Man Industries (India) Ltd
(NSE:MANINDS)
₹
576.15
-22.5 (-3.76%)
Market Cap: 43.34 Bil
Enterprise Value: 42.14 Bil
PE Ratio: 24.73
PB Ratio: 2.07
GF Score: 78/100 
Q1 2027 Man Industries (India) Ltd Earnings Call Transcript
Aug 12, 2026 / 10:30AM GMT
Release Date Price:
₹598.65
(+7.07%)
Key Points
Positve
- Record consolidated quarterly EBITDA of INR155 crore, up 92.6% YoY, driven by optimized product and geographic mix.
- Strongest YoY revenue growth in five quarters, with consolidated revenue up 37.7% to INR1,065 crore.
- Consolidated order book of approximately INR3,600 crore, with majority executable over the next 6-12 months, providing strong revenue visibility.
- Combined bid pipeline of approximately INR24,000 crore, with 70% from MENA region and 35-40% from water projects, indicating substantial future growth opportunities.
- Successful acquisition and integration of National Pipe Company (NPC) in Saudi Arabia, with expectations of meaningful ramp-up from Q2 FY27 and a full-year revenue guidance of $1,500 million.
- Upcoming Dammam coating and double jointing facility and Jammu stainless steel project are on track for March 2027, expected to enhance margins and diversify product offerings.
- Real estate project (Merino Shelters) received commencement certificate and RERA registrations, with launch set for mid-September, expected to bring in INR35-50 crore cash inflows in FY27.
- Management has identified and is addressing operational inefficiencies at NPC, including reducing wastage, upgrading the spiral mill to handle larger diameters, and sourcing consumables from India, which should improve profitability.
- Strong demand outlook across multiple geographies (MENA, Southeast Asia, Far East) driven by structural shifts in energy security and infrastructure investments, reducing dependence on any single market.
- Management expects 25-30% revenue growth in FY28, with potential for higher growth as new capacities come online.
Negative
- Consolidated PAT (INR61 crore) is lower than standalone PAT (INR78 crore) due to intercompany interest income elimination, which may confuse investors and mask underlying performance.
- Gross margin declined significantly quarter-on-quarter from 53% to 35%, though management attributes this to changes in order mix (DDP vs. other models), but it raises concerns about margin stability.
- NPC contributed only INR43 crore in revenue for about 20 days in Q1, which is minimal and dilutive to consolidated EBITDA margins (14.6% vs. standalone 15.3%), indicating a slow start.
- India capacity utilization remains at 50-60%, suggesting underutilization and potential for higher fixed cost absorption if order flow improves.
- Total debt is expected to peak at INR1,600 crore by FY27 due to capex for Jammu and Dammam projects, increasing financial leverage and interest costs (finance cost guidance of INR190 crore for FY27).
- Management refrained from providing detailed segment-wise revenue breakdowns (e.g., LSAW, HSAW, ERW, stainless steel), limiting transparency for investors.
- The company's guidance for FY27 revenue of INR5,000 crore implies flat growth in India (around INR3,800 crore), indicating that growth is heavily reliant on NPC's ramp-up, which carries execution risks.
- Competition in Saudi Arabia is intensifying with new players adding capacity, which could lead to pricing pressure, though management downplays this risk.
- Real estate cash inflows are lumpy and spread over 4-5 years, making it difficult to predict quarterly contributions to other income.
- Management did not provide clear EBITDA per ton metrics for NPC, making it hard to assess operational efficiency improvements.
Operator
Ladies and gentlemen, good day and welcome to Ziman Industries Limited Q1 FY27 Earnings Conference Call.
As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions before the presentation concludes.
Should you need assistance during the conference call, please sign an operator by pressing star then zero on your touchstone phone.
Please note that this conference is being recorded.
I now hand the conference over to Mr. Pratik Singh from IIFL Capital.
Thank you and over to you sir.
Prateek Singh IIFL Capital;Analyst
Thanks Shruti.
Good afternoon and welcome everybody.
On behalf of Apple Capital, we invite you to the MEN Industries Limited 1Q FY27 earnings conference call.
From the management, we have Dr. Ranesh Chandra Mansukhani, Chairman.
Mr. Nikhil Mansukhani, MD.
Mr. Sandeep Kumar, CFO.
Mr. Rahul Rawat, company secretary, and Mr. Vijay Gansandani, EGM, their solutions.
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