MarketFriction

Man Industries (India) Ltd

NSE MANINDS · BSE 513269 · Iron & Steel Products
₹921.55 +1.56%
NSE close2026-10-01
52 week range302.05 - 1,039.70
Market cap₹7,198 Cr.
P/E35.2
ASM long-term Price band 20% Delivery 26.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,0188338117498067321,2187428348301,1571,053
Expenses9487687527117426531,0976937137031,018910
Operating Profit70655838647912149121128140143
OPM %7%8%7%5%8%11%10%7%15%15%12%14%
Other Income211414201161531-198812
Interest222025182126353030385240
Depreciation151615131111111322212330
Profit before tax544332284347913849767385
Tax %28%29%26%31%26%27%25%28%25%28%30%28%
Net Profit393124193234682837555161
EPS in Rs6.505.093.732.944.925.2710.534.114.937.346.788.19
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,3921,0601,6082,2221,7592,0802,1392,2313,1423,5053,5643,875
Expenses1,2721,0121,4832,0441,5911,8751,9582,0942,9013,1693,1253,343
Operating Profit12048125178168205181137241336439532
OPM %9%4.6%8%8%10%10%8%6%8%10%12%14%
Other Income67725321143137395220299
Interest563643646453374188103152161
Depreciation374039465246454661457996
Profit before tax934495886513713589144208237284
Tax %7%24%33%33%15%26%25%25%27%26%28%
Net Profit863464595610110267105153170204
EPS in Rs15.145.8811.1510.309.7217.6617.1611.1516.2423.6622.7327.24
Dividend Payout %10%26%13%15%10%11%0%0%12%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%11%17%11%
Compounded Profit Growth7%11%43%26%
Stock Price CAGR37%54%73%164%
Return on Equity9%9%9%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital292929292929293030323238
Reserves4545385706246737188069131,1021,3721,5752,049
Borrowings49535344736824429429657301326476628
Other Liabilities5223233116786487876558214276841,6962,306
Total Liabilities1,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,7795,021
Fixed Assets416349346355396368337318553605643864
CWIP319563341201431133326
Investments310410410310210210310202282671
Other Assets1,0777719021,1761,0931,3531,3451,3791,2931,5522,9773,760
Total Assets1,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,7795,021
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity64205-75132137214-60451-12034573472
Cash from Investing Activity-61221-1050-464-119-135-279-111-594
Cash from Financing Activity-35-18841-115-138-37-63-2672118625136
Net Cash Flow-3119-13-88-1131-11965-45152-1414
Free Cash Flow69158-9822111204-72405-328228-81132
CFO/OP68%186%-123%123%92%144%-11%275%-68%157%37%119%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1307011787919311593814193103
Inventory Days9244491264711085738498190251
Days Payable13575941741211621331747076180241
Cash Conversion Cycle87397139174167-89563104114
Working Capital Days6234462517-14342369333821
ROCE %10%16%8%14%16%13%17%16%10%14%16%16%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters49.61%49.61%46.15%46.12%46.15%46.15%46.20%48.21%43.21%43.21%43.21%43.21%
FIIs1.61%2.14%1.64%1.84%2.52%2.16%3.33%2.19%2.32%3.35%2.41%2.87%
DIIs0.04%0.64%3.31%3.31%3.27%2.64%1.03%0.88%1.68%1.26%1.34%1.43%
Public48.72%47.60%48.90%48.72%48.05%49.05%49.43%48.73%52.77%52.18%53.03%52.48%
No. of Shareholders34,33035,19344,20646,29553,58256,98456,40559,25754,42551,82250,91349,144

Fundamentals

Market Cap₹ 7,198 Cr.
Current Price₹ 960
Stock P/E35.2
Book Value₹ 278
ROCE16.2 %
ROE9.18 %
Dividend Yield0.00 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)11%
Compounded Profit Growth (TTM)26%
Consolidated figures.
Valuation
Market capRs 6,913 Cr
Enterprise valueRs 6,883 Cr
P/E (TTM)33.84x
Price to book3.31x
Price to sales1.78x
EV / EBITDA12.72x
EV / EBIT15.48x
EV / sales1.78x
Price to cash flow14.64x
Earnings yield2.96%
P/E, 3-year average15.87x
P/B, 3-year average1.30x
P/E, 5-year average12.31x
P/B, 5-year average1.00x
Profitability
Operating margin (excl. other income)12.33%
Operating margin (incl. other income)13.13%
EBITDA margin13.96%
Pre-tax margin7.33%
Net profit margin5.27%
Net margin, latest quarter5.83%
ROE9.23%
ROCE16.21%
ROA3.87%
ROE, 3-year average9.23%
ROCE, 3-year average15.73%
ROA, 3-year average4.58%
ROE, 5-year average9.12%
ROCE, 5-year average14.82%
ROA, 5-year average4.60%
ROIC (approx.)15.55%
Tax rate28.05%
Other income / net worth1.37%
Growth
Sales growth (latest year)1.67%
Profit growth (latest year)11.31%
Sales CAGR, 3 years16.89%
Sales CAGR, 5 years11.37%
Profit CAGR, 3 years36.50%
Profit CAGR, 5 years11.07%
Sales growth QoQ-9.00%
Profit growth QoQ20.81%
Sales growth YoY (latest quarter)41.91%
Profit growth YoY (latest quarter)122.41%
Per share
EPS (TTM)Rs 27.24
EPS (latest year)Rs 22.73
EPS (latest quarter)Rs 8.19
EPS, 3-year averageRs 20.88
EPS, 5-year averageRs 18.19
Book value per shareRs 278.17
Sales per shareRs 516.59
Cash flow per shareRs 62.95
Free cash flow per shareRs 17.60
Dividend per share, 3-year averageRs 2.00
Dividend per share, 5-year averageRs 2.00
Dividends
Dividend payout, 3-year average12.32%
Dividend payout, 5-year average12.32%
Efficiency
Asset turnover0.71x
Fixed asset turnover4.12x
Inventory turnover1.56x
Inventory days234 days
Debtor days103 days
Debtors turnover3.53x
Creditor days241 days
Cash conversion cycle114 days
Working capital days21 days
Leverage
Total debtRs 628 Cr
Cash and bankRs 657 Cr
Net debtRs -29 Cr
Debt to equity0.30x
Net debt / EBITDA-0.05x
Interest coverage2.77x
Current ratio (filing 2026-03-31)1.36x
Quick ratio (filing 2026-03-31)0.77x
Trade payables (filing 2026-03-31)Rs 1,471 Cr
Owners' fund to total sources41.56%
Debt to assets12.51%
Cash flow
Cash from Operating Activity (latest year)Rs 472 Cr
Cash from Investing Activity (latest year)Rs -594 Cr
Cash from Financing Activity (latest year)Rs 136 Cr
Net Cash Flow (latest year)Rs 14 Cr
Free cash flow (latest year)Rs 132 Cr
FCFE (approx.: FCF + change in debt)Rs 284 Cr
Cash from ops / profit, 5 years2.05x
Sales to cash flow7.55x
Statement figures
Net sales (TTM)Rs 3,875 Cr
Net sales (latest year)Rs 3,564 Cr
Sales (latest quarter)Rs 1,053 Cr
Operating profit excl. other income (latest year)Rs 439 Cr
Operating profit (latest quarter)Rs 143 Cr
Other income (TTM)Rs 9 Cr
EBITDA (TTM)Rs 541 Cr
PBDT (TTM)Rs 380 Cr
Profit before tax (TTM)Rs 284 Cr
Tax (latest year)Rs 66 Cr
Net profit (TTM)Rs 204 Cr
Net profit (latest year)Rs 170 Cr
Net profit (latest quarter)Rs 61 Cr
Depreciation (TTM)Rs 96 Cr
Depreciation (latest quarter)Rs 30 Cr
Interest (TTM)Rs 161 Cr
Cost of goods sold (latest year)Rs 2,399 Cr
Total expenditure (latest year)Rs 3,125 Cr
Total income (latest year)Rs 3,592 Cr
Share capitalRs 38 Cr
ReservesRs 2,049 Cr
Shareholders' fundsRs 2,087 Cr
Total assetsRs 5,021 Cr
Net blockRs 864 Cr
Capital work in progressRs 326 Cr
InvestmentsRs 71 Cr
ReceivablesRs 1,010 Cr
InventoryRs 1,535 Cr
Other liabilitiesRs 2,306 Cr
Shares outstanding (crore)7.50
Ownership
Promoter holding43.21% (-5.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 33.8 is at the 95th percentile of its own 9.4-year range (median 12.3, low 4.7, high 48.9).
P/B 3.31 is at the 99th percentile (median 1.01).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMANINDSNifty 50Difference
1 week-4.3%-2.8% -1.5 pts
1 month+20.8%-6.8% +27.6 pts
3 months+58.2%-7.6% +65.8 pts
6 months+189.5%+0.4% +189.1 pts
1 year+117.1%-9.9% +127.0 pts
2 years+140.1%-13.6% +153.7 pts
3 years+394.3%+14.2% +380.1 pts
5 years+740.1%+27.9% +712.2 pts

Red flags

F-score 5 of 8
lookShare dilution Share count up 16% in a year, 25% in three
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,053 Cr +41.9% vs Jun 2025. Net profit ₹61 Cr +117.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-19Annual General Meeting
2023-09-14Annual General Meeting
2023-08-14Interim Dividend - Rs 2 Per Share
2022-09-21Annual General Meeting
2022-04-28Interim Dividend - Rs 2/- Per Share
2021-09-21 Annual General Meeting
2020-11-03 Interim Dividend - Rs 2 Per Share
2020-09-24 Demerger
2020-09-22 Annual General Meeting
2020-03-19 Interim Dividend - Re 1 Per Share
2019-09-19 Annual General Meeting/Dividend - Rs 1.50 Per Share
2018-09-19 Annual General Meeting/Dividend- Rs 1.50 Per Share
2017-09-19 Annual General Meeting/Dividend - Rs 1.50 Per Share
2016-09-15 Annual General Meeting/ Dividend - Rs 1.50/- Per Share
2015-12-18 Annual General Meeting/ Dividend - Rs 1.50/- Per Share (Book Closure Dates Revised)
2014-09-18Annual General Meeting / Final Dividend - Re 1/- Per Share
2013-10-23Annual General Meeting / Dividend - Rs 2/- Per Share
2012-08-22Annual General Meeting/Dividend Rs 2 Per Share
2011-12-15Annual General Meeting / Dividend - Rs.2 Per Share
2010-07-08Annual General Meeting And Dividend Re.1.75 Per Share
2009-09-14Agm/Div-Rs.1.50 Per Share
2008-09-18Agm/Dividend - 30%
2007-10-09Fv Split Rs.10/- To Rs.5/0.5000
2007-09-06Agm/Dividend-30%
2007-04-13Scheme Of Demerger
2006-09-07Agm/Dividend-25%
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-29125
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-02-27NCLTMAN Industries (India) Pvt Ltd Vs MAN Infraproject Ltd & ors
2018-02-20NCLATJagdish Chandra Mansukhani & Ors. VS Man Industries (India) Ltd.
2018-02-08NCLATJagdish Chandra Mansukhani & Ors. VS Man Industries (India) Ltd.
2018-01-23NCLATJagdish Chandra Mansukhani & Ors. VS Man Industries (India) Ltd.
2018-01-02NCLATJagdish Chandra Mansukhani & Ors. VS Man Industries (India) Ltd.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03