Man Industries

What Man Industries does

Man Industries (India) Limited is a publicly listed (NSE: MANINDS) Indian manufacturer and exporter of large-diameter carbon steel line pipes, founded in 1988 and headquartered in Mumbai. Its product portfolio centers on LSAW (Longitudinal Submerged Arc Welded) pipes ranging from 16" to 56", HSAW (Helically Submerged Arc Welded) pipes from 18" to 130", ERW (Electro Resistance Welded) pipes from 4" to 18", Hot Induction Bends (18"-48"), and a full suite of coating systems (FBE, 3LPE, 3LPP, Concrete Weight Coating). Manufacturing uses imported Swiss JCO and 3 Roll Bender forming technology, FFX Roll Forming for ERW, and integrated NDT and laboratory testing infrastructure, with combined installed capacity exceeding 1 million MTPA across plants in Gujarat, Madhya Pradesh, Jammu, and Saudi Arabia (post-NPC acquisition).

The company serves three primary customer segments: oil and gas (national oil companies such as Saudi Aramco, ADNOC, KOC, QatarEnergy, ONGC, GAIL), water transmission utilities (Saudi Water Authority, Indian PSUs), and EPC contractors (L&T, Tata Projects, Petrofac, Saipem, Bechtel). Revenue is generated through project-based B2B contracts secured via competitive tenders and client empanelment processes, with orders typically executed over 6-9 months at unit pricing per metric tonne. FY26 revenue was Rs 3,564 crore and the consolidated order book stands at Rs 4,100 crore.

In May 2026, Man Industries completed its first international acquisition of Saudi Arabia's National Pipe Company for USD 102 million, adding 430,000 MTPA of capacity, a 20-year Aramco-approved vendor relationship, and Rs 1,899 crore of revenue at 25% EBITDA margin. The company is also commissioning a Rs 1,200 crore greenfield plant in Dammam and a stainless steel seamless pipes facility in Jammu, supported by FY27 consolidated revenue guidance of Rs 5,000-5,500 crore and an A+ Crisil rating. Notable governance overhangs include pending SEBI forensic audit, MCA Section 206(5) notice, NFRA audit-quality order, and SEBI bar with Rs 1 crore penalty.

Name

Man Industries

Legal name

Man Industries (India) Limited

Website

https://mangroup.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Man Industries is an Indian manufacturer and exporter of large-diameter carbon steel line pipes (LSAW, HSAW, ERW, HIB) and coating systems, serving oil & gas NOCs, water utilities, and EPC contractors across 35+ countries.

Ownership category

akta.pro rank

Product category

Steel Pipe Manufacturing

NAICS

Iron and Steel Pipe and Tube Manufacturing from Purchased Steel (33121), Fabricated Pipe and Pipe Fitting Manufacturing (332996)

SIC

Steel Pipe & Tubes (3317), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Pipe & Tube Manufacturing (Seamless & Welded OCTG/Line Pipe/Structural Tube) (IMAKABAI)

Keywords

• Large diameter line pipes
• Carbon steel SAW pipes
• Pipe coating systems
• Hot induction bends
• Oil and gas pipelines

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Pipe Manufacturing and Supply: Man Industries generates revenue primarily through the manufacture and supply of large diameter carbon steel line pipes (LSAW, HSAW, ERW) and hot induction bends to oil & gas, water transmission, and infrastructure sectors. Revenue is project-based with orders typically executed within 6-9 months.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Man Industries (India) Limited manufactures and exports large-diameter carbon steel line pipes including LSAW (Longitudinal Submerged Arc Welded), HSAW (Helically Submerged Arc Welded), and ERW (Electro Resistance Welded) pipes, along with Hot Induction Bends (HIB) and pipe coating systems. The company serves oil & gas transmission, water transmission, and infrastructure projects globally, with combined manufacturing capacity exceeding one million MTPA across India and Saudi Arabia.

Product overview

Man Industries (India) Limited is a pipe manufacturing company offering a comprehensive product portfolio centered on large diameter carbon steel line pipes. The core products include LSAW (Longitudinal Submerged Arc Welded), HSAW (Helically Submerged Arc Welded), ERW (Electro Resistance Welded) pipes, and HIB (Hot Induction Bends). These are complemented by add-on coating services including FBE, 3LPE, 3LPP, Internal Epoxy, and Concrete Weight Coating. The company recently expanded through acquisition of Saudi Arabia-based National Pipe Company (NPC), adding 430,000 MTPA of HSAW and LSAW capacity. Man Industries is also expanding into stainless steel seamless pipes with a new Jammu facility. Products serve oil and gas, water transmission, and infrastructure sectors globally.

Differentiator

Problem solved

Functional benefit

Products and services

• LSAW (Longitudinal Submerged Arc Welded) Pipes Large diameter line pipes manufactured using longitudinal submerged arc welding technology, ranging from 16" to 56" diameter with wall thickness 6.0 to 55.0 mm, conforming to API 5L, API 2B, ISO 3183, and DNV-OS-F101 specifications for oil, gas, petrochemicals, fertilizers, and dredging applications.
• HSAW (Helically Submerged Arc Welded) Pipes Spiral/helically welded line pipes with diameter ranging from 18" to 130", used for high pressure oil and gas transportation, water supply, sewerage, agriculture and construction applications. Manufactured using 2-step HSAW mill technology with continuous GMAW welding and 4 inside/outside SAW welding lines.
• ERW (Electro Resistance Welded) Pipes High frequency welded steel pipes in diameter from 4" NB to 18" NB for oil, gas, fertilizers and water supply sectors, with installed capacity of 125,000 MTPA. Features FFX Roll Forming technology, 1000 KW High Frequency Welding, online weld bead monitoring, and seam normalizer.
• Hot Induction Bends (HIB) Hot induction bend pipes manufactured in diameter ranging from 18" to 48" (up to 56") for construction of bridges, arches, pipeline direction changes, and other structural projects. Uses induction bending process with bend radius 2D to 8D and bend angles up to 0-90 degrees.
• Pipe Coating Systems Comprehensive coating solutions including FBE/DFBE (Fusion Bonded Epoxy), 3LPE/3LPP (Three Layer Polyethylene/Polypropylene), Internal Epoxy Flow Lining, and Concrete Weight Coating (CWC) for corrosion protection, mechanical protection, and flow efficiency across pipeline operating temperatures from -40°C to 110°C.
• National Pipe Company (NPC) Pipe Manufacturing Saudi Arabia-based pipe manufacturer with integrated manufacturing facilities producing HSAW and LSAW pipes for clients including Saudi Aramco, Saudi Water Authority, KOC, and global EPC contractors. Acquired by Man Industries as its first international acquisition.

Quantifiable outcome

• Record Q3FY26 EBITDA margin of 16.2%, 480 bps expansion year-over-year
• +4 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• Man International Steel Industries Company (MISIC)coreStrategic or Co-development Partner · 21 May 2026MISIC is a wholly-owned subsidiary of Man Industries (India) Limited that executed the acquisition of 100% equity stake in National Pipe Company (NPC) for USD 102 million. MISIC serves as the international holding vehicle for Man Industries' Saudi Arabia operations and provides the structural mechanism for the company's international expansion strategy.
• National Pipe Company (NPC)coreStrategic or Co-development Partner · 21 May 2026Acquired 100% equity stake in Saudi Arabia-based National Pipe Company for USD 102 million. NPC is a profit-making, debt-free company with manufacturing facilities in Dhahran and Dammam, 430,000 MTPA capacity, and serves clients including Saudi Aramco (approved vendor for over 20 years), Saudi Water Authority, KOC, and global EPC contractors. Revenue of Rs 1,899 crore with 25% EBITDA margin and 26% ROE for calendar year 2025.
• Aramco Asia IndiacoreStrategic or Co-development Partner · 20 November 2025Man Industries signed MoU with Aramco Asia India to explore setting up a steel pipe manufacturing facility in Saudi Arabia. The agreement, valid for five years, focuses on developing manufacturing capacity to support regional energy and infrastructure needs. This partnership preceded the NPC acquisition and demonstrates strategic alignment with Saudi Aramco's supply chain localization objectives.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Vallourec: French-headquartered global leader in premium line pipe and OCTG solutions serving oil & gas and industrial markets. Competes with Man Industries on large-diameter line pipe tenders and has overlapping customer relationships with major NOCs.
• Tata Steel (Pipes Division): Tata Steel produces line pipes as part of its broader steel portfolio, serving the same oil & gas and water transmission end markets. As an integrated steel major with much larger scale, it competes on large tenders but is not a pure-play pipe specialist.
• Tenaris: Global leader in seamless and welded steel pipes for the energy industry with operations across the Middle East, Americas, and Asia. Competes with Man Industries on large international oil & gas tenders while also offering premium OCTG and seamless product lines.
• APL Apollo Tubes: India's largest structural and ERW steel tube manufacturer with an extensive product range across applications. While focused more on structural tube and building products, it overlaps with Man Industries' ERW product line in lower-pressure and infrastructure applications.

Direct peers

• Welspun Corp: Indian manufacturer of large-diameter HSAW and LSAW line pipes, also operating in the Middle East via a Saudi joint venture. Competes head-to-head with Man Industries for the same NOC and water authority tenders across India, GCC, and the Americas.
• Jindal SAW: India's largest line pipe manufacturer producing LSAW, HSAW, ERW pipes and ductile iron fittings for oil & gas and water transmission. Directly comparable to Man Industries in product mix, customer segments (NOCs, EPC contractors), and project-based revenue model.
• East Pipes Integrated Company for Industry: Saudi-listed manufacturer of HSAW and LSAW line pipes serving Saudi Aramco, SWCC, and regional water authorities. Now directly comparable to Man Industries' NPC subsidiary and a key Saudi competitor referenced by the 7-9x EV/EBITDA peer multiple used to justify the NPC acquisition.
• Maharashtra Seamless (Steel Authority of India Limited subsidiary): Indian manufacturer of seamless and ERW steel pipes for oil & gas, power, and structural applications. Overlaps with Man Industries' ERW and seamless product lines and serves similar domestic and international EPC customers.
• EEW (European Pipe and Steel Group): German-based manufacturer specializing in large-diameter longitudinally welded steel pipes for offshore wind, oil & gas, and pipeline applications. Competes directly with Man Industries' LSAW and HSAW capabilities on international tenders.
• Arabian Pipes Company: Saudi-based producer of longitudinal and helically welded line pipes for oil & gas and water projects. Competes directly with Man Industries' NPC subsidiary for Saudi Aramco and regional EPC contracts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@manindustriesindialtd
• LinkedInlinkedin.com/company/man-industries-ltd

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Man Industries