Man Industries (India) Limited (NSE: MANINDS) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Ramesh Chandra Mansukari — Chairman
Sandeep Kumar — Chief Financial Officer
Analysts:
Unidentified Participant
Rona Koswal — Analyst
Divyansh Thakur — Analyst
Viraj Mahadevia — Analyst
Dar Shilhaveen — Analyst
Satya — Analyst
Karanpal — Analyst
Sandeep Mathew Anand — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the man Industries India Limited Q3FY26 earnings conference call hosted by Ariant Capital Markets Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star zero on a Touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Rona Koswal from Arian Capital. Thank you. And over to you, sir.
Rona Koswal — Analyst
Thank you. Good evening and welcome everyone. On behalf of AR Capital Limited, we invite you to Man Industries India Limited Quarter 3 and 9 month FY26 earning conference call. From the management side we have Mr. Dr. Ramesh Chandra Mansukari, Chairman of the company. Mr. Mikhil Manskari, Managing Director. Mr. Sandeep Kumar, Chief Financial Officer. Mr. Rahul Rawat, Company Secretary and Mr. Vijay Gyan Chandari, DGM Investor Relations. So without any further delay, I will now hand over call to the management for their opening remarks. Over to you, sir.
Ramesh Chandra Mansukari — Chairman
Yeah. Good evening everyone. I warmly welcome you all to our Q3 and 9 month FY26 earning conference call. Let’s start with the key business highlights for the quarter. We are pleased to report the highest ever quarterly EBITDA and PAT margin in the company’s history reflecting our sustained focus on product mix optimization, strong operational discipline and effective cost management. Export markets continue to perform well supported by healthy order inflows and inquiries particularly from MENA region, Southeast Asia, CIS countries, Africa and Asia Pacific. Export remain a key growth driver accounting to 83% of the order book. This underscores the growing global confidence in our technical capabilities, execution, track record and ability to deliver complex large diameter pipe solutions.
Within the export mix. Elsow pipes constitute 80% which is an increasing contribution from our value added offerings such as specialized coating and bins. On the domestic front, the early green shootouts are visible with gradual recovery reflected in selective order wins during the quarter from oil and gas companies and EPC players. Additionally, the recent union budget announcement on the revival of Jaljeevan mission with proposed spending of approximately 67,000 crores is expected to be significantly increased central government’s expenditure on drinking water and sanitation in the next fiscal year. However, the pace of execution and grants to states remain key monitorables.
Overall, we expect the domestic market to see a meaningful recovery in FY27 as on date. Our executable order book stands at approximately 4000 crores providing execution visibility over the next 6 to 12 months. With strong momentum continuing in the current quarter, we expect Q4FY26 to be among the best quarters in the company’s history for its core business. Accordingly, we retired our original FY26 revenue guidance of 36 to 3700 crores and upgrade our margin guidance to 13, 14% compared to the initial margin guidance of 11 to 12%. Now coming to the status of our strategic expansions, the company strategic capacity expansion initiatives in Saudi Arabia and Jammu are progressing well with key civil works and major equipment installation substantially completed.
The Saudi facility is advancing as planned and is expected to be completed by Q1FY27 and the Jammu facility also remains on track. Both projects will significantly strengthen our geographical research reach, capacity and ability to participate in high value contracts ensuring diversified growth in the coming years. With that, I now hand over to our CFO Mr. Sandeep Kumar Garg to review the financials. Over to you, Sandeep.
Sandeep Kumar — Chief Financial Officer
Thank you sir. Good evening everyone. I thank you all for joining the discussion for our Q3 and 9 months FY26 financial performance. Let’s start with the key financial highlights first. I will start with the consolidation results. Total income for Q3FY26 stood at 838.7 crore. A growth of 13.7% YoY basis and 2.9% on Q2Q basis. EBITDA grew by approximately 61.4% YoY to 136 crore with margin expanding by 480 basis point YoY to 16.2% the highest ever in our history. Profit after tax grew by 61% YoY to 55 crore, a nine month performance. Total income stood at 2,427 crore up 4.5% YoY.
EBITDA grew by approximately 47% YoY to 318 crore reflecting sustained margin expansion across product lines. MAT stood at 120 crore growing approximately 41% YoY with cash profit increasing by approximately 47% YoY at 175.9 crore. On the balance sheet front, we continue to operate with a strong balance sheet as on 31st December 2025 we have a net cash position of 38 crore. Overall these results reflect strength of our business model, execution, excellence and strategic initiatives that are driving sustained profitable growth. Many of you must be thinking about sharp increase in our other expenses YoY and QoP.
The sharp increase in other expenses in Q3 FY26 are primarily driven by higher freight and logistic cost associated with fulfilling a significant portion of companies executed order under DDP which is delivered duty paid. With this we would now open the floor for question and answer sessions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the Redstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Divyansh Thakur from Fintrust Capital. Please go ahead.
Divyansh Thakur
Good afternoon, sir. Congratulations on a great side of numbers. Since you have upgraded the EBITDA margin guidance. So sir, isn’t the upgrade also applicable for fiscal year 27? Are we going to see 13 to 14% EBITDA margin? Yeah.
Ramesh Chandra Mansukari
Devansh, thank you for your question. Yes, we should be trying to sustain in 13 to 14% EBITDA margin for FY27.
Divyansh Thakur
Okay, answer. Any. Any changes to the PET margin for fiscal year 27.
Ramesh Chandra Mansukari
As EBITDA margins have seen, they will be doing better. They will increase in line with the ebitda.
Divyansh Thakur
Okay, thank you so much, sir.
operator
Thank you. The next question comes from the line of Viraj Mahadevia from Money Growth. Please go ahead.
Viraj Mahadevia
Hi. Congratulations on the fantastic numbers, especially the EBITDA margin update. Just a question regarding your current expansions. How much money is left to be spent between the Jammu and the Saudi facilities as well?
Ramesh Chandra Mansukari
So approximately 75% is already spent out. The current is around 25%. And then the trials and everything about.
Viraj Mahadevia
Maybe about 400 crores is spending to be spent?
Ramesh Chandra Mansukari
Yes, give or take around 25% would be 352 quantitative crores.
Viraj Mahadevia
Understood. And will this all be completed in Q4 or will it spill over to Q1 as well?
Ramesh Chandra Mansukari
Q1 for the. For the Saudi and Jammu. I think by Q2.
Viraj Mahadevia
Q2. Okay. Okay. So Q1 by Q1 and Q2 next year. And all of this will be sent.
Ramesh Chandra Mansukari
Q1 next year for the Saudi.
Viraj Mahadevia
Understood. And in terms of your current bid pipeline, what is the value of the bid pipeline excluding the 8,500 crores?
Ramesh Chandra Mansukari
7,500.
Viraj Mahadevia
7,000. Okay. Thank you. All the best.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and when under the stone telephone participants to ask a question, you may press start and one on your touchstone telephone. The next question comes from the line of From Choice Institute Equities. Please go ahead. Hey.
Unidentified Participant
Hi. Congratulations for the great result. I want to understand the revenue or cash flow from the real estate segment. So what’s the management on the cash flow or the revenue from the real estate segment?
Ramesh Chandra Mansukari
Yeah, so real estate segment Merino Shelters is now going to launch the project. It’s under air UP rules and we should be launching it in which we gave to Paradise Group and they should be launching it sometime in March first week. And this would generate overall top line. Of around. 600 to 700 crores. This will come back into the company over the next six to seven years. And there is no cost affiliated to this. This is purely the money coming back into the company.
Unidentified Participant
Okay. And what will be the margin from this business?
Ramesh Chandra Mansukari
Oh there’s. There’s no cost to this. 6. 600 to 700 crore is our net profit. I can say yes, net madlab, not pld.
Unidentified Participant
But yeah, yeah but there will be no any cost. So we can consider like. Okay, okay. And, and what, what’s our any, any guidance on a consolidated date or what’s our average cost? So by end of quarter and the interest cost and what will be the range we can expect in the coming period?
Ramesh Chandra Mansukari
The average borrowing cost is around. In the range of 8% between 8 and 8.5. And the range will sustain or.
Unidentified Participant
Great, great. That’s all from my side. If I’ll get anything else I’ll again come in the queue. Thank you.
operator
Thank you. The next question comes from the line of Dar Shilhaveen from Crown Capital. Please go.
Dar Shilhaveen
Hello, good afternoon. Thank you so much for taking my question. Firstly, congratulations on a great set of results. Hopefully I’m audible. Yeah, yeah.
Ramesh Chandra Mansukari
Hi. So just wanted to know like in terms of you know, our FY27, what is the guidance, you know that we can expect like because Jammu is operating partially and Saudi is also operating partially. Right. So what can that you know, contribution be like? We would be looking at approximately 25 to 30% growth in FY27 from FY26.
Dar Shilhaveen
Okay. Okay, fair enough sir. And just margins I wanted to ask because you know in last two quarters in we, you know have done nearly 15% margin. So we are still guiding for you know like a bit lower than that. Right. 13 to 14%. So just wanted to know like are we being conservative or you know we feel that there are some one offs in these, you know that’s because of some project that you know we were able to churn the higher percentage. So going forward we’ll Be able to, you know, do I, I don’t know, is this 15% also sustainable? Because we’ve done it, you know, in two quarters.
Just wanted to ask about that.
Ramesh Chandra Mansukari
So, yeah, see looking at the console level and currently the order book and also Saudi, the way it is, the order book in Saudi, which is looks positive, we feel that the console, the EBITDA levels, we will be able to manage between 13 and 15% and we’d rather be little conservative and over perform. Right. Everyone likes that. So we rather be in the range of, you know, 11 to 13% and then try and deliver above 13. But I think this is sustainable level currently for us.
Dar Shilhaveen
Okay, okay, fair. Fair enough. Yeah, yeah, that’s, that’s good to know. So and so just wanted to know, sir, like next year both of these projects will come online. So will we, you know, you know, have a higher depreciation, right. That cost. We know, but what about the finance cost? Because we would be capitalizing some amount of finance costs, right. As the plant is, you know, still underway. So could you just, you know, quantify that? So what would be our expected finance.
Ramesh Chandra Mansukari
Cost, the finance cost for the, at the conso. That’s why you can see a difference between standalone and console because the interest is being consolidated. That is why the numbers, the standalone numbers are higher. As regards to. What was your second question on that? Sorry, no, yeah, just.
Dar Shilhaveen
So what I had thought of was that till the plant is not commercialized, we don’t, you know, put it in pnl. Correct me if I’m wrong, I thought that would, you know, be going into some capital work in progress and not. And in our, you know, balance sheet in the pnl. So just wanted to confirm that. So we account for all the extra finance cost in our PNL right now, or is it in balance sheet? Because I thought that in FY27 it would come in our piano. Yeah.
Ramesh Chandra Mansukari
Till the project get a cod, all the costs are capitalized and after the COD will happen, it will go to the pnl.
Dar Shilhaveen
Yeah, so that’s what I’m saying. So there’ll be additional costs happening in FY27. Right. So what would that be?
Ramesh Chandra Mansukari
Cost will increase depending on the loans.
Dar Shilhaveen
Okay. Maybe take it just offline. Yeah, that’s it. From my side.
Ramesh Chandra Mansukari
Thank you.
operator
Thank you. Ladies and gentlemen, a reminder to all participants. Anyone who wishes to ask a question may press star and one on a Touchstone telephone. The next question comes from the line of Satya from Profusion Investment Advisor. Please go ahead. Okay. Okay, perfect. If you need My help on anything. I’m out. Mr. Satyam, you may proceed with your questions. As there is no response from the current participant we move towards the next question. The next question comes from the line of Rohan Baranwal from 3 Metra Investment Capital. Please go ahead.
Satya
Hello sir, can you please confirm the current completion for the Saudi Dhammal plant? And also what would be the timeline for trial and the first year utilization assumption for the same, sir.
Ramesh Chandra Mansukari
So we would be completing in Q1 with the trials as well in quarter 127. And we are looking at around 50 to 60% utilization in the year one.
Satya
And only number side. So can you quantify what would be the revenue recognition that you would be doing for the. For the first year like operation of the plant?
Ramesh Chandra Mansukari
Sir, 1500 and 2000 crores. Looking depending on the steel price and everything it will be between 1500 and 2000 crores.
Satya
And so can you provide us some details on the working capital side like what kind of incremental funding we would have we would need on the inventory side or on the like compared to the measures you’ve taken right now, sir.
Ramesh Chandra Mansukari
Majorly it’s from the non fund based side. And that would be approximately between the peak load if we are executing 1500 to 2000 crores would be around 750 to 900 crores of non fund base basically for LCS and BGS.
Satya
Got it sir. Thank you very much. That’s it. From my answer.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. The next question comes from the line of her Zain and individual invest. The next question comes from the line of 10 Vadwa from Profusion Investment Advisor. Please go ahead.
Unidentified Participant
I am very encouraging to hear margins are going to be higher. Just wanted to know what would be your expected revenue from Saudi and Jammu in FY28 when they’re both operating, you know at maybe 75 80% utilization. What should we be expecting from that?
Ramesh Chandra Mansukari
So for FY28 you would be Saudi. We would be doing anywhere between 2000 to 2500 crores. Jammu will be at around 500 plus crores. 5 to 600 crores.
Unidentified Participant
Okay, great. And margins in Jammu should be around 17 18%, right?
Ramesh Chandra Mansukari
Yes.
Unidentified Participant
And how does. If you don’t mind dancing. How does the whole sort of duty drawback or GST benefit work? So do you charge GST but not not book it as a cost?
Ramesh Chandra Mansukari
No, no, no. You book it and then you do all of it. And then once again, CFO GST is. Never a cost because whatever GST paid on the input, I check in as an input, whatever we buy, GST input is available and export also. And for export we get refund of the GST based on the exports. What about in, you’re talking about Jammu or our 5?
Unidentified Participant
In Jammu you get GST benefit for 3 times your capital expenditure, right? So that, that I assume would be on about 450 to 500 crores extra land, is that correct?
Ramesh Chandra Mansukari
The. In your presentation you said, right, 3xO investment in plant and machinery would be paid back in 10 years tenure in the form of GST credit. So understanding. We have to pay the gst, recover and pay the GST and then we have to apply with that documents to the government for a grant to get it repaid.
Unidentified Participant
Okay, so this will come I guess back to you like a year in areas, right? Like after a year I’ll start to come back after your first year or so.
Ramesh Chandra Mansukari
Correct, correct. So we have to account for it, we have to pay the tax for it and then we make the this and we send it to the government and you get it every quarter.
Unidentified Participant
Okay, perfect. And the second question also, this was a 6% subsidy on interest. So do you like say if it’s 9% interest rate you get 6 back, so it’s net 3 or is it only 6% interest that you have to pay?
Ramesh Chandra Mansukari
Yes.
Unidentified Participant
Okay, so you guys, you gotta, you get a 6% subsidy. So you only pay 3% or a 9% sort of interest rate, right?
Ramesh Chandra Mansukari
Yes.
Unidentified Participant
Okay, perfect. And okay, so you can run this for the, for the next five, seven years if you wanted to in terms of just keep cheap money. Right. So this just, I don’t understand my housekeeping.
Ramesh Chandra Mansukari
Okay, make the arbitrage on it. Yes.
Unidentified Participant
Yeah. Okay, perfect. Great. Thank you. And all the best.
Ramesh Chandra Mansukari
Thank you.
operator
Thank you. The next question comes from the line of Karanpal from Capri Global Capital. Please go ahead.
Karanpal
Hi sir, this is Ricky here from Capri Global family office. First of all, congratulations on good performance as well as consistency on the margin front. Sir, firstly I wanted to understand, you sort of indicated that you will be able to maintain your full year guidance for this year, which does imply almost a 40% bare minimum kind of a growth that you see. So is it in the quarter four, is it that you are seeing some large export order execution which is driving the kind of growth in quarter four? Or what is it that is driving the growth in quarter four? If you can help understand.
Ramesh Chandra Mansukari
It is obviously Execution of the existing orders in hand and most of them are for exports and plus these orders also which we got were always taken at a better margin and our has been very, very good. So we are trying to save certain percentage and that all is reflecting in the ebitda.
Karanpal
Got it, got it, got it. So from here, so that is the first question. Second question is in terms of your margin trajectory from here on if you could outline one or two headwinds and tailwinds that you see in going into the next year.
Ramesh Chandra Mansukari
So see currently with the order book and Saudi coming operational, we see we’ll be able to maintain between this 13 to 15% EBITDA. We don’t find any challenge in doing that. But looking at the commodities and the way commodities have really run up going forward, every order cannot be. But I think it is safe to say for now that we will be at a 13 to 15% EBITDA which is somewhere where we were working on in the last few years and we should be consistently able to achieve that.
Karanpal
Got it sir. And lastly if you could, you know, not related to the quarter’s numbers but you did indicate some kind of a partnership with, you know, or approval of with Aramco in your press release sometime back if you could outline what kind of opportunities can this offer us in the longer run.
Ramesh Chandra Mansukari
Yes. So these opportunities with Aramco, with the current oil and gas business which the plant is being put up. So there is an offtake agreement which would be in place once the plant is up, early approvals and preference of being the local player to get more business and in the long term also there are a lot of other products which they are very, very keen and we are developing together and maybe in the long run we get the opportunity to set up something specifically for Aramco and they would again have an offtake with us. So it’s quite premature for me to tell exactly what it is, but we are working on it.
It’s pretty much work in progress. But it would give a big advantage to the company of being present their first preference of moving and getting a margins in place.
Karanpal
Just a follow up. Does the domestic India business also benefit in any form from this kind of tie ups?
Ramesh Chandra Mansukari
Not really.
Karanpal
Okay, okay, that’s it from my side. Thank you so much and all the best. Thank you.
operator
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on your touchstone telephone. The next question comes from the line of Viraj Mahadevia from Moneygrove. Please go ahead.
Viraj Mahadevia
Hi Viraj here again in the past you’ve indicated a top line potential of 6,500 crores for FY27. Assuming you’re sticking to your guidance for the press release of 3700 crores and a growth of 50% that would imply a top line of about 4800 crores for 27. Can you clarify on that please?
Ramesh Chandra Mansukari
You will be able to achieve 5,500, 6,000 crores in FY27. And those were the guidelines. But again it was. Please understand that the guidelines of the turnover particularly the numbers cannot be hold on to like tight. Because the steel prices and commodity prices have really fluctuated over the last year and a half. And we have to look at the overall outlook and also the production numbers as well. So give or take, if the prices of steel remain where they are, we will be able to achieve more than 50, 55% growth on a conservative level. 30, 35% growth is like conservative and realistic.
But our internal goal is at 50, 55% which our budgets and everything is set at.
Viraj Mahadevia
This is much appreciated. Thanks a lot.
Ramesh Chandra Mansukari
Thank you.
operator
Thank you. Thank you. The next question comes from the line of Disha from Safire Capital. Please go ahead.
Unidentified Participant
Hello. Hello. Hi.
Ramesh Chandra Mansukari
Yes.
Unidentified Participant
Yes. Congratulations. Good. So I think you. You mentioned you have a 4000 audible currently was this exit rate for this year are we targeting? And I think you mentioned we have a bid pipeline of 7,500 crores. So what will be the win ratio?
Ramesh Chandra Mansukari
Bid is 11,500. Not 7,500. 11,500. The bid ratio is 20 to 30% is the average strike of the bids. Currently the order book is 4000 crores. This year we would be as committed. We would be growing around 20, 25% standalone from last year. Last year standalone was 3130 without merino. And so this year we would be growing on 20, 25% on the standalone basis. Yeah. Anything else, Disha?
Unidentified Participant
Yeah. This Saudi and Jammu plant at optimal utilization. What sort of revenues are we targeting?
Ramesh Chandra Mansukari
So yeah, now when it comes to the absolute optimization at around 75 to 85% peak which we can achieve approximately from Jammu and Saudi put together around four, four and a half thousand crores, maybe even 5,000 crore.
Unidentified Participant
Okay. All right. Thank you so much. That is from my side. All the best.
operator
Thank you. The next question comes from the line of Sandeep Mathew Anand from Manicroasak. Please go ahead.
Sandeep Mathew Anand
Okay. Thanks for the opportunity. The question is related to a bit like margin expansion which took place in this quarter. So Is the improvement primarily driven by change in product mix or is it some temporary effect due to increase in commodity price? Thank you.
Ramesh Chandra Mansukari
No, it’s not this. It is basically value addition in the products, the businesses that we’ve taken and also the internal systems which we have improved. Which is overall giving us the betterment in the ebitda.
Sandeep Mathew Anand
Okay. So sir, if you have the data, can you share like what percentage of the group is driven by pricing and what percentage is driven by.
Ramesh Chandra Mansukari
Sorry, pricing. And what percentage? By half.
Sandeep Mathew Anand
Volume. What percentage of projected growth is driven by pricing and volume.
Ramesh Chandra Mansukari
And volume. Okay, we can share the data with you.
Sandeep Mathew Anand
Okay.
operator
Thank you. The next question comes from the line of Nikhil Singh from Equivision Consulting. Please go ahead.
Unidentified Participant
Hello.
Ramesh Chandra Mansukari
Hi.
Unidentified Participant
Hello. Thank you for taking my question. You have been guiding a 25 growth. 20 to 25 growth from the year start. But when I see your quarter numbers, I. I don’t see that kind of growth in Q1, Q2, Q3. What makes you so confident that you would be able to achieve Those numbers in Q4?
Ramesh Chandra Mansukari
We have a confirm order. We have a shipment schedule Q4. We are going to achieve a higher number which will help us reaching our guided figure also. Nikhil, one very important thing. Our business cannot be looked on quarter and quarter. Our business is always looked at a holistic and like we. Like we just said that we are already in almost midsoft fem. And we are very confident is because we have our shipment lined out. Our production is already ongoing and quite a lot of it’s already done. And we are shipping those products out. So we are more than confident to achieve the guidelines which are given by us.
Unidentified Participant
Okay, one more question.
Unidentified Participant
On your Saudi plant as you have said that you do around 2000 crores from Saudi Atlantic in FY27. What are your plans for FY28 and beyond? Since Saudi is seeing a lot of demand for line pipes in their energy transition and their desalination plans. So what are the plans on expanding those Saudi plant beyond FY27?
Ramesh Chandra Mansukari
So FY27 guidance was between 1500 to 2000 crores. FY28 is between 2000 to 2,500 crores. And we are confident between FY29 it would probably go around 2,500 to 3,000 crores. So these are obviously like we said, these are our expectation and estimation. Some orders which are in line pipe which negotiations are going on. Some Aram quarters which will come by FY27 second half. So you know these are. These are expected numbers. If There are some big order and we get it. And we are able to turn it around. Even the numbers can go up also.
This also these numbers are fluctuating around almost 15, 20% depending on the commodities price. So that’s. That’s what we are expecting.
Unidentified Participant
Thank you. Thank you so much for answering my questions. That’s it. From my side.
operator
Thank you. The next question comes from the line of Divyan Thakur from Fintos Capital. Please go ahead, sir.
Unidentified Participant
Thanks for taking my question again. So. So I wanted to ask that the last. In the last call also you mentioned that you know from the Jammu plant it will be around 500 crores in the fiscal year 27. So are we not going to see a ramp up in fiscal year 28? And you also gave a guidance of around 7,000 crores of revenue. Would you like to revise that or something? Thank you so much.
Ramesh Chandra Mansukari
No, see guidance and steel doesn’t work on me. Our guidance as for the top line, we will be able to achieve by 2028. But also the commodity prices also demand on that. Right? So if the commodity prices are up 20, 25% it will be easier for us to achieve those guidelines versus if the commodity prices drop. Obviously the volume has to go much much higher to achieve the same numbers. So this is an expected guideline of what? You know, currently we are expecting the steel to be at and everything and the commodities to be at.
Unidentified Participant
Okay, sir. Thank you so much and all the best.
operator
Thank you. The next question comes from the line of Viraj from Moneygrow. Please go ahead.
Viraj Mahadevia
Hi Nikhil, quick question. Would you be able to give us a sense of the funds coming in from Merino, the real estate over the next few years? Is it more back ended towards 28, 29, 30 or will we see some of it come earlier? And also will those funds be prioritized for debt down? And when do you think you become net debt free without any further expansion?
Ramesh Chandra Mansukari
So the first I will answer by Marino. The Marino revenues will start in FY27 itself. They’re expecting between 70 to 100 crores FY27 and this will continue for around 6 to 7 years. Approximately the total revenue will be between 600 to 800 crores. There is no expense out. So this is all income which is coming into the company. This all money. And the free cash flows will be used for reducing the debt portions in the company. And we see by 2030 the numbers of debt are dramatically down. Some debt we won’t pay on purpose because of the Jammu with the 6% interest benefit, we would pay it down as per the dates given and not prepay it, but the rest of the debt, we would like to use our free cash flow and everything for repaying the debt and some other if capex planned out at a later stage.
We will keep you posted.
Viraj Mahadevia
Okay, great, thank you.
operator
Thank you. The next question comes from the line of Darshan from Crown Capital, please go ahead.
Unidentified Participant
Hello, thank you so much for taking my question. Again, so sorry this might be a bit of a repeated question but I’m just having some, you know, problems, you know, reconciling the numbers. So we are saying in the standalone business we’ll have around 2025 growth. Right? So that would, you know, maybe take us from 3, 600 to 4,500 on the upper end Jammu, we are thinking of around 500 crores.
Ramesh Chandra Mansukari
I said 25, 30% growth on FY27 on consolidated numbers, Okline is 50% with what we are seeing the numbers currently with the Saudi and everything. But 25, 30% is just a guideline that we are saying. But Internal numbers are 50% which is on consolidated level, which is Saudi, which is India and which is partially for Jammu as well for some quarters.
Unidentified Participant
Okay, so, so I get it. So 25 because Saudi itself would be around 1500 crores, right? That’s what we are targeting. I’m not saying it’s a guidance that you know, will be firmly holding, but around 1500 crores is the target that, you know, we have from Jammu itself. Sorry, from Saudi itself. Right. So that itself would, you know, increase our revenue by more than 30. Right. Without like even any growth in standalone or Jammu coming into play. So that’s why I just wanted to, you know, ask about that, sir. So, so standalone, I’m assuming we’ll have some growth and Jammu is again a target.
I not want to catch hold of it just to for our purposes that, you know, maybe this is the potential that, you know, we can reach. So just so Saudi is around 1500, so Jammu from FY27. What are we expecting?
Ramesh Chandra Mansukari
Sir, expecting approximately 300 crores.
Unidentified Participant
300 crores, right? Yeah, yeah. Oh okay, Fair, fair enough. So yeah, that’s it from my side. Thank you so much.
operator
Thank you. The next question comes from the line of Puneet Chukhani from an individual investor. Please go ahead.
Unidentified Participant
Hi, thank you for taking my question. I actually had two questions. One, when you say 2000 crores of revenue coming from Saudi, what percentage utilization are you factoring in? And second question is if you can Throw some light on how large is the Saudi market in terms of tonnage potentially just want to get a sense of how large can a business like this be, say five years from now. Thanks.
Ramesh Chandra Mansukari
So the consumption is almost 50% at a 1500 to 2000 crores. It’s at approximately of a 50 to 55% level level in Saudi and the Saudi market. Looking at the current Saudi market and our current capacity, we would be able to probably, if the market is very good and with the value added business of quoting and everything, we would be maybe able to scale it up to approximately 4 and a half to 5000 crores.
Unidentified Participant
Okay. This is based on the commitments that you have as on date and what you see in terms of order pipeline. Right. I just want to get a sense. I mean. Yeah, sorry, please go on.
Ramesh Chandra Mansukari
Doesn’t happen. As for that, you know, it’s basically you have to see what kind of size thickness of pipes comes. Lot of times there is a single size and you run it across the year, then you get a much better yield and output versus if you do multiple sizes, your tonnage drops. So your consumption is high, but your revenue is not because you’re not able to remove the same kind of tonnage which you would have removed on a different size. So it’s all variable. But we, that’s what we do that we see which best works for the size and output and also value.
Right. You want to get the best price and best EBITDA also out of certain businesses.
Unidentified Participant
Of course. Of course. Okay, just one more question. In relation to Merino Shelters, which is the real estate business, you said about 6, 700 crores is what you expect to get over the next three, four years, Right. How much, how much percentage share is that of the total revenue that’s collected by your partner?
Ramesh Chandra Mansukari
30% of the revenue which is going to come in of the total revenue is to Man Industries, Reno. Basically.
Unidentified Participant
So 6, 700 crores is 30% of total collection. Just to understand that. Right.
Ramesh Chandra Mansukari
6, 700 crores is the 30% to the total collection.
Unidentified Participant
Yes, yes, yes. Okay. Thank you.
Ramesh Chandra Mansukari
Thank you.
Unidentified Participant
That’s all from us. Thank you.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star N1 on a touchstone telephone. Participants who wish to ask a question may press star and one on the Touchstone telephone. The next question comes from the line of Jimmy Mehta, an individual investor. Please go ahead. Mr. Mehta, you may proceed with your question. Yes. Sorry to intervene. You’re not audible. Mr. Math, You may reconnect and join the queue. The next question comes from the line of Harsh Jain, an individual investor. Please go ahead.
Unidentified Participant
Hello, I’m audible. Yes, good afternoon. My question is on the line of. The dealer of the workflow. So why there is a delay in both the plants Jammu as well as Saudi Arabia. So it would be operational in Q4 but now it will be in Q2 of FR27. So can you please give me an update on that?
Ramesh Chandra Mansukari
So Saudi is pretty much on time. We are already doing the trials and everything. That’s why we are confident of Q1 production. Jammu is likely delayed due to the war and the natural calamities of the flooding and everything which happened this year. So due to that a lot of the manpower, power, everyone came back and then it would took us quite a bit of time to restart and rebuild all the activities. And that’s the main reason why it is running slightly delayed.
Unidentified Participant
Okay. Okay sir, understood. Okay, so now your bid book is around 10,500 or 11,500. So. So earlier it was around 15,000 crores. So there is a lot of disrepensions. Can you throw me a light on this?
Ramesh Chandra Mansukari
These are bid books. Basically we keep bidding a lot of projects and the bid book actually changes very very often. Like we might be bidding hundreds of projects and when the bids go away certain we get certain, someone else get certain we don’t qualify. So when we say bid book is also, you know if for taxation or duty reasons we are not able to supply in that reason all those put together go into the bid book. So that’s why it is varying. And actually if you see next month also it will vary because every month we are bidding so many projects worldwide.
Unidentified Participant
Yes, thanks.
operator
Thank you. A reminder to all participants, anyone who wishes to ask a question, Press star and one on the touchstone telephone. As there are no further questions from the participants I now hand the conference over to the management for closing comments. Thank you. And over to you sir.
Ramesh Chandra Mansukari
Thank you. Thank you everyone for the conference. Showing faith in our. I thanks all the participants in attending the call and showing confidence in our business and our results. Thank you very much. Thank you.
operator
Thank you. On behalf of arian Capital Markets Ltd. That concludes this conference. Thank you for joining us and you will now disconnect your line. Thank you.