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/E0.0

Book Value₹ 267

Price to Book1.23

Dividend Yield0.00 %

ROCE17.0 %

ROE10.3 %

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 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

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

Standalone Figures in Rs. Crores / View Consolidated

	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
	464	1,008	830	778	732	805	731	850	713	782	804	1,157	1,010
	417	936	766	732	695	736	659	774	667	670	677	1,003	924
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	4	23	21	18	25	9	15	24	35	-13	13	18	18
Interest	21	22	20	24	18	21	26	35	30	30	38	55	32
Depreciation	15	15	15	15	12	10	11	10	12	21	20	22	21
	15	58	50	25	32	46	50	57	39	48	82	95	104
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 Profit	12	43	37	17	24	35	38	40	29	36	61	70	78
	2	7	6	3	4	5	6	6	4	5	8	10	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

: 464
: 417
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 21
Depreciation: 15
: 15
Tax %: 21.12%
Net Profit: 12
: 2
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 1,008
: 936
Operating Profit: —
OPM %: —
Other Income: 23
Interest: 22
Depreciation: 15
: 58
Tax %: 25.55%
Net Profit: 43
: 7
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 830
: 766
Operating Profit: —
OPM %: —
Other Income: 21
Interest: 20
Depreciation: 15
: 50
Tax %: 25.36%
Net Profit: 37
: 6
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 30
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 778
: 732
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 24
Depreciation: 15
: 25
Tax %: 31.98%
Net Profit: 17
: 3
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 732
: 695
Operating Profit: —
OPM %: —
Other Income: 25
Interest: 18
Depreciation: 12
: 32
Tax %: 24.82%
Net Profit: 24
: 4
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 805
: 736
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 21
Depreciation: 10
: 46
Tax %: 24.24%
Net Profit: 35
: 5
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 731
: 659
Operating Profit: —
OPM %: —
Other Income: 15
Interest: 26
Depreciation: 11
: 50
Tax %: 25.17%
Net Profit: 38
: 6
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 850
: 774
Operating Profit: —
OPM %: —
Other Income: 24
Interest: 35
Depreciation: 10
: 57
Tax %: 29.09%
Net Profit: 40
: 6
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 32
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 713
: 667
Operating Profit: —
OPM %: —
Other Income: 35
Interest: 30
Depreciation: 12
: 39
Tax %: 25.23%
Net Profit: 29
: 4
Equity Capital: 34
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 34
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 782
: 670
Operating Profit: —
OPM %: —
Other Income: -13
Interest: 30
Depreciation: 21
: 48
Tax %: 25.40%
Net Profit: 36
: 5
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 804
: 677
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 38
Depreciation: 20
: 82
Tax %: 25.49%
Net Profit: 61
: 8
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,157
: 1,003
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 55
Depreciation: 22
: 95
Tax %: 25.84%
Net Profit: 70
: 10
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,010
: 924
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 32
Depreciation: 21
: 104
Tax %: 25.33%
Net Profit: 78
: 1
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 38
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	1,572	2,215	1,759	2,075	2,094	2,092	3,080	3,118	3,752
	1,273	1,015	1,450	2,040	1,593	1,870	1,914	1,969	2,850	2,876	3,274
Operating Profit	186	120	180	197	183	236	217	176	296	328	—
OPM %	13	11	11	9	10	11	10	8	10	11	—
Other Income	69	74	58	22	17	31	37	53	66	86	37
Interest	56	36	43	64	64	53	37	41	87	99	155
Depreciation	37	40	39	46	52	46	45	45	60	43	84
	93	43	95	87	64	136	135	90	149	185	329
Tax %	7	25	34	34	15	26	25	25	26	26	26
Net Profit	86	33	63	57	54	101	101	67	110	137	245
EPS	15	6	11	10	9	17	17	11	17	21	—
Dividend Payout %	10	26	14	15	11	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	9	18	17	11	17	21	—
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	9	18	17	11	17	21	—

Mar 2016

: 1,391
: 1,273
Operating Profit: 186
OPM %: 13
Other Income: 69
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
: 1,015
Operating Profit: 120
OPM %: 11
Other Income: 74
Interest: 36
Depreciation: 40
: 43
Tax %: 25
Net Profit: 33
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

: 1,572
: 1,450
Operating Profit: 180
OPM %: 11
Other Income: 58
Interest: 43
Depreciation: 39
: 95
Tax %: 34
Net Profit: 63
EPS: 11
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2019

: 2,215
: 2,040
Operating Profit: 197
OPM %: 9
Other Income: 22
Interest: 64
Depreciation: 46
: 87
Tax %: 34
Net Profit: 57
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
: 1,593
Operating Profit: 183
OPM %: 10
Other Income: 17
Interest: 64
Depreciation: 52
: 64
Tax %: 15
Net Profit: 54
EPS: 9
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2021

: 2,075
: 1,870
Operating Profit: 236
OPM %: 11
Other Income: 31
Interest: 53
Depreciation: 46
: 136
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

: 2,094
: 1,914
Operating Profit: 217
OPM %: 10
Other Income: 37
Interest: 37
Depreciation: 45
: 135
Tax %: 25
Net Profit: 101
EPS: 17
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

: 2,092
: 1,969
Operating Profit: 176
OPM %: 8
Other Income: 53
Interest: 41
Depreciation: 45
: 90
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

: 3,080
: 2,850
Operating Profit: 296
OPM %: 10
Other Income: 66
Interest: 87
Depreciation: 60
: 149
Tax %: 26
Net Profit: 110
EPS: 17
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2025

: 3,118
: 2,876
Operating Profit: 328
OPM %: 11
Other Income: 86
Interest: 99
Depreciation: 43
: 185
Tax %: 26
Net Profit: 137
EPS: 21
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 21

TTM

: 3,752
: 3,274
Operating Profit: —
OPM %: —
Other Income: 37
Interest: 155
Depreciation: 84
: 329
Tax %: 26
Net Profit: 245
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:: 9%
5 Years:: 12%
3 Years:: 14%

COMPOUNDED PROFIT GROWTH

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

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:: 9%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	541	572	625	673	716	800	909	973	1,234	1,375
	163	316	284	194	271	289	53	170	155	171
Trade Payables	220	212	577	559	560	518	750	337	501	1,196
	298	233	191	141	256	156	80	217	359	698
Total Liabilities	1,249	1,361	1,706	1,596	1,831	1,791	1,822	1,727	2,282	3,472
ASSETS	-	-	-	-	-	-	-	-	-	-
	347	343	355	396	368	337	313	483	504	499
Capital Work in Progress	19	5	63	3	4	1	16	3	31	94
	105	105	129	131	133	133	133	136	368	216
	128	109	418	217	380	332	305	107	352	932
	0	0	0	0	0	0	0	0	342	886
Cash & Bank	168	154	66	47	221	102	237	162	227	288
	484	644	673	802	725	887	818	836	458	558
Total Assets	1,249	1,361	1,706	1,596	1,831	1,791	1,822	1,727	2,282	3,472
Total Debt	353	447	374	244	286	291	57	298	307	353
Net Working Capital	306	301	155	127	128	270	357	367	590	644
Contingent Liabilities	330	400	602	645	1,121	442	610	149	145	173
Book Value per Share	99.71	105.13	114.42	122.91	130.39	145.01	158.61	166.85	195.65	217.40
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	374	244	286	291	57	298	307	353
Net Working Capital	306	301	155	127	128	270	357	367	590	644
Contingent Liabilities	330	400	602	645	1,121	442	610	149	145	173
Book Value per Share	99.71	105.13	114.42	122.91	130.39	145.01	158.61	166.85	195.65	217.40
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
: 541
: 163
Trade Payables: 220
: 298
Total Liabilities: 1,249
: 347
Capital Work in Progress: 19
: 105
: 128
: 0
Cash & Bank: 168
: 484
Total Assets: 1,249
Total Debt: 353
Net Working Capital: 306
Contingent Liabilities: 330
Book Value per Share: 99.71
Face Value: 5.00
Total Debt: 353
Net Working Capital: 306
Contingent Liabilities: 330
Book Value per Share: 99.71
Face Value: 5.00

Mar 2017

Equity Capital: 29
: 572
: 316
Trade Payables: 212
: 233
Total Liabilities: 1,361
: 343
Capital Work in Progress: 5
: 105
: 109
: 0
Cash & Bank: 154
: 644
Total Assets: 1,361
Total Debt: 447
Net Working Capital: 301
Contingent Liabilities: 400
Book Value per Share: 105.13
Face Value: 5.00
Total Debt: 447
Net Working Capital: 301
Contingent Liabilities: 400
Book Value per Share: 105.13
Face Value: 5.00

Mar 2018

Equity Capital: 29
: 625
: 284
Trade Payables: 577
: 191
Total Liabilities: 1,706
: 355
Capital Work in Progress: 63
: 129
: 418
: 0
Cash & Bank: 66
: 673
Total Assets: 1,706
Total Debt: 374
Net Working Capital: 155
Contingent Liabilities: 602
Book Value per Share: 114.42
Face Value: 5.00
Total Debt: 374
Net Working Capital: 155
Contingent Liabilities: 602
Book Value per Share: 114.42
Face Value: 5.00

Mar 2019

Equity Capital: 29
: 673
: 194
Trade Payables: 559
: 141
Total Liabilities: 1,596
: 396
Capital Work in Progress: 3
: 131
: 217
: 0
Cash & Bank: 47
: 802
Total Assets: 1,596
Total Debt: 244
Net Working Capital: 127
Contingent Liabilities: 645
Book Value per Share: 122.91
Face Value: 5.00
Total Debt: 244
Net Working Capital: 127
Contingent Liabilities: 645
Book Value per Share: 122.91
Face Value: 5.00

Mar 2020

Equity Capital: 29
: 716
: 271
Trade Payables: 560
: 256
Total Liabilities: 1,831
: 368
Capital Work in Progress: 4
: 133
: 380
: 0
Cash & Bank: 221
: 725
Total Assets: 1,831
Total Debt: 286
Net Working Capital: 128
Contingent Liabilities: 1,121
Book Value per Share: 130.39
Face Value: 5.00
Total Debt: 286
Net Working Capital: 128
Contingent Liabilities: 1,121
Book Value per Share: 130.39
Face Value: 5.00

Mar 2021

Equity Capital: 29
: 800
: 289
Trade Payables: 518
: 156
Total Liabilities: 1,791
: 337
Capital Work in Progress: 1
: 133
: 332
: 0
Cash & Bank: 102
: 887
Total Assets: 1,791
Total Debt: 291
Net Working Capital: 270
Contingent Liabilities: 442
Book Value per Share: 145.01
Face Value: 5.00
Total Debt: 291
Net Working Capital: 270
Contingent Liabilities: 442
Book Value per Share: 145.01
Face Value: 5.00

Mar 2022

Equity Capital: 30
: 909
: 53
Trade Payables: 750
: 80
Total Liabilities: 1,822
: 313
Capital Work in Progress: 16
: 133
: 305
: 0
Cash & Bank: 237
: 818
Total Assets: 1,822
Total Debt: 57
Net Working Capital: 357
Contingent Liabilities: 610
Book Value per Share: 158.61
Face Value: 5.00
Total Debt: 57
Net Working Capital: 357
Contingent Liabilities: 610
Book Value per Share: 158.61
Face Value: 5.00

Mar 2023

Equity Capital: 30
: 973
: 170
Trade Payables: 337
: 217
Total Liabilities: 1,727
: 483
Capital Work in Progress: 3
: 136
: 107
: 0
Cash & Bank: 162
: 836
Total Assets: 1,727
Total Debt: 298
Net Working Capital: 367
Contingent Liabilities: 149
Book Value per Share: 166.85
Face Value: 5.00
Total Debt: 298
Net Working Capital: 367
Contingent Liabilities: 149
Book Value per Share: 166.85
Face Value: 5.00

Mar 2024

Equity Capital: 32
: 1,234
: 155
Trade Payables: 501
: 359
Total Liabilities: 2,282
: 504
Capital Work in Progress: 31
: 368
: 352
: 342
Cash & Bank: 227
: 458
Total Assets: 2,282
Total Debt: 307
Net Working Capital: 590
Contingent Liabilities: 145
Book Value per Share: 195.65
Face Value: 5.00
Total Debt: 307
Net Working Capital: 590
Contingent Liabilities: 145
Book Value per Share: 195.65
Face Value: 5.00

Mar 2025

Equity Capital: 32
: 1,375
: 171
Trade Payables: 1,196
: 698
Total Liabilities: 3,472
: 499
Capital Work in Progress: 94
: 216
: 932
: 886
Cash & Bank: 288
: 558
Total Assets: 3,472
Total Debt: 353
Net Working Capital: 644
Contingent Liabilities: 173
Book Value per Share: 217.40
Face Value: 5.00
Total Debt: 353
Net Working Capital: 644
Contingent Liabilities: 173
Book Value per Share: 217.40
Face Value: 5.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	208	-76	159	138	213	-60	438	-112	309	95
Cash from Investing	3	20	-107	0	-46	4	-109	-126	-260	-24
Cash from Financing	-191	43	-140	-138	-36	-63	-267	187	83	-73
	19	-13	-88	-0	131	-119	62	-51	132	-2
Free Cash Flow	208	-99	51	114	190	-72	402	-306	210	-5
OCF / Net Profit	2.41	-2.34	2.54	2.40	3.95	-0.59	4.33	-1.66	2.82	0.69
Cumulative 5-Year FCF	0	0	0	0	462	183	685	327	424	229
OCF / Net Profit	2.41	-2.34	2.54	2.40	3.95	-0.59	4.33	-1.66	2.82	0.69
Cumulative 5-Year FCF	0	0	0	0	462	183	685	327	424	229

Mar 2016

: 208
Cash from Investing: 3
Cash from Financing: -191
: 19
Free Cash Flow: 208
OCF / Net Profit: 2.41
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.41
Cumulative 5-Year FCF: 0

Mar 2017

: -76
Cash from Investing: 20
Cash from Financing: 43
: -13
Free Cash Flow: -99
OCF / Net Profit: -2.34
Cumulative 5-Year FCF: 0
OCF / Net Profit: -2.34
Cumulative 5-Year FCF: 0

Mar 2018

: 159
Cash from Investing: -107
Cash from Financing: -140
: -88
Free Cash Flow: 51
OCF / Net Profit: 2.54
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.54
Cumulative 5-Year FCF: 0

Mar 2019

: 138
Cash from Investing: 0
Cash from Financing: -138
: -0
Free Cash Flow: 114
OCF / Net Profit: 2.40
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.40
Cumulative 5-Year FCF: 0

Mar 2020

: 213
Cash from Investing: -46
Cash from Financing: -36
: 131
Free Cash Flow: 190
OCF / Net Profit: 3.95
Cumulative 5-Year FCF: 462
OCF / Net Profit: 3.95
Cumulative 5-Year FCF: 462

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: 183
OCF / Net Profit: -0.59
Cumulative 5-Year FCF: 183

Mar 2022

: 438
Cash from Investing: -109
Cash from Financing: -267
: 62
Free Cash Flow: 402
OCF / Net Profit: 4.33
Cumulative 5-Year FCF: 685
OCF / Net Profit: 4.33
Cumulative 5-Year FCF: 685

Mar 2023

: -112
Cash from Investing: -126
Cash from Financing: 187
: -51
Free Cash Flow: -306
OCF / Net Profit: -1.66
Cumulative 5-Year FCF: 327
OCF / Net Profit: -1.66
Cumulative 5-Year FCF: 327

Mar 2024

: 309
Cash from Investing: -260
Cash from Financing: 83
: 132
Free Cash Flow: 210
OCF / Net Profit: 2.82
Cumulative 5-Year FCF: 424
OCF / Net Profit: 2.82
Cumulative 5-Year FCF: 424

Mar 2025

: 95
Cash from Investing: -24
Cash from Financing: -73
: -2
Free Cash Flow: -5
OCF / Net Profit: 0.69
Cumulative 5-Year FCF: 229
OCF / Net Profit: 0.69
Cumulative 5-Year FCF: 229

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	15.06	5.72	11.01	10.05	9.45	17.62	17.11	11.19	16.95	21.18
Book Value (₹)	99.71	105.13	114.42	122.91	130.39	145.01	158.61	166.85	195.65	217.40
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 (₹)	21.55	12.74	17.87	18.09	18.61	25.74	24.75	18.70	26.30	27.87
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	13.39%	11.29%	11.48%	8.91%	10.40%	11.36%	10.37%	8.40%	7.46%	7.76%
Net Margin %	6.18%	3.08%	4.00%	2.59%	3.07%	4.85%	4.83%	3.21%	3.56%	4.40%
ROE %	16.26%	5.58%	10.03%	8.47%	7.46%	12.80%	11.46%	6.93%	9.67%	10.26%
ROCE %	16.11%	8.09%	13.26%	15.36%	12.97%	17.57%	16.21%	11.37%	16.33%	16.96%
	6.37%	2.50%	4.10%	3.48%	3.15%	5.56%	5.60%	3.79%	5.48%	4.77%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	93	98	80	74	100	93	102	89	49	72
Inventory Days	35	41	61	52	62	63	56	36	27	75
Payable Days	106	96	123	123	162	139	150	121	65	128
	22	43	19	4	0	17	8	4	11	19
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.62x	0.74x	0.57x	0.35x	0.38x	0.35x	0.06x	0.30x	0.24x	0.25x
Interest Coverage (x)	2.64x	2.20x	3.20x	2.35x	1.99x	3.58x	4.61x	3.19x	2.71x	2.87x
	1.69x	1.52x	1.17x	1.16x	1.12x	1.29x	1.42x	1.65x	1.71x	1.34x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	1.96%	-23.75%	48.27%	40.89%	-20.60%	17.97%	0.91%	-0.08%	47.20%	1.24%
Operating Profit Growth %	22.38%	-35.75%	50.68%	9.38%	-7.31%	28.79%	-7.86%	-19.03%	68.44%	10.73%
Net Profit Growth %	60.56%	-62.03%	92.51%	-8.71%	-5.93%	86.41%	0.60%	-33.55%	63.14%	24.95%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	51.47%	24.95%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	21.18x	12.58x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.84x	1.23x
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	8.12x	5.46x

Mar 2016

EPS (₹): 15.06
Book Value (₹): 99.71
Dividend per Share (₹): 1.50
Cash EPS (₹): 21.55
Operating Margin %: 13.39%
Net Margin %: 6.18%
ROE %: 16.26%
ROCE %: 16.11%
: 6.37%
Debtor Days: 93
Inventory Days: 35
Payable Days: 106
: 22
Debt to Equity (x): 0.62x
Interest Coverage (x): 2.64x
: 1.69x
Revenue Growth %: 1.96%
Operating Profit Growth %: 22.38%
Net Profit Growth %: 60.56%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 5.72
Book Value (₹): 105.13
Dividend per Share (₹): 1.50
Cash EPS (₹): 12.74
Operating Margin %: 11.29%
Net Margin %: 3.08%
ROE %: 5.58%
ROCE %: 8.09%
: 2.50%
Debtor Days: 98
Inventory Days: 41
Payable Days: 96
: 43
Debt to Equity (x): 0.74x
Interest Coverage (x): 2.20x
: 1.52x
Revenue Growth %: -23.75%
Operating Profit Growth %: -35.75%
Net Profit Growth %: -62.03%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 11.01
Book Value (₹): 114.42
Dividend per Share (₹): 1.50
Cash EPS (₹): 17.87
Operating Margin %: 11.48%
Net Margin %: 4.00%
ROE %: 10.03%
ROCE %: 13.26%
: 4.10%
Debtor Days: 80
Inventory Days: 61
Payable Days: 123
: 19
Debt to Equity (x): 0.57x
Interest Coverage (x): 3.20x
: 1.17x
Revenue Growth %: 48.27%
Operating Profit Growth %: 50.68%
Net Profit Growth %: 92.51%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 10.05
Book Value (₹): 122.91
Dividend per Share (₹): 1.50
Cash EPS (₹): 18.09
Operating Margin %: 8.91%
Net Margin %: 2.59%
ROE %: 8.47%
ROCE %: 15.36%
: 3.48%
Debtor Days: 74
Inventory Days: 52
Payable Days: 123
: 4
Debt to Equity (x): 0.35x
Interest Coverage (x): 2.35x
: 1.16x
Revenue Growth %: 40.89%
Operating Profit Growth %: 9.38%
Net Profit Growth %: -8.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 9.45
Book Value (₹): 130.39
Dividend per Share (₹): 1.00
Cash EPS (₹): 18.61
Operating Margin %: 10.40%
Net Margin %: 3.07%
ROE %: 7.46%
ROCE %: 12.97%
: 3.15%
Debtor Days: 100
Inventory Days: 62
Payable Days: 162
: 0
Debt to Equity (x): 0.38x
Interest Coverage (x): 1.99x
: 1.12x
Revenue Growth %: -20.60%
Operating Profit Growth %: -7.31%
Net Profit Growth %: -5.93%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 17.62
Book Value (₹): 145.01
Dividend per Share (₹): 2.00
Cash EPS (₹): 25.74
Operating Margin %: 11.36%
Net Margin %: 4.85%
ROE %: 12.80%
ROCE %: 17.57%
: 5.56%
Debtor Days: 93
Inventory Days: 63
Payable Days: 139
: 17
Debt to Equity (x): 0.35x
Interest Coverage (x): 3.58x
: 1.29x
Revenue Growth %: 17.97%
Operating Profit Growth %: 28.79%
Net Profit Growth %: 86.41%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 17.11
Book Value (₹): 158.61
Dividend per Share (₹): 0.00
Cash EPS (₹): 24.75
Operating Margin %: 10.37%
Net Margin %: 4.83%
ROE %: 11.46%
ROCE %: 16.21%
: 5.60%
Debtor Days: 102
Inventory Days: 56
Payable Days: 150
: 8
Debt to Equity (x): 0.06x
Interest Coverage (x): 4.61x
: 1.42x
Revenue Growth %: 0.91%
Operating Profit Growth %: -7.86%
Net Profit Growth %: 0.60%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 11.19
Book Value (₹): 166.85
Dividend per Share (₹): 2.00
Cash EPS (₹): 18.70
Operating Margin %: 8.40%
Net Margin %: 3.21%
ROE %: 6.93%
ROCE %: 11.37%
: 3.79%
Debtor Days: 89
Inventory Days: 36
Payable Days: 121
: 4
Debt to Equity (x): 0.30x
Interest Coverage (x): 3.19x
: 1.65x
Revenue Growth %: -0.08%
Operating Profit Growth %: -19.03%
Net Profit Growth %: -33.55%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 16.95
Book Value (₹): 195.65
Dividend per Share (₹): 2.00
Cash EPS (₹): 26.30
Operating Margin %: 7.46%
Net Margin %: 3.56%
ROE %: 9.67%
ROCE %: 16.33%
: 5.48%
Debtor Days: 49
Inventory Days: 27
Payable Days: 65
: 11
Debt to Equity (x): 0.24x
Interest Coverage (x): 2.71x
: 1.71x
Revenue Growth %: 47.20%
Operating Profit Growth %: 68.44%
Net Profit Growth %: 63.14%
: 51.47%
P/E (x): 21.18x
P/B (x): 1.84x
Dividend Yield %: 0.56%
: 8.12x

Mar 2025

EPS (₹): 21.18
Book Value (₹): 217.40
Dividend per Share (₹): 0.00
Cash EPS (₹): 27.87
Operating Margin %: 7.76%
Net Margin %: 4.40%
ROE %: 10.26%
ROCE %: 16.96%
: 4.77%
Debtor Days: 72
Inventory Days: 75
Payable Days: 128
: 19
Debt to Equity (x): 0.25x
Interest Coverage (x): 2.87x
: 1.34x
Revenue Growth %: 1.24%
Operating Profit Growth %: 10.73%
Net Profit Growth %: 24.95%
: 24.95%
P/E (x): 12.58x
P/B (x): 1.23x
Dividend Yield %: 0.00%
: 5.46x

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