ALFA Finder
| Market Cap | ₹6,413.7 CrMetals & Mining |
|---|---|
| PE TTM | 31.39Sector PE: 17.12 |
| 1-Year Return | 125.07%Price Performance |
| RSI | 54.46Neutral Zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 1,210 | 1,053 | 834 |
| Other Income | 6.0 | 11.8 | 3.8 |
| Total Income | 1,216 | 1,065 | 838 |
| Profit Before Tax | 122 | 85.5 | 49.4 |
| Exceptional Items | 24.7 | 0.0 | 0.0 |
| Net Profit | 82.0 | 61.4 | 37.0 |
| Operating Margin | 10.1% | 8.0% | 5.9% |
| Net Profit QoQ | +33.6% | ||
| Net Profit YoY | +121.6% | ||
| Adj. Profit QoQ | +24.4% | ||
| Adj. Profit YoY | +101.1% | ||
Key highlights
- Consolidated revenue from operations grew 45.1% YoY to ₹1,210 crore in Q2 FY27
- Net profit surged 121.6% YoY to ₹82.0 crore, aided by a ₹24.7 crore exceptional gain
- Operating margins expanded to 10.1% from 5.9% in the same quarter last year
- Board approved a 350,000 MTPA HSAW pipe facility in the USA at a cost of $110 million
- First-half (H1 FY27) net profit stands at ₹143.45 crore vs ₹64.59 crore in H1 FY26
Sharp Growth in Operational Revenue and Profitability
Man Industries (India) Ltd recorded a robust performance for the quarter ended September 30, 2026. Consolidated revenue from operations reached ₹1,210 crore, marking a 45.1% increase from ₹834 crore in the corresponding quarter of the previous year. The bottom line saw an even more significant boost, with net profit jumping 121.6% to ₹82.0 crore.
This growth was supported by a considerable expansion in operating margins, which stood at 10.1% compared to 5.9% a year ago. Sequentially, the company maintained its momentum as net profit grew 33.6% from the ₹61.4 crore reported in the June 2026 quarter.
Strategic Expansion: A USD 110 Million USA Facility
- Product: Manufacture of HSAW Pipes and other ancillary products
- Capacity: Estimated production capacity of 3,50,000 MTPA
- Investment: Estimated project cost of approximately USD 110 million (approx ₹925 crore)
- Structure: To be established through a wholly owned subsidiary of the company
- Target: To cater to rising demand in the USA and international markets
- Compliance: Project subject to statutory and regulatory approvals in the United States
Exceptional Gains and Robust Order Book Position
The quarterly results were bolstered by an exceptional gain of ₹24.7 crore, relating to the write-back of a customer advance following the settlement of a sales contract worth ₹37.85 crore. For the half-year period (H1 FY27), the company reported a total income of ₹2,281 crore and a net profit of ₹143.45 crore, more than doubling the ₹64.59 crore profit from H1 FY26. This performance aligns with a strong order book, which stood at approximately ₹4,100 crore as of September 2026.
The company continues to operate in a single segment, focusing on steel pipes and related products.
Market Performance and Valuation Context
Man Industries stock has demonstrated high momentum, delivering a 1-year return of 125.07%, significantly outperforming broader sector trends. At a current price of ₹855.05, the company commands a market capitalization of ₹6,413.7 crore. The valuation, reflected in a TTM P/E of 31.39, remains higher than the industry average of 20.15.
Technical indicators suggest a neutral stance with an RSI of 54.46. Promoter holding remains stable at 43.21%, with FII holding seeing a marginal quarterly increase to 3.49%.
| Date | Announcement | Amount |
|---|---|---|
| 11 Aug 2026 | Q1 FY27 Consolidated Revenue from OperationsSource: earnings.thecore.in | ₹1,053.10 Cr |
| 25 May 2026 | Q4 FY26 Consolidated Revenue from OperationsSource: earnings.thecore.in | ₹1,157.30 Cr |
| 09 Feb 2026 | Q3 FY26 Consolidated Revenue from OperationsSource: earnings.thecore.in | ₹830.38 Cr |
| 13 Nov 2025 | Q2 FY26 Consolidated Revenue from OperationsSource: earnings.thecore.in | ₹834.10 Cr |
| 11 Aug 2025 | Q1 FY26 Consolidated Revenue from OperationsSource: earnings.thecore.in | ₹742.10 Cr |
| 12 May 2025 | Q4 FY25 Consolidated Revenue from OperationsSource: earnings.thecore.in | ₹1,218.50 Cr |
What to watch next
- Commissioning of the 22,000 MTPA Jammu seamless pipe plant targeted for March 2027
- Receipt of necessary statutory and regulatory approvals for the US manufacturing facility
- Execution progress on the ₹4,100 crore unexecuted order book as of Q2 end
- Progress toward the FY27 revenue guidance of ₹5,000–5,500 crore
| Share price | ₹855.05 |
|---|---|
| Market capitalisation | ₹6,413.70 Cr |
| Revenue (annual) | ₹3,563.90 Cr |
| Net profit (annual) | ₹170.49 Cr |
| Revenue (latest quarter) | ₹1,053.13 Cr-9.00% vs previous quarter |
| Net profit (latest quarter) | ₹61.43 Cr+20.81% vs previous quarter |
| P/E (TTM) | 31.39×Sector 17.12× |
| Promoter holding | 43.21%0.00% QoQ |
| FII holding | 3.49%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Man Industries (India) Ltd announcing the Unaudited Financial Results for Q2 FY27 and a new US manufacturing project. Market figures from a third-party data provider.
