Man Industries (India) Ltd

Meeting Details

• Date and time: August 12, 2026 at 4:00 p.m.
• Type and mode: conference call with analysts/investors; virtual.

Participants

• Key company participant: Company Secretary.

Purpose

• Purpose: conference call with analysts/investors; transcript released.

Additional Notes

• Transcript available on company website.

Key updates

• MAN Industries named in QatarEnergy's PML for LSAW pipes, coating and bends.
• Inclusion provides direct route to QatarEnergy's project pipeline and opportunities.
• Post-NPC acquisition, MAN operates three facilities with capacity over 1.6 MTPA.
• Dammam coating facility commissioning will expand GCC footprint.

Issue Overview

• Type: Preferential issue of Equity Shares.
• Total issue size revised downward due to undersubscription.
• Main objectives: expansion, capex, working capital, and NPC acquisition via MISIC.
• NPC acquisition through MISIC linked to use of proceeds.

Utilisation of Proceeds

• Utilisation aligned with offer document; applied to capex and NPC acquisition.
• No material deviations observed.
• Expansion: partially utilised; end-quarter unutilised funds remained.
• Working Capital: largely utilised; residual idle balance.
• General Corporate Purposes: fully utilised.
• Unutilised funds parked in SBI Monitoring Agency account.

Governance & Compliance

• All statutory/government approvals for the objects obtained.
• Material events: SEBI interim order; SAT stay; penalties partly deposited.
• Some board comments not reviewed by the Monitoring Agency.

General Corporate Purpose (GCP)

• GCP not applicable per Monitoring Agency certificate.

Meeting Details

• Date and time: August 12, 2026 at 4:00 p.m. IST; virtual group conference call.
• Organizer: Man Industries (India) Limited.

Participants

• Key company participant: Company Secretary.

Purpose

• Purpose: investor/analyst interaction via conference call; Regulation 30 disclosure.

Additional Notes

• Audio recording of the conference call is available (no link provided).

Business Overview

• Core business: steel pipes and coating; expanding in India and Saudi via NPC acquisition.
• New higher-margin product line: SS seamless mother pipes and pilgered pipes for high-value sectors.
• Greenfield expansion in KSA: 4M sq m Dammam coating plant by Mar-2027.
• Acquisition rationale: faster revenue, existing orders, and approvals vs greenfield.

Operational Highlights

• NPC acquisition completed on 21 May 2026; Q1 FY27 shows 40 days of NPC contribution.
• Jammu stainless plant: 22,000 MTPA target; production by Mar 2027; CAPEX ₹350 Cr incurred.
• India pipe capacity >1.2 Mn MTPA; plants at Anjar and Pithampur; FY26 revenue ₹3,564 Cr.
• Dammam coating plant in Saudi Arabia targeting 4M sq m capacity by Mar 2027.

Financial Performance

• Q1 FY27 standalone revenue ₹1,053 Cr; YoY +41.9%; PAT ₹61 Cr; margins 5.8%.
• Q1 FY27 EBITDA ₹155 Cr; EBITDA margin 14.6%; total income ₹1,065 Cr; YoY +37.6%.
• FY26 revenue ₹3,564 Cr; EBITDA ₹468 Cr; PAT ₹171 Cr; EBITDA margin 13.0%; PAT margin 4.7%.
• Consolidated balance sheet: equity ₹2,087 Cr; current liabilities ₹2,597 Cr; cash ₹657 Cr (FY26).

Capital Structure & Liquidity

• Equity capital ₹37.5 Cr FY26; long-term borrowings ₹240 Cr; current borrowings ₹260 Cr.
• Lease liabilities ₹67.4 Cr; trade payables ₹1,471 Cr; cash balance ₹657 Cr (FY26).
• NPC acquisition cost ~₹960 Cr; funded by US$70m debt and US$32m equity; impact from Q2 FY27.

Strategic Priorities & Outlook

• Acquire NPC to accelerate Saudi entry; faster revenue than greenfield.
• Jammu and Dammam expansions to boost capacity and margins.
• Regional infra programs in GCC and India underpin long-term LD pipe demand.

Risks & Mitigation

• NPC integration progress; 40 days in Q1; full impact from Q2 FY27.

Governance & Leadership

• No material board changes reported; investor relations contacts provided.

Fund-raising and deviation status

• Mode of fund raising: Preferential issue of warrants to promoters and equity shares to non-promoters.
• Deviation: No deviation or variation in use of funds reported.
• Monitoring: Not Applicable for warrants; CRISIL Ratings Limited for equity issue.
• Status: No deviation; funds utilised as disclosed.

Key highlights

• Consolidated EBITDA ₹155 crore; up 92.6% YoY.
• PAT ₹61 crore; up 122% YoY.
• Standalone revenue ₹1,028 crore; up 37.5% YoY.
• Standalone EBITDA ₹157 crore; margin 15.3%.
• Standalone PAT ₹78 crore; margin 7.6%; up 167.7% YoY.
• Consolidated revenue ₹1,065 crore; up 37.7% YoY.
• Consolidated PAT ₹61 crore; up 122% YoY.
• Consolidated orderbook ~₹3,600 crore; majority executable in 6–12 months.
• Bid pipeline ~₹24,000 crore.
• FY27 revenue guidance on track at ~₹5,000 crore; EBITDA 13–15%.
• Jammu greenfield stainless steel plant on track; production expected March 2027.
• Dammam coating & double jointing facility: operations targeted March 2027.
• NPC acquisition completed; integration progressing; Saudi operations to ramp up from Q2FY27.
• Installed capacity now over 1.6 million MTPA across three facilities.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Limited Review Reports by M/s. A. Sachdev & Co. accompany the results.
• Results prepared under Ind AS 34 and reviewed by Audit Committee.

Cost auditor appointment

• M/s. M. P. Turakhia & Associates appointed as Cost Auditors for FY 2026-27.
• Appointment date: 1 April 2026; details in Annexure-II.
• Firm profile indicating cost audit and related services.

Regulatory/compliance notes

• Dubai and Taiwan branches’ interim statements not reviewed; incorporated as per management.
• Consolidated order book approx Rs 3,600 crores; execution in 6-12 months.

Meeting Details

• Date and time: Wednesday, 12 August 2026, 4:00 PM IST
• Type and mode: Earnings conference call, virtual group call
• Event/organiser: Man Industries (India) Limited earnings conference call

Participants

• Management participants: Chairman, Managing Director, CFO, Company Secretary, DGM Investor Relations

Purpose

• Discuss business strategy and outlook post Q1 FY27 results