Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Man Industries (India) Limited (MANINDS)
Small CapIndustrials stocks · Small cap · NSE
Man Industries (India) Limited operates in Pipes, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result11 Aug, 08:21 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
59NeutralSMA20 +15.7% / mo · MACD −
Stock trend: 64
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MANINDSD candles · FIT view+60.6%Latest close ₹884.50 on 2026-10-19
Bar
+1.9%
RSI
53
MACD hist
-13.06
52W pos
79%
2026-10-19O ₹868.35H ₹894.00L ₹843.70C ₹884.50Vol 5.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MANINDSNifty India ManufacturingNifty 500
- MANINDS
- +65.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +70.7 pp
Chart stats
19 Oct 2026- From 52W high
- -14.9%
- 52W range position
- 79%
- ATR (14)
- 6.0%
- Volume vs 20D
- 0.41x
- Avg traded value
- ₹115 Cr
- 20D price channel
- ₹832.2 - ₹1,039.7
₹1,039.7
₹302.1 - ₹1,039.7
₹52.9
Latest completed session
20-session average
78.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +41.9% · PAT +117.9% YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +42% YoY · PAT +118% YoY · margin expansion · operating leverage
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,053 Cr | +41.9% | -9.0% |
| EBITDA | ₹143 Cr | +191.8% | +2.1% |
| Operating margin | 14.0% | +700 bps | +200 bps |
| PAT | ₹61 Cr | +117.9% | +19.6% |
| PAT margin | 5.8% | +202 bps | +138 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.60
- P/B
- 3.19
- EV/EBITDA
- 11.61
- Market Cap
- 6663.00Cr
Profitability
- ROE
- 9.18%
- ROCE
- 16.20%
- ROA
- 4.06%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.39
- Interest Coverage
- 3.30×
- Altman Z
- 2.85
- Book Value
- 278.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 472.00 Cr
- EPS TTM
- 27.24
Shareholding
- Promoter Hold
- 43.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,875+8.7% vs prev
Net Profit
₹ CrLatest: 170+11.1% vs prev
Return on Equity
%Latest: 447+4599.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 53.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~13.6% over last month) — short-term momentum positive.
- RSI(14) at 53 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 193% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
96
RS percentile
Stage 2 UptrendEstablished S2
1M return
+3.9%
3M return
+65.1%
6M return
+59.2%
1Y return
+116.8%
RS 1D
+1
RS 20D
0
Sector rank
#2
Industry rank
#10
Stage evidence
- Price is 45.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +12.1%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
23 Apr 2026
S2 age
126 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 220.42+3.27%
RS vs Nifty 500220
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation7/30
Growth12/25
Quality4/20
Balance Sheet5/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.2%.
- Growth contributes 12/25 to the score.
Main drags
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
32.6
PB
3.2
EV/EBITDA
11.6
ROE
9.2%
ROCE
16.2%
FCF Yield
—
Debt/Equity
0.4
MoS
+26.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+26.2%
Previous: +26.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
37
37
37
37
37
37
35
37
37
37
37
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹412.78
-114.3% MoS
Growth-justified P/E
44.0
Growth-justified Value
₹1,198.02
+26.2% MoS
PEG
1.85
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SKIPPER
Micro
Skipper Limited
Steel Pipes
match 82
61
27.8
16.6%
+33%
UNDERVALUED
WELCORP
Small
Welspun Corp Limited
Steel Pipes
match 70
56
29.6
19.4%
+25%
FAIR VALUE
JINDALSAW
Large
Jindal Saw Limited
Steel Pipes
match 66
41
35.1
8.2%
+12%
WATCHLIST
GOODLUCK
Small
Goodluck India Limited
Steel Pipes
match 59
45
23.5
13.0%
+27%
WATCHLIST
HARIOMPIPE
Small
Hariom Pipe Industries Limited
Steel Pipes
match 53
40
14.6
12.4%
+5%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Man Industries (India) Limited operates in Pipes, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 64th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
107 docs text-extracted · 17 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Industrials: 64th pctile, median 68 · Small: 69th pctile, median 66
Evidence depth
Financial-only
107 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Man Industries (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 10 Sep - Man Industries won domestic and international pipe orders worth about Rs.600 crore, executable in 6-9 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.