Man Industries: Choice Institutional Equities Recommends BUY, Target Rs 535

• Choice Institutional Equities reiterates BUY rating for Man Industries with a revised target price of INR 535/share.
• Company reported a strong quarter driven by improved product and geographic mix.
• Healthy net cash position of INR 0.38 billion and an executable order book of INR 40.0 billion provide strong revenue visibility.
• Ongoing capacity expansion with Saudi plant (Q1FY27E) and Jammu plant (Q2FY27E) reinforces long-term growth.
• Revised target price reflects lower revenue, EBITDA margin, and higher finance cost over FY26–28E.