At a Glance
On July 28, 2025, MAN Industries (India) Ltd. successfully raised ₹255 crore by issuing 77,74,383 equity shares at ₹328 per share to non-promoters. This capital raise adds serious fuel to their ongoing expansion in Jammu and Saudi Arabia while giving their balance sheet an upgrade. Investors? They’re already piping up with confidence.
Introduction
From aluminium extruder roots in the 1970s to a ₹2,907 crore market-cap pipe giant today, MAN Industries knows how to reinvent. This fresh fund raise? A clear signal they’re tightening bolts for bigger infrastructure plays in oil, gas, and water supply segments.
Business Model (WTF Do They Even Do?)
They don’t sell fancy brands; they sell large-diameter carbon steel line pipes (LSAW & HSAW) to sectors that keep nations running—oil & gas, water transmission, petrochemicals, and city gas. Installed capacity: 1 MTPA. Global reach: 3 continents. Mood: expansion mode.
Financials Overview
- Revenue FY25: ₹3,505 crore
- Net Profit FY25: ₹153 crore
- EPS FY25: ₹23.66
- Order Book: Rising with domestic + international projects (Jammu, Saudi Arabia in focus)
- Quarterly (Q4 FY25): Revenue ₹1,218 crore, PAT ₹68 crore, OPM ~10%
Valuation
- CMP: ₹431
- P/E: 19x
- Book Value: ₹248 (P/B 1.74x)
- Dividend Yield: 0.46%
- Verdict: Not overpriced; expansion + capital raise could justify re-rating.
What’s Cooking – News, Triggers, Drama
- ₹255 Cr preferential allotment to marquee investors.
- Capex push for Jammu & Saudi facilities.
- Promoter holding up to 48.21% (June 2025).
- Global project wins expected in oil & gas infra.
Balance Sheet – FY25
| Item | FY24 (₹ Cr) | FY25 (₹ Cr) |
|---|---|---|
| Net Worth | 1,404 | 1,607 |
| Borrowings | 326 | 476 |
| Total Assets | 2,415 | 3,779 |
Cash Flow – FY25
| Activity | ₹ Cr |
|---|---|
| Operating | 68 |
| Investing | -41 |
| Financing | 30 |
| Net Cash Flow | 56 |
Ratios – Sexy or Stressy?
| Metric | FY24 | FY25 |
|---|---|---|
| ROE | 10.2% | 10.2% |
| ROCE | 14% | 16.2% |
| D/E | 0.4x | 0.6x |
P&L Breakdown
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
|---|---|---|---|
| FY23 | 2,231 | 137 | 67 |
| FY24 | 3,142 | 241 | 105 |
| FY25 | 3,505 | 301 | 153 |
Peer Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| MAN Industries | 3,505 | 153 | 19x |
| Welspun Corp | 13,978 | 1,206 | 18.9x |
| Jindal Saw | 20,829 | 1,473 | 9.4x |
Miscellaneous – Shareholding
- Promoter Holding (June 2025): 48.21%
- FII: 2.19%
- DII: 0.88%
- Public: 48.73%
Preferential issue only to non-promoters → promoter stake unaffected.
EduInvesting Verdict™
MAN Industries just strengthened its pipes and its pockets. The ₹255 crore raise gives them leverage to scale globally and ride the infra boom. Execution is key, but with robust financials, investors have reasons to stay welded to this story.
Written by EduInvesting Team | July 28, 2025
SEO Tags
MAN Industries, Preferential Allotment, Equity Issue, Q1 FY26, Pipe Manufacturing Stocks, Infrastructure
