Manaksia Coated Metals & Industries LimitedQ2 FY27 Results & Financial Update
Manaksia Coated Metals & Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹318.69 Cr, PAT ₹18.73 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Manaksia Coated Metals & Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Manaksia Coated Metals & Industries Limited delivered record financial performance for Q2 FY27, crossing Rs. 321 crore in revenue and achieving new highs across EBITDA and profit after tax.
Revenue from operations reached Rs. 318.69 crore (reported as Rs. 321.55 crore in company press releases encompassing total operating performance), underpinned by robust demand and higher product realizations.
Profitability expanded significantly, with profit after tax (PAT) registering at Rs. 18.73 crore and diluted EPS standing at Rs. 1.76, aided by a richer value-added product mix and enhanced operational efficiencies.
Operating profitability remained strong, with EBITDA touching Rs. 36.91 crore and yielding an EBITDA margin of 11.48%. Efficiency gains were further reflected in an EBITDA per metric ton of Rs. 11,536 and an average realization per ton of Rs. 95,291.
International markets acted as a primary growth engine during the quarter. Export revenue reached Rs. 227.07 crore, contributing 71.25% of total revenue and showing strong sequential and annual expansion.
Management highlighted that pricing discipline successfully mitigated rising raw material expenses, while strategic shifts—such as adopting break-bulk shipping for large European consignments—helped counter elevated container freight costs.
Manaksia Coated Metals & Industries Limited achieved record financial performance for the quarter ended September 30, 2026 (Q2 FY27), crossing Rs. 321 crore in quarterly revenue from operations as demand expanded across both domestic and export markets.
Operating profitability improved alongside top-line growth, generating an EBITDA of Rs. 36.91 crore with an EBITDA margin of 11.48 percent and an EBITDA per metric ton of Rs. 11,536, underpinned by the benefits of the earlier Alu-Zinc technology upgrade and disciplined pricing.
01 · Business model
What does Manaksia Coated Metals & Industries do?
Manaksia Coated Metals & Industries Limited (MCMIL) manufactures and exports value-added and specialized coated steel products, including pre-painted steel (color-coated steel) and Alu-Zinc coated steel in coil and sheet forms.
All value-added steel manufacturing operations are housed in the company's dedicated facility located in Kutch, Gujarat. The plant's geographic placement near Kandla and Mundra Ports ensures logistical efficiency for imports, exports, and domestic coastal transport.
The company's products find widespread applications across diverse sectors such as construction, automotive, appliances, and general engineering. Specialized applications include drywall systems, metal ceilings, and premium metal roofing.
Exports form a core pillar of the business model, with the company maintaining an international footprint spanning over 22 countries across five continents.
02 · Historical context
What shaped the business before this quarter
The company previously expanded its Alu-Zinc manufacturing capacity from 1,32,000 TPA to 1,80,000 TPA (+36%) with 100% Alu-Zinc capability, fully commissioned in December 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹318.69 Cr |
| Total income | ₹321.55 Cr |
| Profit before tax | ₹25.11 Cr |
| Profit after tax | ₹18.73 Cr |
| EPS | ₹1.76 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Pre-painted steel contributed 69.19% of total sales in Q2 FY27 (70.07% in H1 FY27), while Alu-Zinc steel accounted for 26.48%, driving overall sales realizations.
Export revenue grew to Rs. 227.07 crore in Q2 FY27, representing 71.25% of total revenue, supported by expanding market penetration in South and Central America.
Average realization per ton improved to Rs. 95,291 in Q2 FY27 compared to Rs. 88,597 in Q1 FY27 and Rs. 88,011 in Q2 FY26.
Export revenue reached Rs. 227.07 crore in Q2 FY27, contributing 71.25% of total revenue, supported by new market demand in South and Central America and an expanded global reach across 22 countries.
Realisation per ton advanced to Rs. 95,291 in Q2 FY27 compared to Rs. 88,597 in Q1 FY27 and Rs. 88,011 in Q2 FY26, aiding overall top-line expansion.
Reported consolidated revenue from operations stood at INR 318.69 crore for Q2 FY27.
Other income contributed INR 2.86 crore to take total consolidated income to INR 321.55 crore.
What drove margins
EBITDA per metric ton reached Rs. 11,536 in Q2 FY27, benefiting from the Alu-Zinc technology upgrade, disciplined pricing, and traction in niche segments.
The company utilized break-bulk shipping modes for large-scale European exports to offset elevated container freight costs, protecting operating margins.
Management executed disciplined pricing strategies to pass on the majority of raw material cost increases to customers on fresh orders.
EBITDA per metric ton improved to Rs. 11,536 in Q2 FY27 compared to Rs. 10,411 in Q1 FY27, driven by the operational efficiency of the upgraded Alu-Zinc technology and favorable product mix.
Finance costs were reported at INR 8.48 crore for the quarter, forming a notable component of ongoing expenses.
Depreciation and amortization expenses stood at INR 3.33 crore for Q2 FY27.
Tax outlays amounted to INR 6.37 crore against a PBT of INR 25.11 crore.
05 · Demand, customers & order book
Where demand is coming from
The company reported a total order book of Rs. 525 crore, of which Rs. 420 crore (80%) is comprised of export orders scheduled for execution over the next five months.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Maintained strong performance and contributed 69.19% of total sales during the quarter, strengthening the company's presence in premium coated steel markets.
Continued to gain broad market acceptance, particularly across specialized applications such as drywall systems, metal ceilings, and premium metal roofing.
Geography and market mix
Export operations span 22 countries across five continents, with encouraging demand emergence in new markets across South and Central America.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Following the December 2025 upgrade, the facility holds 1,80,000 TPA of 100% Alu-Zinc manufacturing capacity.
Following the December 2025 upgrade, the facility operates with an established Alu-Zinc production capacity of 1,80,000 TPA.
Projects, capex and execution
Adds 1,50,000 TPA of new capacity, lifting total colour coating capacity from 86,000 to 2,36,000 TPA (+174%). Project is in final trials and pre-commissioning, targeted for commissioning in Q3 FY27.
Captive solar installation at the Kutch facility being executed by Prozeal Green Energy. Designed to offset 50–55% of grid power dependency and improve energy efficiency. Commissioning targeted for Q3 FY27.
Salesforce CRM implementation for 360-degree customer visibility and centralized order tracking is targeted for Q3 FY27 go-live. A world-class MES software implementation at Kutch is targeted for Q1 FY28.
Adding a new capacity of 1,50,000 TPA, which will raise total colour coating capacity by 174% from 86,000 TPA to 2,36,000 TPA; currently in the final stages of trials and pre-commissioning with commercial commissioning targeted for Q3 FY27.
Captive solar installation at the Kutch facility designed to offset 50% to 55% of grid power dependency; EPC executed by Prozeal Green Energy, with readiness and grid connectivity targeted for commissioning in Q3 FY27.
08 · Reported developments
What changed operationally
Achieved record revenue, EBITDA, and PAT for both the quarter and half-year ended September 30, 2026.
H1 FY27 exports reached an all-time high of 40,561 MT, generating Rs. 397.28 crore in revenue.
Achieved record revenue, EBITDA, and PAT for both the quarter (Q2 FY27) and the half-year (H1 FY27).
Cash profit expanded to Rs. 22.06 crore in Q2 FY27 from Rs. 17.40 crore in Q1 FY27 and Rs. 16.13 crore in Q2 FY26.
The company reported positive consolidated PAT of INR 18.73 crore alongside an EPS of INR 1.76 for the quarter.
09 · Pressure points & risks
What is not going smoothly
The operating environment remained subject to geopolitical uncertainties alongside elevated freight, fuel, and raw material expenses.
10 · Items worth noticing
The line items that can distort a quick read
The company recorded provisions of INR 0.18 crore during the quarter.
11 · Management guidance & targets
What management is targeting from here
Management reaffirmed its FY29 strategic vision of tripling output, revenue, and profitability, supported by ongoing capacity expansions and product premiumization.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Technology and Process Upgrades
The company is advancing its digital infrastructure with Salesforce CRM deployment scheduled for Q3 FY27 and a Manufacturing Execution System (MES) at Kutch targeted for Q1 FY28.
Reported update
Corporate Governance & Compliance
Shruti Agarwal serves as the Company Secretary and Compliance Officer (Membership No. F12124).
Reported update
Investor Relations Contacts
Investor relations advisory services for the quarter were managed by Go India Advisors, represented by Ms. Sana Kapoor and Ms. Naini Luniya.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 22.23% sequentially to Rs. 321.55 crore in Q2 FY27 from Rs. 263.07 crore in Q1 FY27, while PAT grew 32.87% over the same period.
14 · Key Q&A
The quarter, answered directly
What does Manaksia Coated Metals & Industries do?
Manaksia Coated Metals & Industries Limited (MCMIL) manufactures and exports value-added and specialized coated steel products, including pre-painted steel (color-coated steel) and Alu-Zinc coated steel in coil and sheet forms.
What is the clearest takeaway from Q2 FY27?
Manaksia Coated Metals & Industries Limited delivered record financial performance for Q2 FY27, crossing Rs. 321 crore in revenue and achieving new highs across EBITDA and profit after tax.
What drove revenue or demand?
Pre-painted steel contributed 69.19% of total sales in Q2 FY27 (70.07% in H1 FY27), while Alu-Zinc steel accounted for 26.48%, driving overall sales realizations.
What mattered most for margins or profitability?
EBITDA per metric ton reached Rs. 11,536 in Q2 FY27, benefiting from the Alu-Zinc technology upgrade, disciplined pricing, and traction in niche segments.
What changed operationally beyond the headline numbers?
Following the December 2025 upgrade, the facility holds 1,80,000 TPA of 100% Alu-Zinc manufacturing capacity.
What is management guiding or targeting from here?
Management reaffirmed its FY29 strategic vision of tripling output, revenue, and profitability, supported by ongoing capacity expansions and product premiumization.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Q3 FY27 Project Commissioning: Track the commercial commissioning of the second colour coating line and the 7 MW captive solar power plant targeted for Q3 FY27.
- 02
Order Book Execution: Monitor the execution progress of the Rs. 525 crore order book, particularly the Rs. 420 crore export backlog over the next five months.
- 03
Q3 FY27 Project Commissioning: Monitor the commercial commissioning of the second colour coating line (1,50,000 TPA addition) and the 7 MW captive solar power plant targeted for Q3 FY27.
- 04
CRM Go-Live and Order Book Execution: Track the scheduled Q3 FY27 go-live of the Salesforce CRM platform and the timely execution of the Rs. 525 crore order book over the next five months.
- 05
Subsequent Filings: Monitor upcoming quarterly financial disclosures for sequential comparison trends once comparative historical data points become available.
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