📌 At a Glance
Between FY21 and FY25, Man Industries quietly piped its way into ₹3,505 Cr in revenue, nearly doubling from ₹2,080 Cr just 5 years ago. PAT? Up 51% YoY in FY25. EPS? At a 5-year high of ₹23.66. Yet… no fanfare, no hype. Just one big question: Is the market sleeping on Man Industries?
🧵 About the Company
Man Industries Ltd is the Desi OG of large-diameter carbon steel pipes. Think oil & gas transmission, water supply, structural steelwork – this company lays the veins of infrastructure. With 1 million tonnes annual capacity, it’s one of the largest players in LSAW (Longitudinal Submerged Arc Welding) and HSAW (Helical Submerged Arc Welding) pipes in India.
Also: they’ve got global game. Exports span USA, Middle East, and Africa. Total order book? ₹3,500 Cr. A recent ₹1,150 Cr international order dropped in June 2025 like it was just another Tuesday.
🧑💼 Key Managerial Personnel (KMP)
- R.C. Mansukhani – Chairman
- A.K. Mansukhani – Managing Director
- J.M. Joshi – CFO
Still the same solid old-school leadership. No buzzwords, no Shark Tank pitches — just delivery, year after year.
💰 5-Year Financials (FY21–FY25)
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EBITDA Margin % | EPS (₹) | Net Worth (₹ Cr) | Borrowings (₹ Cr) | ROCE % |
|---|---|---|---|---|---|---|---|---|
| FY21 | 2,080 | 205 | 101 | 10% | 17.66 | 835 | 296 | 17% |
| FY22 | 2,139 | 181 | 102 | 8% | 17.16 | 943 | 57 | 16% |
| FY23 | 2,231 | 137 | 67 | 6% | 11.15 | 1132 | 301 | 10% |
| FY24 | 3,142 | 241 | 105 | 8% | 16.24 | 1404 | 326 | 14% |
| FY25 | 3,505 | 301 | 153 | 9% | 23.66 | 1607 | 476 | 16% |
📌 Key insights:
- Revenue CAGR: 11.4%
- PAT CAGR: 10.8%
- EPS nearly doubled over 5 years.
- Borrowings increased in FY25 — likely due to ₹600 Cr Capex cycle.
📊 5-Year Stock Return Summary
- June 2020 Price: ₹105
- June 2025 Price: ₹398
- 🔺 Total Return: 279%
- 5-Year CAGR: ~30.5%
Yet even now, the stock trades at P/E ~16.8 – far below its more glamorous pipe peers like APL Apollo (P/E 70+). Is this a value investor’s fantasy or a market red flag?
🧮 Forward-Looking Fair Value Range (FY26–FY27)
Assumptions:
- Revenue CAGR: 12%
- Margins stable at 9–10%
- PAT Growth: 15%
- Industry P/E average for peers: 20–22x
Projected FY26 EPS = ₹27–₹29
Fair Value Range = ₹540–₹640
📉 Current CMP = ₹398 → still has 35–60% upside room in valuation.
🔭 Growth Outlook
- ₹600 Cr Capex underway – expected to enhance both capacity and margin play
- Growing international order book
- Beneficiary of India’s pipeline infra push under PM Gati Shakti
- Diversifying from oil & gas to water infra and structural steel demand
- Big unlock: Export-led growth amidst rising global infra spend
But…
“Company’s cost of borrowing seems high” – Screener
Working capital cycle stretching — debtor days at 93 again
😎 EduInvesting Take
“Man Industries is like that 90s actor doing Netflix cameos now – underrated, underpaid, but still reliable AF.”
It’s not sexy. No AI. No SaaS. No EV batteries. Just big-ass pipes.
And yet, the company has doubled PAT, upped EPS to a record high, and grown its market — without screaming on CNBC.
📦 Order book loaded.
💸 Margins stabilizing.
📈 EPS growing.
🧾 Debt up, yes — but used smartly.
The market hasn’t caught on.
But maybe it will… after the next ₹1,000 Cr order.
⚠️ Risks & Red Flags
- 📉 High working capital cycle — cash conversion cycle crossed 100 days in FY25
- 🏗️ Infra-heavy clients = high client concentration
- 🧾 Debt increased from ₹326 Cr to ₹476 Cr in FY25
- 🧍♂️ Promoter holding still sub-50% (48.21%)
🎯 Verdict
Is Man Industries the poor man’s APL Apollo?
Maybe.
But it could also be the smart man’s quiet compounding story — especially if you’re bullish on infra, steel, and unglamorous profitability.
🗓️ Date: 8 June 2025
✍️ Author: Prashant Marathe
🏷️ Tags: Man Industries, 5-Year Recap, Infra Stocks, Pipe Manufacturing, Undervalued Stocks, FY25 Results
