MANAKCOAT

Manaksia Coated Metals & Industries share price & financials

Price
₹129.08
Market cap
₹1.4k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 15 Jul 2026

Manaksia Coated Metals & Industries Limited Q1 FY27

Revenue ₹263 cr +4%EBITDA ₹29.08 cr EBITDA Margin 11.06% PAT ₹14.1 cr

What went well

  • Consolidated revenue of INR 263 crores, up 15% QoQ and 3.6% YoY.
  • EBITDA of INR 29.08 crores, up 86% QoQ, with margin recovering 422 bps to 11.06%.
  • EBITDA per ton reached a record INR 10,400, highest ever.

What to watch

  • Q4 FY26 saw sharp cost escalation from Middle East conflict (fuel, freight, petrochemicals) which impacted margins.
  • Alu-Zinc line still ramping up, experiencing "teething troubles" in early stages of commissioning.
Read the full call →

What Manaksia Coated Metals & Industries Limited does

Manaksia Coated Metals & Industries Limited (MCMIL) manufactures and exports value-added flat steel products — Alu-Zinc coated steel (GL) and pre-painted galvanised steel (PPGL) coils and sheets, sold under brands including Zinvalgo and Singham — to construction, consumer-appliance and general-engineering customers across India and over 22 countries. Its core coated-steel operations run out of an integrated facility in Kutch, Gujarat, built around a continuous galvanising line and colour-coating lines, located close to the Kandla/Mundra ports. A separate facility in Bhopal, Madhya Pradesh produces Ultramarine Blue powder under a contract-manufacturing arrangement with Reckitt Benckiser.

Segments

  • Coated Steel (Kutch, Gujarat)
  • Ultramarine Blue (Bhopal, Madhya Pradesh)
Manufacturing plants
2 (Kutch, Gujarat – coated steel; Bhopal, Madhya Pradesh – contract manufacturing)
Installed capacity – Alu-Zinc coated steel (GL)
180,000 MTPA (FY26)
Installed capacity – Pre-painted steel (PPGL)
86,000 MTPA (FY26)
Capacity utilisation – Alu-Zinc / Pre-painted
71.55% / 97.20% (FY26)
Export tonnage
66,172 MT (FY26, all-time high)
Active customers
240+ across 20+ Indian states and 22+ countries
Founded 2010Headquarters Hyderabad, TelanganaEmployees 280 (FY25) Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 4 delivered 5 missed 14 open
  • Alu-Zinc Revenue Generation delivered, diluted said Q3 FY25 Promised: Start generating revenue in Q1 of coming fiscal (within 75-90 days) Q1 FY27: The new Alu-Zinc line achieved 62% capacity utilization, producing 27,941 tons. Management expects to reach 75-80% utilization within the next three months.
  • EBITDA expansion from Alu-Zinc went quiet said Q1 FY26 Promised: An EBITDA expansion of 30% from the existing level is something that the company has the potential to realize. Q1 FY27: The original 30% expansion target was not mentioned. Management now quantifies the benefit as 'INR 1,000-3,000 per ton in incremental EBITDA compared to galvanized steel'.
  • Debt-to-Equity Ratio revised up said Q4 FY26 Promised: Strive to be in the range of 1x to 1.5x, not breaching 2x. Q1 FY27: Management revised guidance, stating they are confident that 'leverage should not exceed more than 1.25x in terms of debt-equity ratio.'

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 4.8%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue175 205 208 250 220 +26%187 −9%227 +9%262 +5%
EBITDA11 14 15 25 26 +136%16 +14%14 −7%28 +12%
Net profit2 5 5 14 14 +600%7 +40%5 +0%14 +0%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −12.0% 1Y

₹100₹120₹140₹160₹180Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 7 May 2026Q1 FY27 — 15 Jul 2026

1Y: ₹146.13 on 10 Sept 2025 → ₹128.53. High ₹180.31 (27 Oct 2025), low ₹96.72 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−7.4%
15 Jul
Q4 FY26
+0.3%
7 May
Q3 FY26
+3.9%
4 Feb
Q2 FY26
−8.0%
5 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 10.7% a year over 3 years, FY23 to FY26. Operating margin widened to 9.2%.

Year endingFY23FY24FY25FY26
Revenue₹652 Cr₹740 Cr₹782 Cr₹884 Cr
Operating profit₹33 Cr₹46 Cr₹53 Cr₹81 Cr
Operating margin5.1%6.2%6.8%9.2%
Interest₹21 Cr₹33 Cr₹32 Cr₹30 Cr
Depreciation₹8 Cr₹8 Cr₹8 Cr₹9 Cr
Net profit₹5 Cr₹11 Cr₹15 Cr₹40 Cr
Net margin0.8%1.5%1.9%4.5%
Cash from operations₹8 Cr₹22 Cr₹30 Cr₹-7 Cr
Free cash flow₹-2 Cr₹15 Cr₹9 Cr₹-27 Cr
ROCE10.0%15.0%16.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹7 Cr₹7 Cr₹7 Cr₹7 Cr₹11 Cr₹11 Cr
Reserves₹94 Cr₹103 Cr₹108 Cr₹141 Cr₹320 Cr₹333 Cr
Borrowings₹143 Cr₹173 Cr₹190 Cr₹178 Cr₹103 Cr₹130 Cr
Other liabilities₹188 Cr₹195 Cr₹237 Cr₹205 Cr₹305 Cr₹274 Cr
Total liabilities₹432 Cr₹478 Cr₹541 Cr₹531 Cr₹739 Cr₹747 Cr
Fixed assets₹132 Cr₹127 Cr₹119 Cr₹117 Cr₹107 Cr₹167 Cr
Capital work in progress₹51 Cr₹40 Cr₹49 Cr₹49 Cr₹80 Cr₹31 Cr
Investments₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr
Other assets₹239 Cr₹301 Cr₹364 Cr₹355 Cr₹542 Cr₹540 Cr
Total assets₹432 Cr₹478 Cr₹541 Cr₹531 Cr₹739 Cr₹747 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

All earnings calls (6)

Read the Q1 FY27 call →

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