Man Industries (India) Limited

NSEI:MANINDS Stock Report

Market Cap: ₹20.2b

Man Industries (India) Valuation

Is MANINDS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MANINDS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MANINDS (₹311.25) is trading below our estimate of fair value (₹1712.96)

Significantly Below Fair Value: MANINDS is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for MANINDS?

Key metric: As MANINDS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MANINDS. This is calculated by dividing MANINDS's market cap by their current earnings.
What is MANINDS's PE Ratio?
PE Ratio19.1x
Earnings₹1.06b
Market Cap₹20.19b

Price to Earnings Ratio vs Peers

How does MANINDS's PE Ratio compare to its peers?

The above table shows the PE ratio for MANINDS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30.5x
532395 AXISCADES Technologies
41.5xn/a₹18.9b
533761 GPT Infraprojects
26.4xn/a₹17.3b
PSPPROJECT PSP Projects
27x33.5%₹24.7b
537259 Suyog Telematics
27xn/a₹19.4b
MANINDS Man Industries (India)
19.1x37.7%₹20.2b

Price-To-Earnings vs Peers: MANINDS is good value based on its Price-To-Earnings Ratio (19.1x) compared to the peer average (30.5x).


Price to Earnings Ratio vs Industry

How does MANINDS's PE Ratio compare vs other companies in the IN Construction Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CCCL Consolidated Construction Consortium
1xn/aUS$89.69m
533152 MBL Infrastructures
2.5xn/aUS$66.96m
ATLANTAA Atlantaa
2.4xn/aUS$48.26m
SKIL SKIL Infrastructure
0.1xn/aUS$14.01m
MANINDS 19.1xIndustry Avg. 25.5xNo. of Companies21PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MANINDS is good value based on its Price-To-Earnings Ratio (19.1x) compared to the Indian Construction industry average (25.5x).


Price to Earnings Ratio vs Fair Ratio

What is MANINDS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MANINDS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.1x
Fair PE Ratio45.8x

Price-To-Earnings vs Fair Ratio: MANINDS is good value based on its Price-To-Earnings Ratio (19.1x) compared to the estimated Fair Price-To-Earnings Ratio (45.8x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MANINDS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹311.25
₹469.50
+50.8%
6.5%₹500.00₹439.00n/a2
Nov ’25₹327.95
₹523.00
+59.5%
4.4%₹546.00₹500.00n/a2
Oct ’25₹345.45
₹523.00
+51.4%
4.4%₹546.00₹500.00n/a2
Sep ’25₹415.80
₹523.00
+25.8%
4.4%₹546.00₹500.00n/a2
Aug ’25₹454.60
₹479.50
+5.5%
4.3%₹500.00₹459.00n/a2
Jul ’25₹468.80
₹479.50
+2.3%
4.3%₹500.00₹459.00n/a2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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