Mumbai-listed MAN Industries (India) Ltd, which manufactures large-diameter steel pipes, has acquired Saudi Arabia-based National Pipe Company Ltd (NPC) for $102 million (about Rs 1,000 crore) in cash.
The acquisition gives the company access to infrastructure, energy, desalination and industrial projects in Saudi Arabia while bolstering its Middle East presence, MAN Industries said in a stock-exchange filing.
The Indian company said NPC is a profit-making and debt-free company with a strong balance sheet and cash and liquid assets of $83 million. This comprises cash and bank balances of $38 million, trade receivables of $13 million and finished goods inventory of $32 million. Moreover, NPC has a net worth of $158.63 million, reflecting the inherent asset strength of this acquisition, MAN Industries said.
NPC posted revenue of about Rs 1,899 crore for the calendar year 2025, EBITDA of Rs 471.1 crore and a net profit of Rs 343.6 crore, the Indian company said.
MAN Industries said the acquisition was completed at an “attractive valuation”. NPC’s enterprise value to EBITDA was 1.5x, while the EV/revenue ratio was 0.4x and the price-to-book ratio was 0.7x based on 2025 numbers. This compares with prevailing Saudi listed peer valuations of 7x to 9x EV/EBITDA, 1.5x to 2x EV/revenue and 2x to 3x price-to-book ratio, MAN Industries said.
“This transaction is strategically compelling, margin-accretive and strongly EPS-accretive from Day 1,” the company added.
NPC was founded in 1978 and started operating its first manufacturing plant in 1980. It supplies steel pipes to oil and gas, water transmission, infrastructure and industrial projects. Its clientele includes Saudi Aramco, Saudi Water Authority, Saudi Water Partnership Company, Kuwait’s KOC, Qatar Petroleum and other global companies including McDermott, Larsen & Toubro, SAIPEM, Subsea7 and Hyundai E&C.
MAN Industries said NPC has an order book of $120 million comprising orders in hand from Aramco and other reputed customers.
NPC has an installed manufacturing capacity of about 4.3 lakh metric tonnes per annum. The facility will also add a coating mill with external and internal coating capabilities to meet rising Saudi demand for coated pipeline solutions, the Indian company said.
MAN Industries was established in 1970 by the Mansukhani family. It operates two manufacturing facilities in India — at Pithampur, Madhya Pradesh and Anjar, Gujarat — with a combined installed capacity of over 1.2 million metric tonnes per annum, supplying pipeline infrastructure to the oil and gas, petrochemicals, water transmission, fertilizers, dredging, hydrocarbon and city gas distribution sectors.
MAN Industries’ revenue in FY25 was Rs 3,118 crore, up 1.2% versus Rs 3,080 crore in the previous year. In the October-December quarter of 2025-26, it posted about a 10% jump in revenue to Rs 803 crore versus Rs 730.8 crore in the corresponding period a year earlier.
