Man Industries Q1: consolidated PAT doubles YoY to ₹61 Cr as margins expand to 13.6%
PAT +122.5% YoY · revenue +41.9% · margins expanding
₹1,053.13 Cr
+41.9% YoY
₹61.43 Cr
+122.5% YoY
5.77%
+2.2pp YoY
₹8.19
Man Industries' consolidated PAT rose 122.5% YoY to ₹61.4 Cr (₹27.6 Cr a year ago) on revenue up 41.9% YoY to ₹1,053.1 Cr, with consolidated NPM expanding to 5.8% from 3.6% and OPM (EBITDA margin) to ~13.6% from ~6.6% a year ago — now inside management's guided 13-15% EBITDA margin band. QoQ, revenue fell 9.0% off the seasonally heavier Q4FY26 base while PAT still rose 20.8%, so the sequential softness is a base effect, not a demand problem; the YoY print is what matters here. Standalone tells a stronger story — PAT ₹78.0 Cr, up 167.6% YoY on revenue ₹1,009.9 Cr (+41.6% YoY) — a materially wider gain than the consolidated number; the gap is consolidation drag from loss-making foreign units (Taiwan branch loss ₹4.3 Cr, Dubai branch loss ₹3.7 Cr, Man International Steel Industrial Co loss ₹12.5 Cr, Man Overseas Invest FZCO loss ₹1.9 Cr), only partly offset by the newly-consolidated National Pipe Company (Saudi, NPC) posting a ₹4.9 Cr profit on ₹43.0 Cr revenue.
Q1 FY-2027 vs prior quarters
No analyst/consensus estimate for this specific quarter could be found via search, so vsStreet is unknown rather than assumed. Against management's own FY27 guidance (consolidated revenue ₹5,000-5,500 Cr, EBITDA margin 13-15%, given at the Q4FY26 call), the margin line is already tracking inside the guided band, but Q1 revenue of ₹1,053.1 Cr is only ~19-21% of the full-year target — below a straight-line quarterly run-rate. That is graded 'unknown' rather than a miss, since the guidance explicitly leans on the Dammam coating facility (still 'upcoming' per that call) and further Saudi/NPC ramp-up to deliver the back-half of the year; one quarter isn't enough to call the annual number yet.
The stock went into the print at ₹559.1, down 0.6% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
What the summary numbers don't show
EPS: consolidated basic ₹8.19 (vs ₹4.13 YoY, ₹7.00 QoQ) — standalone basic ₹10.39 (vs ₹4.36 YoY).
Man Industries provided a strong consolidated revenue guidance of INR5,000 crores to INR5,500 crores for FY27, a significant step-up from FY26. This guidance incorporates the newly acquired NPC in Saudi Arabia and the upcoming Dammam coating facility, with India operations contributing approximately INR4,000 crores. Th
The quarter's other filed developments tie into this build-out story: NPC together with Man Industries secured ₹1,000 Cr of new orders on June 18, and the company confirmed no deviation in utilization of preferential-issue funds (the capital raised to fund the Saudi/NPC expansion) on May 28 — both consistent with the guided capacity ramp rather than one-off items. The consolidated order book stood at ~₹3,600 Cr, to be executed over 6-12 months, giving revenue visibility into the back half of FY27. No management press release or post-result commentary has been extracted yet for this filing, so there is no company framing to reconcile against the numbers beyond the standing FY27 guidance.
W1
FY27 revenue run-rate vs the ₹5,000-5,500 Cr consolidated guidance — Q1 tracked at only ~19-21%, so H2 needs a step-up as the Dammam coating facility comes online.
W2
OPM sustaining within management's guided 13-15% EBITDA margin band (currently ~13.6%) as Saudi/NPC volumes and value-added mix scale.
W3
Whether losses at the Taiwan, Dubai and Man International Steel Industrial Co units narrow — they are currently the main drag pulling consolidated PAT growth (122.5% YoY) below standalone (167.6% YoY).
Figures in Rs. Lakhs in source, converted to Cr; no exceptional items in either period so raw = adjusted growth; consolidated PAT lags standalone because loss-making foreign units (Taiwan, Dubai, Man International Steel Industrial Co) are consolidated while NPC (Saudi) only partly offsets — flagged as a >3% divergence per basis rule.