Man Industries (India) posted a 92.6% surge in quarterly EBITDA to INR155 crore, bolstered by a strategic regional expansion, new capacity projects, and a rapidly growing order pipeline, setting the stage for robust growth in FY27.
Man Industries (India) reported a record quarterly EBITDA of INR155 crore for the June quarter, up 92.6% from a year earlier, as a stronger product mix and broader geographic spread lifted performance. Revenue climbed 37.7% to INR1,065 crore, the fastest annual growth rate the company has posted in five quarters, according to the earnings-call summary published by GuruFocus and a separate results note from Arthneeti.
The company said its consolidated order book was about INR3,600 crore, with most of it likely to be executed over the next 6 to 12 months, while its combined bid pipeline stands at roughly INR24,000 crore. Management said 70% of that pipeline is linked to the Middle East and North Africa region, with 35% to 40% tied to water projects, underscoring continued demand from infrastructure and energy security spending across multiple regions.
A major theme of the call was the integration of National Pipe Company in Saudi Arabia, which Man Industries expects to be a key growth driver in FY27. The company said the Saudi business contributed only about INR43 crore in revenue during the quarter because it was consolidated for just 15 to 20 days after the acquisition closed on May 21 and coincided with the Eid holiday. Management is targeting a quarterly run-rate of SAR300 million to SAR500 million from the Saudi unit from the second quarter, while also aiming to lift margins through tighter operations, upgraded equipment and lower procurement costs.
The business is also moving ahead with new capacity in Dammam and Jammu, both of which are expected to be completed by March 2027. Management said those projects should deepen the company’s product range, particularly in coating, double jointing and stainless steel pipes, even as leverage rises in the near term. Total debt is expected to peak at about INR1,600 crore this year before easing to around INR1,400 crore in FY28, while finance costs are projected at INR190 crore for FY27. In a separate real estate venture, Merino Shelters has secured the necessary approvals and is scheduled for launch in mid-September, with expected cash inflows of INR35 crore to INR50 crore in FY27.
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