Mumbai, 14th November 2025: Man Industries (India) Limited, one of India’s leading manufacturers of large-diameter carbon steel line pipes and coating systems for the Oil & Gas sector, announced its financial results for the quarter and half year ended September 30, 2025.
The Company delivered a robust operational performance, achieving its highest-ever consolidated quarterly EBITDA margin. EBITDA grew by ~37% year-on-year to ₹102 crore in Q2 FY26, with margins expanding 340 bps to 12.5%. For H1 FY26, EBITDA increased by ~38% year-on-year to ₹182 crore, with margins improving 320 bps to 11.5%. This strong performance was supported by a favourable product and geographic mix, coupled with continued cost optimization and operational efficiency initiatives.
Financial Summary
Consolidated Financial Performance (Q2 & H1 FY26)
| Particulars (₹ in Crores) | Q2 FY26 | Q2 FY25 | YoY (%) | Q1 FY26 | QoQ (%) | H1 FY26 | H1 FY25 | YoY (%) |
| Revenue from Operations | 834 | 806 | 3.5% | 742 | 12.4% | 1,576 | 1,555 | 1.4% |
| Other Income | (19) | 11 | – | 31 | – | 12 | 31 | -60.4% |
| Total Income | 815 | 817 | -0.3% | 774 | 5.3% | 1,588 | 1,586 | 0.2% |
| EBITDA | 102 | 74 | 36.7% | 81 | 26.3% | 182 | 132 | 37.9% |
| EBITDA Margin (%) | 12.5% | 9.1% | 340 bps | 10.4% | 210 bps | 11.5% | 8.3% | 320 bps |
| PBT | 49 | 43 | 15.5% | 38 | 29.2% | 88 | 70 | 24.7% |
| PBT Margin (%) | 6.1% | 5.2% | 90 bps | 4.9% | 120 bps | 5.5% | 4.4% | 110 bps |
| PAT | 37 | 32 | 16.1% | 28 | 33.9% | 65 | 51 | 26.9% |
| PAT Margin (%) | 4.5% | 3.9% | 60 bps | 3.6% | 90 bps | 4.1% | 3.2% | 90 bps |
Standalone Financial Performance (Q2 & H1 FY26)
| Particulars (₹ in Crores) | Q2 FY26 | Q2 FY25 | YoY (%) | Q1 FY26 | QoQ (%) | H1 FY26 | H1 FY25 | YoY (%) |
| Revenue from Operations | 782 | 805 | -2.9% | 713 | 9.6% | 1,495 | 1,537 | -2.7% |
| Other Income | (13) | 9 | – | 35 | – | 22 | 34 | -35.1% |
| Total Income | 769 | 814 | -5.5% | 748 | 2.8% | 1,517 | 1,571 | -3.4% |
| EBITDA | 99 | 78 | 27.8% | 81 | 23.1% | 180 | 139 | 29.0% |
| EBITDA Margin (%) | 12.9% | 9.5% | 340 bps | 10.8% | 210 bps | 11.9% | 8.9% | 300 bps |
| PBT | 48 | 46 | 3.1% | 39 | 22.5% | 87 | 78 | 10.6% |
| PBT Margin (%) | 6.2% | 5.7% | 50 bps | 5.2% | 100 bps | 5.7% | 5.0% | 70 bps |
| PAT | 36 | 35 | 1.6% | 29 | 22.3% | 65 | 59 | 9.3% |
| PAT Margin (%) | 4.6% | 4.3% | 30 bps | 3.9% | 70 bps | 4.3% | 3.8% | 50 bps |
Key Business Highlights:
- Robust Profit Growth & Strong Balance Sheet:
- Consolidated PAT for H1 FY26 grew by ~27% YoY, while cash profit increased by ~34% YoY.
- During Q2 FY26, PAT rose by ~16% YoY and ~34% QoQ, with cash profit increasing by ~39% YoY and ~47% QoQ, underscoring strong operational performance.
- The Company maintained a healthy balance sheet with a net cash position of ₹14 crore as of September 30, 2025.
- Record Order Book:
The Company’s executable order book stands at approximately ₹4,750 crore, scheduled for delivery over the next 6–9 months. In addition, a robust bid pipeline exceeding ₹15,000 crore provides visibility for sustained revenue growth and strong order inflows. - Strategic Expansions – Saudi Arabia & Jammu:
Projects in Saudi Arabia and Jammu are progressing as per schedule, with key civil and equipment milestones already achieved. Both projects are expected to be commissioned by Q4 FY26, marking an important step in the Company’s capacity expansion and global growth roadmap.
Outlook:
The outlook for H2 FY26 remains positive, 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.
Mr. Nikhil Mansukhani, Managing Director, Man Industries (India) Limited, commented: “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 underscores 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. Our continued emphasis on value-added products, disciplined capital allocation, and customer diversification will drive sustainable performance and reinforce our leadership in the global line pipe industry.”
