If you’ve been tracking the “hidden gems” in the Indian steel space, today’s move in Man Industries (India) Ltd was the “Shocking” validation you were waiting for. The truth is, on February 9, 2026, while the broader market was digesting global cues, Man Industries’ shares surged over 7% to hit a high of ₹388.50.
But here is the catch: This isn’t just a random price jump. It is the market reacting to a 62% year-on-year profit explosion and an EBITDA margin that just hit an industry-leading high.
The Shocking Numbers: Why the Profit Jumped 62%
The Q3 FY26 earnings report, released during market hours today, confirmed that the company is firing on all cylinders. The net profit surged to a record for the December quarter, driven by high-value export orders and a sharp reduction in raw material costs.
Man Industries Q3 FY26 vs Q3 FY25: The Growth Snapshot
| Financial Metric | Q3 FY25 | Q3 FY26 | Growth (%) |
| Consolidated Revenue | ₹745 Crore | ₹862 Crore | +15.7% |
| Net Profit (PAT) | ₹37.6 Crore | ₹60.9 Crore | +62.1% |
| EBITDA Margin | 9.8% | 14.8% | +500 bps Surge |
| Earnings Per Share (EPS) | ₹5.00 | ₹8.10 | +62.0% |
How the ₹4,750 Crore Order Book is Blueprinting the Future
The real “Power Move” making investors aggressive is the company’s visibility. Man Industries isn’t just selling pipes; it is building a “Sovereign Infrastructure” moat.
1. The Export Advantage
With the India-US Trade Deal reducing tariffs to 18%, Man Industries is perfectly positioned to capture the North American market. Truth be told, over 80% of their current ₹4,750 Crore order book consists of high-margin export orders, primarily for coated SAW pipes used in oil and gas pipelines.
2. Capacity Expansion: Saudi & Jammu
Here is the catch: The company is not stopping here. Their greenfield projects in Saudi Arabia and Jammu are on track for commissioning by the end of Q4 FY26. This expansion will allow the company to bypass local taxes in the Middle East and tap into the massive “NEOM” infrastructure projects in Saudi Arabia.
3. The “Ashish Kacholia” Factor
Renowned ace investor Ashish Kacholia recently boosted his stake in the company to over 3%. For the Common Man investor, this “vouch of confidence” from one of India’s best small-cap pickers is a “Secret Blueprint” that the company is enterring a multi-year growth cycle.
What the Analysts are Saying
The sentiment on Dalal Street toward the steel pipe sector has turned “Ultra-Bullish.”
- Arihant Capital: “Man Industries has delivered a superior performance on the margin front. The shift toward value-added coated pipes is a sustainable trend that will keep profits high.”
- Nuvama Institutional Equities: “With a bid pipeline of over ₹15,000 Crore, the company has enough ‘Fuel’ to maintain a 20%+ revenue growth for the next two fiscal years.”
- The Consensus: The stock is trading at a P/E of roughly 14x FY27 earnings, which is a massive discount compared to peers like Ratnamani Metals or Apollo Tubes.
💡 Pro-Tip: Watch the “Oil & Gas” Capex
Man Industries is a direct proxy for global oil and gas spending. As long as Brent crude stays above $65/barrel, oil giants will continue to invest in pipelines. Keep an eye on the US-India Energy Swap details—any increase in gas pipeline infrastructure will directly benefit Man Industries.
The Bottom Line
Today’s 7% surge in Man Industries is a “Warning” to those who ignored the small-cap manufacturing story. Between the 62% profit jump and the ₹4,750 Crore order book, the company has proven it can deliver “World-Class” margins from Indian soil. For the Retail Investor, the current price action confirms that the “Steel Supercycle” is still alive and kicking.
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