NSE: MANAKCOAT · BSE: 539046
MAN COAT METAL & IND LTD
Manufactures coated and pre-painted steel products, with the Metal Products segment (Aluminium-Zinc coated steel and pre-painted steel coils and sheets) accounting for 98.5% of FY26 segment revenue at Rs 871.51 crore, and 'others' contributing the remaining 1.5%. In FY26 the company produced 1,03,036 MT of galvanized/Alu-Zinc and 83,594 MT of pre-painted steel, with pre-painted now making up 80% of quantity sold. Aluminium-Zinc coating capacity was raised 36% to 1.8 lakh MT after the December 2025 line upgrade, and a second colour-coating line (taking pre-painted capacity from 86,000 TPA to 236,000 TPA, a 174% step-up) and a 7 MW captive solar plant are both targeted for Q2 FY27 commissioning. Sales are heavily export-oriented: exports were 65% of Q1 FY27 volume and 68.21% of FY26 revenue, with a Q1 FY27 order book of Rs 450 crore. Raw materials (steel) dominate the cost base at 76.4% of revenue, with employees at 2.0% and other operating expenses at 14.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metal Products (99%), Others (2%). Cyclical, commodity-linked coated steel manufacturer with high export orientation and a premiumising mix shift toward pre-painted product.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 648 | 652 | 740 | 782 | 884 |
| EBITDA (ex other income) | 35 | 37 | 50 | 55 | 80 |
| margin % | 5.4 | 5.7 | 6.8 | 7.0 | 9.1 |
| Owners' profit | 0 | 9 | 11 | 15 | 0 |
| EPS, as reported (₹) | 1.32 | 1.43 | 1.67 | 2.07 | 4.41 |
| ROE % · ROCE % | 7.9 · 16.3 | 7.8 · 15.6 | 7.4 · 20.5 | 6.8 · 17.3 | 11.7 · 18.7 |
| Debt / equity (x) | 1.53 | 1.53 | 1.17 | 0.63 | 0.33 |
| Cash from operations | (13) | 8 | 22 | 30 | (9) |
| Capex | (7) | (11) | (8) | (22) | (43) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 175 | 205 | 208 | 250 | 220 | 187 | 227 | 262 |
| Profit before tax | 3 | 7 | 7 | 19 | 19 | 10 | 6 | 19 |
| Net profit | 2 | 5 | 5 | 14 | 14 | 7 | 5 | 14 |
| EPS (₹) | 0.32 | 0.67 | 0.68 | 1.47 | 1.45 | 0.74 | 0.66 | 1.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Metal Products | 224 | 25.4 |
| Others | 10 | 1.1 |
| Metals | 184 | 20.8 |
| Other | 3 | 0.4 |
| Metals Products | 463 | 52.4 |
| Total, before eliminations | 884 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.7 | 15.4 | 78 of 105 | 26% |
| P/B | 4.0 | 1.5 | 86 of 101 | 15% |
| ROCE | 12.1 | 9.1 | 44 of 115 | 62% |
| ROE | 11.7 | 8.6 | 33 of 103 | 69% |
| Debt / Equity | 0.3 | 0.2 | 67 of 101 | 34% |
| EBITDA margin | 11.1 | 11.0 | 50 of 100 | 51% |
| Revenue growth | 4.9 | 13.7 | 60 of 97 | 39% |
| Profit growth | 0.7 | 29.3 | 72 of 105 | 32% |
| Market cap | 1413 | 216 | 29 of 122 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · CARE reports full use of proceeds after Rs 9.75 crore warrant forfeiture | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 profit rises 34%; higher borrowing limit proposed | results | high | — | — |
| 28 Oct 2026 · Revenue up 44.6%, net profit up 34%; higher borrowing limit proposed | results | high | — | — |
| 28 Oct 2026 · Q2 revenue rises 45%, profit after tax rises 34%; borrowing limit proposed at Rs 2,500 crore | results | high | — | — |
| 28 Oct 2026 · September quarter revenue up 44.6%, profit after tax up 34%; borrowing limit proposed higher | results | high | — | — |
| 23 Oct 2026 · Manaksia Coated Metals schedules Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on 28 Oct 2026 to consider Q2 FY26-27 results | results | low | — | — |
| 15 Oct 2026 · Newspaper notice on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 8 Oct 2026 · RTA confirms no dematerialisation requests in Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Analyst/Institutional Investors meet held on Sept 29, 2026 | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.