Man Industries (India) Ltd

AGM Details

• AGM held Sep 25, 2026 at 3:00 PM via VC/OAVM.

Key Resolutions

• Resolution 1: Adopt audited financial statements; ordinary resolution passed.
• Resolution 2: Ratify cost auditor remuneration for FY 2026-27; ordinary resolution passed.
• Resolution 3: Approve enhancement of limits under Section 185; special resolution passed.
• Resolution 4: Approve enhancement of limits under Section 186; special resolution passed.

Dividend

• Dividend: No dividend proposed or declared.

Director Changes

• No director changes reported.

Auditors

• Cost Auditor remuneration ratified for FY 2026-27.

Material Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• Approval of limits under Section 185 and 186.

AGM Details

• AGM held on Sep 25, 2026 at 3:00 PM via VC/OAVM.
• Physical attendance dispensed; proxies not available.
• Remote e-voting available Sep 22–24; results to be posted on company and exchange websites.
• Meeting concluded at 3:23 PM.

Resolutions

• Ordinary: adoption of audited financial statements for FY 2025-26.
• Special: ratification of remuneration payable to Cost Auditor for 2026-27.
• Special: approval of enhanced limits under Section 185.
• Special: approval of enhanced limits under Section 186.

Meeting Details

• Date: September 23, 2026; Time: not disclosed; In-person investor/analyst meeting at the conclave.

Participants

• Company executives: not disclosed; meeting organized by JM Financial Environmental & Energy Conclave.

Purpose

• Purpose: Investor/analyst interaction (general engagement).

Order details

• Awarding entity comprises domestic and international customers.
• Nature of order: supply of various types of pipes.
• Order size: approximately Rs 600 crores.
• Delivery timeline: within 6 to 9 months.
• Total unexecuted order book stands at approximately Rs 4100 crores.
• No promoter/group interest; no related party transactions.

Overview

• Standalone BRSR for FY2025-26; main activity: manufacturing steel pipes and pipe coating systems.
• Reporting boundary: standalone; turnover fully from pipe manufacturing.
• Exports account for 79.1% of turnover; serves 16–17 domestic states and 20+ international markets.

Key ESG Risks & Opportunities

• Energy & GHG management: carbon pricing/regulatory risk; decarbonization and efficiency offer long-term competitiveness.
• Water management: risk from water stress; mitigated by recycling and zero liquid discharge.
• Sustainable product: rising demand for hydrogen-ready, water-transmission pipes; opportunities from innovation.
• Product safety/quality: penalties and costs; mitigate via QA, certifications, and innovation.
• Occupational health & safety: injury risks; mitigate via ISO 45001, risk assessments, training, PTW.
• Diversity & inclusion: broader talent pipeline; disclosure can enhance performance.
• Human rights in supply chain: child/forced labor risk; mitigate with supplier code and assessments.
• Regulatory compliance: penalties risk; mitigate via proactive monitoring and board oversight.
• Customer satisfaction: key opportunity to sustain revenue through reliable delivery.

Governance & Policy Highlights

• Board oversees BR/ESG; policies cover anti-corruption and whistleblower; Vigil Mechanism in place.
• Policies translated into procedures; policy web link provided.
• ISO 9001/14001/45001 adopted across operations.
• External assessment by CareEdge on BR policy alignment; recommendations implemented.
• SEBI penalty: ₹1 crore to the company and ₹25 lakh each to three executives; SAT stay granted; case sub judice.
• CSR applicability under Companies Act; CSR turnover ₹3,45,524.54 Lakhs; net worth ₹1,92,204.84 Lakhs.
• BR governance integrated across planning; board oversight and statutory compliance focus.

Social Responsibility & Workforce

• Total workforce: 632 permanent employees and 1,844 workers; board has 33% female representation.
• Differently abled: 1 permanent, 7 workers; all-male among the latter.
• Provident fund and gratuity cover 100% of employees; ESI coverage for workers.
• LTIFR: employees 0; workers 0.20; total injuries 1 (employees) and 43 (workers); fatalities: 2 (workers).
• Training: 1 KMP ESG awareness; 6 employee programs; 394 worker trainings; high coverage.
• Whistle-blower and POSH mechanisms; confidentiality maintained; internal committees in place.
• Human rights in contracts; HR requirements embedded in business agreements.

Environmental Performance

• Total energy: 144,915 GJ; renewable share ~14%; non-renewable energy 124,186 GJ.
• GHG emissions: Scope 1 925.25 tCO2e; Scope 2 22,014.49 tCO2e; total ~22,940 tCO2e.
• Energy intensity: ~6.64e-7 tCO2e per rupee turnover; PPP-adjusted 1.35e-5.
• Water: withdrawal 81,442.59 kL; consumption 67,382.85 kL; intensity 1.95e-6 per turnover.
• Water discharge: 14,059.74 kL; 1,588.74 to third parties; 12,471 kL STP-reused.
• Waste: total 1,319.47 t; recycled 628.51 t; hazardous waste 690.95 t; no incineration/landfill reported.
• Certifications: ISO 9001/14001/45001; PAT not designated; initiatives on energy efficiency and renewables.

Stakeholder Engagement & Complaints

• Stakeholders: buyers, workers, suppliers, vendors, communities, investors, government entities, NGOs.
• Engagement channels: emails, meetings, websites; regular frequency to identify material issues.
• Complaints: shareholders filed 18 in FY2025-26; 0 pending; all resolved; other groups nil or not disclosed.

Other Notable Metrics

• Trade associations: FOKIA, FIEO, CII, AIAI, EEPC, FICCI.
• Sustainable inputs: 2.64% from MSMEs; 13.95% sourced within India (FY2025-26).
• Cybersecurity: policy in place; February 2026 business email compromise incident; MFA and vendor-verification strengthened.
• Product recalls: nil; data privacy framework in place; cyber risk management ongoing.
• Affirmative on human rights in contracts; POSH compliance; no POSH complaints reported for FY2025-26.

Financial performance

• Standalone FY2025-26 total income ₹3,50,831.62 lakh.
• Standalone EBITDA margin 14.0%; PAT margin 5.6%.
• Consolidated EBITDA margin 13.0%; PAT margin 4.7%.
• Standalone EBITDA ₹47,825 lakh; PAT ₹19,585 lakh.
• Standalone cash and cash equivalents ₹7,877.57 lakh; net cash ₹158 crore.
• Free cash flow ₹132 crore generated; capex ₹340 crore.
• Standalone order book ~₹3,000 crore; revenue visibility six to twelve months.
• Post-NPC capacity ~1.63 Mn MTPA across three facilities.
• NPC acquisition completed in May 2026 for USD 102 million.
• Facilities: Anjar, Pithampur, and Dhahran; 3 facilities in 2 countries.
• Dividend for FY2025-26 not declared.

Strategic expansion and acquisitions

• NPC acquisition completed: USD 102 million; debt USD 70m, internal accruals USD 32m.
• NPC: 430,000 MTPA HSAW/LSAW; Aramco-approved, API-certified.
• Global footprint expanded to 3 facilities in 2 countries.
• Acquisition elevates MIIL to integrated, multi-country pipeline platform.
• Plan to build Dammam coating facility; integrate with NPC.
• Jammu greenfield stainless plant planned; production targeted FY2027-28.

Manufacturing footprint and capacity

• Two Indian plants: Anjar and Pithampur; ~182 acres; domestic capacity >1.2 Mn TPA.
• Dhahran, Saudi Arabia facility adds 430,000 MTPA capacity.
• Total installed MIIL capacity ~1.63 Mn MTPA after NPC.
• Product range includes LSAW, HSAW, ERW, and coating solutions.
• Coating expansion: Dammam 3LP; Jammu stainless steel facility planned.
• Global client base includes GAIL, IOCL, Shell, and more.

Capital structure and liquidity

• Total borrowings: non-current ₹24,014.64 lakh; current ₹25,947.73 lakh.
• Net debt: ₹23,966.08 lakh; liquidity described as low risk.
• Consolidated cash & bank balances ₹18,919.76 lakh; margin deposits ₹46,800.57 lakh.
• Credit rating: Crisil A+/Stable.
• Dividend FY25-26: not declared.
• Liquidity outlook: comfortable, with strong operational cash flows.

Governance and risk

• Board composition aligned with SEBI LODR; Esha Padmanabhan Achan appointed Independent Director.
• 38th AGM scheduled Sept 25, 2026; VC/OAVM; remote e-voting facility.
• Auditors: M/s A. Sachdev & Co; Secretarial: Mayank Arora & Co.
• Material subsidiary: Merino Shelters Private Limited identified as material.
• Regulatory actions: SEBI matters ongoing; SAT stay on SEBI order.
• Whistleblower policy in place; robust governance and compliance framework.

Regulatory and regulatory risk

• SEBI forensic audit and show-cause actions; current status sub judice before SAT.
• Income Tax search and seizure noted; final impact not crystallized.
• MCA compounding actions underway; penalties and settlements disclosed.
• Board faced earlier penalties for LODR non-compliance; under stay post-SAT orders.

Outlook and risks

• Outlook: 22-25% CAGR over next 3-4 years; 150-200 bps margin expansion.
• Strategic expansion into Saudi Arabia mitigates geo-diversification risk; leverages IKTVA.
• Rising demand from oil, gas, water, and hydrogen infrastructure; risk of regulatory and geopolitical shifts.
• Execution risk on Jammu and Dammam projects; mitigated by multi-site diversification.

AGM Details

• AGM on Sept 25, 2026 at 3:00 PM IST via VC/OAVM.
• Register of Members and Transfer Books closed Sept 18–25, 2026.
• Cut-off date for remote e-voting is Sept 18, 2026.
• Businesses to be transacted as per Notice dated Aug 11, 2026.

Business overview

• Core business: manufacture of LSAW, HSAW, ERW pipes and coatings; footprint in India and Saudi Arabia.
• Expanding footprint through NPC Saudi Arabia acquisition and greenfield coating capacity at Dammam.
• Jammu stainless steel plant (22,000 MTPA) and Merino Shelters monetization to unlock assets.
• India pipe revenue and capacity: ~1.2 Mn+ MTPA; FY26 revenue ₹3,564 Cr.

Key operational highlights

• NPC acquisition adds 430,000 MT annual HSAW/LSAW capacity; 58% HSAW, 42% LSAW.
• Dammam coating: 4.0 Mn sq.m annual capacity; Mar'27 timeline.
• Jammu plant target: 22,000 MTPA; capex incurred ₹350 Cr; production March 2027.
• Merino Shelters: upfront Rs 70 Cr; five-year revenue potential ₹700-800 Cr; FY27 cashflow ₹35-50 Cr; FY28 ₹80-120 Cr.

Financial performance

• FY26 consolidated revenue ₹35,639 Mn; EBITDA ₹4,679 Mn; PAT ₹1,705 Mn.
• Consolidated EBITDA margin 13.0%; standalone EBITDA margin 14.0%.
• FY26 standalone revenue ₹34,552 Mn; PAT ₹1,958 Mn; PAT margin 5.6%.
• Total assets FY26 ₹50,206 Mn; equity capital ₹375 Cr; net worth ₹20,865 Mn.

Capital structure & liquidity

• NPC financing: USD 70m debt + USD 32m equity; total USD 102m.
• MAN equity capital rose to ₹375 Cr FY26.
• NPC debt-free status as of Apr-2026 (zero debt).
• NPC cash & liquid assets USD 83 Mn; net worth USD 158.6 Mn.

Strategic priorities & outlook

• Five-year plan: relocate spare capacity overseas; enter high-growth geographies.
• Focus on higher-margin products; stainless steel pipes; add coatings and bends.
• Target 20-25% revenue CAGR; long-term EBITDA margin ~15%.

Governance & leadership

• MD: Nikhil Mansukhani; CFO: Sandeep Garg; Company Secretary: Rahul Rawat.
• NPC acquisition financed by MISIC; governance enhanced by cross-border expansion.
• Independent directors include Narendra Mairpady, Renu Jalan, Rabi Bastia, Esha Padmanabhan Achan.

Meeting Details

• Date: Tuesday, September 1, 2026; In-person investor conference (Elara Capital) – Ashwamedh.

Participants

• Company participants (management roles) not specified.

Purpose

• Purpose: investor/analyst interaction at conference.