Man Industries (India), a leading manufacturer of large-diameter carbon steel line pipes and coating systems for the oil and gas sector, reported that its net profit in the March quarter was down 25 per cent to ₹51 crore against ₹68 crore logged in the same period last year, largely due to higher cost.
Revenue was down 5 per cent at ₹1,157 crore (₹1,218 crore) while EBITDA increased 8 per cent to ₹148 crore (₹136 crore).
In FY’26, the company’s net profit was up 11 per cent at ₹170 crore (₹153 crore) while revenue increased marginally to ₹3,564 crore (₹3,505 crore).
Revenue guidance
The company has given a revenue guidance of ₹5,000–5,500 crore for FY27 with an EBITDA margin of 13-15 per cent. This guidance does not include any contribution from Merino Shelters, which is expected to be an incremental earnings driver from June onwards, it said.
It has received the full commencement certificate for Merino Shelters project over 20 lakh sqft with the launch on course for June. Cash flows from this asset are expected from next month onwards, it said.
Construction of the Jammu greenfield stainless steel seamless pipe plant is on track for completion by December 2026, with commercial production expected by next March, it added.
NPC acquisition
Early this month, MAN Industries, through its wholly-owned subsidiary MISIC, acquired National Pipe Company, one of Saudi Arabia’s most established API-certified large-diameter pipe manufacturers, for $102 million (₹1,000 crore). NPC brings 430,000 tonne per annum of pipe capacity, a debt-free balance sheet with $83 million in cash and liquid assets, and a blue-chip customer base anchored by a two-decade relationship with Saudi Aramco.
Nikhil Mansukhani, Managing Director, Man Industries (India), said with a robust order book of ₹3,000 crore, the acquisition of NPC in Saudi Arabia, and the upcoming greenfield stainless-steel plant in Jammu, will build 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,” he added.
Published on May 26, 2026