Man Industries (India) has announced its audited financial results for the quarter and fiscal year ended March 31, 2026, showcasing record-breaking performance. The company achieved its highest-ever standalone and consolidated EBITDA and PAT margins, attributed to a strategically optimised product and geographic mix.
In Q4 FY26, Man Industries reported a 36% year-on-year increase in standalone revenue, reaching ₹1,157 crore, and a 36.2% growth in consolidated revenue, adjusted for ₹369 crore of real estate income from Merino Shelters in Q4 FY25. The standalone EBITDA surged by 69% to ₹171 crore, with margins increasing by 300 basis points to 14.6%. Standalone PAT grew by 74% year-on-year to ₹70 crore.
The company’s consolidated core pipe business demonstrated robust performance, with a revenue growth of approximately 36.2% year-on-year in Q4 FY26. Man Industries maintained a strong balance sheet, with cash and cash equivalents of ₹657.2 crore and a net cash position of ₹157.5 crore at the year-end.
Man Industries’ current standalone order book stands at approximately ₹3,000 crore, executable over the next 6–12 months. The company also received a Full Commencement Certificate for 20,00,000 sq. ft. of the Merino Shelters project, with cash flows expected to commence from June 2026.
The construction of the Jammu greenfield stainless steel seamless pipe plant is on track for completion by December 2026, with commercial production expected by March 2027. Revenue contribution is anticipated from FY 2027-28 onwards.
For FY27, Man Industries has provided a consolidated revenue guidance of ₹5,000–5,500 crore, with an EBITDA margin of 13-15%. This guidance excludes contributions from Merino Shelters, expected to be an incremental earnings driver from June 2026.
Additionally, on May 21, 2026, Man Industries, through its subsidiary MISIC, acquired 100% of National Pipe Company Limited (NPC) in Saudi Arabia for USD 102 million (~₹1,000 crore). This acquisition adds 430,000 MTPA of pipe capacity and strengthens Man Industries’ position in the Saudi market.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).