Man Industries FY26 Results: Record Margins & Standalone PAT Surges 74%; Acquires Saudi Pipe Co for $102M
Man Industries reported record consolidated EBITDA and PAT margins for FY26. Standalone PAT surged 74% YoY to ₹70 crore in Q4 FY26. The company acquired Saudi Arabia's National Pipe Company for $102 million (~₹1,000 crore) on May 21, 2026. FY27 consolidated revenue guidance is ₹5,000-5,500 crore.
The acquisition of a significant international player, record financial results, and a strong future outlook indicate a substantial impact on the company's growth trajectory and market position.
The company reported record margins, significant YoY growth in revenue and profit, a strong order book, and a strategic acquisition, all indicating positive financial and operational performance.
Man Industries (India) Limited announced its audited financial results for the quarter and fiscal year ended March 31, 2026. The company achieved its highest-ever consolidated EBITDA and PAT margins, driven by strategic optimization of its product and geographic mix, and a deepening global order pipeline.
For FY26, on a standalone basis, EBITDA and PAT margins reached all-time highs of 14.0% and 5.6%, expanding 360 bps and 130 bps year-on-year, respectively. Consolidated EBITDA and PAT margins also hit record highs of 13.0% and 4.7%, expanding 290 bps and 40 bps year-on-year. In Q4 FY26, standalone revenue grew 36% year-on-year to ₹1,157 crore, with EBITDA jumping 69% to ₹171 crore and PAT growing 74% to ₹70 crore.
The company reported a robust balance sheet with cash and cash equivalents at ₹657.2 crore and remained net cash positive at ₹157.5 crore. It generated free cash flow of ₹132 crore after investing ₹340 crore in capital expenditure during the year. The standalone order book stands at approximately ₹3,000 crore, providing revenue visibility for the next 6–12 months.
Key developments include the full commencement certificate for 2,00,000 sq. ft. of the Merino Shelters project, with launch expected in June 2026. The Jammu greenfield stainless steel seamless pipe plant is on track for completion by December 2026, with commercial production expected by March 2027.
Man Industries has provided a consolidated revenue guidance of ₹5,000–5,500 crore for FY27 with an EBITDA margin of 13-15%. This guidance excludes any contribution from Merino Shelters.
In a significant strategic move, on May 21, 2026, Man Industries, through its wholly owned subsidiary MISIC, acquired 100% of National Pipe Company Limited (NPC) in Saudi Arabia for USD 102 million (~₹1,000 crore). NPC adds 430,000 MTPA of pipe capacity and a debt-free balance sheet with USD 83 million in cash. This acquisition is expected to be EPS-accretive from Day 1 and creates an integrated, cross-border pipeline solutions platform.
Mr. Nikhil Mansukhani, Managing Director, stated that FY26 was a defining year, achieving record margins and building a diversified and resilient platform for sustained growth through strategic acquisitions and new projects.
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