.77	0.44	107.03	-15.82	971.63	-15.63	18.01	16.69
12.	MANINDS	643.10	23.61	4823.87	0.00	61.43	122.41	1053.13	41.91	16.31	13.62

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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
	2	7	5	4	3	5	5	9	4	5	8	7	1
Equity Capital	30	30	30	32	32	32	32	32	34	38	38	38	38
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	30	30	30	32	32	32	32	32	34	38	38	38	38
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 490
: 444
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 21
Depreciation: 15
: 14
Tax %: 22.10%
Net Profit: 0
: 2
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 1,018
: 948
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 22
Depreciation: 15
: 54
Tax %: 27.80%
Net Profit: 0
: 7
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 833
: 768
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 20
Depreciation: 16
: 43
Tax %: 29.20%
Net Profit: 0
: 5
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 811
: 752
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 25
Depreciation: 15
: 32
Tax %: 25.62%
Net Profit: 0
: 4
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 749
: 711
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 18
Depreciation: 13
: 28
Tax %: 30.73%
Net Profit: 19
: 3
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 806
: 742
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 21
Depreciation: 11
: 43
Tax %: 25.58%
Net Profit: 32
: 5
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 732
: 653
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 26
Depreciation: 11
: 47
Tax %: 27.19%
Net Profit: 34
: 5
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,218
: 1,085
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 35
Depreciation: 11
: 91
Tax %: 25.26%
Net Profit: 68
: 9
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 742
: 693
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 30
Depreciation: 13
: 38
Tax %: 27.79%
Net Profit: 28
: 4
Equity Capital: 34
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 34
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 834
: 713
Operating Profit: —
OPM %: —
Other Income: -19
Interest: 30
Depreciation: 22
: 49
Tax %: 25.19%
Net Profit: 37
: 5
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 830
: 703
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 38
Depreciation: 21
: 76
Tax %: 27.85%
Net Profit: 55
: 8
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,157
: 1,018
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 52
Depreciation: 23
: 73
Tax %: 30.31%
Net Profit: 51
: 7
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,053
: 980
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 40
Depreciation: 30
: 85
Tax %: 28.11%
Net Profit: 61
: 1
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

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	187	121	181	199	185	236	218	176	293	353	—
OPM %	13	11	11	9	10	11	10	8	9	10	—
Other Income	68	72	57	22	17	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
	93	44	95	88	65	137	135	89	144	208	284
Tax %	7	24	33	33	15	26	25	25	27	26	28
Net Profit	86	34	64	59	56	101	102	67	105	153	204
EPS	15	6	11	10	10	17	18	11	16	24	—
Dividend Payout %	10	26	13	15	10	11	0	18	12	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	15	6	11	10	10	18	17	11	16	24	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	15	6	11	10	10	18	17	11	16	24	—

Mar 2016

: 1,391
: 1,271
Operating Profit: 187
OPM %: 13
Other Income: 68
Interest: 56
Depreciation: 37
: 93
Tax %: 7
Net Profit: 86
EPS: 15
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 15

Mar 2017

: 1,060
: 1,012
Operating Profit: 121
OPM %: 11
Other Income: 72
Interest: 36
Depreciation: 40
: 44
Tax %: 24
Net Profit: 34
EPS: 6
Dividend Payout %: 26
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2018

: 1,608
: 1,483
Operating Profit: 181
OPM %: 11
Other Income: 57
Interest: 43
Depreciation: 39
: 95
Tax %: 33
Net Profit: 64
EPS: 11
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2019

: 2,222
: 2,045
Operating Profit: 199
OPM %: 9
Other Income: 22
Interest: 64
Depreciation: 46
: 88
Tax %: 33
Net Profit: 59
EPS: 10
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2020

: 1,759
: 1,592
Operating Profit: 185
OPM %: 10
Other Income: 17
Interest: 64
Depreciation: 52
: 65
Tax %: 15
Net Profit: 56
EPS: 10
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2021

: 2,080
: 1,875
Operating Profit: 236
OPM %: 11
Other Income: 31
Interest: 53
Depreciation: 46
: 137
Tax %: 26
Net Profit: 101
EPS: 17
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 18

Mar 2022

: 2,139
: 1,958
Operating Profit: 218
OPM %: 10
Other Income: 37
Interest: 37
Depreciation: 45
: 135
Tax %: 25
Net Profit: 102
EPS: 18
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2023

: 2,231
: 2,107
Operating Profit: 176
OPM %: 8
Other Income: 51
Interest: 41
Depreciation: 45
: 89
Tax %: 25
Net Profit: 67
EPS: 11
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2024

: 3,142
: 2,901
Operating Profit: 293
OPM %: 9
Other Income: 52
Interest: 88
Depreciation: 61
: 144
Tax %: 27
Net Profit: 105
EPS: 16
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16

Mar 2025

: 3,505
: 3,204
Operating Profit: 353
OPM %: 10
Other Income: 52
Interest: 100
Depreciation: 45
: 208
Tax %: 26
Net Profit: 153
EPS: 24
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24

TTM

: 3,875
: 3,413
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 161
Depreciation: 96
: 284
Tax %: 28
Net Profit: 204
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 28%
5 Years:: 42%
3 Years:: 68%
1 Year:: 64%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
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
	163	316	278	195	263	282	46	166	155	272
Trade Payables	220	212	578	563	561	518	755	340	503	1,200
	294	231	189	134	256	157	79	222	364	711
Total Liabilities	1,243	1,356	1,698	1,594	1,827	1,786	1,820	1,860	2,415	3,779
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	353	447	368	244	278	284	49	295	308	456
Net Working Capital	298	289	177	151	156	298	376	590	770	766
Contingent Liabilities	330	400	602	645	1,121	442	610	149	145	173
Book Value per Share	99.17	104.77	114.21	122.94	130.70	145.35	158.95	188.39	215.25	246.51
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00
Total Debt	353	447	368	244	278	284	49	295	308	456
Net Working Capital	298	289	177	151	156	298	376	590	770	766
Contingent Liabilities	330	400	602	645	1,121	442	610	149	145	173
Book Value per Share	99.17	104.77	114.21	122.94	130.70	145.35	158.95	188.39	215.25	246.51
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00

Mar 2016

Equity Capital: 29
: 538
: 163
Trade Payables: 220
: 294
Total Liabilities: 1,243
: 349
Capital Work in Progress: 19
: 104
: 128
: 0
Cash & Bank: 168
: 476
Total Assets: 1,243
Total Debt: 353
Net Working Capital: 298
Contingent Liabilities: 330
Book Value per Share: 99.17
Face Value: 5.00
Total Debt: 353
Net Working Capital: 298
Contingent Liabilities: 330
Book Value per Share: 99.17
Face Value: 5.00

Mar 2017

Equity Capital: 29
: 570
: 316
Trade Payables: 212
: 231
Total Liabilities: 1,356
: 346
Capital Work in Progress: 5
: 104
: 109
: 0
Cash & Bank: 155
: 638
Total Assets: 1,356
Total Debt: 447
Net Working Capital: 289
Contingent Liabilities: 400
Book Value per Share: 104.77
Face Value: 5.00
Total Debt: 447
Net Working Capital: 289
Contingent Liabilities: 400
Book Value per Share: 104.77
Face Value: 5.00

Mar 2018

Equity Capital: 29
: 624
: 278
Trade Payables: 578
: 189
Total Liabilities: 1,698
: 355
Capital Work in Progress: 63
: 103
: 418
: 0
Cash & Bank: 67
: 691
Total Assets: 1,698
Total Debt: 368
Net Working Capital: 177
Contingent Liabilities: 602
Book Value per Share: 114.21
Face Value: 5.00
Total Debt: 368
Net Working Capital: 177
Contingent Liabilities: 602
Book Value per Share: 114.21
Face Value: 5.00

Mar 2019

Equity Capital: 29
: 673
: 195
Trade Payables: 563
: 134
Total Liabilities: 1,594
: 396
Capital Work in Progress: 3
: 102
: 217
: 0
Cash & Bank: 47
: 829
Total Assets: 1,594
Total Debt: 244
Net Working Capital: 151
Contingent Liabilities: 645
Book Value per Share: 122.94
Face Value: 5.00
Total Debt: 244
Net Working Capital: 151
Contingent Liabilities: 645
Book Value per Share: 122.94
Face Value: 5.00

Mar 2020

Equity Capital: 29
: 718
: 263
Trade Payables: 561
: 256
Total Liabilities: 1,827
: 368
Capital Work in Progress: 4
: 102
: 380
: 0
Cash & Bank: 222
: 752
Total Assets: 1,827
Total Debt: 278
Net Working Capital: 156
Contingent Liabilities: 1,121
Book Value per Share: 130.70
Face Value: 5.00
Total Debt: 278
Net Working Capital: 156
Contingent Liabilities: 1,121
Book Value per Share: 130.70
Face Value: 5.00

Mar 2021

Equity Capital: 29
: 801
: 282
Trade Payables: 518
: 157
Total Liabilities: 1,786
: 337
Capital Work in Progress: 1
: 103
: 332
: 0
Cash & Bank: 102
: 912
Total Assets: 1,786
Total Debt: 284
Net Working Capital: 298
Contingent Liabilities: 442
Book Value per Share: 145.35
Face Value: 5.00
Total Debt: 284
Net Working Capital: 298
Contingent Liabilities: 442
Book Value per Share: 145.35
Face Value: 5.00

Mar 2022

Equity Capital: 30
: 911
: 46
Trade Payables: 755
: 79
Total Liabilities: 1,820
: 318
Capital Work in Progress: 20
: 102
: 318
: 0
Cash & Bank: 240
: 821
Total Assets: 1,820
Total Debt: 49
Net Working Capital: 376
Contingent Liabilities: 610
Book Value per Share: 158.95
Face Value: 5.00
Total Debt: 49
Net Working Capital: 376
Contingent Liabilities: 610
Book Value per Share: 158.95
Face Value: 5.00

Mar 2023

Equity Capital: 30
: 1,102
: 166
Trade Payables: 340
: 222
Total Liabilities: 1,860
: 551
Capital Work in Progress: 14
: 0
: 407
: 0
Cash & Bank: 170
: 717
Total Assets: 1,860
Total Debt: 295
Net Working Capital: 590
Contingent Liabilities: 149
Book Value per Share: 188.39
Face Value: 5.00
Total Debt: 295
Net Working Capital: 590
Contingent Liabilities: 149
Book Value per Share: 188.39
Face Value: 5.00

Mar 2024

Equity Capital: 32
: 1,361
: 155
Trade Payables: 503
: 364
Total Liabilities: 2,415
: 604
Capital Work in Progress: 31
: 228
: 646
: 355
Cash & Bank: 255
: 297
Total Assets: 2,415
Total Debt: 308
Net Working Capital: 770
Contingent Liabilities: 145
Book Value per Share: 215.25
Face Value: 5.00
Total Debt: 308
Net Working Capital: 770
Contingent Liabilities: 145
Book Value per Share: 215.25
Face Value: 5.00

Mar 2025

Equity Capital: 32
: 1,563
: 272
Trade Payables: 1,200
: 711
Total Liabilities: 3,779
: 642
Capital Work in Progress: 133
: 26
: 1,269
: 896
Cash & Bank: 379
: 434
Total Assets: 3,779
Total Debt: 456
Net Working Capital: 766
Contingent Liabilities: 173
Book Value per Share: 246.51
Face Value: 5.00
Total Debt: 456
Net Working Capital: 766
Contingent Liabilities: 173
Book Value per Share: 246.51
Face Value: 5.00

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
	205	-75	132	137	214	-60	451	-120	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
Free Cash Flow	205	-98	26	114	191	-72	405	-385	226	-117
OCF / Net Profit	2.37	-2.23	2.07	2.33	3.86	-0.59	4.44	-1.79	3.28	0.44
Cumulative 5-Year FCF	0	0	0	0	437	160	663	252	365	57
OCF / Net Profit	2.37	-2.23	2.07	2.33	3.86	-0.59	4.44	-1.79	3.28	0.44
Cumulative 5-Year FCF	0	0	0	0	437	160	663	252	365	57

Mar 2016

: 205
Cash from Investing: 2
Cash from Financing: -188
: 19
Free Cash Flow: 205
OCF / Net Profit: 2.37
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.37
Cumulative 5-Year FCF: 0

Mar 2017

: -75
Cash from Investing: 21
Cash from Financing: 41
: -13
Free Cash Flow: -98
OCF / Net Profit: -2.23
Cumulative 5-Year FCF: 0
OCF / Net Profit: -2.23
Cumulative 5-Year FCF: 0

Mar 2018

: 132
Cash from Investing: -105
Cash from Financing: -115
: -88
Free Cash Flow: 26
OCF / Net Profit: 2.07
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.07
Cumulative 5-Year FCF: 0

Mar 2019

: 137
Cash from Investing: 0
Cash from Financing: -138
: -1
Free Cash Flow: 114
OCF / Net Profit: 2.33
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.33
Cumulative 5-Year FCF: 0

Mar 2020

: 214
Cash from Investing: -46
Cash from Financing: -37
: 131
Free Cash Flow: 191
OCF / Net Profit: 3.86
Cumulative 5-Year FCF: 437
OCF / Net Profit: 3.86
Cumulative 5-Year FCF: 437

Mar 2021

: -60
Cash from Investing: 4
Cash from Financing: -63
: -119
Free Cash Flow: -72
OCF / Net Profit: -0.59
Cumulative 5-Year FCF: 160
OCF / Net Profit: -0.59
Cumulative 5-Year FCF: 160

Mar 2022

: 451
Cash from Investing: -119
Cash from Financing: -267
: 65
Free Cash Flow: 405
OCF / Net Profit: 4.44
Cumulative 5-Year FCF: 663
OCF / Net Profit: 4.44
Cumulative 5-Year FCF: 663

Mar 2023

: -120
Cash from Investing: -135
Cash from Financing: 211
: -45
Free Cash Flow: -385
OCF / Net Profit: -1.79
Cumulative 5-Year FCF: 252
OCF / Net Profit: -1.79
Cumulative 5-Year FCF: 252

Mar 2024

: 345
Cash from Investing: -279
Cash from Financing: 86
: 152
Free Cash Flow: 226
OCF / Net Profit: 3.28
Cumulative 5-Year FCF: 365
OCF / Net Profit: 3.28
Cumulative 5-Year FCF: 365

Mar 2025

: 68
Cash from Investing: -41
Cash from Financing: 30
: 56
Free Cash Flow: -117
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 57
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 57

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	15.14	5.88	11.15	10.30	9.72	17.66	17.17	11.15	16.24	23.66
Book Value (₹)	99.17	104.77	114.21	122.94	130.70	145.35	158.95	188.39	215.25	246.51
Dividend per Share (₹)	1.50	1.50	1.50	1.50	1.00	2.00	0.00	2.00	2.00	0.00
Cash EPS (₹)	21.64	12.90	18.02	18.35	18.88	25.78	24.84	18.72	25.68	30.65
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	13.43%	11.38%	11.28%	8.95%	10.49%	11.34%	10.18%	7.89%	7.68%	8.60%
Net Margin %	6.21%	3.17%	3.96%	2.65%	3.15%	4.85%	4.75%	3.00%	3.35%	4.37%
ROE %	16.49%	5.77%	10.19%	8.69%	7.66%	12.79%	11.47%	6.47%	8.33%	10.25%
ROCE %	15.80%	8.21%	13.40%	15.56%	13.16%	17.68%	16.33%	10.79%	14.78%	16.31%
	6.31%	2.58%	4.17%	3.57%	3.24%	5.58%	5.63%	3.64%	4.92%	4.95%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	99	105	82	77	104	97	102	85	49	65
Inventory Days	52	41	60	52	62	62	55	59	61	100
Payable Days	106	96	119	123	162	138	147	113	64	128
	45	49	23	6	4	21	11	32	46	37
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.62x	0.75x	0.56x	0.35x	0.37x	0.34x	0.05x	0.26x	0.22x	0.29x
Interest Coverage (x)	2.65x	2.22x	3.22x	2.37x	2.01x	3.59x	4.62x	3.18x	2.64x	3.09x
	1.68x	1.50x	1.19x	1.19x	1.15x	1.33x	1.45x	2.04x	1.93x	1.39x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	1.96%	-23.75%	51.58%	38.21%	-20.81%	18.24%	2.81%	4.33%	40.82%	11.56%
Operating Profit Growth %	25.59%	-35.43%	50.22%	9.67%	-7.22%	27.85%	-7.72%	-19.15%	66.62%	20.46%
Net Profit Growth %	71.64%	-61.17%	89.71%	-7.62%	-5.67%	81.70%	0.73%	-34.00%	56.84%	45.68%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.62%	45.68%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.11x	11.27x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.67x	1.08x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.56%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.11x	5.10x

Mar 2016

EPS (₹): 15.14
Book Value (₹): 99.17
Dividend per Share (₹): 1.50
Cash EPS (₹): 21.64
Operating Margin %: 13.43%
Net Margin %: 6.21%
ROE %: 16.49%
ROCE %: 15.80%
: 6.31%
Debtor Days: 99
Inventory Days: 52
Payable Days: 106
: 45
Debt to Equity (x): 0.62x
Interest Coverage (x): 2.65x
: 1.68x
Revenue Growth %: 1.96%
Operating Profit Growth %: 25.59%
Net Profit Growth %: 71.64%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 5.88
Book Value (₹): 104.77
Dividend per Share (₹): 1.50
Cash EPS (₹): 12.90
Operating Margin %: 11.38%
Net Margin %: 3.17%
ROE %: 5.77%
ROCE %: 8.21%
: 2.58%
Debtor Days: 105
Inventory Days: 41
Payable Days: 96
: 49
Debt to Equity (x): 0.75x
Interest Coverage (x): 2.22x
: 1.50x
Revenue Growth %: -23.75%
Operating Profit Growth %: -35.43%
Net Profit Growth %: -61.17%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 11.15
Book Value (₹): 114.21
Dividend per Share (₹): 1.50
Cash EPS (₹): 18.02
Operating Margin %: 11.28%
Net Margin %: 3.96%
ROE %: 10.19%
ROCE %: 13.40%
: 4.17%
Debtor Days: 82
Inventory Days: 60
Payable Days: 119
: 23
Debt to Equity (x): 0.56x
Interest Coverage (x): 3.22x
: 1.19x
Revenue Growth %: 51.58%
Operating Profit Growth %: 50.22%
Net Profit Growth %: 89.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 10.30
Book Value (₹): 122.94
Dividend per Share (₹): 1.50
Cash EPS (₹): 18.35
Operating Margin %: 8.95%
Net Margin %: 2.65%
ROE %: 8.69%
ROCE %: 15.56%
: 3.57%
Debtor Days: 77
Inventory Days: 52
Payable Days: 123
: 6
Debt to Equity (x): 0.35x
Interest Coverage (x): 2.37x
: 1.19x
Revenue Growth %: 38.21%
Operating Profit Growth %: 9.67%
Net Profit Growth %: -7.62%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 9.72
Book Value (₹): 130.70
Dividend per Share (₹): 1.00
Cash EPS (₹): 18.88
Operating Margin %: 10.49%
Net Margin %: 3.15%
ROE %: 7.66%
ROCE %: 13.16%
: 3.24%
Debtor Days: 104
Inventory Days: 62
Payable Days: 162
: 4
Debt to Equity (x): 0.37x
Interest Coverage (x): 2.01x
: 1.15x
Revenue Growth %: -20.81%
Operating Profit Growth %: -7.22%
Net Profit Growth %: -5.67%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 17.66
Book Value (₹): 145.35
Dividend per Share (₹): 2.00
Cash EPS (₹): 25.78
Operating Margin %: 11.34%
Net Margin %: 4.85%
ROE %: 12.79%
ROCE %: 17.68%
: 5.58%
Debtor Days: 97
Inventory Days: 62
Payable Days: 138
: 21
Debt to Equity (x): 0.34x
Interest Coverage (x): 3.59x
: 1.33x
Revenue Growth %: 18.24%
Operating Profit Growth %: 27.85%
Net Profit Growth %: 81.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 17.17
Book Value (₹): 158.95
Dividend per Share (₹): 0.00
Cash EPS (₹): 24.84
Operating Margin %: 10.18%
Net Margin %: 4.75%
ROE %: 11.47%
ROCE %: 16.33%
: 5.63%
Debtor Days: 102
Inventory Days: 55
Payable Days: 147
: 11
Debt to Equity (x): 0.05x
Interest Coverage (x): 4.62x
: 1.45x
Revenue Growth %: 2.81%
Operating Profit Growth %: -7.72%
Net Profit Growth %: 0.73%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 11.15
Book Value (₹): 188.39
Dividend per Share (₹): 2.00
Cash EPS (₹): 18.72
Operating Margin %: 7.89%
Net Margin %: 3.00%
ROE %: 6.47%
ROCE %: 10.79%
: 3.64%
Debtor Days: 85
Inventory Days: 59
Payable Days: 113
: 32
Debt to Equity (x): 0.26x
Interest Coverage (x): 3.18x
: 2.04x
Revenue Growth %: 4.33%
Operating Profit Growth %: -19.15%
Net Profit Growth %: -34.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 16.24
Book Value (₹): 215.25
Dividend per Share (₹): 2.00
Cash EPS (₹): 25.68
Operating Margin %: 7.68%
Net Margin %: 3.35%
ROE %: 8.33%
ROCE %: 14.78%
: 4.92%
Debtor Days: 49
Inventory Days: 61
Payable Days: 64
: 46
Debt to Equity (x): 0.22x
Interest Coverage (x): 2.64x
: 1.93x
Revenue Growth %: 40.82%
Operating Profit Growth %: 66.62%
Net Profit Growth %: 56.84%
: 45.62%
P/E (x): 22.11x
P/B (x): 1.67x
Dividend Yield %: 0.56%
: 8.11x

Mar 2025

EPS (₹): 23.66
Book Value (₹): 246.51
Dividend per Share (₹): 0.00
Cash EPS (₹): 30.65
Operating Margin %: 8.60%
Net Margin %: 4.37%
ROE %: 10.25%
ROCE %: 16.31%
: 4.95%
Debtor Days: 65
Inventory Days: 100
Payable Days: 128
: 37
Debt to Equity (x): 0.29x
Interest Coverage (x): 3.09x
: 1.39x
Revenue Growth %: 11.56%
Operating Profit Growth %: 20.46%
Net Profit Growth %: 45.68%
: 45.68%
P/E (x): 11.27x
P/B (x): 1.08x
Dividend Yield %: 0.00%
: 5.10x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.12	46.15	46.15	46.21	48.21	43.21	43.21	43.21	43.21
	1.83	2.52	2.16	3.33	2.19	2.32	3.35	2.41	2.87
	3.31	3.27	2.64	1.03	0.88	1.68	1.26	1.34	1.43
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	48.73	48.05	49.05	49.43	48.73	52.78	52.17	53.04	52.49

Jun 2024

: 46.12
: 1.83
: 3.31
Government: 0.00
: 48.73

Sep 2024

: 46.15
: 2.52
: 3.27
Government: 0.00
: 48.05

Dec 2024

: 46.15
: 2.16
: 2.64
Government: 0.00
: 49.05

Mar 2025

: 46.21
: 3.33
: 1.03
Government: 0.00
: 49.43

Jun 2025

: 48.21
: 2.19
: 0.88
Government: 0.00
: 48.73

Sep 2025

: 43.21
: 2.32
: 1.68
Government: 0.00
: 52.78

Dec 2025

: 43.21
: 3.35
: 1.26
Government: 0.00
: 52.17

Mar 2026

: 43.21
: 2.41
: 1.34
Government: 0.00
: 53.04

Jun 2026

: 43.21
: 2.87
: 1.43
Government: 0.00
: 52.49

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-18 - Man Industries (India) Limited has informed the Exchange about Transcript
Press Release
2026-08-14 - Man Industries (India) Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Press Release".

Annual Reports

Credit Ratings

Credit Rating
2026-06-02 - Man Industries (India) Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
TranscriptPPTREC
Jun 2026
Transcript PPTREC
May 2026
TranscriptPPTREC