Man Industries (India) Limited

Man Industries (India) LImited

Positive outlook –

• In the recent Concall, it was informed that the company has order of 700 cr in pipeline.

• New PLant will be functional soon with ERW segment and Stainless Steel segment

• Positive cash flow from Operations.

• Pipeline industry to grow in India at CAGR of 5% for the next 4 to 5 years.

POssible Risks –

• Promoter holding – 45.69% (29.61% pledged)

• Ebitda Margin (6% approx ) – LOwer than the industry Median of LSaw Pipes which is 20-25%

• Trade receivables in the balance sheet are not totally realisable

• Trade payable are 736.60 cr as against Trade receivables of Rs 552 cr (as per BAlance Sheet H1-FY23)

• Trade receivables are not totally realisable, the amount is under dispute due to late delivery.

Disc : Tracking Position, Not Invested.