Man Industries' MD Says Upcoming Saudi, Jammu & Kashmir Plants To Add $500-Million Revenue

Man Industries India's Managing Director Nikhil Mansukhani expects the upcoming plants in Jammu & Kashmir and Saudi Arabia to add $500 million to the company’s top line.

With two big projects—one at Dammam in Saudi Arabia and another greenfield stainless steel seamless pipe plant in Jammu & Kashmir—Man Industries is in an expansion mode.

Mansukhani told NDTV Profit that both the upcoming plants were progressing swiftly. “We should be under operation in Saudi Arabia by August 2026, and by this time also the Jammu unit should be in operation,” he said.

“Currently both the projects, which would be able to give a topline of almost $500 million, are in progress and should be achieved by probably the third quarter next year, like I discussed,” the top executive added.

In the second quarter of the current financial year, the company has reported a 20.1% year-on-year decline in revenue from operations to Rs 805 crore against Rs 1,007 crore in the same period last year. Profit after tax for the quarter under review fell 19.4% to Rs 35.1 crore from Rs 43.5 crore YoY.

Commenting on the way forward, Mansukhani said that the next two quarters were looking positive for his company.

“The outlook is that this year also, we should be growing around 15% to 20%. This quarter, the margins are better. The Ebitda margins are higher than 9%, and the PAT margins are quite similar to what we achieved last year,” he said.

According to Mansukhani, the company’s Ebitda will increase by about 11% YoY by the end of the year.

“This year, the guidance is that we would be reaching between 10% and 11% of Ebitda by the end of the year. Going forward, in FY26–27, we are looking for a more healthy turnover with our subsidiaries,” he noted.

“Once the turnover goes up, that would obviously in turn increase our Ebitda margins. So, FY26–27, we are definitely looking at a much healthier Ebitda margin between 11% and 13%, and we are confident that we will be achieving that,” he added.

Shares of Man Industries India Ltd. closed 3.52% lower at Rs 293 apiece, while the benchmark index Nifty 50 ended 1.36% down at 23,559.05.