Man Industries (India) Limited (NSE: MANINDS, BSE: 513269) reported a sharp increase in revenue, profit and margins for the quarter ended Dec. 31, 2025, supported by a stronger product mix, improved operating leverage and steady execution across domestic and export markets, according to the company’s Q3/9M FY26 earnings presentation.
Q3 FY26 consolidated performance
For the third quarter, consolidated revenue from operations rose 13.5% year on year to ₹8,304 million, compared with ₹7,319 million a year earlier. EBITDA increased 61.3% to ₹1,360 million, with the EBITDA margin expanding to 16.22% from 11.4% in Q3 FY25 .
Profit after tax climbed 61.3% to ₹550 million, while diluted EPS rose to ₹7.51 from ₹5.16 in the year-ago period. Finance costs increased year on year, reflecting higher borrowing levels, but margin expansion offset the impact .
Sequentially, revenue was broadly flat compared with Q2 FY26, while EBITDA and PAT rose 33.6% and 48.6%, respectively, supported by operating leverage .
Standalone results show margin expansion
On a standalone basis, revenue from operations grew 9.9% year on year to ₹8,035 million in Q3 FY26. EBITDA rose 61.3% to ₹1,400 million, with margins expanding to 17.14% from 11.6% a year earlier.
Standalone PAT increased 62.0% to ₹609 million, and diluted EPS rose 51.1% to ₹8.31, reflecting improved profitability across projects and better product and geographic mix.
Nine-month FY26 performance
For the nine months ended Dec. 31, 2025, consolidated revenue from operations increased 5.2% year on year to ₹24,066 million. EBITDA rose 47.0% to ₹3,184 million, with the EBITDA margin expanding to 13.12% from 9.3% in the prior-year period.
PAT for the nine months rose 40.7% to ₹1,196 million, and diluted EPS increased 28.1% to ₹16.32. The company said profit growth was driven by operating efficiencies and improved mix.
Order book and balance sheet
Man Industries reported an executable order book of about ₹4,000 crore as of Feb. 5, 2026, providing revenue visibility for the next six to 12 months. The company maintained a net cash position of around ₹38 crore at the end of December 2025, reflecting a stable balance sheet.
Capacity expansion and projects
The company is progressing with strategic capacity expansion in Saudi Arabia and Jammu. The Saudi HSAW pipes facility, with planned capacity of 300,000 tonnes per annum and project cost of ₹6 billion, is expected to commence commercial production by Q1 FY27.
The Jammu stainless steel seamless pipes facility, with planned capacity of 22,000 tonnes per annum and project cost of ₹5.9 billion, is targeted for commissioning by Q2 FY27. Management said the projects are expected to improve geographic diversification and margin profile.
Business profile and markets
Man Industries is a manufacturer of large-diameter pipes for oil and gas, water and hydrocarbon sectors, with a total installed capacity of over 1.2 million tonnes per annum across plants in Gujarat and Madhya Pradesh. The company supplies to domestic and international clients across more than 30 countries.
Summary
Man Industries delivered strong profit growth and margin expansion in Q3 FY26, supported by a favorable product mix and operating leverage. The company’s healthy order book provides near-term revenue visibility, while upcoming capacity additions in Saudi Arabia and Jammu are expected to support medium-term growth and margin expansion.