MAN INDUSTRIES (INDIA) LTD.-$ Q4 FY26 Results

Summary

Man Industries (India) Limited announced a landmark FY26, achieving its highest-ever standalone and consolidated EBITDA and PAT margins, driven by strategic product and geographic mix optimization. Q4 FY26 saw standalone revenue jump 36% year-on-year to ₹1,157 crore, with standalone PAT soaring by 74% to ₹70 crore. On a consolidated basis, the core pipe business delivered an adjusted revenue growth of approximately 36.2% year-on-year for the quarter. The company boasts a strong balance sheet with ₹657.2 crore in cash and a robust opening order book of approximately ₹3,000 crore, supporting a bullish consolidated revenue guidance of ₹5,000–5,500 crore for FY27.

Key Highlights

1. 1

   Man Industries (India) Limited reported highest-ever standalone FY26 EBITDA and PAT margins of 14.0% and 5.6% respectively, marking an expansion of 360 bps and 130 bps year-on-year.

2. 2

   Q4 FY26 standalone revenue surged 36% year-on-year and 44% sequentially to ₹1,157 crore, primarily driven by strong order execution.

3. 3

   Standalone Profit After Tax (PAT) for Q4 FY26 significantly grew by 74% year-on-year to ₹70 crore, demonstrating robust profitability.

4. 4

   The company's core pipe business achieved a strong revenue growth of approximately 36.2% year-on-year in Q4 FY26 on a like-for-like consolidated basis, after adjusting for a ₹369 crore real estate income from Q4 FY25.

5. 5

   Man Industries maintains a strong balance sheet, with cash and cash equivalents standing at ₹657.2 crore and remaining net cash positive at ₹157.5 crore at year-end, despite investing ₹340 crore in capital expenditure.

6. 6

   The current standalone order book is robust at approximately ₹3,000 crore, providing strong revenue visibility and executability over the next 6–12 months.

7. 7

   The company has provided a consolidated revenue guidance of ₹5,000–5,500 crore for FY27, with an anticipated EBITDA margin of 13-15%, excluding contributions from the Merino Shelters project.