Man Industries is “the line pipe people” - a specialist that makes the giant steel pipes carrying oil, gas and water across continents, and one of the world’s largest exporters of its kind. Founded by the Mansukhani family in 1970 and incorporated in 1988, the company spent decades supplying over 20,000 kilometres of pipe to more than 30 countries before a defining move in 2026: buying a ready-built, Aramco-approved pipe plant in Saudi Arabia, which instantly gave it a second manufacturing home inside the Middle East’s biggest energy market. Everything the company does follows a single recurring logic - use the cash and credentials from its Indian pipe business to build or buy the next engine, whether that is a coating plant in Dammam, a stainless-steel pipe factory in Jammu, or a real-estate development in Navi Mumbai. # Business segments Three engines at different stages - a global pipe-manufacturing cash cow now spanning two countries, a stainless-steel diversification under construction, and a real-estate monetisation play - each funded by the one before it. ## 1. Large-diameter line pipes: the core manufacturing engine that earns the group’s keep **Man Industries makes the high-specification steel pipes that oil companies and governments need for high-pressure pipelines, and it sells them project by project to marquee clients across the world - the business is built on scale, certifications, and port-side factories.** - **Two Indian plants, one million-plus tonnes of capacity** - the Anjar plant in Gujarat houses two LSAW (longitudinal welded) lines, two HSAW (helical welded) lines, one ERW (electric resistance welded) line and anti-corrosion coating systems, while the Pithampur plant in Madhya Pradesh serves the domestic market; together they can produce over 1.20 million metric tonnes per year across pipe types, making Man one of the largest large-diameter pipe manufacturers globally. - **Certifications are the entry ticket** - the plants hold American Petroleum Institute (API) approvals, which are mandatory to sell high-pressure pipes for oil and gas, along with ISO quality and safety certifications and a CE mark from DNV in the Netherlands, so the company can bid for almost any pipeline project on earth. - **Exports drive the order book** - roughly 57% of revenue comes from outside India, with the Middle East and North Africa as the biggest customer region; the Anjar plant sits close to Kandla and Mundra ports, cutting the cost of shipping giant pipes to clients like Shell, Kuwait Oil Company and Petrobras. - **Cost and risk on the seller** - a growing share of contracts is structured on DDP (Delivery Duty Paid) terms, meaning Man bears the sea freight, inland transport and import duties all the way to the buyer’s doorstep; the higher cost is matched by a higher selling price, so absolute earnings are protected. - **Moving from projects to products** - the company is deliberately shifting its mix toward ERW pipes, which contributed nearly 10% of revenue in FY25, because smaller-diameter pipes for city gas distribution and construction sell in higher volumes and smooth out the lumpy nature of large project orders. ## 2. National Pipe Company: the Saudi Arabian plant that doubles the manufacturing footprint overnight **Acquired in May 2026 for about USD 102 million, NPC is a debt-free, profit-making pipe mill in Dammam with a 20-year Aramco relationship - it gives Man a second manufacturing base inside the Gulf’s infrastructure boom, insulated from Indian logistics and trade barriers.** - **Bought, not built, at a discount** - the previous owners were a joint venture between Japan’s Nippon Steel and Sumitomo Corporation, from whom Man already bought raw materials; the deal was struck at 1.5 times EBITDA, compared to 7-9 times for listed Saudi peers, and the target came with USD 83 million of cash and liquid assets on its balance sheet. - **Two mills under one roof** - NPC runs one HSAW line (250,000 tonnes) and one LSAW line (180,000 tonnes), making it one of the few plants in Saudi Arabia with both technologies; it can produce pipes from 20 inches to 88 inches in diameter, with wall thickness up to 45 millimetres, and is certified to API 5L and API 2B standards. - **Aramco is the anchor client** - NPC has been on Saudi Aramco’s approved vendor list since 2005, and its plant sits on 100 acres of freehold land in Dhahran, right next to Aramco’s headquarters; other direct customers include Kuwait Oil Company, Qatar Petroleum and the Saudi Water Authority. - **Vision 2030 fills the pipeline** - Saudi Arabia is spending USD 80 billion on water infrastructure and Aramco alone is investing USD 52-58 billion a year; major projects like the Master Gas System expansion and the Jafurah unconventional gas field will need thousands of kilometres of large-diameter pipe, and NPC is one of only five established SAW pipe makers in the country. - **The debt sits where the cash is** - the acquisition was funded with USD 70 million of debt inside the Saudi subsidiary and USD 32 million from Man’s own cash; the Saudi operations generate enough profit to service the loan independently, so the Indian parent carries no direct acquisition debt on its books. ## 3. Real estate: a land parcel turned into a long-dated cash payout **Through its subsidiary Merino Shelters, Man holds a six-acre plot opposite D.Y. Patil Stadium in Navi Mumbai - rather than building on it itself, the company assigned development rights to a specialist partner in exchange for upfront cash and a share of the finished property.** - **Upfront money plus a future share** - the deal with Paradise Group brought in Rs. 70 crores immediately, and Man will receive roughly 450,000 square feet of developed commercial and residential space, which the company estimates is worth Rs. 650-700 crores over the next five to six years. - **Earnings start flowing soon** - the commencement certificate is in hand, and the company expects the development to begin contributing incremental earnings from the second quarter of FY27. # Dammam coating facility: the missing piece that turns two pipe plants into a single integrated platform **Under construction on 83 acres in Dammam Industrial City, this USD 40 million plant will apply anti-corrosion three-layer polyethylene coatings to pipes - and once running by mid-2027, it will let Man offer a finished, coated pipe from its own Saudi factory, something very few competitors in the Gulf can do.** - **Reallocated after the NPC deal** - the company originally planned a full greenfield pipe-and-coating mill in Saudi Arabia, but after buying NPC’s ready pipe capacity it redirected the investment into a dedicated coating-only facility, saving time and avoiding duplication. - **High-margin finishing** - the plant is designed for 4 million square metres of annual coating capacity, with expected EBITDA margins of 25% to 35% depending on the coating type, well above the margin profile of the pipe mills themselves. - **A differentiator for big tenders** - large Aramco and water-authority projects increasingly demand a single supplier who can manufacture and coat the pipe; an integrated NPC-plus-coating platform puts Man on a shortlist of bidders that can deliver both from one location. # Group structure and partners **Man Industries sits atop a family-controlled group with subsidiaries in Saudi Arabia, the UAE and the USA, all built to serve the pipe business or unlock value from legacy assets.** - The Mansukhani family held about 42% of the company as of early 2020, with Chairman Rameshchandra Mansukhani as the largest individual shareholder. - The Saudi operations run through Man International Steel Industries Company (MISIC), which owns 100% of NPC and is developing the Dammam coating plant; the parent has issued a USD 70 million corporate guarantee to MISIC’s lenders but carries no direct debt from the acquisition. - Other subsidiaries include Man Stainless Steel Tubes Limited (yet to start operation), Merino Shelters (the Navi Mumbai real-estate vehicle), Man Offshore and Drilling (yet to start operations), a Dubai trading entity, and a US subsidiary in Texas. - In November 2025, Man signed a five-year non-binding memorandum of understanding with Aramco Asia India to explore long-term pipe supply and the potential for jointly developing manufacturing capabilities in Saudi Arabia - a signal of deepening ties with the kingdom’s most important customer.