Steel pipe maker MAN Industries is preparing for aggressive overseas expansion over the next five years, betting on rising demand for oil and gas pipelines as Gulf countries seek to diversify energy transportation routes amid heightened geopolitical risks, and positioning itself for a potential reconstruction boom in Iran once the current conflict subsides.
In an interview, Nikhil Mansukhani, managing director of MAN Industries, said the company plans to deploy underutilised manufacturing equipment in overseas markets rather than build expensive greenfield plants, thereby allowing it to enter new geographies with lower investment.
“Our goal for the next five years is not going to be through diversification, but through travelling and utilising our own equipment to the fullest,” Mansukhani said in the interview.
Exports already account for about 70-80% of the company’s revenue. While India remains its manufacturing base, Saudi Arabia has emerged as an important overseas production hub following the company’s acquisition of National Pipe Co. (NPC) there in May. MAN Industries is now planning to expand its traditional export markets in South East Asia and MENA (Middle East and North Africa) and also North America, Europe and other international markets where it sees sustained demand over the next 7-10 years.
The company’s tender is at about ₹24,000 crore, with roughly 70-75% linked to and the remainder largely related to water infrastructure. Its unexecuted order book is around ₹4,000 crore and is expected to reach about ₹5,000 crore by the end of the current financial year.
Mansukhani was keen on tapping the longer-term opportunity that a possible reconstruction boom in Iran could throw up, if the current conflict ends and Western sanctions ease, given Iran’s shared gas reserves with Qatar. The company expects 30-40% revenue growth this year, moderating to 25-30% annually over the following four years.
Main competitors in pipe segment (seamless, coated, LSAW) Arabian Pipes Co., Al Gharbia Pipe Company, Jindal SAW Gulf, ArcelorMittal Tubular Products.
A known supplier in West Asia
Mansukhani said tenders and requests for quotations (RFQs) are already emerging for projects aimed at strengthening east-west pipeline connectivity in Saudi Arabia and the UAE. Man expects to bag a sizable share of these orders, given that it is on Saudi Aramco’s approved vendor list.
The company has also been included in QatarEnergy’s preferred manufacturers list (PML) for LSAW pipes, coatings, and bends, making it an eligible bidder for long-diameter pipe requirements across ’s project pipeline. Manshukhani said that Man Industries is also on the approved lists of Adnoc and Iraq’s Basra Oil Co., giving it additional leverage for fresh investments being considered by Gulf countries to expand their oil and gas pipeline networks.
Saudi Arabia’s East-West pipeline network, which allows crude to be transported to the Red Sea rather than through the Strait of Hormuz, has gained importance amid concerns about shipping disruptions.
“There are already RFQs out in Saudi. There are large East-West lines which have already come up,” Mansukhani said, adding that Abu Dhabi and other governments are also discussing additional routes.
He expects activity to accelerate after the immediate geopolitical uncertainty eases.
“We feel that looking at the world scenario, we should be in a good position and in the right position with Saudi Arabia and India,” he said.
MAN Industries expects its Saudi acquisition to significantly strengthen its position. Mansukhani expects a 35% share in spiral pipes and 25% in LSAW pipes in Saudi Arabia.
The company is investing about ₹400 crore in a coating facility in Saudi Arabia, along with other upgrades. The facility is expected to be operational by March 2027.
Betting on idle capacity, not new plants
MAN Industries is already approved by major customers and markets, including Qatar and Iraq. Mansukhani said Iran’s eventual reconstruction could generate substantial demand for oil and gas infrastructure, particularly because of the countries’ shared energy resources with Qatar.
Qatar’s North Dome and Iran’s South Pars are parts of the same giant gas reservoir, one of the world’s largest. Qatar has developed its economy extensively, while Iran’s development has been constrained by sanctions and investment restrictions.
He expects the next three to four years to offer significant opportunities for pipeline manufacturers if regional conditions stabilise.
The overseas push is also driven by what Mansukhani sees as a structural problem in India’s pipe industry—surplus manufacturing capacity relative to domestic demand.
Capacity expanded significantly during the previous investment cycle, but demand has not kept pace, resulting in intense competition and pressure on prices and margins.
MAN Industries plans to address this by shifting idle equipment to markets with stronger demand. The model could involve partnerships or contract manufacturing arrangements, with the company deploying equipment alongside local partners.
Mansukhani said such an approach could reduce investment requirements by 60-70% compared with setting up entirely new plants, while improving capacity utilisation and returns.
Total capex, (after the company has already invested ₹1,400 crore), including balance investments linked to the Saudi acquisition, is expected to be around ₹600 crore.
MAN Industries is also monetising surplus real estate assets, which Mansukhani expects could generate ₹600-700 crore of net cash over the next five years. The company ended FY26 with net cash of about ₹157 crore and expects to remain in a surplus position this year.
Key takeaways
- MAN Industries targets overseas expansion using idle equipment, avoiding costly new plants.
- Gulf conflict now pushes Saudi Arabia and UAE to diversify pipeline routes.
- Saudi acquisition of National Pipe Co. positions MAN Industries as regional hub.
- Company targets 30-40% revenue growth this year, sustaining 25-30% over five years.
- Potential Iran reconstruction could unlock major pipeline demand once sanctions ease eventually.