Ashish Kacholia to buy additional shares in smallcap stock; up 51% in 1 mth

Business Standard

02-06-2025

Man Industries share price today: Shares of Man Industries (India) rallied 12 per cent to hit an eight-month high of ₹405.35 on the BSE in Monday's intra-day trade. This comes after the company's board approved fundraising of up to ₹300 crore through the issuance of convertible warrants to the promoter group and equity shares to a non-promoter group, through a preferential issue.
The stock price of a small-cap iron & steel company is trading at its highest level since September 2024. In the past month, it has outperformed the market by surging 51 per cent, as compared to a 1 per cent rise in the BSE Sensex.
Ashish Kacholia's, Vikas Khemani's stake in Man Industries
Investors Ashish Kacholia (2.03 per cent) and Vikas Vijaykumar Khemani (2.44 per cent), collectively held a 4.47 per cent stake in Man Industries as on May 28, 2025, the shareholding pattern data showed.
Conversion of warrants by promoter
The Allotment Committee of the board of directors of the Company at its meeting held on May 28, 2025, has inter alia considered and approved the allotment of 2.5 million equity shares of face value ₹5 each, upon exercise of the conversion option by Man Finance Private Limited, a Promoter Group entity, in respect of 2.5 million warrants allotted to them by the Board of Directors on December 1, 2023.
Board approves ₹300 crore fundraise
The board of directors of Man Industries at its meeting held on Saturday, May 31, 2025, inter alia, considered and approved the raising of funds through the issuance of convertible warrants to the promoter group and equity shares to non promoter group, through preferential issue, to raise an amount up to ₹ 300 crore.
The board approved issue, offer and allot up to 7.93 million equity shares of face value ₹5 each for cash at a price of ₹328 per equity share for an amount up to ₹260 crore to the non-promoters, on a preferential basis, subject to the approval of shareholders of the company.
Man Industries Q4 results
Man Industries on May 12, 2025, said that the company delivered its highest-ever revenue, earnings before interest, taxes, depreciation and amortisation (Ebitda), and profit after tax (PAT) on both quarterly and annual bases. The company posted a 45 per cent year-on-year (Y-o-Y) growth in PAT in the financial year 2024-25 (FY25), reflecting robust operational efficiency and the successful execution of strategic initiatives across key domestic and international markets.
In the January to March 2025 quarter (Q4FY25), Man Industries' consolidated PAT more than doubled to ₹40.3 crore, against ₹17.2 crore in Q4FY24. Ebitda grew 56.6 per cent YoY at ₹101.60, and margins improved 330 bps to 11.4 per cent. Revenue from operations climbed 9.3 per cent YoY to ₹850.4 crore from ₹778.10 crore in the year-ago quarter.
The management said the company's growth momentum is driven by strategic initiatives aimed at expanding capacity, diversifying revenue streams, strengthening market presence, and sharpening its focus on core business operations.
Order Book
As of FY25-end, the company holds an executable order book of ₹2,500 crore for fulfilment over the next 6–12 months, with a total bid book of ₹15,000 crore, indicating strong demand visibility and revenue growth potential.
Outlook
Man Industries said the company is targeting a ~20 per cent YoY revenue growth for FY26, backed by the timely execution of ongoing and upcoming projects, capacity expansion, and continued order inflows. With a strategic emphasis on operational excellence, product innovation, and international market expansion, Man Industries is well-positioned to deliver sustained value to all stakeholders, the management said.
'Our targeted expansions into the ERW segment, successful execution of high-value projects, robust order book, and the strategic monetisation of a non-core asset have laid a strong foundation for continued momentum in FY26. With capacity expansions progressing in Saudi Arabia and Jammu, we are confident in our ability to scale operations and deepen our footprint across domestic and global markets,' the management said.
About Man Industries
Man Industries is one of the largest manufacturers and exporters of large diameter carbon steel line pipes (LSAW, HSAW and ERW), which are used for various high-pressure transmission applications for the oil & gas industry, petrochemicals, water, dredging & fertilisers, hydro-carbon and CGD Sector.
The company is undertaking capex to further widen its product offerings by entering the manufacturing of Stainless-Steel Seamless pipes and setting up a new plant at Dammam, Saudi Arabia, with a cost of ₹ ~600 crore. This plant will include line pipe manufacturing and a coating facility, which will cater to Saudi Arabia's growing demand.