Man Industries has scheduled its 38th Annual General Meeting for Friday, September 25, 2026. The meeting will be conducted through Video Conference or Other Audio Visual Means.

The company informed the Bombay Stock Exchange and the National Stock Exchange of India regarding the schedule and book closure details in a filing dated September 2, 2026.

Meeting Details

The AGM is set to commence at 3:00 pm IST on September 25, 2026. Shareholders will transact business as outlined in the notice dated August 11, 2026. The event will be held virtually, allowing remote participation for eligible stakeholders.

Book Closure and Voting

Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books will remain closed from Friday, September 18, 2026, to Friday, September 25, 2026. Both dates are inclusive.

The cut-off date for determining shareholders eligible for Remote e-Voting and voting during the AGM is Friday, September 18, 2026. Only shareholders on record as of this date will have voting rights.

Rahul Rawat, Company Secretary, issued the intimation on behalf of Man Industries (India) Limited.

Man Industries (India) Ltd reported a 42.8% rise in standalone net profit to ₹1,958 crore for FY26, up from ₹1,370 crore in the prior year. Consolidated net profit grew 11.3% to ₹1,705 crore, supported by robust revenue growth and operational efficiency across its pipe manufacturing segments.

The company delivered consolidated revenue of ₹35,639 crore in FY26, marking a 1.7% increase over FY25's ₹35,054 crore. Standalone revenue from operations expanded more sharply by 10.8% to ₹34,552 crore. This top-line growth was accompanied by significant margin improvement, with consolidated EBITDA margins expanding by 290 basis points to 13.0%, compared to 10.1% in the previous fiscal year.

Financial Performance

The financial results highlight a strong divergence between revenue growth and profitability metrics, indicating improved cost management or product mix optimization.

Standalone EBITDA surged 48.9% to ₹4,928 crore, with margins widening by 360 basis points to 14.0%. The company's return on capital employed (ROCE) stood at 18.4% for FY26, while return on equity (ROE) was recorded at 9.2%.

Strategic Acquisition in Saudi Arabia

A key development during the period was the acquisition of a 100% equity stake in National Pipe Company (NPC), Saudi Arabia, through its wholly-owned subsidiary MISIC. The transaction valued at USD 102 million (~₹1,000 crore) adds 430,000 MTPA of combined HSAW and LSAW pipe capacity. NPC brings an existing order book of USD 120 million and established approval status with Saudi Aramco.

The acquisition was financed through a mix of USD 70 million in debt and USD 32 million in equity. At closing, NPC held cash and liquid assets of USD 83 million against a net worth of USD 158.6 million, resulting in a debt-free balance sheet for the acquired entity. NPC reported CY2025 revenue of USD 211.4 million with a PAT margin of 18.1%.

What the Numbers Show

The disparity between the modest 1.7% consolidated revenue growth and the substantial 31.3% surge in consolidated EBITDA suggests that the earnings improvement was primarily driven by margin expansion rather than volume growth alone. Standalone figures reinforce this pattern, with EBITDA growing nearly five times faster than revenue (48.9% vs 10.8%). Additionally, finance costs rose by 48.1% to ₹1,520 crore on a consolidated basis, reflecting increased leverage likely associated with the NPC acquisition and other capital expenditures, yet this did not erode the bottom-line growth.

Future Outlook and Capacity Expansion

Man Industries plans to commission a greenfield stainless steel seamless pipe facility in Jammu with a capacity of 22,000 MTPA by March 2027. Capex incurred till Q1 FY27 stands at ₹350 crore against a total planned outlay of ~₹600 crore. The company also aims to complete a coating plant in Dammam, KSA, by March 2027, adding value-added services to its pipeline offerings.

Management targets a revenue CAGR of 20-25% over the next five years, driven by relocating spare capacity to high-demand markets and increasing the share of higher-margin stainless steel products. The company expects consolidated EBITDA margins to stabilize at a long-term rate of 15%.