Manaksia Coated Metals & Industries Ltd.

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manaksiacoatedmetals.comBSE: 539046NSE: MANAKCOAT

Market Cap₹ 1,280 Cr.

Current Price

High / Low₹ 183 / 94

Stock P/E31.2

Book Value₹ 34

Price to Book3.02

Dividend Yield0.04 %

ROCE19.8 %

ROE15.5 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Metal Products: 91.1% • Mosquito Coil: 8.9%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company has delivered good profit growth of 44.7% CAGR over last 5 years
Operating margins have improved to 9.1% from 5.8%
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.3
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.59x)
Equity base is being diluted - shares outstanding up 61.5%
Working capital days have increased from 55 to 95 days

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MANAKCOAT	120.05	31.39	1280.14	0.04	141.00	906.71	2621.41	949.40	19.52	10.74

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	172	194	191	183	194	175	205	208	250	220	187	227	262
	164	182	180	167	181	164	191	193	225	194	171	213	244
Operating Profit	7	12	11	15	13	11	14	15	25	26	16	14	18
OPM %	4.36%	6.40%	5.70%	8.44%	6.81%	6.25%	7.06%	7.30%	9.82%	11.85%	8.29%	6.31%	6.90%
	4	1	3	2	2	3	3	2	4	3	3	1	1
Interest	9	10	6	8	8	8	8	8	8	8	7	7	7
Depreciation	2	2	2	2	2	2	2	2	2	2	2	3	3
Profit before Tax	1	2	6	7	4	3	7	7	19	19	10	6	19
Tax %	73.61%	-1.95%	25.27%	25.53%	25.43%	24.30%	25.11%	24.93%	24.96%	26.51%	23.61%	15.66%	25.42%
Net Profit	0	2	4	5	3	2	5	5	14	14	7	5	14
	0.03	0.32	0.63	0.78	0.41	0.33	0.68	0.69	1.49	1.40	0.73	0.57	1.34

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	255	229	251	246	446	648	652	740	782	884	897
	242	214	228	219	412	613	619	689	728	804	823
Operating Profit	13	15	23	27	33	35	33	51	54	80	74
OPM %	5.18%	6.70%	9.13%	10.87%	7.50%	5.39%	5.04%	6.86%	6.88%	9.10%	8.26%
	2	3	3	2	2	8	5	6	9	12	8
Interest	4	5	14	17	19	23	22	33	33	29	28
Depreciation	8	8	10	9	9	9	9	9	9	9	10
Profit before Tax	3	5	3	3	8	12	7	15	21	54	54
Tax %	89.12%	42.38%	90.31%	-69.20%	20.43%	23.71%	32.41%	23.99%	24.97%	24.16%	24.32%
Net Profit	0	3	0	5	6	9	5	12	16	41	41
EPS	0.00	0.00	0.00	0.00	0.98	1.37	0.77	1.57	1.97	3.87	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	3.05%	0.00%	3.92%	3.19%	2.54%	1.29%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 15%
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: 30%
5 Years:: 45%
3 Years:: 101%

STOCK PRICE CAGR

10 Years:: 33%
5 Years:: 58%
3 Years:: 73%
1 Year:: -19%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 9%
3 Years:: 11%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	7	7	7	7	7	7	7	7	8	11
	80	83	83	88	94	103	108	135	183	328
	77	146	158	171	180	194	193	178	137	118
Trade Payables	45	45	70	87	114	137	195	164	238	239
	20	20	28	22	36	37	39	47	73	51
Total Liabilities	229	300	346	373	432	478	541	531	640	747
	96	152	144	140	132	127	119	117	111	167
Capital Work in Progress	35	4	47	45	51	40	49	49	68	31
	0	10	10	10	10	10	10	10	10	10
	30	50	87	123	152	200	254	231	287	339
	0	0	0	0	0	0	0	54	50	97
Cash & Bank	1	9	5	10	15	23	20	22	25	34
	68	75	54	46	73	77	89	48	89	70
Total Assets	229	300	346	373	432	478	541	531	640	747

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22	-7	52	8	20	-12	11	22	30	-12
Cash from Investing	-24	-41	-46	-1	-6	9	-8	-6	-20	-17
Cash from Financing	3	56	-12	-6	-13	5	-4	-16	-10	30
	-1	7	-7	0	2	2	-4	-0	-0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	0.04	0.42	0.04	0.74	0.98	1.37	0.77	1.57	1.97	3.87
Book Value (₹)	13.21	13.63	13.68	14.43	15.42	16.77	17.54	19.15	24.07	32.03
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.03	0.00	0.03	0.05	0.05	0.05
Cash EPS (₹)	1.29	1.60	1.54	2.06	2.31	2.67	2.11	2.76	3.07	4.71
PROFITABILITY
Operating Margin %	5.31%	7.59%	10.50%	11.56%	8.06%	6.69%	5.85%	6.86%	6.88%	9.10%
Net Margin %	0.10%	1.18%	0.11%	1.98%	1.45%	1.38%	0.77%	1.57%	2.00%	4.63%
ROE %	0.34%	3.16%	0.30%	5.30%	6.60%	8.48%	4.46%	9.05%	9.38%	15.45%
ROCE %	4.82%	5.76%	7.85%	9.00%	11.56%	13.22%	9.97%	15.24%	15.61%	19.81%
	0.13%	1.05%	0.08%	1.36%	1.60%	1.97%	0.99%	2.17%	2.67%	5.91%
EFFICIENCY
Debtor Days	57	57	39	35	29	26	25	24	24	30
Inventory Days	32	61	99	155	112	99	127	120	121	129
Payable Days	82	98	120	169	108	95	117	111	120	132
	7	20	18	22	33	31	35	32	25	27
FINANCIAL HEALTH
Debt to Equity (x)	0.67x	1.34x	1.38x	1.40x	1.41x	1.57x	1.65x	1.25x	0.76x	0.38x
Interest Coverage (x)	1.64x	1.90x	1.20x	1.17x	1.42x	1.51x	1.34x	1.47x	1.63x	2.85x
	1.16x	1.20x	0.99x	1.10x	1.15x	1.13x	1.10x	1.17x	1.35x	1.75x
GROWTH
Revenue Growth %	13.80%	-9.99%	9.41%	-2.07%	81.32%	45.30%	0.60%	13.51%	5.68%	13.16%
Operating Profit Growth %	-10.67%	20.50%	47.17%	7.82%	26.38%	20.70%	-12.13%	49.41%	10.53%	46.46%
Net Profit Growth %	-90.25%	878.40%	-90.25%	1699.00%	32.25%	38.69%	-43.90%	131.80%	34.42%	161.91%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	104.54%	25.63%	96.66%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.17x	39.88x	24.98x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.57x	3.26x	3.02x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.06%	0.05%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.66x	11.82x	12.15x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.19	69.19	65.67	56.17	55.55	57.46	57.46	57.78
	0.10	1.82	1.46	9.01	1.77	1.45	1.14	0.22
	0.00	0.00	0.00	0.02	0.00	0.59	0.59	0.59
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	30.70	29.00	32.86	34.80	42.69	40.50	40.81	41.42

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Shareholders meeting

2026-09-04 - Manaksia Coated Metals & Industries Limited has informed the Exchange about Shareholders meeting

2026-09-03

Shareholders meeting

2026-09-03 - Manaksia Coated Metals & Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 03, 2026

2026-08-13

Copy of Newspaper Publication

2026-08-13 - Manaksia Coated Metals & Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

General Updates

2026-08-12 - Manaksia Coated Metals & Industries Limited has informed the Exchange about General Updates

2026-08-12

General Updates

2026-08-12 - Manaksia Coated Metals & Industries Limited has informed the Exchange about General Updates

2026-08-12

Shareholders meeting

2026-08-12 - Manaksia Coated Metals & Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 03, 2026

2026-08-07

Copy of Newspaper Publication

2026-08-07 - Manaksia Coated Metals & Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-04

Forfeiture

2026-08-04 - Manaksia Coated Metals & Industries Limited has informed the Exchange about Forfeiture

2026-07-28

Copy of Newspaper Publication

2026-07-28 - Manaksia Coated Metals & Industries Limited has informed the Exchange about Copy of Newspaper Publication

News

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