Man Industries (India) Ltd Management Discussions

Global GDP outlook

• The International Monetary Fund (IMF) projects that global growth will remain moderate, with world GDP expanding at 3.1% in 2025-26, broadly in line with the post-pandemic average but below pre-pandemic levels. While advanced economies are expected to grow at a subdued pace of around 1.8%, emerging markets remain the key growth drivers, led by Asia.

• The Middle East & North Africa (MENA) region continues to benefit from energy diversification, infrastructure buildouts, and sovereign investments into industrial expansion. Rising demand for oil & gas pipelines, desalination projects, and renewable energy corridors are shaping strong opportunities for steel and pipe manufacturers.

• Southeast Asia, supported by resilient domestic consumption and infrastructure-led growth, is witnessing accelerated investments in roads, ports, energy, and urban housing. With governments pushing public-private partnerships, demand for tubular steel and pipelines is expected to rise steadily across the region.

• IMF forecasted global growth expected to grow ~3.0% in 2025 and 2026 while Emerging Markets are projected to expand at ~4.0% in 2025 and 2026. It warned, however, that the global economy faced major risks including a potential rebound in tariff rates, geopolitical tensions and larger fiscal deficits that could drive up interest rates and tighten global financial conditions.

• India: India is projected to grow at 6.4% in FY26 and FY27, revised upward from earlier estimates, backed by a more favorable global environment and domestic policy support.

• MENA Region: Growth across the Middle East and North Africa (MENA) is expected to rise to 2.6% in 2025, up from 1.8% the previous year — despite headwinds from lower oil prices (~US$65-69/barrel), tariffs, and declining foreign aid. Gulf economies, buoyed by diversification and FDI, are showing resilience.

• Southeast Asia Region: The IMF projects Southeast Asias (ASEAN) growth at ~4.2% in 2025, similar in 2026 fueled by infrastructure investments, digitization, and domestic demand. Southeast Asia continues to offer attractive growth potential, especially in Philippines and Indonesia while Malaysia, Vietnam and Thailand remain stable.

"According to the IMFs July 2025 World Economic Outlook, global economic growth Is expected to recover, rising from 3.0% In 2025 to 3.1% in 2026. While constructive, this outlook remains delicate, with policy uncertainties—particularly in trade and geopolitics—posing ongoing risks. For Man Industries, this environment underscores the importance of agility and diversification. With strong positioning in high-growth regions like the Middle East and India (expected to grow at ~6.4%), we remain confident in our long-term growth trajectory".

Indian Economy: Growth & Outlook

India continues to remain one of the fastest-growing major economies in the world, supported by strong macroeconomic fundamentals, robust domestic demand, and sustained government policy initiatives. According to the International Monetary Fund (IMF), Indias GDP is projected to grow at 6.4% in both FY2025 and FY2026, significantly outperforming the global growth average of around 3%.

This momentum is underpinned by large-scale infrastructure investments, capacity expansion across manufacturing sectors, and policy measures aimed at promoting self-reliance under "Make in India" and Atmanirbhar Bharat. The Government of Indias sustained thrust on infrastructure development, energy transition, renewable energy, and urbanisation is expected to create a multiplier effect on core sectors, particularly steel and pipe manufacturing.

The Union Budget FY2025 further reinforced this trajectory by allocating record capital expenditure for roads, railways, ports, energy, and housing. In addition, the governments focus on energy security, hydrogen economy, and decarbonisation is expected to boost demand for specialised pipeline solutions in the oil & gas, water, and hydrogen transportation segments.

Indias favourable demographic profile, rising per capita income, and increasing integration with global supply chains position the country as a long-term growth leader. With structural reforms, enhanced ease of doing business, and improving investor confidence, the Indian economy is well placed to support the nations aspiration of becoming a $5 trillion economy by the end of this decade and progressing steadily towards the vision of Viksit Bharat 2047.

For Man Industries, this strong economic environment translates into multiple opportunities in domestic and export markets, as rising energy demand, infrastructure development, and sustainable growth initiatives drive the need for high-quality pipeline solutions.

Long-Term Investment Pipeline

Indias infrastructure push is central to sustaining its high-growth trajectory. The National Infrastructure Pipeline (NIP) envisages total investments of around USD 1.4 trillion by 2025, with projects spanning transport, energy, urban development, and logistics. Looking further ahead, India is estimated to require USD 4.5 trillion in infrastructure spending by 2030 to achieve its aspiration of becoming a USD 5 trillion economy and beyond.

PM Gati Shakti & Multi-Modal Integration

The Governments flagship PM Gati Shakti National Master Plan has been designed to strengthen multi-modal connectivity and break silos across ministries and states. As of October 2024, more than 208 projects worth 15.39 lakh crore were integrated under this platform. In July 2025, four major railway corridor enhancement projects, worth over 11,000 crore, were approved, which are expected to significantly improve freight efficiency and passenger mobility.

Major Rural & Urban Infrastructure

At the state level, several initiatives are underway to bridge infrastructure gaps. Odisha has announced plans to construct 30,000 km of rural roads and 500 bridges over the next five years, with 3,470 crore allocated for FY2025-26 alone. The approval of an 8,307 crore ring road around Bhubaneswar is expected to accelerate the development of the upcoming New City project, envisaged to house 200,000 residents with integrated solar systems. Nationwide, upcoming projects under PM Gati Shakti include electric bus networks with flash-charging systems, smart village connectivity, and ropeway systems, all of which reinforce Indias sustainable infrastructure ambitions.

Sectoral Trends & Raw Materials

The infrastructure boom is expected to have a profound impact on the steel and raw materials ecosystem. Global mining major BHP anticipates rising demand for iron ore, coking coal, and potash, driven by Indias accelerated steel production and usage. On the energy front, regulators have flagged the need to ensure that new renewable energy capacity is matched with transmission infrastructure, so that generation does not outpace grid readiness. This convergence of infrastructure, energy, and raw materials underscores the central role of the steel and pipe manufacturing industries in enabling Indias long-term growth.

"For Man Industries, these developments present significant opportunities. Rising demand for oil & gas, water, and hydrogen pipelines aligns with Indias infrastructure expansion and energy transition plans. Large-scale urban and rural connectivity projects will drive the

requirement for robust pipeline networks, while green energy corridors and hydrogen infrastructure will create new areas of demand. With its technological expertise, global reach, and strong execution capabilities, Man Industries is strategically positioned to play a pivotal role in supporting Indias transformation towards Viksit Bharat2047".

Global Oil & Gas Industry: Demand, Supply & Outlook

The global oil and gas sector is witnessing a complex mix of demand growth, supply expansion, and accelerated transition toward cleaner energy. For a pipeline manufacturer, these dynamics translate into both opportunities and challenges, shaping future demand for pipeline infrastructure across geographies.

Demand Dynamics

• Global oil demand is projected to grow by ~1.8 million barrels per day (mb/d) in 2025, led by non-OECD economies, particularly India, China, and the Middle East.

• While electrification of transport is expected to reduce demand growth by ~350,000 b/d in 2025, overall requirements for crude oil, natural gas, and refined products transportation remain robust.

• Expanding gas-fired power generation and rising LNG trade flows are driving the need for large-diameter pipelines, LNG terminals, and related infrastructure.

Supply & Infrastructure Needs

• Non-OPEC+ supply is forecast to increase by 1.3 mb/d in 2025, with the U.S., Brazil, and Guyana contributing significantly.

• OPEC+ nations and Middle Eastern producers are scaling up investments in production and export infrastructure, creating steady demand for long-distance transmission pipelines.

• In parallel, India and Southeast Asia are expanding refining and petrochemical capacity, requiring robust midstream pipeline connectivity.

Pricing & Investment Trends

• Brent crude is expected to soften by ~10% in 2025, while natural gas (Henry Hub) is forecast to rise by ~42%, reflecting stronger demand.

• Despite price pressures, state-owned energy companies in the Middle East are increasing CapEx, particularly in cross-border pipelines and LNG infrastructure.

• Global CapEx is projected to remain stable at ~$636 billion in 2025, with cautious spending by international oil majors but stronger project flow in gas and hydrogen transportation.

Geopolitical Factors

• Tensions in the Strait of Hormuz continue to pose risks to global oil flows. Any disruption could fast-track redundant pipeline networks bypassing chokepoints.

• In the U.S., investments in LNG export pipelines and domestic transmission are intensifying, while in Australia, new gas pipeline projects are emerging to secure long-term supply.

• Policies such as the UKs windfall tax and U.S. shale retrenchment highlight the importance of diversification across multiple geographies.

Energy Transition & Structural Shifts

• The accelerating shift toward renewables, hydrogen, and CCUS projects will require new-generation pipelines capable of handling diverse energy forms.

• Digitalization and automation in oil & gas infrastructure projects are likely to create demand for advanced, higher-specification pipe products.

"Global oil & gas dynamics present both challenges and opportunities for Man Industries. Rising Investments In natural gas, hydrogen, and decarbonization infrastructure—particularly in the Middle East and Asia—are expected to drive sustained demand for large-diameter pipelines. Indias growing energy corridors further strengthen the domestic opportunity landscape. Leveraging its technological expertise and strong global positioning, Man Industries is well-placed to capitalize on upcoming projects across oil, gas, LNG, and hydrogen transportation".

Regional Infrastructure Snapshot (Saudi Arabia, UAE & Southeast Asia)

Saudi Arabia

Oil & Gas — Strategic Expansion and Diversification

• Oil Production Expansion Plans: Saudi Aramco is steadily ramping up output, with targeted production capacity projected to increase by 5.2% between 2025 and 2029, reaching nearly 13 million barrels per day (mmbd). This expansion is anchored by the commissioning of the Berri, Zuluf, and Marjan fields, which collectively are expected to add around 1 mmbd of new capacity.

• Jafurah Shale Gas Development: Saudi Aramco sealed an $11 billion lease-and-leaseback deal with a GIP-led consortium for its Jafurah midstream assets—part of a $100 billion mega-project aimed at boosting gas capacity by 60% from 2021 levels by 2030. Jafurah alone holds 229 trillion scf of raw gas and significant condensate reserves.

• Gas Network Expansion: Progress continues the Master Gas System, with over $25 billion in contracts awarded across Jafurah Phase II and MGS Phase III. This expansion adds 4,000 km of pipelines and aims to elevate gas transmission capacity by ~3 bscfd by 2028, connecting new cities and supporting rising domestic demand.

• Strategic Shift to Gas: Aramcos investment focus has increased on natural gas, which delivers higher returns and aligns with decarbonization priorities by supporting petrochemicals, power generation, and potential hydrogen pathways.

Water — Infrastructure for Sustainability & Resilience

• Jubail-Buraydah IWTP: The Independent Water Transmission Pipeline, awarded to a private sector consortium under a BOOT model, will span 587 km, with a capacity of 650,000 m³/day and reverse flow capability. Commercial operations are expected to start by Q1 2029.

• Water Security & Diversification: Saudi Arabia plans to build 1,000 rainwater-harvesting dams with a combined annual capacity of 4 million m³—a strategic push to augment supply resilience and conserve natural resources.

• Desalination Scale-Up & Reuse Initiatives: As a global leader in desalination, Saudi Arabia is advancing both water generation infrastructure and water reuse systems under its Vision 2030 framework, fostering PPP participation and sustainability.

Strategic Outlook & Vision 2030 Alignment

• These oil-to-water infrastructure developments are central to a broader economic transformation under Vision 2030, aimed at diversifying revenue, boosting non-oil investment, and enhancing resource security.

• Aramcos gas initiatives and national water programs align with the Kingdoms push toward sustainability, resilience, and mega-infrastructure build-out—core pillars of the broader reform agenda and energy transition.

United Arab Emirates

Oil Industry Outlook

• The UAE is scaling up oil output, aiming to hit a production capacity of 5 million barrels per day (bpd) by 2027, up from 4.85 mmbd in 2024. This ambitious expansion is largely driven by capacity enhancement projects, including output increases from offshore fields like Zakum and Umm Shaif.

• Oil sector investments are strong—ADNOC has ramped up its five-year capex commitment to $150 billion through 2027, reinforcing its capacity-building and upstream growth strategy.

Natural Gas Outlook

• UAEs gas production is projected to grow by 45%, climbing from 6 to 9 Bcf/d by 2030, driven by major projects such as Ghasha, Hail, Ras Al Sadr, and Ruwais LNG.

• ADNOC Gas is targeting $15 billion in capex over five years, with key projects such as MERAM, IGD-E2, and Ruwais LNG (9.6 Mtpa) scheduled for completion by 2028-2029.

Water Sector & Desalination Outlook

• The UAEs desalination equipment market is growing robustly, from USD 6.4 billion in 2024 to a projected USD 11.2 billion by 2030 (~9.8% CAGR).

• Taweelah IWP, operated by ACWA Power, is the worlds largest reverse osmosis plant with a capacity of ~900,000 m³/day, reaching 90% output in mid-2023. Other advances include Hassyan IWP, partially solar-powered with record-low tariffs.

Southeast Asia

Southeast Asia remains a high-growth energy market where natural gas is the primary growth engine, oil demand continues to rise

on the back of transport and industry, and water security investments (desalination, reuse, bulk transmission) are increasing across

coastal metros and fast-urbanising hubs.

Oil

• Demand: Oil consumption in SEA continues to grow (transport-driven), supporting downstream investment even as some domestic production matures. The IEA flags Asia (including SEA) as a dominant source of near-term oil demand growth.

• Upstream: New field developments will add supply, but overall regional production faces medium-term declines without fresh discoveries—raising import dependence and sustaining refining/logistics investments.

Natural Gas & LNG

• Gas-led growth: Independent studies show gas demand accelerating across the region; Wood Mackenzie projects SEA will become a net LNG importer by ~2032, driving major investment in regas, pipelines and gas-fired power.

• Project activity: Dozens of upstream and midstream projects (Indonesia, Malaysia, Vietnam, Thailand) are in execution — adding gas processing, pipelines and LNG capacity through 2027. International majors and independents are increasing capital deployment to secure regional gas supplies.

• Regional integration: Renewed emphasis on the Trans-ASEAN Gas Pipeline (TAGP) and LNG-pipeline hybrid links aims to strengthen cross-border resilience and trade, with ASEAN member states progressing on TAGP protocols and tie-ins.

Water (Desalination, Reuse & Bulk Transmission)

• Capex growth: Urban water security is a growing priority—desalination, large-scale WWT reuse, and bulk transmission are expanding in Singapore, Philippines, Indonesia and Vietnam. Recent private-sector desalination and WTP awards demonstrate active project pipelines.

• Technology trend: Cities favour a diversified mix (desalination + reuse + rain capture + imports), increasing demand for intake/ outfall, treated-water conveyance and industrial reuse pipelines

"Saudi Arabias Oil & Gas and water pipeline expansions, UAEs rich gas infrastructure projects, and Southeast Asias growing LNG-pipeline interconnectivity are set to drive strong demand for advanced pipeline solutions. These developments position Man Industries to capitalize on rising opportunities in its core export markets, reinforcing its role as a key partner in regional energy and infrastructure growth".

Outlook on Global Hydrogen Pipes Industry

The global push toward decarbonization is accelerating the development of hydrogen as a key energy carrier of the future. Governments and industry players across Europe, Asia, and North America are investing heavily in creating large-scale hydrogen transport and distribution infrastructure. According to the Hydrogen Council, global investments in hydrogen are projected to exceed USD 500 billion by 2030, with a significant share directed towards pipelines and midstream assets.

Industry Trends

• Europe: The EUs Hydrogen Backbone initiative envisions more than 40,000 km of hydrogen pipelines by 2040, repurposing existing natural gas networks while adding new dedicated infrastructure.

• Asia: Japan and South Korea are advancing hydrogen import corridors, while India has launched its National Green Hydrogen Mission targeting 5 MMT annual production capacity by 2030, necessitating a supporting pipeline network.

• North America: The U.S. Inflation Reduction Act and Canadas hydrogen roadmap are spurring investment in hydrogen hubs and associated transmission pipelines.

• India: Indias National Green Hydrogen Mission is driving plans for dedicated hydrogen pipelines and safe blending in its 33,000 km gas network, opening long-term opportunities for pipe manufacturers.

Technical Considerations

Hydrogen pipelines demand specialized high-grade steel and coatings to withstand embrittlement, permeability, and high-pressure transmission. Manufacturers with advanced R&D capabilities and proven track records in energy pipelines are well-positioned to benefit.

"Man Industries is strategically placed to capture this opportunity given its expertise in producing large-diameter, high-pressure, and technologically advanced pipes. The Companys investments in R&D, metallurgy, and global certifications enable it to cater to future hydrogen infrastructure demand. As global and domestic hydrogen projects move from pilot to execution stage, Man Industries can leverage its reputation, scale, and technical know-how to become a trusted partner in the energy transition supply chain".

Indian Oil & Gas Industry and Pipeline Infrastructure

India has firmly established itself as the fastest-growing oil market globally, with 2025 expected to mark a decisive year in terms of energy demand expansion. According to S&P Global, Indias oil demand is projected to rise by 3.2% year-on-year, while OPEC forecasts a stronger 3.39% growth, more than double Chinas pace. As per the EIA, India alone could contribute 25% of incremental global oil demand in 2025, adding approximately 330,000 barrels per day. This surge is being driven by robust economic activity, rapid urbanization, increased industrialization, and higher mobility across the country.

Demand Drivers and Trends

Gasoline consumption is anticipated to grow between 6-8% in FY26, while diesel demand is projected to rise by 4%, with ethanol blending (E20 mandate by 2025) moderating some of this growth. Demand growth will continue to be fueled by automotive, aviation, and industrial sectors, alongside the expansion of logistics and e-commerce.

Domestic Production and Strategic Developments

On the supply side, India continues to advance domestic production to reduce import dependency. A major highlight is the BP- ONGC collaboration in Mumbai High, expected to boost oil output by 44% and gas production by 89%, generating revenues of over $10 billion and significant fiscal contributions. The Krishna-Godavari (KG) Basin developments are also set to deliver sizeable production gains, with potential savings of up to 11,000 crore annually in import substitution.

Refining and Infrastructure Expansion

Despite rising demand, Indias refining capacity growth has lagged—expanding only 5% over the last seven years, far short of the original 2025 target of 69%. As a result, import dependence has increased. To bridge this gap, significant investments are underway:

• HPCLs Pachpadra Refinery (Rajasthan),

• Expansion of IOCLs Paradip Refinery and BPCLs Bina Refinery, and

• Large-scale integrated complexes such as the Ratnagiri Refinery & Petrochemicals Project.

India is targeting refining capacity of 310 million tonnes per annum by 2028, aligned with rising domestic demand and export opportunities.

Natural Gas Sector: Infrastructure Push

Natural gas is central to Indias clean energy transition. The government aims to raise its share in the energy mix from 6% to 15% by 2030. As of March 2025, India has an operational pipeline network of ~25,400 km, with another 10,500 km under construction, moving towards a unified National Gas Grid of ~34,000 km.

Key projects such as the Kandla-Gorakhpur LPG Pipeline (worlds longest at ~2,805 km), Urja Ganga (2,540 km), and the Mumbai- Nagpur-Jharsuguda pipeline (1,755 km) are integrating underserved regions. Eight LNG terminals are operational, with new capacity additions and regulatory reforms (LNG Terminal Regulations 2025) enhancing transparency and competitiveness.

Imports and Dependency

Indias crude oil import dependency increased to 88.2% in FY25, with the oil & gas import bill reaching $144.2 billion. Despite higher domestic gas production, demand still significantly outpaces supply, necessitating LNG imports. Strategic initiatives like the TAPI pipeline and long-term LNG contracts are being pursued to diversify supply and enhance energy security.

Policy and Investment Climate

Policy reforms are reinforcing investor confidence. The Oilfields (Regulation and Development) Amendment Bill, 2024 has modernized hydrocarbon definitions and streamlined approvals. The 10^th round of Open Acreage Licensing Policy (OALP) was launched in 2025, leveraging advanced seismic mapping and AI for exploration.

The government has also accelerated the E20 ethanol blending mandate to 2025, advanced policies for carbon capture, hydrogen blending, and biofuels, and introduced a unified gas tariff regime to ensure equitable access across regions.

Energy Transition and Future Pathways

India is pursuing a dual strategy—meeting surging demand while accelerating the clean energy transition. The National Green Hydrogen Mission targets 5 million tonnes annual production by 2030, with leading corporates like Reliance and Adani pledging multi-billion-dollar investments. Public sector companies are simultaneously expanding into biofuels, carbon capture, and hydrogen blending.

"Indias rapid expansion of its oil & gas sector, including 10,000+ km of new pipelines, LNG terminals, and refinery-linked projects, is set to drive strong demand for high-quality line pipes. With expertise in large-diameter pipe manufacturing and proven execution in crosscountry projects, Man Industries is strategically positioned to capture opportunities across oil, gas, and emerging hydrogen networks."

Indian Water Sector Outlook

Water Stress & Quality Challenges

• Indias per capita water availability has already fallen below the global"water stress"threshold of 1,700 m³ and is fast approaching the "scarcity" level (<1,000 m3).

• Nearly 600 million people live under high to extreme water stress, with demand projected to exceed supply twofold by 2030.

• Quality concerns remain severe—70% of surface water is contaminated, with widespread nitrate, fluoride, and arsenic issues affecting large regions.

National Missions & Infrastructure Investments

• Jal Jeevan Mission (JJM - Har Ghar Jal): By March 2025, 80.2% of rural households have tap water access. With a FY26 budget of 67,000 crore, total outlay since inception has crossed 3.6 lakh crore.

• Urban Programs (AMRUT 2.0 & PPPs): As of Q3 FY25, 397 active water projects worth 22,754 crore were tracked, covering pipelines, STPs, treatment plants, dams, and tunnels.

• Financing Innovations: Surat launched a 200 crore green municipal bond to fund a 250 MLD zero-liquid discharge plant.

• Reuse & Conservation: National campaigns like Catch the Rain and decentralized reuse projects (e.g., Navi Mumbais 45 MLD facility and Raipurs industry-linked reuse) are scaling aquifer recharge and water recycling.

River Linking Opportunity

Indias National River Linking Project (NRLP)—the worlds largest planned water transfer program—envisions connecting 37 rivers via 30 links and 3,000+ storage structures to transfer ~174 billion cubic meters annually.

The flagship Ken-Betwa Link (44,605 crore) is underway, featuring over 220 km of canals, tunnels, and bulk pipelines. Other projects such as the Godavari-Cauvery and Mahanadi-Godavari links are under active planning.

For pipe manufacturers, this represents a multi-decade growth opportunity, especially in:

• Large-diameter pipelines for long-distance water transfer.

• Pressurized pipelines for inter-basin flows across challenging terrain.

• Advanced coatings and anti-corrosive solutions for durability in high-stress applications.

"The scale of Indias water infrastructure and river-linking initiatives translates into a sustained demand for large-diameter, high- performance pipelines. With proven expertise in oil, gas, and hydrogen transportation, Man Industries is uniquely positioned to capitalize on these opportunities, strengthening its role as a partner in Indias water security and nation-building agenda."

Domestic Stainless-Steel Market: Outlook & Key Growth Drivers

Market Snapshot

Indias stainless-steel consumption touched ~4.8 million tonnes in FY25, growing ~8% YoY. Per-capita usage rose to ~3.4 kg, though it remains well below the global average of >6 kg, underscoring significant growth potential. Over the next 2-3 years, consumption is expected to expand at a 7-8% CAGR, supported by infrastructure, transportation, construction, and process industries.

Growth Drivers

• Railways & Transport: Adoption of stainless steel in Vande Bharat sleeper coaches and other new platforms is boosting demand for high-strength, lightweight grades.

• Urban Infrastructure: Applications in pipelines, bridges, metros, fagades, and utilities are expanding, driven by corrosion resistance and durability.

• Process Industries: Food & beverage, pharmaceuticals, and chemicals are scaling capacity, with stainless preferred for hygiene and anti-corrosion properties.

• Water & Sanitation: Large municipal water, STP, and desalination projects are increasing demand for stainless pipes and fittings. The 2025 BIS Quality Control Order for stainless pipes and tubes strengthens standards and supports domestic producers.

• Energy Transition: Green hydrogen, biofuel, and renewable projects are adopting advanced stainless alloys resistant to high temperatures and chloride exposure, while interest in "green steel" procurement is rising.

Policy & Trade Tailwinds

• Raw Material Relief: Zero customs duty on ferro-nickel, molybdenum ores/concentrates, and exemption on ferrous scrap (extended to March 2026) ease input costs.

• Quality Standards: Enforcement of 151 BIS steel standards and product-specific QCOs is expected to limit sub-standard imports and improve end-use reliability.

• Trade Safeguards: DGTR proposals for safeguard duties on flat steel imports reflect a more protective stance, indirectly benefiting stainless steel.

Outlook

The domestic stainless-steel market enters FY26 on a strong footing, with broad-based demand, favorable policy, and rising applications across sectors. Growth is expected to remain in the mid-to-high single digits through FY27, with further upside from faster infrastructure execution and continued substitution of carbon steel by stainless steel.

"With its foray into stainless steel mother pipes and pilgered pipes, Man Industries is stepping into a premium segment that underpins high-precision tubular products. This strategic move enhances value addition, widens the Companys product portfolio, and strengthens its position to serve fast-growing sectors in both domestic and international markets."

Disclaimer

Statements in management discussion and analysis describing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those either expressed or implied. Important factors that could make a difference to the Companys operation include among others, economic conditions affecting demand/supply and price conditions, variation in prices of raw materials, changes in governmental regulations, tax regimes, economic developments and other incidental factors.