### **Overview** Man Industries (India) Ltd. (MIIL), incorporated in 1988 and promoted by the Mansukhani family, is the flagship company of the Man Group and a leading global manufacturer of **large-diameter carbon steel line pipes**. With over four decades of industrial presence—originally founded in 1970 as an aluminum extruder—the company has transformed into one of the world’s largest producers and exporters of **Longitudinal SAW (LSAW), Helical SAW (HSAW), and Electric Resistance Welded (ERW)** pipes. It serves critical sectors including **oil & gas, petrochemicals, water infrastructure, city gas distribution (CGD), fertilizer, hydrocarbons, and offshore projects**. The company is recognized for its engineering excellence, technological capabilities, and compliance with stringent international standards, including **API 5L**, **ISO 9001:2015**, **ISO 14001:2015**, and **ISO 45001:2018**. --- ### **Manufacturing Presence & Capacity** Man Industries operates **three advanced manufacturing facilities** across **~182 acres**, strategically located to optimize logistics and global reach: - **Anjar, Gujarat (2 facilities):** - One dedicated to **LSAW/HSAW pipes and coating systems**. - Another focused exclusively on **ERW pipe manufacturing**. - Proximity to **Kandla and Mundra ports**, rail, and national highways provides significant export and domestic logistics advantages. - Hosts a **third-generation coating plant** capable of 3LPE, FBE/DFBE, and CWC. - **Pithampur, Madhya Pradesh (1 facility):** - Equipped with **LSAW and Spiral Mill units**. - Close to national highways, reducing domestic transportation costs. - In March 2025, a **new Spiral Mill and PU Coating Facility** was inaugurated, adding **50,000 TPA** capacity. As of November 2025: - **Total installed production capacity:** **1.225 million tonnes per annum (TPA)** - **SAW pipes (LSAW/HSAW):** 1.05 million TPA - **ERW pipes:** 175,000 TPA (expanded from 125,000 TPA in 2023 and another 50,000 TPA in 2024) Future expansion will increase capacity to **1.645 million TPA**, with new greenfield projects in **Jammu** and **Saudi Arabia**. --- ### **Key Strategic Expansion Initiatives (2025)** In a major push to diversify and strengthen its global footprint, Man Industries is investing **approximately ₹1,200 crores** in **two high-impact projects**: 1. **Stainless-Steel Seamless Pipes Manufacturing (Jammu):** - **Subsidiary:** MAN Stainless Steel Tubes Limited. - **Project Cost:** ₹5.64 billion (70% debt, 30% equity). - **Capacity:** 20,000 TPA of stainless steel seamless tubes and pilgered pipes. - **Applications:** Defense, nuclear, power, food processing, chemical, and oil & gas. - **Margins:** Expected EBITDA margins of **20–25%**, significantly higher than core SAW business. - **Timeline:** Commercial operations expected by **Q3 FY26**. - **Incentives:** GST credits equal to 3x investment, 6% interest subsidy, and 15% tax rate in Jammu. 2. **Greenfield Line Pipe Plant in Dammam, Saudi Arabia:** - **Subsidiary:** Man International Steel Industrial Company (100% owned). - **Total Investment:** ₹6,000 crores (70% debt, 30% equity). - Breakout: ₹600 crores for immediate Dammam facility + additional ₹5,400 crores for future scale-up. - **Capacity:** 300,000–400,000 MTPA. - **Product Range:** HSAW/LSAW pipes (up to 140” diameter, 18 meters in length), with integrated coating capabilities. - **Applications:** Oil & gas, water transport, petrochemicals, and infrastructure. - **Strategic Drivers:** - Access to high-growth GCC pipeline demand. - Higher margins (12–14%) due to local content benefits. - Preferential tax regime and asset-light operational model. - **Timeline:** Commercial operations by **Q3 FY26**, with ₹900 million already spent. --- ### **Global Partnerships & Collaborations** - **Aramco Asia India (Nov 2025):** - Signed a **five-year MoU** to explore long-term supply and potential joint steel pipe manufacturing in Saudi Arabia. - Signals deep strategic alignment with one of the world’s largest energy firms. - **Kobe Steel Ltd., Japan (2012):** Long-standing technical and commercial partnership. - **OMS Oilfield Services, Singapore (2022):** Technical collaboration via subsidiary **Man Offshore & Drilling Ltd.** to manufacture specialty connectors and crossover tools. - **European Research Center:** Successfully tested pipes for **safe hydrogen transportation**, positioning MIIL as a key contender in the future hydrogen infrastructure supply chain. --- ### **Financial & Order Book Strength (As of Nov 2025)** - **Total Unexecuted Order Book:** **₹4,700 crores (record high)** - **Over 80% from export contracts**, underscoring global demand. - **Recent Major Orders:** - **₹1,700 crore** export order for coated line pipes (to be fulfilled in 6–12 months). - **₹1,850 crore** offshore API 5L SAW pipe order from a top-tier international oil & gas client. - **$220 million** order for API 5L grade line pipes for an offshore LNG project. - **Active Bidding Pipeline:** **₹15,000 crores** worth of line pipe projects globally. - **Asset Monetization (Q4 FY25):** - Sold a non-core asset via **Merino Shelters Pvt. Ltd.**, generating **₹700 million** in immediate cash. - Secured **30% stake in developed property (450,000 sq. ft. RERA area)**, with expected total monetization of **₹7.2–7.7 billion over 5–6 years**, enhancing long-term financial flexibility. --- ### **Product Portfolio & Quality Assurance** - **Core Products:** - **LSAW Pipes:** 16”–56” diameter, 6–55 mm thickness, up to X-80 grade. - **HSAW Pipes:** 18”–140” diameter, 6–25.4 mm thickness, up to 18 meters length. - **ERW Pipes:** API 5L compliant, now contributing **~10% of FY25 revenue**. - **Stainless Steel Tubes (Emerging):** 33.4–127 mm OD, used in industrial, marine, and defense applications. - **Coating Services:** - **External:** 3LPE, FBE/DFBE, CTC — **5 million sq.m. capacity/year**. - **Internal:** Blasting, painting, FBE. - **CWC (Concrete Weight Coating):** 125,000 m³/year for subsea/oil & gas projects. - Facilities include in-house developed **5,600-ton JCO press (2016)**. - **Certifications & Approvals:** - API Monogram licensed. - ISO 9001, 14001, and 45001 certified. - **Approved vendor for:** - **Domestic:** GAIL, IOCL, BPCL, ONGC, Reliance, Adani, Petronet India. - **International:** Shell, Kuwait Oil Company, Hyundai E&C, Kinder Morgan, NPCC, Petrobras. --- ### **Global Reach & Market Strategy** - **Clients in 30+ countries**, including the USA, Middle East, Africa, Brazil, and Bangladesh. - **Subsidiaries:** - **Man USA Inc. (100% owned):** Trading and sales hub in North America. - **Man International Saudi Arabia:** Fully owned manufacturing and trading entity. - **Export Focus:** Over 80% of order backlog from international markets. - **Strategic Shift:** Transitioning from **project-based to product-based business model**, targeting higher-margin, repeat-relationship clients. --- ### **Management & Governance** - **Ownership:** Promoted by the **Mansukhani family** of the Man Group. - **Operational Discipline:** Known for **lean structure, high operational efficiency**, and a **virtually debt-free balance sheet** historically. - **Dividend Policy:** **35-year history** of consistent dividend payments. ---