Manaksia Coated Metals & Industries Ltd(MANAKCOAT)

NSE: MANAKCOATBSE: 539046

₹ 122.9-2.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,311 crWebsite: www.manaksiacoatedmetals.comUpdated: 24 Oct 2026

About

Manaksia Coated Metals & Industries Ltd (MCMIL) manufactures value-added flat steel products - Alu-Zinc coated and Pre-Painted steel - from its plant in India. The company reported FY26 consolidated revenue of ₹884.48 Cr, up 13.5% year-on-year, making it one of the few Indian producers with 100% Aluminium-Zinc coating capability. Exports accounted for 68.21% of FY26 revenue, with the company serving customers across multiple international markets.^[1][2]

Business segments

Metal Products is the sole reportable segment, contributing 98.5% of FY26 revenue at ₹871.51 Cr with an EBIT margin of 11.3%.^[3]

Products

The company manufactures Alu-Zinc coated steel (plain) and Pre-Painted Galvanised/Alu-Zinc steel (PPGI/PPAZ); it completed full transition away from galvanized coatings by Q1 FY27.^[4][2]
Pre-Painted steel constituted 80% of total quantities sold in FY26, up from 74% in FY25, reflecting a deliberate premiumisation strategy.^[2]

Manufacturing capacity and utilisation

Alu-Zinc coating line capacity is 1,80,000 MTPA following a 36% expansion commissioned in December 2025; utilisation was 62% in Q1 FY27, up 8% quarter-on-quarter.^[2][4]
Pre-Painted (colour coating) line capacity is 86,000 MTPA; utilisation ran at 95.4% in Q1 FY27, essentially full capacity.^[4]
Second colour coating line (CCL2, 150,000 MTPA) is in advanced commissioning targeted for Q2 FY27, which will expand total Pre-Painted capacity from 86,000 to 2,36,000 MTPA - a 174% increase.^[4]
A 7 MW captive solar power plant is targeted for Q2 FY27 commissioning, expected to offset 50 - 55% of grid power and save up to ₹7 Cr per annum; capex for CCL2 and solar combined is ~₹140 Cr spent with ₹15 - 20 Cr remaining.^[4]

Key operating numbers

EBITDA per tonne was ₹10,401 in Q1 FY27 - the highest ever recorded - up from ₹8,838/ton for full-year FY26 (+43.54% YoY).^[4][2]
Price realisation per tonne was ₹88,597 in Q1 FY27, up 12% quarter-on-quarter from ₹79,180 in Q4 FY26; FY26 blended realisation was ₹82,193/ton.^[4][2]
Total sales volume was 27,938 MT in Q1 FY27, marginally below Q1 FY26 (~29,000 MT), attributable to Alu-Zinc ramp-up pace rather than demand softness.^[4]
Order book stood at ~₹450 Cr in Q1 FY27 (87% export, 13% domestic), providing 4.5 - 5 months of execution visibility.^[4]
Working capital cycle was ~75 days as of Q1 FY27; net debt to equity was 1.12x as of FY26.^[4]

Exports and customers

Export tonnage was an all-time high of 66,172 MT in FY26, up 110% YoY from 31,453 MT in FY25; export revenue share rose to 68.21% from 39.21%.^[2]
Exports were 65% of Q1 FY27 volume (18,221 MT); export revenue grew 20% YoY and Pre-Painted Steel exports grew 25% YoY in Q1 FY27.^[4]
The company entered four new international markets in Q1 FY27: Latvia, Brazil, Jamaica, and Somalia.^[4]

Expansion and capex pipeline

Phase 2 expansion - a second Alu-Zinc line doubling coating capacity from 1,80,000 to 3,60,000 MTPA and a CRM complex of 3,60,000 MTPA - is planned for FY28 start at total capex of ~₹350 Cr, funded by internal accruals, ~₹100 Cr debt, and equity.^[4]
Peak revenue at full Phase 2 utilisation (3,60,000 MTPA Alu-Zinc + CRM) is targeted at ₹2,500 - 2,700 Cr; the FY29 vision is 3x growth in output, revenue, and EBITDA versus the FY26 base.^[4][2]
A GSPC natural gas pipeline agreement is being pursued to reduce dependency on LPG, whose price spiked from ₹60/kg to ₹200/kg during the Middle East conflict before cooling to ~₹80/kg in Q1 FY27.^[4]

Recent developments

Acuité upgraded MCMIL's long-term credit rating to A (from A - ) and short-term to A1 (from A2) during FY26, citing stronger financial profile and disciplined capital management.^[2][5]
All new orders placed in Q1 FY27 were priced to cover current raw material and freight costs with a margin buffer; a quarterly price-reset mechanism with export customers is now in place.^[4]
The company implemented a Salesforce CRM system during FY26 to improve data-driven customer engagement and sales conversion.^[5]
The India-EU FTA, signed in late 2025, is expected to deliver preferential quota treatment and CBAM considerations for Indian steel exports; management is awaiting operational clarity expected by April - September 2026.^[5]

Market Cap

₹1,311 Cr

High / Low

₹183 / 95

Stock P/E

32.0

Price / Book

3.7

Book Value

₹33

EPS

₹3.8

No. of Shares

10.58 Cr

ROCE

19.9%

ROE

14.1%

OPM

9.3%

Debt / Equity

0.33

Sales

₹884 Cr

Net Profit

₹41 Cr

Promoter holding

57.8%

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Manaksia Coated Metals & Industries Ltd(MANAKCOAT)

About

Business segments

Products

Manufacturing capacity and utilisation

Key operating numbers

Exports and customers

Expansion and capex pipeline

Recent developments

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