MANINDSIndustrials

Man Industries (India) Limited

Iron & Steel Products · ISIN INE993A01026 · BSE 513269 · NSE EQ · FV ₹5
Last price
₹823
+4.14%today
What this company does

Man Industries (India) Limited operates in Iron & Steel Products, part of the Industrials sector. It booked ₹1,053 cr of revenue in its latest quarter (Q1 FY27) and kept 5.8% of sales as profit.

In the report:
62out of 100
Equitytale Health Score
Mixed

Healthier than 62% of companies in Industrials, on all six measures of filed financials. Each measure is ranked against the 60–290 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
63

At close. Not part of the score.

Profitability & returns62

How much profit it earns on the money it employs

Balance sheet47

How much it owes, and whether earnings cover the interest

Cash quality75

Whether reported profit actually arrives as cash

Growth & consistency81

Whether sales and profit have grown, and how steadily

Valuation43

What today's price implies, against our models or its peers

Governance & risk68

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 42% vs last year
Profit up 122% vs last year
Promoters hold 43%
Watch-outs
! Thin 5.8% net margin
! 20.1% of promoter stake pledged
! Operating cash flow is negative

What if I invest in MANINDS?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹823 +4.14%
latest close · 2026-09-17
1-year return
+618.5%
52-wk low ₹7052-wk high ₹944
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio25.1Average
LowAverageHigh
P/B ratio2.96Moderate
Below bookModerateHigh
EV / EBITDA10.4Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity11.8%Fair
WeakFairStrong ▸15%
Return on capital20.7%Strong
WeakFairStrong
Net margin5.8%Decent
ThinDecentStrong
EBITDA margin14.7%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.24Comfortable
LowModerateHigh ▸1
Interest cover3.1×Okay
RiskyOkayStrong ▸5×
Current ratio1.36Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹6,173 cr
Book value
₹278
EPS
₹8.19
latest quarter
Net debt
₹310 cr
owes more than its cash
Enterprise value
₹6,483 cr
EBITDA
₹621 cr
annualised
EBIT
₹502 cr
annualised
Operating margin
11.9%
Return on assets
4.9%
Earnings yield
3.98%
P/S
1.47
Sales / share
₹561.7
Tax rate
28.1%
Face value
₹5
Shares
7.5 cr
Working capital
₹936 cr
Current assets
₹3,533 cr
Current liabilities
₹2,597 cr
Delivery %
33.4%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹97₹122, midpoint ₹110

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹1,053 cr
Other Income₹12 cr
Total Income₹1,065 cr
Cost of Materials₹502 cr
Purchases of Stock-in-Trade₹2 cr
Inventory Change (±)₹180 cr
Employee Benefit Expense₹36 cr
Finance Costs₹40 cr
Depreciation & Amortisation₹30 cr
Other Expenses₹191 cr
Total Expenses₹979 cr
Profit before Tax₹85 cr
Tax Expense₹24 cr
Net Profit₹61 cr
Net margin on total income5.8%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹683 cr64.1%
Employee benefit expense₹36 cr3.4%
Finance costs₹40 cr3.8%
Depreciation & amortisation₹30 cr2.8%
Other expenses₹191 cr17.9%
Tax expense₹24 cr2.3%
Profit for the period₹61 cr5.8%
Total income ₹1,065 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue830 cr1,157 cr1,053 cr
Total income839 cr1,166 cr1,065 cr
Expenses762 cr1,093 cr979 cr
Profit before tax76 cr73 cr85 cr
Tax21 cr22 cr24 cr
Net profit (owners' share)55 cr51 cr61 cr
Net margin (owners' share, on revenue)6.6%4.4%5.8%
EPS (₹)7.647.008.19
YoY (latest quarter): total income +37.7% · net profit +122.5%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹5,021 cr
Shareholder equity
₹2,087 cr
parent shareholders
Total debt
₹500 cr
Cash
₹189 cr
Cash flow · H1 FY26
Operating
₹-62 cr
Investing
₹-309 cr
Financing
₹200 cr
Peer comparison
Iron & Steel Products · by market value
CompanyPriceMarket capP/E
Welspun Corp Limited₹2,460₹64,903 cr15.5
APL Apollo Tubes Limited₹2,149₹59,664 cr56.7
Shyam Metalics and Energy Limited₹1,077₹29,982 cr21.4
Ratnamani Metals & Tubes Limited₹2,703₹18,943 cr57.6
Jindal Saw Limited₹291₹18,622 cr44.7
Usha Martin Limited₹496₹15,122 cr26.6
Godawari Power And Ispat limited₹238₹14,709 cr16.6
Gallantt Ispat Limited₹538₹12,974 cr26.2
Maharashtra Seamless Limited₹720₹9,651 cr9.1
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹2
ex 14 Aug 2023
ActionDetailEx-date
Dividend₹2 / share14 Aug 2023
Dividend₹2 / share28 Apr 2022
Dividend₹2 / share3 Nov 2020
Dividend₹1 / share19 Mar 2020
Dividend₹1.5 / share19 Sep 2019
Dividend₹1.5 / share19 Sep 2018
Who owns it · 2026-06-30
20.1% pledged
Promoter
43.2%
FII / Foreign
2.9%
DII / Domestic
1.4%
Retail / others
52.5%
Promoter stake down 2.9% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtMAN FINANCE PRIVATE LIMITED · Promoter Group25.00 L · ₹45.9 cr28 May 25
BoughtMan Finance Private Limited · Promoter Group9,366 · ₹25.2 L7 Mar 25
BoughtMan Finance Private Limited · Promoter Group9,175 · ₹20.0 L4 Mar 25
Bulk / block deals
short · NSE20010 Sep 26
BoughtMICROCURVES TRADING PRIVATE LIMITED · NSE4.44 L @ ₹890.410 Sep 26
SoldMICROCURVES TRADING PRIVATE LIMITED · NSE4.44 L @ ₹890.4610 Sep 26
Stake changes
BoughtMan Finance Private Limited · promoter→ 13.34% · 25.00 L28 May 25
BoughtMan Finance Private Limited · promoter→ 13.34% · 25.00 L28 May 25
SoldIDBI Trusteeship Services Limited→ 11.38% · 16.30 L9 Jan 25
Promoter pledges
ReleasedHDFC Bank16.30 L · 12.56% held9 Jan 25
ReleasedHDFC bank Ltd16.30 L · 12.56% held9 Jan 25
ReleasedIDBI Trusteeship services Limited acting as Security Trustees For Union Bank of India10.00 L · 15.99% held27 Aug 21
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Special shareholder meeting · 10 Feb 2026
See the official result
1
To consider, approve and regularize the appointment of Mrs. Esha Padmanabhan Achan (DIN: 10350369), as an Independent Director of the Company.
Backed by 100% of shareholders other than promotersneeded 75%
2.75 L votes for, 0 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 12 named members
owning 43.2% between them · as of 2026-06-30
Rameshchandra Mansukhani15.00%
Man Finance Private Limited11.96%
Heena Vinay Kalantri6.48%
Nikhil Mansukhani4.78%
Man Global Limited2.46%
Deepadevi Rameshchandra Mansukhani2.41%
Rameshchandra Mansukhani (HUF)0.10%
Jagdishchandra Jhamaklal Mansukhani (Refer note)0.02%
Business done with them
FY2025 · 1 of the group
The company paid ₹5 cr to companies in the promoter group last year — about 0.1% of its ₹3,505 cr revenue.
MAN FINANCE PRIVATE LIMITED
Other payments to them · Rental charges paid Rent Deposit paid Interest Others^ Interest income on rental deposit^ Money received towards share warrants
also owns 11.96% of the company
₹5 cr
company paid

The company also transacted with 1 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

Money raised in Aug 2025 by selling shares to selected investors

As of Jun 2026, the company says it has spent 100% of what it set aside.

General Corporate Purpose
100%
of what was set aside

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

Money raised in Jul 2025 by selling shares to selected investors

As of Jun 2026, the company says it has spent 100% of what it set aside. CRISIL Ratings Limited watches the spending on the exchange’s behalf.

Meeting Working Capital Requirements
100%
of what was set aside
Expansion of the existing business of the Company
99%
of what was set aside
General Corporate Purpose
100%
of what was set aside
Spent by quarter: 74%74%77%100% (to Jun 2026)

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.