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Last Updated: April 2, 2026, 3:18 am
Author: Getaka|Social: XLinkedIn

Man Industries (India) Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹297.17Overvalued by 14.36%vs CMP ₹347.00

P/E (13.9) × ROE (10.0%) × BV (₹262.00) × DY (2.00%)

₹309.53Overvalued by 10.80%vs CMP ₹347.00
MoS: -12.1% (Negative)Confidence: 48/100 (Moderate)Models: 2 Under, 2 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹325.1522%Fair (-6.3%)
Graham NumberEarnings₹398.2916%Under (+14.8%)
Earnings PowerEarnings₹43.6913%Over (-87.4%)
DCFCash Flow₹331.8913%Fair (-4.4%)
Net Asset ValueAssets₹262.127%Over (-24.5%)
EV/EBITDAEnterprise₹294.109%Over (-15.2%)
Earnings YieldEarnings₹269.107%Over (-22.4%)
ROCE CapitalReturns₹607.219%Under (+75%)
Revenue MultipleRevenue₹233.535%Over (-32.7%)
Consensus (9 models)₹309.53100%Overvalued
Key Drivers: Wide model spread (₹44–₹607) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 9.4%

*Investments are subject to market risks

Investment Snapshot

66
Man Industries (India) Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 16.0% GoodROE 10.0% AverageD/E 0.33 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.02% (6mo) Slight increasePromoter holding at 43.2% Stable
Earnings Quality50/100 · Moderate
OPM stable around 9% Steady
Quarterly Momentum90/100 · Strong
Revenue (4Q): +17% YoY GrowingProfit (4Q): +72% YoY StrongOPM: 15.0% (up 4.0% YoY) Margin expansion
Industry Rank65/100 · Strong
P/E 13.9 vs industry 40.7 Cheaper than peersROCE 16.0% vs industry 15.3% Average3Y sales CAGR: 18% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:18 am

Market Cap 2,604 Cr.
Current Price 347
Intrinsic Value₹309.53
High / Low 491/239
Stock P/E13.9
Book Value 262
Dividend Yield0.00 %
ROCE16.0 %
ROE10.0 %
Face Value 5.00
PEG Ratio1.48

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Man Industries (India) Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Man Industries (India) Ltd 2,604 Cr. 347 491/23913.9 2620.00 %16.0 %10.0 % 5.00
Goodluck India Ltd 3,446 Cr. 1,037 1,353/59220.6 3920.39 %16.1 %14.5 % 2.00
Hi-Tech Pipes Ltd 1,549 Cr. 76.3 128/70.124.0 60.20.03 %11.3 %7.47 % 1.00
Gandhi Special Tubes Ltd 982 Cr. 808 1,034/60713.7 2361.86 %27.5 %21.0 % 5.00
Hariom Pipe Industries Ltd 942 Cr. 304 572/27315.0 1950.20 %14.1 %11.9 % 10.0
Industry Average9,873.50 Cr511.9240.74163.020.44%15.34%11.65%4.69

All Competitor Stocks of Man Industries (India) Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 6585984901,0188338117498067321,218742834830
Expenses 5995574449487687527117426531,097693713703
Operating Profit 59414770655838647912149121128
OPM % 9%7%10%7%8%7%5%8%11%10%7%15%15%
Other Income 14114211414201161531-198
Interest 1262122202518212635303038
Depreciation 11111515161513111111132221
Profit before tax 49341454433228434791384976
Tax % 25%12%22%28%29%26%31%26%27%25%28%25%28%
Net Profit 37301139312419323468283755
EPS in Rs 6.194.961.876.505.093.732.944.925.2710.534.114.937.34

Last Updated: March 3, 2026, 11:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 11:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,0051,3641,3921,0601,6082,2221,7592,0802,1392,2313,1423,5053,625
Expenses 9501,2501,2721,0121,4832,0441,5911,8751,9582,0942,9013,2043,206
Operating Profit 5511412048125178168205181137241301419
OPM % 5%8%9%5%8%8%10%10%8%6%8%9%12%
Other Income 31356772532114313739525236
Interest 4246563643646453374188100133
Depreciation 32433740394652464546614567
Profit before tax 1260934495886513713589144208255
Tax % 27%17%7%24%33%33%15%26%25%25%27%26%
Net Profit 950863464595610110267105153188
EPS in Rs 1.588.8215.145.8811.1510.309.7217.6617.1611.1516.2423.6626.91
Dividend Payout % 63%17%10%26%13%15%10%11%0%0%12%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)455.56%72.00%-60.47%88.24%-7.81%-5.08%80.36%0.99%-34.31%56.72%45.71%
Change in YoY Net Profit Growth (%)0.00%-383.56%-132.47%148.70%-96.05%2.73%85.44%-79.37%-35.30%91.03%-11.00%

Man Industries (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: December 4, 2025, 1:36 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 29292929292929293030323238
Reserves 6324545385706246737188069131,1021,3721,5751,929
Borrowings 43849535344736824429429657301326476561
Other Liabilities 4745223233116786487876558214276841,6961,522
Total Liabilities 1,5731,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,7794,050
Fixed Assets 405416349346355396368337318553605643766
CWIP 2319563341201431133143
Investments 20310410410310210210310202282626
Other Assets 1,1471,0777719021,1761,0931,3531,3451,3791,2931,5522,9773,115
Total Assets 1,5731,4991,2431,3561,6981,5941,8271,7861,8201,8602,4153,7794,050

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 24764205-75132137214-60451-12034568
Cash from Investing Activity + -29-61221-1050-464-119-135-279-41
Cash from Financing Activity + -208-35-18841-115-138-37-63-2672118630
Net Cash Flow 10-3119-13-88-1131-11965-4515256
Free Cash Flow 20769158-9822111204-72405-328228-86
CFO/OP 452%68%186%-123%123%92%144%-11%275%-68%157%40%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-383.00-381.00-233.00-399.00-243.00-66.00-126.00-91.00124.00-164.00-85.00-175.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1091307011787919311593814193
Inventory Days 529244491264711085738498169
Days Payable 16213575941741211621331747076160
Cash Conversion Cycle -187397139174167-89563102
Working Capital Days 1286234462517-143423693340
ROCE %5%10%16%8%14%16%13%17%16%10%14%16%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 45.68%45.68%49.61%49.61%46.15%46.12%46.15%46.15%46.20%48.21%43.21%43.21%
FIIs 1.60%2.22%1.61%2.14%1.64%1.84%2.52%2.16%3.33%2.19%2.32%3.35%
DIIs 0.23%0.04%0.04%0.64%3.31%3.31%3.27%2.64%1.03%0.88%1.68%1.26%
Public 52.48%52.05%48.72%47.60%48.90%48.72%48.05%49.05%49.43%48.73%52.77%52.18%
No. of Shareholders 37,54931,53934,33035,19344,20646,29553,58256,98456,40559,25754,42551,822

Shareholding Pattern Chart

No. of Shareholders

Man Industries (India) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 23.6617.4211.3317.7817.66
Diluted EPS (Rs.) 22.7816.7311.3317.5216.78
Cash EPS (Rs.) 30.6525.6818.8624.8425.78
Book Value[Excl.RevalReserv]/Share (Rs.) 248.28217.02167.08159.21146.21
Book Value[Incl.RevalReserv]/Share (Rs.) 248.28217.02167.08159.21146.21
Revenue From Operations / Share (Rs.) 541.49485.39371.25361.38364.29
PBDIT / Share (Rs.) 54.5645.3029.4136.7841.30
PBIT / Share (Rs.) 47.5835.8621.8629.1133.17
PBT / Share (Rs.) 32.1922.2915.0422.8123.94
Net Profit / Share (Rs.) 23.6616.2411.3117.1617.66
NP After MI And SOA / Share (Rs.) 23.6616.2411.3117.1617.66
PBDIT Margin (%) 10.079.337.9210.1711.33
PBIT Margin (%) 8.787.385.888.059.10
PBT Margin (%) 5.944.594.056.316.57
Net Profit Margin (%) 4.363.343.044.744.84
NP After MI And SOA Margin (%) 4.363.343.044.744.84
Return on Networth / Equity (%) 9.527.486.7710.7812.07
Return on Capital Employeed (%) 17.1614.6411.2917.6321.63
Return On Assets (%) 4.054.353.935.585.64
Long Term Debt / Equity (X) 0.080.090.120.000.00
Total Debt / Equity (X) 0.280.210.290.050.33
Asset Turnover Ratio (%) 1.131.521.261.191.15
Current Ratio (X) 1.391.921.671.451.33
Quick Ratio (X) 0.741.151.451.070.96
Inventory Turnover Ratio (X) 3.666.496.634.763.61
Dividend Payout Ratio (NP) (%) 0.0011.4317.400.0011.32
Dividend Payout Ratio (CP) (%) 0.007.2310.440.007.75
Earning Retention Ratio (%) 0.0088.5782.600.0088.68
Cash Earning Retention Ratio (%) 0.0092.7789.560.0092.25
Interest Coverage Ratio (X) 3.553.344.315.844.47
Interest Coverage Ratio (Post Tax) (X) 2.542.202.663.722.91
Enterprise Value (Cr.) 1802.282378.24682.66374.99632.81
EV / Net Operating Revenue (X) 0.510.750.300.170.30
EV / EBITDA (X) 5.108.113.861.722.68
MarketCap / Net Operating Revenue (X) 0.490.730.250.260.21
Retention Ratios (%) 0.0088.5682.590.0088.67
Price / BV (X) 1.071.650.550.600.54
Price / Net Operating Revenue (X) 0.490.730.250.260.21
EarningsYield 0.080.040.120.170.22

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Man Industries (India) Ltd. is a Public Limited Listed company incorporated on 19/05/1988 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L99999MH1988PLC047408 and registration number is 047408. Currently Company is involved in the business activities of Manufacture of tubes, pipes and hollow profiles and of tube or pipe fittings of cast-iron/cast-steel. Company's Total Operating Revenue is Rs. 3118.22 Cr. and Equity Capital is Rs. 32.37 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - Tubes/PipesMAN House, 101, S.V.Road, Mumbai Maharashtra 400056Contact not found
Management
NamePosition Held
Mr. Ramesh C MansukhaniExecutive Chairman
Mr. Nikhil R MansukhaniManaging Director
Mr. Narendra MairpadyIndependent Director
Mrs. Renu P JalanIndependent Director
Mr. Rabi BastiaIndependent Director

FAQ

What is the intrinsic value of Man Industries (India) Ltd and is it undervalued?

As of 08 April 2026, Man Industries (India) Ltd's intrinsic value is ₹309.53, which is 10.80% lower than the current market price of ₹347.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.0 %), book value (₹262), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Man Industries (India) Ltd?

Man Industries (India) Ltd is trading at ₹347.00 as of 08 April 2026, with a FY2026-2027 high of ₹491 and low of ₹239. The stock is currently in the middle of its 52-week range. Market cap stands at ₹2,604 Cr..

How does Man Industries (India) Ltd's P/E ratio compare to its industry?

Man Industries (India) Ltd has a P/E ratio of 13.9, which is below the industry average of 40.74. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Man Industries (India) Ltd financially healthy?

Key indicators for Man Industries (India) Ltd: ROCE of 16.0 % indicates efficient capital utilization. Dividend yield is 0.00 %.

Is Man Industries (India) Ltd profitable and how is the profit trend?

Man Industries (India) Ltd reported a net profit of ₹153 Cr in Mar 2025 on revenue of ₹3,505 Cr. Compared to ₹102 Cr in Mar 2022, the net profit shows an improving trend.

Does Man Industries (India) Ltd pay dividends?

Man Industries (India) Ltd has a dividend yield of 0.00 % at the current price of ₹347.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Man Industries (India) Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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