| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 834.09 | 12.4% | 3.5% |
| Total Income | 814.80 | 5.3% | 0.3% |
| Expenditure | 765.37 | 4.1% | 1.1% |
| PBT | 49.43 | 29.2% | 15.5% |
| Net Profit | 36.98 | 33.9% | 16.1% |
| OPM | 14.52% | 7.90pp | 14.47pp |
| NPM | 4.54% | 0.97pp | 0.64pp |
| EPS | 4.83 | 16.9% | 1.8% |
Man Industries (India) Ltd Delivers Record EBITDA Margin & Strong Profit Growth in Q2 FY26
13 Nov 2025 · 13 Nov 2025, 10:52 pm
Summary
Man Industries (India) Ltd, a leading manufacturer of large-diameter carbon steel line pipes and coating systems for the O&G sector, announced its financial results for Q2 and H1 FY26. The company achieved its highest-ever consolidated quarterly EBITDA margin, with EBITDA growing by ~37% year-on-year to 2102 crore in Q2 FY26. The strong performance was driven by a favorable product and geographic mix, along with continued cost optimization and operational efficiency initiatives.
Key Highlights
- 1
Consolidated revenue from operations for Q2 FY26 was 834 crore, a 3.5% year-on-year increase.
- 2
EBITDA for Q2 FY26 was 102 crore, a 36.7% year-on-year increase.
- 3
EBITDA margin for Q2 FY26 was 12.5%, a 340 bps year-on-year increase.
- 4
Profit Before Tax (PBT) for Q2 FY26 was 49 crore, a 15.5% year-on-year increase.
- 5
Profit After Tax (PAT) for Q2 FY26 was 37 crore, a 16.1% year-on-year increase.
- 6
Standalone revenue from operations for Q2 FY26 was 782 crore, a 2.9% year-on-year decrease.
- 7
Standalone EBITDA for Q2 FY26 was 99 crore, a 27.8% year-on-year increase.
- 8
Standalone PAT for Q2 FY26 was 22.3 crore.
- 9
The company's executable order book stands at around 24,750 crore, scheduled for delivery over the next 6-9 months.
- 10
The company is expected to commission its projects in Saudi Arabia and Jammu by Q4 FY26.
Management Comments
Nikhil Mansukhani
We are delighted to report our highest-ever quarterly EBITDA margin, reflecting the strength of our strategy, execution excellence, and focus on operational efficiency. The improvement in profitability and margins reflects the resilience and scalability of our business model. With a record order book, capacity expansions progressing in Saudi Arabia and Jammu, and a growing international footprint, we are well-positioned for the next phase of growth. Our continued emphasis on value-added products, disciplined capital allocation, and customer diversification will drive sustainable performance and further strengthen our leadership in the global line pipe industry.
Informational and educational content only. Not investment advice.