The SEBI order, dated 29 September 2025, dealt with historical lapses between FY2015 and FY2021, mainly linked to the non-consolidation of subsidiary Merino Shelters Pvt Ltd and minor compliance issues. The company said it has been consolidating financials since FY23-24 and has maintained a clean compliance record for the last four years.
SEBI imposed a penalty of Rs 25 lakh and barred the company from trading in shares of other firms for two years. Man Industries said the restriction is immaterial, as such activities are not part of its business, and investors remain free to trade in its own shares.
Despite the regulatory setback, the company pointed to a strong business outlook with a record order book of Rs 4,700 crore, improving margins, and ongoing capex projects on track for Q4 FY26 completion. It also highlighted progress on asset monetisation, stating that the sale of Merino Shelters has already yielded an inflow of Rs 70 crore, with an additional Rs 650-700 crore expected over the next five to six years.
The company assured investors the matter has no material impact on its financial health. It reiterated that the SEBI order pertains only to legacy matters and reaffirmed its commitment to governance, transparency and long-term shareholder value creation.
Man Industries (India) is a manufacturer and exporter of large-diameter carbon steel line pipes, offering expertise in LSAW (Longitudinal Submerged Arc Welded), HSAW (Helical Submerged Arc Welded), and ERW (Electric Resistance Welded) technologies, along with advanced pipe coating solutions.
On a consolidated basis, net profit of Man Industries (India) rose 44.99% to Rs 27.62 crore while net sales declined 0.88% to Rs 742.13 crore in Q1 June 2025 over Q1 June 2024.