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EBITDA improved by 61.4% to Rs 136 crore in Q3 FY26 from Rs 84 crore in Q3 FY25. EBITDA margin was 16.2% in Q3 FY26, reflecting the highest consolidated quarterly margin achieved by the company to date. This strong performance was driven by a favourable product and geographic mix.
The company maintained a net cash position of around Rs 38 crore as of 31 December 2025, reflecting a healthy balance sheet.
The company’s executable order book stood at around Rs 4,000 crore, providing healthy revenue visibility over the next 6–12 months and underpinning growth momentum in the coming quarters.
Man Industries’ strategic capacity expansion initiatives in Saudi Arabia and Jammu are progressing as planned, with key civil works and major equipment installations largely completed. The Saudi facility is expected to commence commercial production by Q1 FY27, strengthening the company’s regional footprint, while the Jammu facility remains on track for commissioning by Q2 FY27.
The company added that the outlook for the year remains strong, supported by steady order execution and healthy order inflows, and reiterated its full-year revenue guidance of Rs 3,600–3,700 crore, implying 15–20% year-on-year growth in its core business.
Nikhil Mansukhani, managing director, MAN Industries (India), said, 'We are pleased to report our highest-ever quarterly EBITDA margins, reflecting the strength of our strategy, disciplined execution, and continued focus on operational efficiency.
With a record order book, steady progress on our capacity expansions in Saudi Arabia and Jammu, and an expanding global footprint, we are well positioned for the next phase of growth. Our emphasis on value-added products, prudent capital allocation, and customer diversification will continue to support sustainable performance and strengthen our leadership in the global line pipe industry.”
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.
The orders are scheduled to be executed within six months, which should support near-term revenue visibility. The contracts have been awarded by both domestic and overseas customers, reflecting continued demand across key end markets.
The company clarified that the orders do not involve any related-party transactions, with no promoter or promoter group interest in the awarding entities, and have been awarded at arm’s length.
MAN Industries (India) is the flagship company of the MAN Group. The company is one of the largest manufacturers and exporters of large diameter carbon steel line pipes in India, with capabilities in LSAW (longitudinal submerged arc welded), HSAW (helical submerged arc welded), and ERW (electric resistance welded) pipe technologies, as well as advanced pipe coating solutions.
The company's consolidated net profit rose 16.07% to Rs 36.98 crore on a 3.46% increase in revenue to Rs 834.09 crore in Q2 FY26 as compared with Q2 FY25.
Man Industries (India) has entered into a Memorandum of Understanding (MoU) with the Aramco Asia India, to explore the long-term supply of product range of MAN Industries (India) or any of its subsidiaries and for business potential of setting up a manufacturing facility in Saudi Arabia.
Key Highlights of the MOU:
This MoU, which is effective immediately and will remain in force for a period of five years, seeks to explore the potential for establishing a steel pipe manufacturing facility in the Kingdom of Saudi Arabia through MAN or its subsidiaries.
The collaboration is also designed to undertake the joint development of advanced capabilities, technologies, and resources.
This effort aims to support the energy, infrastructure, and industrial requirements of Saudi Arabia, the GCC, and the broader Middle East region.
EBITDA improved by 36.7% to Rs 102 crore in Q2 FY26 from Rs 74 crore in Q2 FY25. EBITDA margin was 12.5% in Q2 FY26 as against 9.1% in Q2 FY25.
Profit before tax in Q2 FY26 stood at Rs 49 crore, up by 15.5% from Rs 43 crore recorded in Q2 FY25.
The company stated that performance was driven by a favorable product and geographic mix along with continued cost optimization and operational efficiency initiatives.
The company maintained a net cash position, with a cash balance of Rs 14 crore as of 30 September 2025.
The company’s executable order book stands at around Rs 4,750 crore, scheduled for delivery over the next 6–9 months. In addition, it also has a bid pipeline exceeding Rs 15,000 crore.
The company further said that the outlook for H2 FY26 remains strong, driven by steady order execution and healthy new order inflows. The company reiterates its full-year revenue growth guidance of around 20% year-on-year.
Nikhil Mansukhani, managing director, MAN Industries (India), said: “We are delighted to report our highest-ever quarterly EBITDA margin, reflecting the strength of our strategy, execution excellence, and focus on operational efficiency.
The improvement in profitability and margins reflects the resilience and scalability of our business model. With a record order book, capacity expansions progressing in Saudi Arabia and Jammu, and a growing international footprint, we are well-positioned for the next phase of growth.”