MAN Industries Targets Saudi Arabia for Major Growth, Sees Region Contributing Up to 40% of Revenue

$MANINDS MAN Industries is entering what management describes as an important growth phase, with Saudi Arabia expected to become a much larger contributor to the company's business over the next three years. In an interview published on 15 August, Managing Director Nikhil Mansukhani said the Saudi region could contribute 35–40% of total revenue within three years, supported by the ramp-up of its recently acquired National Pipe Company (NPC) business. The company currently has a consolidated order book of around ₹3,600 crore, with most of the orders expected to be executed over the next 6–12 months. Management has maintained its FY27 revenue guidance of approximately ₹5,000 crore and an EBITDA margin target of 13–15%, despite the strong improvement already seen in the first quarter. Q1 FY27 EBITDA reportedly increased 92.6% year-on-year, with EBITDA margin expanding to 14.6%, helped by a favourable product and geographical mix as well as operating leverage. The company is also preparing for further investment in Saudi Arabia and a new plant in Jammu, which could increase its manufacturing capacity and geographic diversification. The Saudi strategy is particularly important because the acquired NPC business provides MAN Industries with an established local manufacturing base and access to major energy and infrastructure customers. If Saudi operations scale as management expects, the company could gradually transform from an India-focused pipe manufacturer into a more internationally diversified energy-infrastructure supplier. The key investment question, however, will be whether the company's ambitious Saudi expansion can translate into sustainable revenue growth and maintain margins while the company funds additional capital expenditure.