Man Industries share price surged over 10% on Monday's early trade to touch a 52-week high following the announcement by the company that it had secured its largest-ever single order of over ₹1,850 crore for pipes from Oil & Gas International Company. Man Industries share price today opened at ₹502 apiece on BSE; the stock touched an intraday high of ₹513 and an intraday low of ₹482.70.
Rajesh Bhosale, Equity Technical and Derivative Analyst atAngel One, highlighted that the stock has seen a gap- up opening; however, from the initial highs, prices have dipped a bit, trimming gains. Technically, prices gave a bullish breakout last week, breaking beyond 450, and positive momentum is expected to continue in the near term with a potential target of 530–550. The bullish gap of today around 475, followed by 450, is seen as immediate support and a buying zone.
The Oil & Gas International Company awarded Man Industries the contract to supply high value-added line pipes of API 5L grade for the massive offshore project, according to the company's exchange filing. The order is anticipated to be delivered during the next 12 to 18 months. With this, Man Industries has around ₹4,000 crore in unexecutedorders.
“This order reflects the robust business environment and showcases the trust of the customers they have in the Company’s technological and executional capabilities,” the firm said in its filing.
The manufacturer of steel pipes announced in the last week of May that it had received fresh orders from both local and foreign markets totalling ₹490 crore. The business added in a statement that, with this new success, the order book stands at almost ₹2,600 crore.
Multiple grades of steel pipes were ordered for use in domestic and international oil and gas transportation as well as water transport projects.
Brokerage house Emkay Research reiterated ‘buy’ rating on Man Industries, with an unchanged target price of ₹500/share, which it surpassed today.
“We see the news as headline positive for the stock, though it is unlikely to change our revenue estimates meaningfully, as we are already baking in 43% revenue uplift in FY26E over the FY24 base. The size of the order reaffirms our conviction that the business is well positioned to capitalise on a favourable cycle and lift return on equity from through-the-cycle average of 9- 10% to 17.4/21.0% in FY27E/FY28E,” the brokerage said.
Trendlyne data shows that Man Industries' share price has increased by approximately 250% in only a single year.
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