Man Industries expands margin as revenue growth outpaces expenses
Operating profit grew +28.29% QoQ, although higher interest, depreciation and tax reduced the benefit of the operating improvement.
Filed 12 Nov 2026, 13:59 IST · Man Industries (India) Ltd (MANINDS)
Key takeaways
- Consolidated revenue grew +14.93% QoQ to Rs 1,210.35 cr, while operating profit grew faster at +28.29%.
- Operating margin expanded 1.58 percentage points to 15.20% as revenue growth outpaced expense growth.
- Net profit rose +33.46% QoQ to Rs 82.01 cr, but other income supplied 25.04% of pre-tax profit and the tax rate rose 4.91 percentage points.
Price around the results
Revenue acceleration lifted operating profit
On a consolidated basis, revenue increased +14.93% QoQ to Rs 1,210.35 cr, while operating profit rose +28.29% to Rs 184.00 cr. Net profit grew +33.46% to Rs 82.01 cr, taking EPS to Rs 10.93 from Rs 8.19.
Operating leverage improved, but below-the-line costs rose
Expenses grew +12.82%, slower than revenue, which expanded operating margin by 1.58 percentage points. Interest increased +25.25% and depreciation rose +41.39%, limiting the conversion of operating profit into pre-tax profit. Other income accounted for 25.04% of pre-tax profit, while the tax rate increased 4.91 percentage points to 33.01%, making reported net profit less dependent on operating improvement than the headline growth suggests.
Margin moved above the Industrials peer median
The sequential margin improvement from Q1FY27's 13.62% marks a better quarter on the available trend, though there are not enough quarters here to establish a longer direction. Man Industries' 15.20% operating margin was 3.69 percentage points above the 11.51% median for the 230 Industrials peers that had reported the same quarter.
Shares rose on results-day trading
The stock gained +3.82% on 12 November, with a +1.72% opening gap and a +3.65% relative move. Trading volume was 6.25 times the reference level, indicating unusually active results-day participation.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,210 cr | ₹1,053 cr | +14.93% |
| Other income | ₹31 cr | ₹12 cr | +159.17% |
| Expenses | ₹1,026 cr | ₹910 cr | +12.82% |
| Operating profit | ₹184 cr | ₹143 cr | +28.29% |
| Operating margin (%) | 15.20% | 13.62% | — |
| Interest | ₹50 cr | ₹40 cr | +25.25% |
| Depreciation | ₹42 cr | ₹30 cr | +41.39% |
| Profit before tax | ₹122 cr | ₹85 cr | +43.25% |
| Tax | ₹40 cr | ₹24 cr | +68.23% |
| Net profit | ₹82 cr | ₹61 cr | +33.46% |
| EPS (₹) | ₹10.93 | ₹8.19 | +33.46% |
Operating margin of 15.20% compares with a Industrials sector median of 11.51% across 230 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +3.82% | +3.65% |
Volume on the results session was 6.25× its 20-day average.
What to watch
- Whether operating margin holds above 15.20%.
- Whether expenses continue to grow below the +14.93% revenue growth rate.
- Whether other income remains near its 25.04% share of pre-tax profit and interest growth moderates from +25.25%.