📌 At a Glance
- Promoter group entity Man Finance Pvt Ltd converted 25 lakh warrants into equity shares
- Shareholding increased from 9.99% to 13.34%
- Promoters now control 48.21% of the company vs 46.21% earlier
- ₹92.75 crore raised at ₹371/share (today’s CMP) — coincidental or well-timed?
- Saudi plant, stainless-steel expansion, and pipeline diversification all set to unfold
This might look like a routine conversion on paper. But zoom out, and it screams:
“Promoters want skin in the game before things get BIG.”
🏭 About MAN Industries
| Detail | Info |
|---|---|
| Sector | Oil & Gas Pipes, LSAW, HSAW, ERW, Coating |
| Founded | 1988 |
| Promoter | Dr. R. C. Mansukhani & Family |
| Installed Capacity | 1.18 MTPA (Gujarat + MP) |
| Certifications | ISO 9001, 14001, 45001 |
| Sectors Served | Oil & Gas, Petrochemicals, CGD, Dredging, Fertilisers |
They’re not just pushing pipes. They’re building carbon steel arteries for the energy economy — and eyeing Saudi oil contracts next.
📈 What Just Happened?
- Date of warrant conversion: 28 May 2025
- Allotment size: 25,00,000 equity shares
- Entity: Man Finance Pvt Ltd (Promoter group)
- Face Value: ₹5/share
- Implied Value @ CMP ₹371: ₹92.75 Cr infusion
- Promoter stake now: 48.21% (up from 46.21%)
Why is this important?
Because this isn’t ESOPs or FII inflow — this is the family doubling down on themselves before some big moves.
🔩 Strategic Moves Underway
- Capex in Saudi Arabia:
- New line pipe & coating plant in Dammam
- Total cost: ~₹600 crore
- Target: Tap Saudi infrastructure boom
- Expansion into Stainless Steel Seamless Pipes:
- Diversifies away from traditional carbon steel
- Enters pharma, nuclear, and refinery sectors
- ERW, HSAW, LSAW diversification:
- Already serving PSU oil majors, now aiming global
EduInvesting Take:
This isn’t just expansion. This is GAIL meets Aramco meets global pipeline diplomacy.
💸 EduInvesting FV Calculation
Let’s break it down 👇
| Parameter | Value |
|---|---|
| FY25 Estimated EPS (TTM) | ~₹45 |
| Sector Avg P/E (Pipes & Infra) | 12x (midcap pipe cos avg) |
| Estimated FV | ₹540 (12x * ₹45 EPS) |
| CMP | ₹371 |
| Upside Potential | ~45% |
Note: The fair value could stretch higher if Saudi orders come in or stainless seamless margins hit >15%.
🚨 Risks & Red Flags
- Promoter activity often followed by short-term rallies — but also needs delivery.
- Execution risk in Saudi plant — cross-border infra isn’t a cakewalk.
- Margin pressure if steel input costs rise again in H2FY26.
- High working capital cycles in pipeline EPC business.
🧠 EduInvesting Verdict
“When promoters put ₹92 crore on the table, you don’t ignore it — you investigate why.”
This isn’t a FOMO rally. This is insider conviction. With 48.21% control, the Mansukhani family just told the market —
“We’re going big. With our own money.”
And Saudi’s waiting.
Author: Prashant Marathe
Date: 29 May 2025
Tags: MAN Industries warrant conversion, MANINDS shareholding pattern, Man Finance Pvt Ltd, Saudi plant pipeline, pipe manufacturing capex, promoter group equity allotment, LSAW pipes India, carbon steel pipe manufacturers India
