Manaksia Coated Metals & Industries Limited (MANAKCOAT)

Capital Goods · Industrial Products · NSE · Updated 16 July 2026

₹119.56 ↓ 17.56% (1Y)

🎯 Key Takeaways

Manaksia Coated Metals & Industries Limited is transitioning from a mature industrial products player into a growth-oriented phase driven by strategic capacity expansion and margin improvement initiatives. The company has demonstrated sequential profitability recovery, with recent quarters showing strong profit growth and margin expansion, particularly in Q1 FY27.
Revenue grew 17.2% QoQ to ₹205 in Q3FY25.
⚠️ 1) Execution risk around the timely commissioning of the second colour coating line and 7 MW solar project, which are critical for margin sustainabili

Market Cap

₹1,035

P/E Ratio

67.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Manaksia Coated Metals & Industries Limited is transitioning from a mature industrial products player into a growth-oriented phase driven by strategic capacity expansion and margin improvement initiatives. The company has demonstrated sequential profitability recovery, with recent quarters showing strong profit growth and margin expansion, particularly in Q1 FY27. However, its high P/E of 67 reflects market skepticism about the sustainability of this turnaround amid sector-specific headwinds and execution risks tied to capital projects.

📰 What's Happening

The company approved its Q1 FY27 results showing 162% QoQ PAT growth to ₹14.10 crores and 301 bps OPM improvement, driven by record EBITDA per tonne of ₹10,401. Management highlighted the commissioning of a second colour coating line and a 7 MW solar project in Q2 FY27 as key growth enablers. Board reappointments of Managing Director Sushil Kumar Agrawal and Whole-time Director Karan Agrawal were approved pending shareholder approval at the September 3, 2026 AGM, alongside the appointment of Devansh Agrawal as VP Business Development at ₹8 lakh monthly. CARE Ratings confirmed full utilization of ₹134.55 crore raised via preferential issue, with funds deployed toward loan repayments, working capital, and corporate purposes without deviations.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	187	172	195	191	183	194	175	205
Operating Profit	15	12	14	14	17	15	14	17
OPM %	4.8%	4.4%	6.4%	5.7%	8.2%	6.8%	6.3%	7.1%
Net Profit	8	0	2	4	5	3	2	5
EPS	₹1.18	₹0.02	₹0.31	₹0.62	₹0.75	₹0.40	₹0.32	₹0.67

Revenue has shown consistent sequential growth, rising from ₹172 crore in Q1FY24 to ₹205 crore in Q3FY25, while profitability has accelerated sharply — net profit surged from ₹0 in Q1FY24 to ₹5.01 crore in Q3FY25, with OPM expanding from 4.4% to 7.1%. The most recent Q1 FY27 results show revenue of ₹263.07 crore and PAT of ₹14.10 crore, indicating a strong upward trajectory in both top-line and bottom-line performance. This growth is being achieved alongside margin expansion, with EBITDA margin improving by 422 bps YoY and OPM reaching 10.4% in Q1 FY27, reflecting operational efficiency gains and better product mix.

🔮 Management Outlook & What's Next

Management expressed confidence in sustaining momentum, citing the commissioning of a second colour coating line and a 7 MW solar project in Q2 FY27 as catalysts for future growth. They emphasized that these strategic capex initiatives are designed to enhance production capacity, reduce energy costs, and improve margins. No formal financial guidance was provided beyond these operational milestones, but management indicated that capacity expansion would support export growth and improve utilization rates in the coming quarters.

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

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI SUPREMEIND

⚠️ Risk Factors

1) Execution risk around the timely commissioning of the second colour coating line and 7 MW solar project, which are critical for margin sustainability. 2) High valuation (P/E of 67) reflects market expectations that may be difficult to sustain without consistent earnings growth. 3) Dependence on export markets amid global economic slowdown could pressure demand. 4) Raw material cost volatility remains a concern, as highlighted in the filing, which could compress margins if not managed effectively.

📋 Recent Filings

🧠 Analyst's Read

Manaksia is undergoing a strategic turnaround with early signs of operational improvement and margin expansion, but the path to sustainable profitability remains contingent on successful execution of its capex pipeline and favorable market conditions. Investors should monitor the September AGM outcome and progress on the solar and coating line projects for forward momentum signals.

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 2026-07-16.

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