Whalesbook
Manaksia Coated Metals & Industries Ltd announced strong financial results for the fiscal year ended March 31, 2026. The company reported a 164% surge in Profit After Tax (PAT) to ₹40.69 crore, driven by a 14% increase in total income, reaching ₹896.27 crore. EBITDA also saw a significant jump of 49% to ₹92.21 crore.
This robust performance was underpinned by the successful commercialization of its Alu-Zinc coating technology and a strong order book of ₹375 crore, with 80% originating from exports. These record numbers highlight strong operational execution and successful product diversification.
Manaksia Coated Metals has been strategically enhancing its value-added product offerings, particularly in pre-painted and Alu-Zinc coated steel segments, while also expanding its export reach. The focus on exports diversifies revenue streams and reduces dependence on domestic market fluctuations.
Looking ahead, the company has ambitious expansion plans. Capacity for pre-painted steel is projected to reach 236,000 MTPA by Q2 FY27. Alu-Zinc coating capacity is set to double to 360,000 MTPA by FY28. Backward integration is progressing with a planned 360,000 MTPA Cold Rolling Mill complex for FY28, which will enable the use of Hot Roll Steel input. A 7MW captive solar plant, expected by Q2 FY27, aims to cut power costs by up to 40%, potentially saving ₹7 crore annually. The company will also shift to advanced Alu-Zinc coated steel, known for its enhanced corrosion resistance.
However, management noted temporary margin pressures in Q4 FY26, attributed to higher freight, energy, and input costs. In the peer landscape, while Manaksia Coated Metals specializes in coated steel, companies like Jindal Worldwide are also expanding capacity. Larger players like Tata Steel BSL have substantial coating operations, though on a much broader scale.
Reviewing past performance, total income has shown a Compound Annual Growth Rate (CAGR) of 10.89% from FY23 to FY26. EBITDA CAGR was 34.23% over the same period, and PAT CAGR was a strong 63.27%.
Investors will be tracking the commissioning of the new Colour Coating Line by Q2 FY27. Developments on the Aluminum Zinc Coating Line and Cold Rolling Mill Complex, slated for FY28 completion, will also be closely watched. The cost savings from the 7MW captive solar plant after its Q2 FY27 commissioning and the growth in the export order book will be key indicators.