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MANAKCOAT · price
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Manaksia Coated Metals reported its strongest year on record for FY26 with revenue of INR896 crores (up 13.5% YoY), EBITDA of INR92.21 crores (up 49.21% YoY) with margins expanding 246 bps to 10.29%, and PAT of INR40.69 crores (up 164% YoY). Q4 saw revenue of INR228.74 crores but margin compression to 6.84% due to Middle East conflict-driven cost headwinds (freight up 100%, LPG prices up 200%, raw materials up 50-75%). The company commissioned its alu-zinc coating line in December 2025, increasing capacity to 1,80,000 MT, and plans a second color coating line (150,000 MT capacity) and 7 MW solar plant both targeted for July 2026. Exports surged 110% YoY to 68% of revenue. The company guided sustainable EBITDA margins of 10-12% going forward and targets INR2,500-2,700 crores revenue by FY28 with planned backward integration.
Strong FY26 performance with 164% PAT growth demonstrates operational resilience despite global disruptions. The alu-zinc premium (INR3,000-5,000/ton over galvanized) and capacity expansion roadmap support multi-year growth visibility, though Q4 margin weakness is a near-term concern expected to recover in H1 FY27.