Rs 2,900 Crore Order Book: Company Secures Spot in Qatar Energy’s Vendor List; Ashish Kacholia Holds 2.10 Per cent Stake in This Multibagger Pipes Manufacturing Stock

With a PE ratio of 16.7x, the company trades at a discount compared to the industry PE of 22.9x. The company has ROCE of 14.4 per cent and ROE of 8.07 per cent.

Man Industries (India) Limited, a leading manufacturer of steel pipes and anticorrosion coating solutions, has achieved a significant milestone by being included in Qatar Energy LNG's approved vendor list. This inclusion marks a crucial moment in the company's growth trajectory, highlighting its commitment to delivering high-quality products and services to the global energy sector. Qatar Energy LNG, formerly known as Qatargas, is one of the world's largest producers of liquefied natural gas, with an annual production capacity of 77 million tonnes. This recognition positions Man Industries as a trusted partner for supplying line pipes to the critical energy sector, reflecting its excellence in manufacturing and adherence to international standards. The company's state-of-the-art manufacturing facilities and proven track record in the oil, gas, and infrastructure sectors further bolster its capability to support Qatar Energy LNG's ambitious projects.

Mr. Nikhil Mansukhani, Managing Director of Man Industries, expressed his enthusiasm, stating, 'We are extremely proud to be included in the prestigious approved vendor list of Qatar Energy LNG. This recognition is a testament to the hard work, dedication, and expertise of our team. It opens up exciting new opportunities for the niche Sour Grade Line pipe market in the Middle East and reinforces our commitment to delivering world-class solutions to our customers worldwide.'

Man Industries Ltd. is a leading manufacturer and exporter of LSAW and HSAW pipes in India, with a total installed capacity of 1 million tonnes. The company specialises in large-diameter carbon steel line pipes used in high-pressure transmission applications across oil & gas, water supply, and structural industries. Its product portfolio includes L-SAW pipes for high-pressure oil & gas projects, H-SAW pipes for high-pressure water transport, and both API and Non-API ERW pipes for various industrial applications. The company operates extensive manufacturing facilities in Anjar, Gujarat, and Pithampur, Madhya Pradesh, with a total capacity exceeding 1.18 MTPA.

Recent expansions include a new Spiral Mill and Polyurethane Coating Facility in Pithampur, enhancing production capacity by 50,000 TPA. Man Industries is also undertaking a Greenfield expansion in Jammu and a Line Pipe & Coating Mill expansion in Saudi Arabia, with a combined CAPEX of Rs 1,100-1,150 crores. The company boasts a strong order book of Rs 2,900 crores and has provided revenue guidance of Rs 3,300 crores for FY '25 and Rs 4,000 crores for FY '26. Its clientele includes major domestic and international players such as GAIL, IOCL, Reliance Industries, Hyundai Engineering, and Shell Global Solutions.

As of April 03, 2025, the current stock price of Man Industries (India) Limited is Rs 292. The 52-Week High is Rs 492.45, and the 52-Week Low is Rs 210.55. Man Industries (India) Limited has a market capitalisation of Rs 1,902 crore. The stock has delivered a 1-year return of -25.37 per cent and a 3-year return of 186.63 per cent. The Price-Earnings (PE) Ratio stands at 16.6. Major public shareholders include Vikas Vijaykumar Khemani with 2.53 per cent, Rba & Finance Investment Co. with 2.10 per cent, Ashish Kacholia with 2.10 per cent, Hiten Dilip Bhatia with 1.53 per cent, and The Court Receiver High Court Bombay with 1.50 per cent.

In the Quarterly Results of December 2024, the company reported revenue of Rs 731.94 crore, declining by 12.13 per cent year-on-year and 9.21 per cent quarter-on-quarter. Net profit stood at Rs 34.12 crore, reflecting an increase of 11.50 per cent year-on-year and 7.09 per cent quarter-on-quarter. The net profit margin for the quarter was 4.66 per cent, compared to 3.95 per cent in September 2024 and 3.67 per cent in December 2023.

For the full financial year 2024, revenue was Rs 3,142.18 crore, marking a growth of 40.82 per cent compared to Rs 2,231.34 crore in FY23. Net profit increased to Rs 109.16 crore, registering a growth of 89.54 per cent from Rs 53.09 crore in the previous year. The net profit margin improved to 1.69 per cent in FY24 from 1.26 per cent in FY23.

With a PE ratio of 16.7x, the company trades at a discount compared to the industry PE of 22.9x. The company has ROCE of 14.4 per cent and ROE of 8.07 per cent.

Investors must keep this Small-Cap stock on their radar.

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