Manaksia Coated Metals & Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Manaksia Coated Metals & Industries Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Manaksia Coated Metals & Industries reported FY26 consolidated revenue growth of 13.5% to over Rs 896 crore, with EBITDA up 49.21% and PAT up 164% year-on-year, driven by a shift toward higher-value pre-painted and alu-zinc coated steel and a sharp rise in export volumes. Q4 FY26 revenue grew 20.45% quarter-on-quarter and 9% year-on-year, though EBITDA margin compressed to 6.84% due to a spike in energy and raw material costs linked to the Middle East conflict. Management discussed commissioning of a new alu-zinc coating line, a second color coating line and a captive solar power plant, both targeted for completion by July 2026, along with plans for a future cold rolling mill project.
Numbers mentioned
Revenue: INR896 crores (FY26)
p. 4
“Revenue for the full year on a consolidated basis grew by 13.5% year-on-year, crossing INR896 crores.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Price realization per ton: INR82,193 per ton (FY26)
p. 4
“Price realization per ton improved meaningfully to INR82,193 per ton in FY '26 compared to INR73,622 per ton in FY '25”
Karan Agrawal, page 4 of the filed PDF · View the filing
EBITDA: INR92.21 crores (FY26)
p. 4
“Our EBITDA for the full year stood at INR92.21 crores, a strong increase of 49.21% year-on-year.”
Karan Agrawal, page 4 of the filed PDF · View the filing
EBITDA margin: 10.29% (FY26)
p. 4
“EBITDA margin for the year expanded by 246 basis points to 10.29%, reflecting our improved operational efficiency and product premiumization.”
Karan Agrawal, page 4 of the filed PDF · View the filing
EBITDA per ton: INR8,838 per ton (FY26)
p. 4
“EBITDA per ton touched INR8,838 per ton, growing 43.54% year-on-year, a clear measure of value we are adding per unit of production.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Profit after tax: INR40.69 crores (FY26)
p. 4
“our profit after tax for FY '26 grew by an exceptional 164% year-on-year, touching INR40.69 crores.”
Karan Agrawal, page 4 of the filed PDF · View the filing
PAT margin: 4.54% (FY26)
p. 4
“PAT margin expanded by 259 basis points to 4.54% for the full year.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Earnings per share: INR4.32 per share (FY26)
p. 4
“Our earnings per share registered an increase of 211% year-on-year, touching INR4.32 per share for FY26.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Interest coverage ratio: 2.85x (FY26)
p. 4
“Our interest coverage ratio touched 2.85x compared to 1.63x in FY '25.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Current ratio: 1.75x (FY26)
p. 4
“The current ratio reached an all-time high of 1.75x, improving from 1.35x.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Debt equity ratio: 1.13x (FY26)
p. 4
“Our debt equity ratio improved substantially to 1.13x from a level of 1.81x in FY '25.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Net debt-to-EBITDA: 1.01x (FY26)
p. 4
“we achieved our targeted net debt-to-EBITDA ratio of 1.01x in FY '26, a remarkable improvement from 1.93x in FY '25.”
Karan Agrawal, page 4 of the filed PDF · View the filing
Revenue: INR228.74 crores (Q4 FY26)
p. 4
“Revenue for Q4 FY '26 stood at INR228.74 crores, registering a robust 20.45% growth quarter-on-quarter and a 9% growth year-on-year.”
Karan Agrawal, page 4 of the filed PDF · View the filing
EBITDA margin: 6.84% (Q4 FY26)
p. 5
“EBITDA for Q4 FY '26 stood at INR15.64 crores with an EBITDA margin of 6.84%.”
Karan Agrawal, page 5 of the filed PDF · View the filing
PAT: INR5.37 crores (Q4 FY26)
p. 5
“PAT for Q4 FY '26 was INR5.37 crores, registering a growth of 6.73% year-on-year with a PAT margin of 2.35%.”
Karan Agrawal, page 5 of the filed PDF · View the filing
Production of galvanized and alu-zinc coated steel: 1,03,036 metric tons (FY26)
p. 5
“Production of galvanized and alu-zinc coated steel reached 1,03,036 metric tons for the full year, registering a growth of 2.21% year-on-year.”
Tushar Agrawal, page 5 of the filed PDF · View the filing
Production of pre-painted steel: 83,594 metric tons (FY26)
p. 5
“Production of pre-painted steel grew by an impressive 12.78% year-on-year to 83,594 metric tons for FY '26.”
Tushar Agrawal, page 5 of the filed PDF · View the filing
Pre-painted steel share of sales: 80% (FY26)
p. 5
“Pre-painted steel, our highest value product now constitutes 80% of total quantities sold in FY '26, up from 74% in FY '25.”
Tushar Agrawal, page 5 of the filed PDF · View the filing
Export tonnage: 66,172 metric tons (FY26)
p. 5
“Export tonnage touched an all-time high of 66,172 metric tons, growing 110% year-on-year compared to 31,453 metric tons in FY '25.”
Tushar Agrawal, page 5 of the filed PDF · View the filing
Exports as % of revenue: 68.21% (FY26)
p. 5
“share of exports as a percentage of total revenue grew to 68.21% in FY '26 from 39.21% in FY '25, a growth of 97% year-on-year.”
Tushar Agrawal, page 5 of the filed PDF · View the filing
Order book: INR350 crores to INR400 crores
p. 14
“we do enjoy a situation where our current order book is in the range of between INR350 crores to INR400 crores.”
Karan Agrawal, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Second color coating line commissioning — targeted completion date of July '26 · July 2026
stated firmly by Tushar Agrawal
p. 6
“we have placed an order with Mas Rollpro Limited for our second color coating line, which is in advanced stages of erection and commissioning with a targeted completion date of July '26.”
Tushar Agrawal, page 6 of the filed PDF · View the filing
Solar power plant commissioning — targeted for commissioning by July '26 · July 2026
stated firmly by Tushar Agrawal
p. 6
“This project is also targeted for commissioning by July '26.”
Tushar Agrawal, page 6 of the filed PDF · View the filing
Margin recovery — H1 FY27
stated conditionally by Tushar Agrawal
p. 6
“with the normalization of energy and raw material costs, assuming no further escalation in global conflicts, our margin recovery in H1 '27 should be meaningful.”
Tushar Agrawal, page 6 of the filed PDF · View the filing
Capex outlay for second color coating line — roughly about INR65 crores · FY27
stated firmly by Karan Agrawal
p. 7
“the second color coating line, which is going to commission in Q2 of FY '27 is roughly about INR65 crores.”
Karan Agrawal, page 7 of the filed PDF · View the filing
Capex outlay for solar captive power plant — INR30 crores · Q2 FY27
stated firmly by Karan Agrawal
p. 7
“the solar captive power plant, which is also going to commission in the Q2 of FY '27, the capital outlay is INR30 crores.”
Karan Agrawal, page 7 of the filed PDF · View the filing
Cold rolling complex project — FY28
stated as an aspiration by Karan Agrawal
p. 8
“We do want to do this within FY '28. That is our -- that is the blueprint that we have decided upon.”
Karan Agrawal, page 8 of the filed PDF · View the filing
Revenue potential at peak utilization — INR2,500 crores to INR2,700 crores per annum · FY28
stated as an aspiration by Karan Agrawal
p. 9
“which has the potential to generate a revenue of anywhere in the range of INR2,500 crores to INR2,700 crores per annum.”
Karan Agrawal, page 9 of the filed PDF · View the filing
Power cost savings from solar plant — between INR7 crores to INR7.5 crores per annum
stated conditionally by Karan Agrawal
p. 9
“it has the potential to basically generate savings of between INR7 crores to INR7.5 crores per annum just in terms of power cost.”
Karan Agrawal, page 9 of the filed PDF · View the filing
Debt-equity ratio ceiling — between 1x to 1.5x
stated firmly by Karan Agrawal
p. 10
“we will definitely not breach a level of 2x, and we'll strive to actually be anywhere in the range of between 1x to 1.5x.”
Karan Agrawal, page 10 of the filed PDF · View the filing
ROCE target for new projects — above 20%
stated as an aspiration by Karan Agrawal
p. 9
“we are aspiring to do projects and invest in projects that are having high ROCE rates, which are definitely above 20%.”
Karan Agrawal, page 9 of the filed PDF · View the filing
Sustainable EBITDA margin — anywhere between 10% to 12%
stated as an aspiration by Karan Agrawal
p. 12
“we feel that an EBITDA margin of anywhere between 10% to 12% is possible and sustainable.”
Karan Agrawal, page 12 of the filed PDF · View the filing
Revenue growth vision — 3x · FY29
stated as an aspiration by Karan Agrawal
p. 12
“having the ambition to become 3x in revenue and profitability are mainly driven by our ambitions to increase capacity to 0.36 million tons and having backward integration of cold rolling as well as horizontal capacity expansion in the alu-zinc production capacity.”
Karan Agrawal, page 12 of the filed PDF · View the filing
Incremental revenue from new color coating line — between INR300 crores to INR500 crores · FY27
stated conditionally by Karan Agrawal
p. 13
“we can anticipate anywhere between -- let's say, anywhere between INR300 crores to INR500 crores, in that range, of incremental revenue from the new capacity being installed.”
Karan Agrawal, page 13 of the filed PDF · View the filing
Alu-zinc capacity utilization — 80, 85 sort of utilization · FY27
stated conditionally by Karan Agrawal
p. 14
“the second half of the year would definitely see a much higher rate of capacity utilization as compared to the first half of the year.”
Karan Agrawal, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management detailed the capex for the second color coating line and solar plant, funded via a mix of debt and equity.
Answered by Karan Agrawal
Asked by Jayam Birawat: What is total capex outlay planned till FY28 and how will it be funded?
p. 7
“both these projects have been funded by a healthy mix of debt and equity, where the proceeds from the last fund raise have been used for the contribution of equity and debt has been taken from PSU banks in India.”
Karan Agrawal, page 7 of the filed PDF · View the filing
Management pointed to a consistent multi-year growth trend in export share, though noted growth rate would moderate.
Answered by Karan Agrawal
Asked by Jayam Birawat: What gives confidence that export demand will keep pace with capacity expansion?
p. 7
“we have reached from a level of 20%, 25% export revenue to today, a level where we are touching 70% export revenue. And this has been a very consistent curve of growth.”
Karan Agrawal, page 7 of the filed PDF · View the filing
Management said alu-zinc is more profitable but declined to give a specific premium figure, citing multiple internal and external factors.
Answered by Karan Agrawal
Asked by Jayam Birawat: What is the sustainable EBITDA upside from shifting to alu-zinc?
p. 8
“The extent of premium achieved or EBITDA per ton margin achieved is a whole contribution of many factors, internal and external.”
Karan Agrawal, page 8 of the filed PDF · View the filing
Management said costs remain elevated but new orders fully pass through incremental costs, expecting margin improvement versus Q4.
Answered by Karan Agrawal
Asked by Deepesh Sancheti: Will the elevated raw material cost environment persist into Q1 FY27 and beyond?
p. 10
“we have been able to pass through the entire impact of the incremental costs. Whether it's on the energy side, raw material side, consumable side, freight side, everything to the customers in the new pricing and the new costing that we are doing.”
Karan Agrawal, page 10 of the filed PDF · View the filing
Management said they intend to remain conservative and will not exceed a 2x debt-equity ratio.
Answered by Karan Agrawal
Asked by Deepesh Sancheti: How much leverage increase is expected during the capex cycle and is there a debt-equity threshold?
p. 10
“the company does not have any plans to go aggressive for leverage, and we will definitely not breach a level of 2x”
Karan Agrawal, page 10 of the filed PDF · View the filing
Management cited capacity expansion plans as drivers and flagged government policy, geopolitics, and demand as external risk factors.
Answered by Karan Agrawal
Asked by Yash Purbhe: What is the roadmap to achieve the FY29 3x growth vision and what are key challenges?
p. 12
“anything to do with government policies, external geopolitical conditions, GDP of the country, demand of the country, public sector and private sector projects in the country would -- all of these would define.”
Karan Agrawal, page 12 of the filed PDF · View the filing
Management said order books remain robust as long-term customers are ordering more in advance to buffer against uncertainty.
Answered by Karan Agrawal
Asked by Sameera Middha: Are customers refraining from placing new orders amid global tensions?
p. 14
“our long-term customers are rather being cautious and ordering more in advance or potentially a little bit of a higher quantity to ensure that their bare minimum requirements are met in time and met adequately.”
Karan Agrawal, page 14 of the filed PDF · View the filing
Management estimated a ballpark premium range depending on product specification.
Answered by Karan Agrawal
Asked by Sameera Middha: How much premium does alu-zinc enjoy over galvanized steel?
p. 15
“a premium of between INR3,000 to INR5,000 a ton is a ballpark that one can say is a fair premium over galvanized steel.”
Karan Agrawal, page 15 of the filed PDF · View the filing
Risks flagged
Middle East conflict causing surging freight rates and shortages
p. 3
“Freight rates surged by nearly 100% quarter-on-quarter. Industrial fuels such as propane and LPG witnessed an unprecedented shortage with prices spiking by almost 200% within a fortnight.”
Karan Agrawal, page 3 of the filed PDF · View the filing
Raw material and metal cost escalation
p. 3
“Key raw materials and consumables, many of which are petrochemical byproducts saw cost escalations in the range of 50% to 75%. Metal prices, including aluminum and zinc, climbed to 5-year highs.”
Karan Agrawal, page 3 of the filed PDF · View the filing
Disruption to supply of critical inputs delaying export orders
p. 3
“Supply of critical inputs was severely disrupted, delaying the execution of high-value export orders.”
Karan Agrawal, page 3 of the filed PDF · View the filing
Onetime cost shock compressing Q4 margins
p. 5
“The year-on-year softness in Q4 margin was entirely attributable to the extraordinary cost escalation in energy and raw materials triggered by the Middle East conflict, which compressed margins in the quarter.”
Karan Agrawal, page 5 of the filed PDF · View the filing
External factors outside company control affecting alu-zinc premium
p. 8
“the ones that are not in our control are external factors like geopolitical environment, demand, competition, etcetera.”
Karan Agrawal, page 8 of the filed PDF · View the filing
Elevated cost structure persisting due to geopolitical conflict and currency
p. 10
“the costs of all petroleum byproducts, metals like aluminum and zinc remain at an elevated level.”
Karan Agrawal, page 10 of the filed PDF · View the filing
Government policy and macro conditions affecting growth vision execution
p. 12
“anything to do with government policies, external geopolitical conditions, GDP of the country, demand of the country, public sector and private sector projects in the country would -- all of these would define.”
Karan Agrawal, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.