Manaksia Coated Metals & Industries Q2 FY27 results: net profit up 34.2% to ₹18.73 crore, revenue up 44.6%

How did Manaksia Coated Metals & Industries perform in Q2 FY27?

Manaksia Coated Metals & Industries reported consolidated revenue of ₹318.69 crore in Q2 FY27, up 44.6% from ₹220.33 crore in Q2 FY26. Against Q1 FY27, revenue rose 21.6% from ₹262.14 crore. Total income increased to ₹321.55 crore from ₹223.68 crore a year earlier and from ₹263.07 crore in the previous quarter.

Consolidated EBITDA was ₹34.05 crore, up from ₹26.10 crore in Q2 FY26 and ₹28.16 crore in Q1 FY27. The EBITDA margin fell 1.1 percentage points year on year to 10.7% but was unchanged from Q1 FY27. The reported figures are consolidated; standalone revenue was ₹318.69 crore and profit after tax was ₹18.79 crore.

Profit before tax rose to ₹25.11 crore from ₹19.02 crore a year earlier and ₹18.93 crore in Q1 FY27. Net profit increased to ₹18.73 crore from ₹13.96 crore a year earlier and ₹14.10 crore in the previous quarter, while basic EPS was ₹1.76 compared with ₹1.45 and ₹1.33, respectively.

What changed in Manaksia Coated Metals & Industries' costs and profit?

Total expenses were ₹296.44 crore in Q2 FY27, up ₹91.78 crore from ₹204.66 crore in Q2 FY26. Cost of materials consumed increased by ₹87.44 crore to ₹262.41 crore, other expenses rose by ₹26.81 crore to ₹65.47 crore, employee cost increased by ₹2.43 crore to ₹7.05 crore and depreciation rose by ₹1.16 crore to ₹3.33 crore.

Finance costs were ₹8.48 crore, ₹0.22 crore higher than Q2 FY26, while other income fell by ₹0.49 crore to ₹2.86 crore. Tax expense increased by ₹1.31 crore to ₹6.37 crore. There was no exceptional item in either quarter, and the filing did not state reasons for the movements in the individual cost lines.

Against Q1 FY27, total expenses increased by ₹52.30 crore, led by cost of materials at ₹262.41 crore, up ₹66.23 crore, and other expenses at ₹65.47 crore, up ₹24.56 crore. Other income rose by ₹1.93 crore to ₹2.86 crore, finance costs increased by ₹1.62 crore and tax expense rose by ₹1.54 crore to ₹6.37 crore; there was no exceptional item.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹580.83 crore, up 23.5% from ₹470.13 crore in H1 FY26. Total income increased by 22.4% to ₹584.62 crore from ₹477.62 crore, while profit before tax rose 16.7% to ₹44.03 crore from ₹37.72 crore.

Net profit for the first half was ₹32.83 crore, up 17.4% from ₹27.97 crore in H1 FY26, and EPS increased to 3.1 from 2.85. The first-half revenue and profit gains were lower than the year-on-year increases reported for Q2 FY27 alone.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹893.05 crore, compared with ₹754.81 crore at 31 March 2026, while total equity was ₹385.36 crore against ₹348.96 crore. Borrowings increased to ₹185.3 crore from ₹115.4 crore, and cash declined to ₹0.31 crore from ₹1.25 crore.

Inventories rose to ₹389.66 crore from ₹339.4 crore, trade receivables increased to ₹139.58 crore from ₹97.97 crore and trade payables rose to ₹255.19 crore from ₹243.84 crore. In H1 FY27, operating cash flow was ₹2.43 crore, compared with an outflow of ₹14.94 crore in H1 FY26.

Investing cash flow was an outflow of ₹57.19 crore in H1 FY27 against an outflow of ₹11.51 crore a year earlier, while financing cash flow was ₹53.57 crore compared with ₹25.73 crore. Capital expenditure was ₹58.21 crore, up from ₹12.38 crore in H1 FY26.

How has Manaksia Coated Metals & Industries done over the last 8 quarters?

Revenue rose to ₹318.69 crore in Q2 FY27, the highest level in the eight-quarter series, after falling to ₹186.9 crore in Q3 FY26. Net profit also reached its series high of ₹18.73 crore, compared with its low of ₹5.01 crore in Q3 FY25. The current direction in both measures was higher.

The EBITDA margin reached 10.7% in Q2 FY27, matching Q1 FY27. Its peak was 11.8% in Q2 FY26, while the low was 6.3% in Q4 FY26. Revenue rose year on year in each of the last three quarters, and profit rose year on year in each of the last six quarters.

What did Manaksia Coated Metals & Industries' management say?

Management said FY27 revenue was targeted to grow close to 35%-55% over FY26 and gave no FY28 revenue number. It expected FY28 sales volume of approximately 1,75,000-2,00,000 tons, with the second colour-coating line and a 7MW captive solar plant targeted for commissioning in Q3 FY27.

Management said the second colour-coating line would add 1,50,000 metric tons per annum and expected a gradual ramp over 60-90 days, with stable quarterly output tentatively indicated at 50,000 tons ±10%. The captive solar plant was expected to offset approximately 50%-55% of Kutch grid consumption, and implementation of the Salesforce CRM was targeted for Q3 FY27.

Management said the company had an order book of ₹525 crore covering 4-5 months, including ₹420 crore from exports. It reiterated an FY29 ambition of 3x output, revenue and EBITDA, while linking the revenue ambition to timely project execution and utilisation. Management also referred to geopolitical uncertainty, elevated raw-material and freight costs, tighter EU coated-steel import quotas and commodity, energy and freight-price volatility as risks.

Management gave no explicit change to prior guidance and indicated a current EBITDA-margin range of 10.5%-11.5%. It also referred to a 2024 SEBI adjudication matter, but deferred the settlement details. No analyst questions were recorded.

How did Manaksia Coated Metals & Industries shares react?

The filing appeared after market hours. The stock was up 5.5% after five minutes, 6.2% after 15 minutes and 7.5% after 30 minutes from the price when the filing appeared. It closed the reaction day 12.5% above the previous close, against a 0.0% median move for the other industry stocks.

By the next day's close, the stock was up 4.3% from its pre-results close, while the industry median was down 1.0%; the excess sector move was 5.3 percentage points. The Nifty Microcap 250 was down 1.9% over the same close. Earlier results-day moves included 9.5% on 22 July 2025, 3.8% on 2 February 2026 and 0.3% on 6 May 2026.

How did other Iron & Steel Products companies do?

Twenty-six other Iron & Steel Products companies that had filed for the quarter had a median revenue growth of 23.5%. Of these peers, 23 grew more slowly than Manaksia Coated Metals & Industries and three grew faster than the company.

Twenty of 31 peers whose profit was compared reported higher profit. The peer comparison was available as of 4 November 2026, while Manaksia Coated Metals & Industries reported 44.6% revenue growth in Q2 FY27.