Man Industries (India) Limited — PPTs, 13-05-2025: Investor Presentation

1. Financial Highlights:

Man Industries delivered consolidated revenue of ₹3,505.4 Cr for FY25, up 11.6% YoY, with EBITDA increasing 20.5% to ₹353.2 Cr and margin expanding to 9.93%. PAT jumped 45.7% to ₹153.2 Cr, boosting PAT margin to 4.31%. Quarterly revenue rose 50.3% YoY to ₹1,218.5 Cr, EBITDA surged 87.9% to ₹136.7 Cr, and PAT nearly tripled to ₹68.2 Cr. Finance cost rose 13.4%, partially offset by a 26% drop in depreciation. Total assets grew to ₹3,779 Cr, driven by higher inventories and receivables. The order book remains strong near ₹2,500 Cr with a bid pipeline around ₹15,000 Cr.

2. Strategic Initiatives & Growth Drivers:

Capex includes a 20,000 MTPA stainless steel seamless pipe plant in Jammu aiming for 20–25% EBITDA margins (operational by Q3 FY26) and a 3,00,000 MTPA HSAW pipe facility in Saudi Arabia targeting water and O&G sectors at 12–14% margins. Capacity expansion via advanced spiral and PU coating units adds 50,000 TPA. Entry into ERW API pipes now contributes ~10% of revenue, highlighting product diversification and export focus. Inclusion in QatarEnergy LNG vendor list supports global expansion.

3. Business Developments:

Monetized non-core real estate through Merino Shelters, unlocking ₹70 Cr upfront and potential value of ₹720–770 Cr over 5–6 years, enhancing liquidity. Advanced hydrogen-safe ERW pipes passed European tests, showcasing innovation. Recognition from Deendayal Port Authority for highest steel imports reinforces operational scale.

4. Market Position & Competitive Advantage:

With 35+ years and 1.18 Mn MTPA capacity across two ISO-certified plants, Man Industries leads in large diameter API pipes. Strong export footprint to 30+ countries and key clients in O&G and water sectors underpin its moat. Technological capabilities in specialized coatings and proximity to ports/highways support cost-efficient operations and project execution.

5. Investor Implications:

Strong revenue and margin growth fueled by capacity additions, diversification, and international presence reflect positive growth potential. Asset monetization boosts financial flexibility. Investors should monitor capex execution and order pipeline conversion, while noting rising finance costs as a watchpoint.