Manaksia Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Metal Products: 99.6% • Others: 0.4%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has a healthy return on capital (ROCE) of 32.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.3%
- Latest quarter profit grew 157.5% YoY, showing strong momentum
- Company has delivered good sales growth of 35.5% CAGR over last 5 years
- Company generates healthy free cash flow
- Company comfortably covers its interest (7.3x coverage)
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (139.1% of PBT)
- Recent results are weak - TTM profit is down 52.0% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.07x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2894.80 | 52.64 | 391875.62 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 999.50 | 27.25 | 45372.45 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| CPPLUS | 3715.75 | 92.10 | 43957.48 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| AEGISLOG | 1242.80 | 34.86 | 43622.28 | 0.70 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| REDINGTON | 363.00 | 16.68 | 28378.41 | 1.65 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.45 | 61.63 | 15337.81 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 70.95 | 96.45 | 10830.89 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 825.65 | 83.70 | 10406.10 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.14 | 20.84 | 9321.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1799.70 | 62.46 | 7832.85 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 346.70 | 24.48 | 7658.08 | 0.43 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| MANAKSIA | 58.10 | 6.06 | 380.75 | 0.00 | 26.68 | 73.37 | 222.76 | 28.47 | 15.78 | 7.32 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 77 | 57 | 11 | 16 | 12 | 42 | 31 | 80 | 31 | 38 | 45 | 59 | 39 | |
| 74 | 53 | 13 | 16 | 14 | 43 | 32 | 78 | 31 | 37 | 45 | 58 | 39 | |
| Operating Profit | 3 | 4 | -2 | -1 | -2 | -1 | -1 | 2 | 0 | 1 | 0 | 1 | -0 |
| OPM % | 4.06% | 6.73% | -14.29% | -4.12% | -13.42% | -1.32% | -2.98% | 2.21% | 0.77% | 1.49% | 0.91% | 1.17% | -0.13% |
| Other Income | 2 | 3 | 3 | 4 | 3 | 3 | 2 | 2 | 3 | 3 | 7 | -6 | 7 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | 7 | 1 | 3 | 1 | 2 | 0 | 4 | 3 | 3 | 7 | -6 | 7 | |
| Tax % | 11.86% | 24.54% | 40.19% | -171.58% | 15.60% | 18.38% | 25.00% | 8.26% | 25.44% | 16.67% | 20.80% | 23.65% | 23.06% |
| Net Profit | 4 | 5 | 1 | 8 | 1 | 2 | 0 | 3 | 2 | 3 | 5 | -5 | 5 |
| 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 | 0 | |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | 31 | 47 | 34 | 36 | 27 | 63 | 143 | 161 | 166 | 181 | |
| 28 | 40 | 50 | 43 | 45 | 48 | 64 | 137 | 156 | 167 | 179 | |
| Operating Profit | 30 | 13 | 66 | 28 | 66 | 8 | 8 | 121 | 17 | 8 | — |
| OPM % | 116 | 41 | 140 | 82 | 182 | 31 | 13 | 84 | 10 | 5 | — |
| Other Income | 33 | 21 | 69 | 37 | 75 | 30 | 9 | 115 | 12 | 10 | 11 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 29 | 12 | 66 | 27 | 66 | 8 | 8 | 120 | 16 | 7 | 11 | |
| Tax % | 21 | 30 | 21 | 22 | 20 | 46 | -8 | 19 | -14 | 13 | 19 |
| Net Profit | 23 | 9 | 52 | 21 | 53 | 4 | 8 | 97 | 18 | 6 | 9 |
| EPS | 0 | 0 | 0 | 0 | 8 | 1 | 1 | 15 | 3 | 1 | — |
| Dividend Payout % | 57 | 0 | 38 | 92 | 130 | 467 | 0 | 40 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 1 | 8 | 3 | 8 | 1 | 1 | 15 | 3 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 74%
- 5 Years:
- 35%
- 3 Years:
- 38%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -2%
- 5 Years:
- -35%
- 3 Years:
- -11%
STOCK PRICE CAGR
- 10 Years:
- 1%
- 5 Years:
- -3%
- 3 Years:
- -26%
- 1 Year:
- -16%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 19%
- 3 Years:
- 27%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| 77 | 79 | 111 | 113 | 97 | 101 | 90 | 168 | 166 | 172 | |
| 0 | 7 | 2 | 0 | 0 | 0 | 0 | 0 | 5 | 23 | |
| Trade Payables | 0 | 9 | 10 | 14 | 0 | 0 | 5 | 0 | 0 | 24 |
| 5 | 2 | 1 | 2 | 1 | 1 | 1 | 6 | 3 | 2 | |
| Total Liabilities | 95 | 110 | 139 | 142 | 111 | 116 | 109 | 187 | 188 | 236 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 8 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| 38 | 37 | 42 | 39 | 38 | 39 | 43 | 67 | 139 | 88 | |
| 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 38 | |
| Cash & Bank | 4 | 3 | 26 | 13 | 16 | 10 | 22 | 84 | 20 | 81 |
| 50 | 68 | 68 | 88 | 54 | 64 | 42 | 34 | 20 | 19 | |
| Total Assets | 95 | 110 | 139 | 142 | 111 | 116 | 109 | 187 | 188 | 236 |
| Total Debt | 0 | 7 | 2 | 0 | 0 | 0 | 0 | 0 | 5 | 23 |
| Net Working Capital | 51 | 49 | 83 | 87 | 71 | 69 | 58 | 142 | 141 | 140 |
| Contingent Liabilities | 9 | 6 | 14 | 4 | 4 | 7 | 7 | 7 | 1 | 1 |
| Book Value per Share | 13.77 | 14.12 | 19.00 | 19.24 | 16.79 | 17.43 | 15.73 | 27.57 | 27.37 | 28.29 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -17 | -30 | -2 | -20 | -11 | -6 | 9 | 2 | -4 | -8 | |
| Cash from Investing | 32 | 24 | 48 | 28 | 81 | -2 | 12 | 16 | 20 | 8 |
| Cash from Financing | -13 | 5 | -25 | -22 | -69 | -0 | -20 | -20 | -15 | 17 |
| 2 | -1 | 21 | -14 | 1 | -9 | 1 | -2 | 1 | 17 | |
| Free Cash Flow | -17 | -30 | -2 | -20 | -11 | -6 | 9 | 2 | -4 | -15 |
| OCF / Net Profit | -0.72 | -3.47 | -0.04 | -0.94 | -0.20 | -1.46 | 1.02 | 0.02 | -0.19 | -1.29 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -80 | -69 | -31 | -26 | -10 | -14 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 3.53 | 1.31 | 7.88 | 3.25 | 8.05 | 0.64 | 1.29 | 14.83 | 2.80 | 0.92 |
| Book Value (₹) | 13.77 | 14.12 | 19.00 | 19.24 | 16.79 | 17.43 | 15.73 | 27.57 | 27.37 | 28.29 |
| Dividend per Share (₹) | 2.00 | 0.00 | 3.00 | 3.00 | 10.50 | 3.00 | 0.00 | 6.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 3.63 | 1.38 | 7.95 | 3.29 | 8.11 | 0.69 | 1.33 | 14.87 | 2.82 | 0.96 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 116.17% | 40.70% | 140.37% | 82.44% | 182.27% | 31.04% | 12.99% | 84.25% | 2.92% | -0.84% |
| Net Margin % | 89.70% | 27.27% | 109.36% | 63.43% | 145.34% | 15.73% | 13.48% | 67.83% | 11.40% | 3.65% |
| ROE % | 27.17% | 9.40% | 47.60% | 16.98% | 44.71% | 3.75% | 7.79% | 68.53% | 10.19% | 3.32% |
| ROCE % | 34.44% | 13.00% | 58.05% | 21.63% | 55.76% | 7.11% | 7.26% | 84.98% | 9.16% | 4.08% |
| 26.04% | 8.38% | 41.52% | 15.14% | 41.64% | 3.71% | 7.52% | 65.68% | 9.80% | 2.86% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 148 | 199 | 144 | 238 | 144 | 57 | 30 | 10 | 10 | 50 |
| Inventory Days | 0 | 0 | 0 | 1 | 1 | 4 | 4 | 2 | 1 | 0 |
| Payable Days | 0 | 147 | 85 | 153 | 76 | 2 | 16 | 7 | 1 | 29 |
| 148 | 52 | 59 | 86 | 69 | 59 | 17 | 4 | 10 | 21 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.08x | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.03x | 0.13x |
| Interest Coverage (x) | 158.10x | 87.95x | 445.87x | 462.26x | 843.81x | 71.31x | 121.19x | 198.31x | 26.65x | 7.32x |
| 12.16x | 3.81x | 6.93x | 6.46x | 84.95x | 54.03x | 10.77x | 25.00x | 21.17x | 3.84x | |
| GROWTH | ||||||||||
| Revenue Growth % | 3925.35% | 22.01% | 50.04% | -29.01% | 8.27% | -26.36% | 134.74% | 128.33% | 12.19% | 3.12% |
| Operating Profit Growth % | 198.14% | -57.25% | 417.48% | -58.31% | 139.38% | -87.46% | -1.78% | 1381.02% | -86.02% | -51.16% |
| Net Profit Growth % | 214.05% | -62.90% | 501.66% | -58.83% | 148.10% | -92.03% | 101.16% | 1048.91% | -81.14% | -67.03% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -81.14% | -67.03% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 35.07x | 63.25x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.59x | 2.06x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 37.21x | 39.36x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - Manaksia Limited has informed the Exchange about Copy of Newspaper Publication regarding 42nd Annual General Meeting of the Company
2026-08-27 - Manaksia Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026
2026-08-13 - Manaksia Limited has informed the Exchange about Newspaper Publication relating to e-voting and other information relating to ensuing 42nd Annual General Meeting
2026-08-13 - Manaksia Limited has informed the Exchange about Newspaper Publication of Financial Results for the quarter ended 30th June, 2026
2026-08-12 - Manaksia Limited has informed the Exchange that Record date for the purpose of Annual General Meeting is 16-Sep-2026.
2026-08-12 - Manaksia Limited has informed the Exchange that 42nd Annual General Meeting of the Members of the Company will be held on Wednesday, 23rd September, 2026 through VC/OAVM.
2026-08-12 - Manaksia Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - Manaksia Limited has informed the Exchange about Copy of Newspaper Publication regarding opening of special window for transfer and dematerialization of physical securities
2026-07-08 - Manaksia Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
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