Man Industries (India) Ltd (BOM:513269)

Q2 2026 Man Industries (India) Ltd Earnings Call Transcript

Nov 14, 2025 / 10:30 AM GMT

Release Date Price: ₹426.4 (+11.11%)

Transcript

Key Points

Positve

Man Industries (India) Ltd (BOM:513269) reported the highest ever quarterly margin in its history, reflecting strong operational excellence and cost management.
The company has a robust order book of 4,750 crore with execution visibility over the next 6 to 9 months.
There is a strong bid pipeline exceeding 15,000 crore, covering opportunities in oil, gas, water transmission, and specialized coated pipe segments.
The expansion initiatives in Saudi Arabia and Jammu are progressing well, with operations expected to commence by 2026, significantly enhancing geographical reach and capacity.
The company expects to maintain double-digit EBITDA margins between 11% to 12%, supported by a favorable product mix and operational excellence.

Negative

Revenue growth for Q2 FY26 was relatively modest at 3.5% year-on-year, indicating a stable revenue base.
The company faces high borrowing levels, with peak borrowing expected to be around 1,150 to 1,200 crore, which could impact financial flexibility.
Interest costs are expected to be significant, around 120 to 125 crore annually, due to the expansion projects.
The company has not yet secured orders for the new Saudi and Jammu plants, which could delay revenue realization from these expansions.
The company's PAT margin is expected to remain relatively low, in the range of 5% to 5.5%, due to increased finance costs and depreciation.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MIND.NS - Man Industries (India) Ltd
Q2 2026 Man Industries (India) Ltd Earnings Call
Nov 14, 2025 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Munn Industries Limited Q2 FY26 earnings conference call hosted by Arihan Capital Markets Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing, then 0 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Utza Benaida from Arihan Capital Markets Limited.

Thank you and over to you, Mr. Utsov.

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