Manaksia Aluminium Company Ltd (MANAKALUCO)

Metals & Mining · Non Ferrous Metals · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹38.3 ↑ 25.12% (1Y)

🎯 Key Takeaways

Manaksia Aluminium is in a mature, capital-intensive phase with stable promoter control and modest growth, characterized by consistent dividend policy and leadership continuity under MD Sunil Kumar Agrawal. The company operates in the non-ferrous metals space with a focus on aluminum, but its financial performance shows signs of operational pressure despite stable top-line levels.
Revenue declined 10.3% QoQ to ₹140 in Q1FY27.
⚠️ Persistent margin compression in aluminum operations, with OPM declining to 7.7% in Q1 FY26 from 7.1% in Q4 FY26, reflecting pricing pressure or input

Market Cap

₹251

P/E Ratio

28.6

P/B Ratio

1.85

ROE

6.5%

ROCE

10.8%

Debt/Equity

1.77

Div Yield

0.13%

Promoter

74.9%

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📖 The Story

Manaksia Aluminium is in a mature, capital-intensive phase with stable promoter control and modest growth, characterized by consistent dividend policy and leadership continuity under MD Sunil Kumar Agrawal. The company operates in the non-ferrous metals space with a focus on aluminum, but its financial performance shows signs of operational pressure despite stable top-line levels. Management emphasizes governance compliance and shareholder approval mechanisms for key decisions, including related party transactions and executive reappointments.

📰 What's Happening

In Q1 FY26 (Jun 2026), revenue declined to ₹140 lakhs from ₹156 lakhs in the prior quarter, with net profit falling to ₹3 lakhs from ₹3 lakhs (though stable quarter-on-quarter), while OPM compressed to 7.7% from 7.1%. The Board reappointed Managing Director Sunil Kumar Agrawal for a three-year term effective 23 November 2026 and scheduled the 16th AGM for 22 September 2026, where shareholder approval will be sought for his reappointment and related party transactions with Athena Deox and Metal Star Ceiling Panel Trading FZE. The company also proposed a final dividend of Re 0.05 per share (5% yield) for FY26, consistent with prior practice. CFO Vijay Kumar Patodia was appointed effective 13 February 2026, signaling continuity in financial leadership. The statutory auditor was reappointed for five years, and internal and cost auditors were updated in governance disclosures.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	131	143	156	140
Operating Profit	8	9	11	11
OPM %	6.3%	6.6%	7.1%	7.7%
Net Profit	1	2	3	3
EPS	₹0.17	₹0.25	₹0.49	₹0.43

Revenue has shown volatility over the past four quarters, peaking at ₹156 lakhs in Mar 2026 before declining to ₹140 lakhs in Jun 2026, while operating profit remained flat at ₹11 lakhs but margin pressure persisted at 7.7%. Net profit has stagnated around ₹2–3 lakhs despite stable EPS, indicating limited operational leverage. The company’s asset base grew modestly from ₹504 lakhs in Mar 2025 to ₹551 lakhs in Mar 2026, driven by reserve accumulation, while borrowings remained elevated at ₹241 lakhs, reflecting ongoing capital intensity. Cash flow from operations was ₹1 crore in Mar 2025, but ICF was negative ₹33 lakhs, suggesting working capital strain. The financial trajectory reflects a plateauing business with constrained profitability and no visible volume recovery to offset margin compression.

🔮 Management Outlook & What's Next

Management’s outlook centers on governance continuity and shareholder approval cycles, with no explicit growth guidance provided in the filings. The reappointment of the MD and CFO signals stability in leadership, while the focus on related party transaction approvals at the AGM underscores regulatory and compliance emphasis. Management did not provide forward-looking performance targets in the Annual Report, instead highlighting adherence to SEBI norms, board structure, and auditor re-appointment for five years. The absence of expansion plans, capacity utilization metrics, or demand forecasts suggests a conservative, compliance-driven approach rather than aggressive growth signaling.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	7	7	7	7
Reserves	125	129	131	136
Borrowings	213	239	267	241
Total Liabilities	470	504	534	551
Fixed Assets	107	119	122	130
Investments	1	1	2	1
Total Assets	470	504	534	551

The balance sheet shows a stable but leveraged capital structure, with equity remaining flat at ₹7 lakhs but reserves growing from ₹129 to ₹136 lakhs, indicating retained earnings are being used to fund operations without diluting equity. Borrowings declined slightly from ₹267 to ₹241 lakhs quarter-on-quarter, suggesting modest deleveraging, but total assets rose to ₹551 lakhs, implying capital investment or working capital buildup. The asset base is heavily reliant on non-current holdings, with no significant growth in current assets to support revenue expansion. The company is not returning capital beyond the consistent ₹0.05 dividend, and the balance sheet reflects a conservative financing approach with limited external funding, likely constrained by sector dynamics and credit profile.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+1
Investing	-33
Financing	+39
Net Cash Flow	+7

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	74.9%	74.9%	74.9%	74.9%
FII	0.0%	0.0%	0.0%	0.3%
DII	0.0%	0.0%	0.0%	0.0%
Public	15.5%	14.7%	16.5%	17.4%
# Shareholders	28,374	28,010	31,850	31,222

Promoter holding remains tightly controlled at 74.87% across all quarters, with no dilution observed. FII holding is negligible (0.25% in Q1FY27, down from 0.01% in Q4FY26), and DII exposure is zero, indicating minimal institutional interest. Public shareholding has gradually increased from 14.7% to 17.45% over four quarters, suggesting growing retail interest, but the low float and high promoter control limit liquidity. There are no signs of activist activity or significant exits, and the shareholder base remains fragmented among 31,000+ retail investors, reducing vulnerability to single large shareholder actions.

⚖️ Peer Comparison — Non Ferrous Metals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HINDZINC	2.52 L Cr	14.8	76.5%	75.4%	0.36
HINDALCO	2.28 L Cr	13.7	11.1%	12.0%	0.71
VAML	1.70 L Cr	—	—	—	-0.81
VEDL	1.07 L Cr	5.4	27.0%	57.5%	0.65
NATIONALUM	68,093	10.1	42.2%	31.3%	0.00
HINDCOPPER	50,904	44.8	44.4%	34.1%	0.03
GRAVITA	13,145	33.1	21.0%	18.9%	0.14
JAINREC	9,690	26.4	20.9%	23.1%	0.81
PRECWIRE	9,091	—	—	—	0.14
KSHINTL	6,464	46.4	33.9%	43.4%	1.21

🔗 Peer Stock Analyses

HINDZINC HINDALCO VAML VEDL NATIONALUM

⚠️ Risk Factors

1. Persistent margin compression in aluminum operations, with OPM declining to 7.7% in Q1 FY26 from 7.1% in Q4 FY26, reflecting pricing pressure or input cost volatility not fully passed on. 2. High promoter concentration (74.87%) creates governance risk and limits minority shareholder influence, especially on critical votes like MD reappointment and related party transactions. 3. Absence of growth strategy or demand visibility in management commentary raises concerns about long-term viability in a capital-intensive, low-margin sector. 4. GST demand of ₹38.80 crores, though contested, introduces regulatory uncertainty that could impact cash flows if not resolved favorably.

📋 Recent Filings

🧠 Analyst's Read

Manaksia Aluminium exhibits a stable but stagnant profile with no signs of operational recovery, making it a passive investment driven by dividend consistency and governance continuity rather than growth. Investors should monitor Q2 FY27 results for margin trends and AGM outcomes on MD reappointment and related party approvals, as these will determine near-term sentiment. The lack of forward guidance or capacity expansion plans limits upside, while high promoter control and regulatory risks warrant caution.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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