MAN Industries looks to double earnings to ₹1,200 crore by FY29 with Saudi acquisition, says MD Nikhil Mansukhani

MAN Industries, manufacturer of carbon steel line pipes for the oil and gas sector, looks to more than double its EBITDA to ₹1,000-1,200 crore over the next three years from around ₹450 crore in FY26, with the acquisition of National Pipe Company Ltd (NPC) in Saudi Arabia. "With the ₹1,000 crore acquisition, we're now an in-Kingdom manufacturer at a time when Saudi Arabia is aggressively localising its supply chain," said Nikhil Mansukhani, managing director, MAN Industries (India) Ltd.

NPC is an approved supplier to Aramco, ADNOC and QatarEnergy, so we start as a qualified local producer, which carries real weight under Aramco's local-content framework and across the wider GCC, he said.

The company targets to grow revenue by 22–25% year on year until FY29. Our stainless-steel capex will also come on stream next year, supporting further growth, Mansukhani said. On a standalone basis, the company's revenue increased 10.8% to ₹3,455 crore in FY26, while profit jumped 42.8% to ₹196 crore.

Soon after the takeover, MAN Industries and the Saudi entity, NPC, together secured new orders aggregating around ₹1,000 crore for the supply of coated line pipes and related pipeline solutions. The orders, from oil and gas and water-transmission clients, are expected to be executed over 6–9 months. With the new orders, the combined consolidated order book stands at approximately ₹4,100 crore.

Around 75–80% of the company’s revenue comes from overseas markets.

Saudi Arabia has always been one of our strongest markets. The acquisition fits squarely into our expansion strategy, and we secured it at the right valuation, he said.

NPC has a pipe production capacity of 4.3 lakh tonnes per annum. "We have acquired an operating mill with an order book of more than $120 million for the year and L1 positions on several projects," said Mansukhani. With crude prices firm, the demand outlook is strong, he added.

"High crude prices, increasing exploration and infrastructure projects, and countries focusing on self-sufficiency after the war are creating strong demand.

Intercontinental pipeline projects are also expected to increase," he said.

The Saudi market has been structurally short on large-diameter pipe, with domestic demand consistently absorbing local capacity, so the company expects meaningful business to come through over the next nine to twelve months. With the takeover, MAN Industries has a landed-cost edge of roughly $300 a tonne from manufacturing in Saudi Arabia.

"Saudi will primarily cater to demand within the Kingdom, given the strength of its order pipeline. India will continue to supply larger line pipes to the Middle East and other export markets. For very large projects, we can draw on both India and Saudi facilities, which gives us useful operational flexibility," said Mansukhani.

Water is another major opportunity for the company in Saudi Arabia. Around $80 billion is expected to be invested under the National Water Strategy across more than 3,000 projects. Because the Kingdom depends heavily on desalination and long-distance pipeline networks, demand for pipes will stay strong, said Mansukhani. "Our spiral mill is well suited to water projects, while our other facilities serve oil and gas so we can address both segments," he added.