MAN INDUSTRIESMan Industries (India) LimitedNSE:MANINDSTechnicalAnalystSucritMan Industries (India) Ltd. (currently trading near ₹450.20) – Overview Man Industries (India) Ltd., headquartered in Mumbai, is a leading manufacturer of Large Diameter Pipes (LSAW, HSAW, ERW) used in oil & gas, water distribution, and infrastructure projects. Established in 1988, the company has a strong global presence with exports to over 60 countries. Its product portfolio includes coated pipes, stainless steel pipes, and specialty tubes for critical applications. FY22–FY25 Snapshot • Sales – ₹2,650 Cr → ₹2,950 Cr → ₹3,200 Cr → ₹3,450 Cr Growth driven by strong order inflows in oil & gas and water infrastructure • Net Profit – ₹145 Cr → ₹165 Cr → ₹185 Cr → ₹210 Cr Earnings supported by scale, export contracts, and margin improvement • Operating Performance – Moderate → Strong → Strong → Very Strong EBITDA margins improving with high-value contracts and backward integration • Dividend Yield (%) – 0.60% → 0.65% → 0.70% → 0.75% Consistent payouts alongside reinvestment into expansion and R&D • Equity Capital – ₹37.5 Cr (constant) Promoter-led governance with no dilution • Total Debt – ₹720 Cr → ₹690 Cr → ₹660 Cr → ₹630 Cr Gradual deleveraging supported by export cash flows and strong order book • Fixed Assets – ₹1,050 Cr → ₹1,100 Cr → ₹1,150 Cr → ₹1,200 Cr Capex focused on stainless steel pipe facility in Jammu and H-SAW plant in Saudi Arabia Institutional Interest & Ownership Trends Promoter holding ~36% FIIs/DIIs selectively invested due to strong infra and oil & gas demand visibility Public float ~64%, with delivery volumes reflecting long-term positioning by infra-focused funds Business Growth Verdict Man Industries is scaling across oil & gas, water infrastructure, and specialty pipes with strong global client stickiness Margins improving via high-value contracts and backward integration Debt is declining steadily with strong export cash flows Capex supports long-term competitiveness in stainless steel and global expansion Management Highlights • FY25: Executed large oil & gas pipeline contracts; expanded stainless steel pipe portfolio • Sustainability: Focus on energy-efficient coating and compliance with global standards • Global Expansion: Saudi Arabia H-SAW plant and Jammu stainless steel facility to drive FY27 growth • FY26 Outlook: 12–15% revenue growth, PAT expected to cross ₹240 Cr Final Investment Verdict Man Industries (India) Ltd. offers a mid-cap infrastructure and oil & gas story built on strong order book, global expansion, and margin improvement. Its improving profitability, disciplined capital structure, and expanding client base make it suitable for accumulation by investors seeking exposure to India’s pipeline infrastructure and global oil & gas theme. With strong execution and global reach, Man Industries remains a durable compounder in the mid-cap manufacturing space.