Man Industries Q4 PAT slips 25% YoY to Rs 51 crore
The company reported that consolidated Q4 FY25 revenue included Rs 369 crore from the Merino Shelters real estate asset. Adjusting for this one-time contribution, the core pipe business delivered approximately 36.2% year-on-year revenue growth in Q4 FY26, reflecting strong underlying momentum in the pipeline business.
On a full-year basis, the company?s consolidated net profit jumped 11.3% to Rs 170.48 crore on a 1.67% increase in revenue from operations to Rs 3,563.90 crore in FY26 over FY25.
The company guided for consolidated revenue of Rs 5,000?5,500 crore for FY27, along with EBITDA margin guidance of 13?15%. This outlook excludes any contribution from Merino Shelters, which is expected to act as an incremental earnings driver from June 2026 onwards.
Cash and cash equivalents stood at Rs 657.2 crore at year-end. The company remained net cash positive at Rs 157.5 crore and generated free cash flow of Rs 132 crore, despite incurring capital expenditure of Rs 340 crore during the year.
The company said that on 21 May 2026, MAN Industries, through its subsidiary MISIC, acquired a 100% stake in National Pipe Company (NPC), Saudi Arabia, for USD 102 million (approximately Rs 1,000 crore). NPC is an API-certified large-diameter pipe manufacturer with 430,000 MTPA capacity and a strong customer base, including a long-standing relationship with Saudi Aramco. The deal was completed at 1.5x EV/EBITDA, below peer valuations, and is EPS-accretive from day one.
Nikhil Mansukhani, managing director, MAN Industries (India), said, ?FY26 has been a defining year for Man Industries. We are proud to have achieved our highest-ever consolidated EBITDA and PAT margins, a milestone that reflects the strength of our strategy: optimizing our product portfolio toward high-value applications, deepening our international footprint, and maintaining rigorous financial discipline.
The strong momentum in Q4, particularly on the standalone front, demonstrates the operating leverage embedded in our business as we scale. With a robust order book of approximately Rs 3,000 crore, our acquisition of National Pipe Company (NPC) in Saudi Arabia, and the upcoming greenfield stainless-steel plant in Jammu, we are building a more diversified and resilient platform for sustained growth. We enter FY27 at an inflection point. The foundations are in place, the order book is strong, and the runway ahead is significant. Our best years are still to come.?
Man Industries is a leading manufacturer and exporter of large-diameter carbon steel line pipes for various high-pressure transmission applications for gas, crude oil, petrochemical products, and potable water.
Shares of Man Industries rose 1.60% to Rs 566.50 on the BSE.
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