Rs 380 crore order received: Small-cap multibagger stock in the SAW pipe industry powers ahead with rapidly growing order book

Delivering staggering returns of 153 per cent and evolving into a multibagger stock

Monday has unveiled a remarkable story for the Indian benchmark indices, with both Nifty and Sensex surging nearly 0.80 per cent, each. The broader market indices, too, have caught fire, with the Small-Cap index skyrocketing by an impressive 1.4 per cent. With this exhilarating leap, the small-cap index has set a fresh high on this eventful Monday.

But amidst this exhilarating market buzz, one small-cap stock has stolen the spotlight with its outstanding performance today - Man Industries (India) Ltd (MIIL). MIIL is a significant player in the SAW pipe industry in India, boasting a combined annual production capacity of a staggering 10 lakh tonnes, evenly distributed between HSAW and LSAW. Its journey began in 1988 when it ventured into the production of aluminum extrusion products. Later, in 1995, MIIL diversified into the manufacturing of SAW pipes. In a strategic move, MIIL acquired a 55% stake in Man Infraprojects Pvt Ltd (Man Infraprojects) in March 2008, a real estate development company, and later increased its stake to 100 per cent by acquiring the promoter's shareholding in September 2011. The year 2013 marked a significant restructuring of MIIL's businesses, leading to the separation of Man Infraprojects from MIIL, effective from April 1, 2014.

Fast forward to November 22, 2021, when SEBI appointed V Singhi & Associates as MIIL's forensic auditor. The company reports that the last clarification was sought in March 2022. SEBI's response came in the form of a show-cause notice to the company in August 2022, a matter currently in its final stages of settlement.

Jumping to Q1 of fiscal year 2024, MIIL reported a revenue of Rs 490 Crores and a PAT (Profit After Tax) of an impressive 9.5 per cent, compared to a revenue of Rs 510 Crores and a PAT of 4.3 per cent during the same period in the previous fiscal year.

However, what truly stole the show today and catapulted MIIL's stock by more than 8 per cent is the breaking news. The company proudly announced that it has secured new orders worth approximately Rs. 380 Crores for pipes from both domestic and international customers. This has substantially boosted their unexecuted order book, which now stands at a whopping Rs. 1400 Crores, slated to be executed within the next six months. This order influx not only reflects a robust business environment but also underscores the unwavering trust that customers have placed in the company's technological prowess and execution capabilities.

In a year's time, MIIL has defied expectations, delivering staggering returns of 153 per cent and evolving into a multibagger stock. With such astounding growth and a promising order book, it's evident that the future is looking bright for Man Industries (India) Ltd.

Disclaimer: The article is for informational purposes only and not investment advice.