Business EconomyPosted at: Nov 12 2026 6:57PM


MAN Industries posts record Q2 FY27 EBITDA of Rs 190 cr; announces USD 110 million US expansion plan

New Delhi, Nov 12 (UNI) MAN Industries (India) Ltd on Thursday reported its highest-ever quarterly core business EBITDA of Rs 190 crore in Q2 FY27, registering an 86.6 per cent year-on-year growth, alongside a 49.3 per cent rise in consolidated revenue to Rs 1,216 crore.
The company is also accelerating its domestic and international expansion plans, including a proposed USD 110 million investment in a new HSAW pipe manufacturing facility in the United States, as it seeks to strengthen its global manufacturing footprint.
The company’s consolidated revenue from operations grew 49.3 per cent to Rs 1,216 crore in Q2 FY27, while profit after tax (PAT) surged 121.7 per cent year-on-year to Rs 82 crore.
EBITDA margin expanded by 310 basis points year-on-year to 15.6 per cent, supported primarily by the contribution of National Pipe Company (NPC), Saudi Arabia, which MAN Industries acquired on May 21, 2026.
The company said geopolitical tensions in West Asia and disruptions to key maritime routes, particularly the Strait of Hormuz, led to port congestion and delays in finished goods dispatches. Consequently, revenue of approximately Rs 320 crore was deferred beyond the July-September quarter, weighing on standalone revenue.
In the United States, MAN Industries plans to establish a high-frequency submerged arc welded (HSAW) pipe manufacturing facility with an annual capacity of 350,000 metric tonnes and a proposed capital expenditure of USD 110 million through its wholly owned subsidiary.
Meanwhile, the company's joint development project with Paradise Group at Navi Mumbai, under the Merino Shelters platform, was launched on October 26. The project is expected to generate cash flows of Rs 700-800 crore over the next five to six years.
Commenting on the performance, Nikhil Mansukhani, Managing Director of MAN Industries (India) Ltd, said Q2 FY27 was a landmark quarter for the company, with consolidated EBITDA reaching a record quarterly high.
He said the NPC acquisition had added scale and profitability to the business, while its integration was progressing well.
Mansukhani added that despite shipping disruptions in the Strait of Hormuz resulting in the deferral of approximately Rs 320 crore in revenue, alternative ports had been nominated and the shipments were being executed.
With a strong consolidated order book and manufacturing expansions underway in Jammu, Dammam and the US, the company is positioning itself to build a larger and more integrated global pipeline solutions business.
The customer has since nominated alternative ports, and the company said the pending shipments are being executed.
NPC reported revenue of SAR 191 million (approximately Rs 486 crore) and EBITDA of SAR 34 million (around Rs 88 crore) during July-September 2026. Its EBITDA margin stood at approximately 18 per cent, while PAT was SAR 30 million (around Rs 77 crore), with a net margin of 15.8 per cent.
For January-September 2026, NPC reported revenue of SAR 415 million (approximately Rs 1,062 crore), EBITDA of SAR 76 million (around Rs 194 crore) and PAT of SAR 67 million (around Rs 171 crore). These figures include the period preceding its acquisition by MAN Industries.
The company's consolidated order book stood at approximately Rs 3,500 crore across India and Saudi Arabia, with the majority of orders scheduled for execution over the next six to nine months.
On the expansion front, MAN Industries said implementation of its greenfield stainless steel seamless pipe manufacturing facility in Jammu is progressing as planned, with production expected to commence by April 2027.
The company is also setting up a coating and double-jointing facility in Dammam, Saudi Arabia, with operations targeted to begin by March 2027.UNI AAB
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