21STCENMGM Q3 FY26 earnings call.
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Revenue
₹-3.37 Cr
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Revenue YoY
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EBITDA
Pending
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Man Industries reported its highest-ever quarterly EBITDA margin of 16.2% in Q3 FY26, driven by value-added product mix and operational efficiency, with consolidated EBITDA growing ~61% YoY to Rs 136 crore and PAT up 61% to Rs 55 crore. The company retracted its original FY26 revenue guidance of Rs 3,600-3,700 crore and upgraded EBITDA margin guidance to 13-14%. With an executable order book of Rs 4,000 crore and a bid pipeline of Rs 11,500 crore, management expects Q4 FY26 to be among its best quarters. Saudi Arabia facility remains on track for Q1 FY27 completion (targeting Rs 1,500-2,000 crore revenue in Year 1 at 50-60% utilization), while Jammu faces a slight delay to Q2 FY27 due to flood-related disruptions. For FY27, management targets 25-30% consolidated growth conservatively (internal target 50-55%) with EBITDA margins of 13-15%. The real estate segment (Marino Shelters) will generate Rs 600-800 crore over 6-7 years starting FY27. Key risk: Jammu plant delay from flooding and geopolitical factors could impact FY27 revenue ramp-up timeline.
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Guidance to track
- Management targets Rs 5,000-6,000 crore revenue in FY27 with 25-30% growth conservatively, while internal budget is set at 50-55% growth assuming stable steel prices.
- Consolidated EBITDA margins expected to sustain in the 13-15% range for FY27, with management preferring to guide conservatively and overdeliver.
- Saudi plant expected to contribute Rs 1,500-2,000 crore in FY27 at 50-60% utilization, scaling to Rs 2,000-2,500 crore in FY28 and Rs 2,500-3,000 crore by FY29.
- Jammu plant expected to contribute approximately Rs 300 crore in FY27 (partially operational), scaling to Rs 500-600 crore in FY28 at optimal utilization.
Risks flagged
- Jammu facility faces delays due to floods and geopolitical factors in the region. Manpower and supply chain disruptions caused restart challenges, pushing completion to Q2 FY27 instead of originally planned Q4.
- Steel and commodity price fluctuations significantly impact revenue guidance. Management acknowledged that if steel prices drop, volume must increase substantially to meet revenue targets, creating execution uncertainty.
- Non-fund based working capital requirement of Rs 750-900 crore during peak execution periods (when executing Rs 1,500-2,000 crore) poses liquidity risk, particularly with DDP shipment model increasing freight and logistics costs.
- Analyst raised questions about cash flow timing from Marino real estate project. Management stated Rs 70-100 crore expected in FY27, but actual collections over 6-7 years depend on project execution speed and partner performance.
Key quotes
- We are pleased to report the highest ever quarterly EBITDA and PAT margin in the company's history reflecting our sustained focus on product mix optimization, strong operational discipline and effective cost management.
- We would be able to achieve more than 50-55% growth. On a conservative level, 30-35% growth is realistic but our internal goal is at 50-55% which our budgets and everything is set at.
- This opportunity with Aramco... there is an optic agreement which would be in place once the plant is up early approvals and a preference of being the local player to get more business.
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