Man Industries, a leading manufacturer of large-diameter carbon steel line pipes and coating systems for the oil & gas sector, has reported a strong set of audited financial results for Q4 and FY26, highlighting record profitability and robust execution momentum.
FY26 marked a milestone year for the company, with Man Industries delivering its highest-ever standalone and consolidated EBITDA and PAT margins. The performance was driven by an optimised product mix, stronger geographic diversification, and a deepening global order pipeline.
The company closed the year on a strong note, with Q4 FY26 standalone revenue rising ~36% year-on-year and ~44% sequentially to Rs. 1,157 crore, reflecting sustained execution strength. On a like-for-like basis, consolidated revenue grew ~36.2% YoY after adjusting for a Rs. 369 crore real estate income from Merino Shelters in Q4 FY25.
FY26 profitability hit all-time highs. Standalone EBITDA margin rose to 14.0% (+360 bps YoY), while PAT margin expanded to 5.6% (+130 bps YoY). On a consolidated basis, EBITDA margin reached 13.0% and PAT margin 4.7%, both at record levels.
In Q4 FY26, standalone EBITDA surged 69% YoY to Rs. 171 crore, with margins improving to 14.6% (+300 bps). Profit before tax rose 67% YoY to Rs. 95 crore, while standalone PAT jumped 74% YoY to Rs. 70 crore.
The company maintained a solid financial position, with cash and cash equivalents of Rs. 657.2 crore at year-end. It remained net cash positive at Rs. 157.5 crore and generated free cash flow of Rs. 132 crore, despite Rs. 340 crore of capital expenditure during the year.
Man Industries enters FY27 with an order book of approximately Rs. 3,000 crore, executable over the next 6–12 months, providing strong revenue visibility.
The Merino Shelters project has received full commencement clearance for 20,00,000 sq. ft., with launch scheduled for June 2026. Cash flows are expected to begin from June 2026 onwards.
The company’s Jammu greenfield stainless steel seamless pipe plant remains on track, with completion targeted for December 2026 and commercial production expected by March 2027.
Man Industries has guided consolidated revenue of Rs. 5,000–5,500 crore for FY27, with EBITDA margins expected in the 13–15% range. This excludes contributions from Merino Shelters, which is expected to become an additional earnings driver.
On 21 May 2026, the company’s subsidiary MISIC acquired 100% of Saudi Arabia’s National Pipe Company (NPC) for USD 102 million (~Rs. 1,000 crore). NPC brings 430,000 MTPA capacity, a debt-free balance sheet with USD 83 million in cash and liquid assets, and a long-standing relationship with Saudi Aramco.
The acquisition, valued at 1.5x EV/EBITDA, is significantly below listed peer multiples of 7–9x and is EPS-accretive from day one. Combined with Man Industries’ 1.2 million MTPA capacity in India and a planned coating facility in Dammam, the deal strengthens its position as a global pipeline solutions platform.
“FY26 has been a defining year for Man Industries. We are proud to have achieved our highest-ever consolidated EBITDA and PAT margins a milestone that reflects the strength of our strategy: optimising our product portfolio toward high-value applications, deepening our international footprint, and maintaining rigorous financial discipline.
"The strong momentum in Q4, particularly on the standalone front, demonstrates the operating leverage embedded in our business as we scale," said Nikhil Mansukhani, Managing Director, Man Industries (India) Limited.
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