Man Industries (India) has completed the acquisition of a 100% equity stake in National Pipe Company Limited (NPC) for a total consideration of USD 102 Million (~INR 1,000 Crores). The transaction was executed through Man International Steel Industries Company (MISIC), a wholly owned subsidiary incorporated in the Kingdom of Saudi Arabia. The Board of Directors of the company approved the completion of this transaction at its meeting held on May 21, 2026.

Acquisition Overview

The following table outlines the key details of the transaction:

Strategic Rationale and Operations

NPC is an established manufacturer of HSAW and LSAW pipes with an installed manufacturing capacity of approximately 430,000 MT per annum. The acquisition provides Man Industries with direct access to infrastructure, energy, desalination, and industrial opportunities in Saudi Arabia. NPC is a profit-making and debt-free organization with a healthy order book, serving reputed customers such as Saudi Aramco, Saudi Water Authority, and Qatar Petroleum. The facility also maintains adequate working capital and cash balances to support ongoing operations and future growth.

Financial Highlights

The acquisition was completed at an attractive valuation of 1.5x EV/EBITDA and 0.7x P/BV on CY2025, against prevailing Saudi listed peer valuations of 7x–9x EV/EBITDA and 2x–3x P/B. NPC carries a strong balance sheet with cash and liquid assets of USD 83 million and a net worth of USD 158.63 million.

Market Access and Future Plans

The deal is expected to significantly enhance the company's Middle East and international operations. Going forward, the acquired facility will feature a Coating Mill with External & Internal Coating Plant to serve the Kingdom's growing demand for coated pipeline solutions. The transaction is strategically compelling, margin-accretive and strongly EPS-accretive from Day 1. The acquisition positions MAN Industries at the heart of Saudi Arabia's infrastructure Supercycle, underpinned by significant state budget allocations and annual capex plans.

Man Industries (India) Limited has announced it will conduct a conference call to discuss the company's earnings for the fourth quarter and fiscal year 2026. Scheduled for Tuesday, May 26, 2026, the call will provide a platform for analysts and investors to review the financial performance and future outlook of the organization.

The discussion will focus on the business strategy and outlook following the declaration of the company's 4QFY26 results. Key management personnel will be present to address queries and provide insights into the operational and financial trajectory.

Management Participants

The conference call will feature several senior executives from the company. The roster includes Dr. Ramesh Chandra Mansukhani, Chairman, and Mr. Nikhil Mansukhani, Managing Director. Other participants include Mr. Sandeep Kumar, Chief Financial Officer, Mr. Rahul Rawat, Company Secretary, and Mr. Vijay Gychandani, DGM Investor Relations.

Conference Call Details

The event is scheduled to commence at 4:00 PM IST. For international participants, the company has provided specific time slots corresponding to different regions to facilitate attendance.

Access Information

Participants can join the conference call via various dial-in numbers provided for domestic and international access. The details for the Universal Access and Toll-free numbers are listed below.

For further information regarding the conference call, stakeholders may contact Prateek Singh at +91 99670 16107 or via email at prateek.singh@iiflcap.com .