NSE: MANAKSIA · BSE: 532932
MANAKSIA LTD.
Manufactures and trades metal products, primarily steel items such as coils, sheets and finished steel products, and has a listed Packaging Products segment. The Metal Products segment accounted for 99.5% of segment revenue for the YTD period ending 31 March 2026, with Packaging Products at 0% and 'Others' at 0.5%. Operations are organised through multiple wholly-owned subsidiaries based in India, Ghana and Nigeria, and related-party transactions cover raw materials and steel products with Manaksia Steels Limited and Nigeria-based Sumo Steels Limited. A proposed demerger of the Metal Product business into wholly-owned subsidiary Manaksia Ferro Industries Limited is pending NCLT clearance. Group entities include Manaksia Steels, Manaksia Aluminium and Grob Tea. Raw materials are the largest cost, at 57.1% of revenue, with employee costs at 4.6% and other operating expenses at 10.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metal Products (100%), Packaging Products (0%), Others (1%). Cyclical, metals-focused industrial products maker with overseas subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,174 | 1,165 | 702 | 731 | 784 |
| EBITDA (ex other income) | 228 | 146 | 63 | 48 | 41 |
| margin % | 19.4 | 12.5 | 8.9 | 6.5 | 5.3 |
| Owners' profit | 183 | 107 | 76 | 56 | 52 |
| EPS, as reported (₹) | 27.93 | 16.30 | 11.53 | 8.54 | 7.99 |
| ROE % · ROCE % | 17.1 · 23.5 | 9.4 · 17.1 | 13.6 · 19.8 | 9.8 · 15.8 | 7.1 · 9.8 |
| Debt / equity (x) | 0.10 | 0.05 | 0.13 | 0.04 | 0.04 |
| Cash from operations | 140 | 53 | 135 | (275) | (11) |
| Capex | (3) | (11) | (1) | (12) | (49) |
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 | 169 | 188 | 269 | 173 | 190 | 184 | 237 | 223 |
| Profit before tax | 21 | 18 | 17 | 22 | 15 | 21 | 13 | 37 |
| Net profit | 15 | 13 | 11 | 15 | 10 | 15 | 12 | 27 |
| EPS (₹) | 2.23 | 1.95 | 1.76 | 2.29 | 1.68 | 2.22 | 1.80 | 3.89 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Metal Products | 693 | 88.4 |
| Packaging Products | 90 | 11.5 |
| Others | 1 | 0.1 |
| Total, before eliminations | 784 | 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) | 5.6 | 15.4 | 16 of 105 | 86% |
| P/B | 0.5 | 1.5 | 13 of 101 | 88% |
| ROCE | 9.3 | 9.1 | 56 of 115 | 52% |
| ROE | 7.1 | 8.6 | 58 of 103 | 44% |
| Debt / Equity | 0.0 | 0.2 | 28 of 101 | 73% |
| EBITDA margin | 17.5 | 11.0 | 32 of 100 | 69% |
| Revenue growth | 28.5 | 13.7 | 27 of 97 | 73% |
| Profit growth | 73.4 | 29.3 | 35 of 105 | 67% |
| Market cap | 354 | 216 | 52 of 122 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Newspaper notice on SEBI special window for physical share dematerialization | compliance | minimal | — | — |
| 8 Oct 2026 · RTA submits dematerialization compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for Manaksia ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Shareholders approve re-appointment of Suresh Kumar Agrawal as MD for 3 years | management changes | high | — | — |
| 24 Sept 2026 · 42nd AGM results: all 3 resolutions passed with strong majority | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Manaksia 42nd AGM held on September 23, 2026; three resolutions tabled | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Newspaper notice for IEPF transfer of unclaimed shares and dividends | compliance | minimal | — | — |
| 17 Sept 2026 · Notice on transfer of shares to IEPF published in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report web link letter sent to shareholders for FY2025-26 | compliance | minimal | — | — |
| 28 Aug 2026 · Manaksia publishes newspaper notice for 42nd AGM on 23 Sep 2026 | compliance | minimal | — | — |
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.