Man Industries falls 5.29% to Rs 857.85, 17.5% off high

Man Industries (India) Limited fell 5.29 percent on 8 October to close at Rs 857.85 on NSE, 17.5 percent below its 52-week high of Rs 1,039.70 on 25 September. I found no filing that explains the fall. Q1 FY27 numbers (consolidated, 11 August): - Revenue: Rs 1,053 crore, up 41.9% from Rs 742 crore - EBITDA: Rs 155 crore, margin 14.6% vs 10.4% (incl. other income) - PAT: Rs 61.43 crore, up 122.4% from Rs 27.62 crore - Saudi unit National Pipe Company, bought 21 May, added Rs 43 crore in about 20 days - Order book: about Rs 4,100 crore after the Rs 600 crore orders of 10 September FY27 guide: revenue of about Rs 5,000 crore at a 13 to 15 percent EBITDA margin. After Q1, Q2 to Q4 must average about Rs 1,316 crore a quarter, 25 percent above Q1, and Q2 is the Saudi unit's first full quarter. The Q2 date is not announced (last year: 13 November). Man Industries [][***** shares closed at Rs 846.35 on 8 October on StockGro (NSE Rs 857.85), up 134.01 percent in a year. P/E 31.07; sector P/E near 19. The NSE close is about 8 percent above the Rs 793 close of 9 September, before the order. My view: hold, not a fresh entry. Profit doubled in Q1, but 31x trailing earnings already pays for a guide that needs a 25 percent revenue step-up, and the Saudi unit's profit is not disclosed. Holders: hold into Q2. Fresh money: wait for Q2 revenue near Rs 1,316 crore and an EBITDA margin inside the guided band. Support Rs 793 (9 September close); resistance Rs 911.90 (8 October high), then Rs 1,039.70. My exit is a close below Rs 793, or a Q2 EBITDA margin under 13 percent. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.