MANAKSIA
Manaksia financials
- Market cap
- ₹462 Cr
- Sector
- Capital Goods
What Manaksia Limited does
Manaksia Limited, originally incorporated in 1984 as Hindusthan Seals Ltd, is an industrial holding company whose operations are anchored in Nigeria through its subsidiaries. Its Nigerian units (MINL Limited and Jebba Paper Mills) manufacture galvanized and pre-painted profiled steel sheets, colour-coated aluminium coils and sheets, aluminium alloy ingots, metal closures (roll-on pilfer-proof and crown closures), and kraft paper for packaging. In India, subsidiary Mark Steels Limited produces sponge iron (direct reduced iron) at Purulia, West Bengal, supporting backward integration into the steel value chain. Steel and roofing products are sold under the 'Sumo' and 'Sumo Nova' brands, while aluminium alloy ingots are exported to Japanese automotive manufacturers.
Segments
- Steel
- Aluminium
- Paper Packaging
- Metal Products / Closures
- Manufacturing presence
- Nigeria, Ghana and India (Purulia, West Bengal)
- Core Nigeria product lines
- 3 (Galvanized Steel Coils & Sheets, Paper, Caps & Closures)
- Operating subsidiaries
- 4 (MINL Ltd & Jebba Paper Mills - Nigeria; Dynatech Industries - Ghana; Mark Steels Ltd - India)
- Nigeria workforce
- 896 employees (as of 31 Mar 2025)
- Export markets
- Aluminium alloy ingots exported to major Japanese automotive manufacturers
- Brand portfolio
- Sumo, Sumo Nova (steel/roofing sheets)
Quarterly results
Q1 FY27: revenue up 28.9%, net profit up 80.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 169 | 188 | 269 | 173 | 190 +12% | 184 −2% | 237 −12% | 223 +29% |
| EBITDA | 9 | 17 | 15 | 10 | 7 −22% | 7 −59% | 17 +13% | 16 +60% |
| Net profit | 15 | 13 | 11 | 15 | 10 −33% | 15 +15% | 12 +9% | 27 +80% |
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 +1.7% 1Y
1Y: ₹69.76 on 10 Sept 2025 → ₹70.95. High ₹71.37 (23 Sept 2025), low ₹42.54 (30 Mar 2026).
Financials, as filed
Revenue fell 12.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹702 Cr | ₹731 Cr | ₹784 Cr |
| Operating profit | ₹145 Cr | ₹95 Cr | ₹55 Cr | ₹41 Cr |
| Operating margin | 12.4% | 13.5% | 7.5% | 5.2% |
| Interest | ₹16 Cr | ₹13 Cr | ₹11 Cr | ₹5 Cr |
| Depreciation | ₹21 Cr | ₹10 Cr | ₹4 Cr | ₹5 Cr |
| Net profit | ₹108 Cr | ₹78 Cr | ₹58 Cr | ₹52 Cr |
| Net margin | 9.3% | 11.1% | 7.9% | 6.6% |
| Cash from operations | ₹53 Cr | ₹135 Cr | ₹-275 Cr | ₹-11 Cr |
| Free cash flow | ₹42 Cr | ₹136 Cr | ₹-287 Cr | ₹-54 Cr |
| ROCE | 12.0% | 14.0% | 12.0% | 10.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹943 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹537 Cr | ₹620 Cr | ₹710 Cr |
| Borrowings | ₹52 Cr | ₹114 Cr | ₹58 Cr | ₹74 Cr | ₹38 Cr | ₹30 Cr |
| Other liabilities | ₹164 Cr | ₹198 Cr | ₹211 Cr | ₹97 Cr | ₹83 Cr | ₹109 Cr |
| Total liabilities | ₹1.2k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹722 Cr | ₹754 Cr | ₹862 Cr |
| Fixed assets | ₹173 Cr | ₹141 Cr | ₹129 Cr | ₹48 Cr | ₹51 Cr | ₹54 Cr |
| Capital work in progress | ₹3 Cr | ₹4 Cr | ₹3 Cr | ₹0 Cr | ₹16 Cr | ₹51 Cr |
| Investments | ₹583 Cr | ₹630 Cr | ₹671 Cr | ₹426 Cr | ₹223 Cr | ₹175 Cr |
| Other assets | ₹413 Cr | ₹598 Cr | ₹591 Cr | ₹248 Cr | ₹465 Cr | ₹582 Cr |
| Total assets | ₹1.2k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹722 Cr | ₹754 Cr | ₹862 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.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 7% to 33,456.
- Promoters
- 74.9%
- FIIs
- 0.9%
- Government
- 0.2%
- Public
- 23.9%
Since Jun 2025
- FIIs +0.01 pp
- Public +0.01 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.9%, FIIs 1.7%, Public 23.4%.Dec '23: Promoters 74.9%, FIIs 1.7%, Public 23.3%.Mar '24: Promoters 74.9%, FIIs 1.5%, Public 23.6%.Jun '24: Promoters 74.9%, FIIs 1.3%, Public 23.8%.Sep '24: Promoters 74.9%, FIIs 1.4%, Public 23.7%.Dec '24: Promoters 74.9%, FIIs 1.1%, Government 0.2%, Public 23.8%.Mar '25: Promoters 74.9%, FIIs 1.1%, Government 0.2%, Public 23.8%.Jun '25: Promoters 74.9%, FIIs 0.9%, Government 0.2%, Public 23.9%.Sep '25: Promoters 74.9%, FIIs 0.9%, Government 0.2%, Public 23.9%.Dec '25: Promoters 74.9%, FIIs 0.9%, Government 0.2%, Public 23.9%.Mar '26: Promoters 74.9%, FIIs 1.0%, Government 0.2%, Public 23.9%.Jun '26: Promoters 74.9%, FIIs 0.9%, Government 0.2%, Public 23.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Manaksia Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Varun Agrawal | 18.88% | unchanged |
| Vineet Agrawal | 12.38% | unchanged |
| Vajra Machineries Private Limited | 9.51% | unchanged |
| Suresh Kumar Agarwal | 9.43% | unchanged |
| Anuradha Agrawal | 7.19% | unchanged |
| Manaksia Steels Limited | 6.10% | unchanged |
| Basudeo Agrawal | 3.47% | unchanged |
| Payal Agrawal | 2.85% | unchanged |
| Shobha Devi Agrawal | 1.99% | unchanged |
| Chandrakala Agrawal | 1.90% | unchanged |
| Thermo Capital Private Limited | 1.22% | unchanged |
| BD Agrawal & Sons HUF (Basudeo Agrawal) | 0.71% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹71, this stock must grow earnings at 2% every year for 7 years. Our analysis caps realistic growth at ~-21%. At that growth it is worth ₹20 — downside of 72%.
- Growth the price implies
- 1.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -21.6% a year
- net profit, FY23–FY26 · EPS -21.2%
- The gap
- 0.2 pp
- -72% downside if it only repeats history
Learn to analyse Manaksia Limited
Guides on how to read this kind of business and the numbers that matter.