Man Industries (India) Ltd has been part of India’s industrial backbone for over three decades. Starting out as an aluminum extrusions manufacturer in the 1970s, the Mansukhani family has since transformed it into one of the country’s leading makers of large-diameter pipes—pipes that carry oil, gas, and water across continents and into the heart of global energy and infrastructure networks.
This year has marked a clear turning point. In June 2025, Man Industries bagged a ₹1,150 crore international order for various types of pipes, cementing its status as a serious export contender. It’s a major leap for a company that already counts giants like GAIL, IOCL, Hyundai Engineering & Construction, and Petrobras among its marquee clients.
But it’s not just a story of one big order win. It’s this kind of momentum with strong numbers and a growing global presence that has powered a 50% surge in the share price in May, 2025.
By the numbers:
- Market capitalisation: ₹2,454 crore
- FY25 revenue: ₹3,505 crore
- FY25 net profit: ₹153 crore
- Total order book: ₹3,500 crore
- Promoter holding: 48.21
Man Industries has always been about scale and reach, and its core product portfolio reflects that. From LSAW and HSAW pipes to API-ERW and Non-API ERW variants, its offerings cater to high-pressure transmission needs across oil & gas, water supply, fertilizers, and even city gas distribution. It’s this focus on mission-critical segments that has helped the company hold its ground even as it faces intense competition from names like APL Apollo Tubes and Welspun Corp.
What’s driving the next leg of growth, though, is the company’s massive expansion push. It has greenlit a ₹1,100–1,150 crore investment to scale up capacity and meet global demand head-on. In Jammu, it’s setting up a stainless-steel seamless pipe unit to serve chemical, defense, and marine industries. In Saudi Arabia, it’s building a new line pipe and coating mill to tap the Middle Eastern infrastructure boom. Combined, these new facilities will add over 420,000 tonnes per year to its capacity: an impressive jump from the current 1.18 million tonnes.
This capital expenditure is being funded through a mix of ₹790 crore in loans and internal accruals, supported by a ₹300 crore fund-raise via a preferential allotment of share warrants and equity shares. The board has approved allotting 12.19 lakh share warrants to Man Finance Pvt Ltd and 79.26 lakh equity shares to 26 non-promoter entities. It’s a bold move to shore up working capital and future-proof the balance sheet for upcoming projects.
On the ground, Man Industries’ manufacturing footprint spans 180 acres across Anjar in Gujarat and Pithampur in Madhya Pradesh. The Anjar facilities host two LSAW and two HSAW lines, while the Pithampur unit, recently expanded with a ₹100 crore Spiral Mill and PU Coating line now produces pipes ranging from 12 to 120 inches in diameter. This operational scale-up is critical as the company looks to meet tighter timelines and more demanding global standards.
Not everything, however, is running perfectly smoothly. The company’s interest costs have ballooned to ₹35 crore the highest in five quarters, pointing to growing pressure from rising debt. Debtor days have also climbed to 93, reflecting slower collections from customers. And regulatory challenges have emerged: SEBI’s forensic audit flagged issues with the non-consolidation of Man’s subsidiary, Merino Shelters. Management says it’s in the final stages of settling this, with promoters taking responsibility for the ₹70 crore one-time settlement with lenders.
Still, the company’s pivot toward future-ready segments is hard to ignore. It’s not just about oil and water anymore; Man Industries has started testing pipes for hydrogen transport, an early bet on the green energy transition. If it gets this right, it could carve out a fresh niche at the frontier of pipeline innovation.
In a sector dominated by bigger players, Man Industries’ measured approach to scaling up while staying nimble stands out. Its strategy is to be the quiet force in export-led pipe manufacturing: not chasing every shiny order, but focusing on those that align with its growing technological capabilities and long-standing customer relationships.
Man Industries has always been about connecting the world with steel pipes. Today, it’s doing that at scale and quietly shifting the balance in the global pipe supply chain.
