Man Industries (India) Ltd, a major producer of industrial-grade pipes for the oil and gas and water sectors, plans to complete its ₹650 crore pipe manufacturing expansion facility in Damman, Saudi Arabia, in the current fiscal year, said its managing director Nikhil Mansukhani in an interview.
This will help it capitalise on growing demand and local import duties and cater to growing markets in Europe and America.
The company was looking forward to the completion of two of its expansion projects in Saudi Arabia and another in Jammu and Kashmir, as both had the potential to add $500 million to its top line at full capacity, Mansukhani added.
Man Industries, which reported profits of just below ₹100 crore and revenues in excess of ₹2,200 crore in the first nine months of 2024-25, is targeting a 30-35% rise in revenue from its existing facilities in India in 2025-26, with momentum continuing into 2026-27, where growth could touch 40% on the back of the company’s overseas and Indian expansion projects getting onstream, Mansukhani said.
“We will be making close to ₹500 crore capex in 2025-26 to complete the plants that would go onstream by October-November. They would produce high-value pipes that would help the company grow its revenue. The 22,000 tonne Jammu plant of stainless steel seamless pipes and tubes itself can provide a ₹1,000-1,200 crore revenue boost to the company,” said Mansukhani.
Apart from making special-grade pipes for the oil and gas sector and the transportation of water, Man Industries is also entering the manufacturing of special-grade pipes that could transport hydrogen. These pipes have already been tested and certified in Italy. The company is expecting orders from European countries, which are already developing a new pipeline network for transporting LNG that can later be used for hydrogen.
Justifying its plan to have a greenfield facility in Saudi Arabia, Mansukhani said the country is levying a 20% duty on imports, on top of the freight cost of $100-200 per tonne incurred for shipping large diameter pipes.
“Thus it makes sense to make in Saudi Arabia to be cost competitive. Also, we see big potential for our products, as all the Saudi players are booked for the next 2-3 years,” said Mansukhani.
Man Industries is a major player in the line pipe industry, specialising in the production of large diameter carbon steel saw pipes.
