MANAKSIA - Manaksia
📢 Recent Corporate Announcements
Manaksia Limited has issued a postal ballot notice to seek shareholder approval for several material related party transactions (RPTs) scheduled for FY 2026-27. The transactions involve the parent company and its subsidiaries, MINL Limited and Manaksia Ferro Industries, with related entities Manaksia Steels and Sumo Steels. The largest proposed transaction is a ₹420 crore raw material purchase by subsidiary MINL from Sumo Steels. These transactions are stated to be in the ordinary course of business and conducted on an arm's length basis.
- Proposed raw material purchase by subsidiary MINL Ltd from Sumo Steels Ltd up to ₹420 Crores.
- Proposed purchase of raw materials and spares by MINL Ltd from Manaksia Steels Ltd up to ₹200 Crores.
- Proposed sale of products by Manaksia Ltd to Sumo Steels Ltd up to ₹250 Crores.
- Proposed purchase of products by Manaksia Ltd from Manaksia Steels Ltd up to ₹75 Crores.
- Remote e-voting period for shareholders ends on March 14, 2026, with results by March 17, 2026.
Manaksia Limited reported a consolidated Net Profit of ₹14.54 crore for Q3 FY26, an 11.5% increase from ₹13.05 crore in the same quarter last year. However, revenue from operations saw a marginal decline of 2% YoY, coming in at ₹184.02 crore. The company's EBITDA for the quarter stood at ₹23.92 crore, slightly lower than the ₹25.27 crore reported in Q3 FY25. For the nine-month period, while revenue grew significantly by 18% to ₹547.41 crore, net profit fell by 13% to ₹40.42 crore compared to the previous year, indicating margin pressure.
- Consolidated Net Profit grew 11.5% YoY to ₹14.54 crore in Q3 FY26
- Revenue from operations decreased by 2.1% YoY to ₹184.02 crore
- EBITDA for the quarter stood at ₹23.92 crore compared to ₹25.27 crore in the year-ago period
- 9M FY26 revenue showed strong growth of 18.4% reaching ₹547.41 crore
- 9M FY26 PAT declined to ₹40.42 crore from ₹46.65 crore in the previous year
Manaksia Limited's shareholders have overwhelmingly approved a Scheme of Arrangement for a demerger involving Manaksia Ferro Industries Limited. In a court-convened meeting held on January 10, 2026, approximately 99.99% of the total votes cast were in favor of the resolution. The meeting was conducted following directions from the NCLT Kolkata Bench to facilitate corporate restructuring. This approval marks a critical milestone in the company's plan to separate its ferro industries business into a distinct entity.
- Resolution for Scheme of Arrangement between Manaksia Ltd and Manaksia Ferro Industries Ltd passed with requisite majority
- Total of 5,11,27,124 votes (99.9998%) cast in favor of the demerger proposal
- Only 90 votes (0.0002%) were cast against the resolution across all shareholder categories
- Meeting conducted via video conferencing as per NCLT Kolkata Bench order dated November 17, 2025
- A total of 179 members participated in the voting process with a record date of January 3, 2026
Manaksia Limited conducted an NCLT-convened meeting on January 10, 2026, to vote on a Scheme of Arrangement with Manaksia Ferro Industries Limited. The meeting involved 35,743 eligible shareholders as of the record date, with 106 members attending the virtual session. The resolution requires a special majority for approval under Section 230(6) of the Companies Act. Investors are currently awaiting the final voting results and the Scrutinizer's report to confirm the outcome of the restructuring proposal.
- NCLT-convened meeting held on Jan 10, 2026, regarding a Scheme of Arrangement with Manaksia Ferro Industries.
- Total shareholder base of 35,743 as of the record date on Jan 3, 2026.
- 106 members participated in the meeting via Video Conferencing/OAVM.
- Approval requires a special majority as per Section 230(6) of the Companies Act, 2013.
- Final voting results to be disclosed separately following the Scrutinizer's report.
Manaksia Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by Maheshwari Datamatics Private Limited, confirms that dematerialization requests were processed and security certificates were mutilated and cancelled as per guidelines. This is a standard administrative filing ensuring that the company's register of members is accurately updated with depository information.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar and Transfer Agent (RTA) confirms processing of dematerialization requests within prescribed timelines.
- Verification that security certificates were mutilated and cancelled after due verification by depository participants.
- Confirmation that the name of depositories has been substituted in the register of members as the registered owner.
Manaksia Limited has informed the stock exchanges that its trading window will be closed starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The closure pertains to the un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all directors and designated persons until 48 hours after the results are publicly announced.
- Trading window closure effective from January 1, 2026
- Closure relates to the un-audited financial results for the quarter and nine months ended December 31, 2025
- Window to reopen 48 hours after the official announcement of financial results
- Restriction applies to all Directors, Designated Persons, and their immediate relatives
- Board meeting date for result approval to be announced in due course
Manaksia Limited is holding a meeting for equity shareholders on January 10, 2026, at 11:00 A.M. (IST) via video conferencing, as per the National Company Law Tribunal, Kolkata Bench order dated November 17, 2025. The meeting will consider the proposed Scheme of Arrangement between Manaksia Limited and Manaksia Ferro Industries Limited. The notice and explanatory statement are available on the company's website for shareholders whose email addresses are not registered. E-voting will be available from January 07, 2026, at 9:00 A.M. (IST) to January 09, 2026, at 5:00 P.M. (IST).
- Meeting on January 10, 2026, at 11:00 A.M. (IST)
- E-voting starts January 07, 2026, at 9:00 A.M. (IST)
- E-voting ends January 09, 2026, at 5:00 P.M. (IST)
- NCLT Kolkata Bench order dated November 17, 2025
- Cut-off date for e-voting is Saturday, January 03, 2026
Manaksia Limited is holding a meeting for equity shareholders on January 10, 2026, to consider and approve a Scheme of Arrangement between Manaksia Limited and Manaksia Ferro Industries Limited. The meeting will be held via Video Conferencing (VC) / Other Audio Visual Means (OAVM). The e-voting period will commence on January 07, 2026 (09:00 A.M. IST) and ends on January 09, 2026 (05:00 P.M. IST). The notice and explanatory statement are available on the company's website.
- Meeting Date: January 10, 2026 at 11:00 A.M. (IST)
- E-voting starts: January 07, 2026 at 09:00 A.M. (IST)
- E-voting ends: January 09, 2026 at 05:00 P.M. (IST)
- Cut-off date for e-voting: January 03, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 2.7% YoY to INR 785.37 Cr. Standalone revenue (primarily metal trading) grew 1.4% YoY to INR 175.46 Cr. Mark Steels Limited (subsidiary) revenue declined 9.9% to INR 152.83 Cr.
Geographic Revenue Split
The Group has significant operations in Nigeria (MINL Limited, Jebba Paper Mills), Ghana (Dynatech Industries), and India (Mark Steels, Manaksia Ferro Industries). Specific % split per region is not disclosed in available documents.
Profitability Margins
Consolidated EBITDA margin fell from 20.78% to 13.81% (a 697 bps drop). Consolidated PAT margin declined from 9.88% to 7.13% (INR 55.98 Cr PAT). Standalone PAT was INR 6.05 Cr, down 67% YoY from INR 18.34 Cr.
EBITDA Margin
Consolidated EBITDA margin was 13.81% in FY 2024-25, down from 20.78% in FY 2023-24. EBITDA absolute value fell 31.7% to INR 108.48 Cr due to an 18.3% increase in raw material consumption costs.
Capital Expenditure
Consolidated additions to Property, Plant and Equipment (PPE) were INR 6.61 Cr in FY 2024-25, primarily driven by Building additions of INR 6.27 Cr. Capital Work in Progress (CWIP) stood at INR 0.20 Cr.
Credit Rating & Borrowing
The Company improved its debt-equity ratio to 0.04x in FY 2024-25 from 0.13x in FY 2023-24. Interest coverage ratio was 9.30x as of March 31, 2025. Consolidated finance costs were INR 1.10 Cr.
Operational Drivers
Raw Materials
Metals and other items for trading; raw materials for metal products and paper manufacturing (Jebba Paper Mills). Specific material names like aluminum or steel coils are implied but not itemized.
Capacity Expansion
Current installed capacity is not specified. Planned expansion involves the demerger of the metal product business into Manaksia Ferro Industries Limited (MFIL) to focus on operational efficiency.
Raw Material Costs
Cost of materials consumed (Consolidated) was INR 425.92 Cr, representing 54.2% of total revenue, up 18.3% YoY from INR 359.94 Cr.
Strategic Growth
Growth Strategy
The primary strategy is the demerger of the metal product business into Manaksia Ferro Industries Limited (MFIL) to unlock shareholder value and focus on core trading and manufacturing separately. The company also relies on its diversified product portfolio to sustain performance amid policy shifts in foreign markets.
Products & Services
Trading of Metals and other items; Metal Products; Paper (via Jebba Paper Mills).
Brand Portfolio
Mark Steels, MINL, Jebba Paper Mills, Dynatech Industries.
External Factors
Industry Trends
The industry is characterized by volatile raw material costs and regional political risks. The company is positioning itself for the future by demerging manufacturing from trading to improve focus and efficiency.
Competitive Landscape
Key competitors include Manaksia Steels Limited, Manaksia Aluminium Company Limited, and Manaksia Coated Metals & Industries Limited (related parties).
Competitive Moat
Moat is built on a diversified product portfolio and strong consumer demand for its offerings, which provides resilience against regional governance shifts. This is sustainable as long as the company maintains its low-debt profile (0.04x D/E).
Macro Economic Sensitivity
Sensitive to Nigeria's political and policy environment and global metal price fluctuations.
Geopolitical Risks
Nigeria's political environment is cited as a key risk to stability and growth for the Group's foreign subsidiaries.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act 2013, SEBI Listing Obligations, and local regulations in Nigeria and Ghana. The demerger is being executed under Sections 230-232 of the Companies Act.
Taxation Policy Impact
Consolidated tax provision was INR 26.66 Cr for FY 2024-25, representing an effective tax rate of approximately 31.4% on PBT.
Legal Contingencies
The company notes inherent limitations in internal financial controls regarding fraud or collusion. No specific pending court case values are disclosed.
Risk Analysis
Key Uncertainties
Nigeria political risk and raw material price volatility (which caused a 31.7% drop in EBITDA) are the primary uncertainties.
Geographic Concentration Risk
Significant revenue concentration in Nigeria and India.
Third Party Dependencies
Related party purchases of goods totaled INR 339.96 Cr, indicating significant dependency on group-linked entities.
Credit & Counterparty Risk
Consolidated trade receivables for the demerged undertaking were INR 37.98 Cr. Standalone undisputed trade receivables considered good were INR 3.45 Cr.