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Manaksia Steels Limited (MANAKSTEEL)

₹111.04 +0.69% last close, 16 Oct

📊 NSE: MANAKSTEEL 🏢 Steel - Medium / Small 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Manaksia Steels' revenue was ₹327 Cr (+50.6% year on year, -1.7% on the previous quarter), and net profit ₹22.6 Cr (+249.2% year on year); the operating margin was 10.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹327	+50.6%	-1.7%
Operating profit	₹33.5	+211.9%	-11.7%
Net profit	₹22.6	+249.2%	+19.2%
EPS (₹)	3.46	+249.5%	+17.3%
Operating margin	10.2%	—	—

Full quarterly financials → Results calendar →

MANAKSTEEL exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 9 sessions in about the last 20.

₹111.04NSE close · +0.69%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Manaksia Steels Submits Reg 74(5) Dematerialisation Certificate for Q2 FY2026-27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 04:31 PM

Manaksia Steels Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Transfer Agent Maheshwari Datamatics confirms proper processing of dematerialisation requests for the quarter ended September 30, 2026. Security certificates received were verified, mutilated, and cancelled as per standard guidelines. This represents a regular procedural update with zero impact on operating financials.

Regulation 74(5) compliance confirmed for the quarter ended 30th September, 2026
Certificate issued by Registrar and Transfer Agent Maheshwari Datamatics Private Limited
Securities confirmed to depositories (NSDL and CDSL) within prescribed timelines

💡 Track upcoming announcements for Q2 FY2026-27 financial results and operational updates.

Manaksia Steels 25th AGM: All Ordinary Resolutions Passed with Over 99.99% Approval

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Sep 2026, 05:57 PM

Manaksia Steels submitted the voting results and scrutinizer's report for its 25th Annual General Meeting held on September 23, 2026. A total of 5,17,24,308 votes were polled out of 6,55,34,050 total shares, representing a voter turnout of approximately 78.93%. All three ordinary resolutions—adoption of FY26 financial statements, re-appointment of retiring director Mr. Varun Agrawal, and ratification of cost auditor remuneration—were passed with over 99.99% votes cast in favor. Promoter and promoter group participation stood at 100% of their 4,89,85,319 shares, voting entirely in favor.

Overall voter turnout stood at 78.93% (5,17,24,308 votes polled on 6,55,34,050 total shares)
Adoption of FY26 standalone and consolidated financials passed with 99.9927% votes in favor (5,17,20,543 votes)
Re-appointment of director Mr. Varun Agrawal approved with 99.9927% votes in favor
Cost auditor remuneration ratification for FY27 approved with 99.9926% votes in favor
Promoter group voted 100% of their 4,89,85,319 shares in favor of all resolutions

💡 Track subsequent Q2 FY27 operational and financial results, along with updates on the planned 200% colour-coating capacity expansion scheduled for Q4 FY26.

Manaksia Steels Dispatches 25th AGM Notice and FY26 Annual Report Web-Link to Shareholders

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 04 Sep 2026, 12:47 PM

Manaksia Steels Limited has submitted an intimation regarding the dispatch of letters on August 27, 2026, containing web-links for its FY 2025-26 Annual Report and Notice of the 25th Annual General Meeting (AGM). The 25th AGM is scheduled to be held on September 23, 2026, at 3:00 PM IST via Video Conferencing/Other Audio-Visual Means. This is a statutory compliance filing under Regulation 36(1)(b) of SEBI LODR for shareholders whose email addresses are not registered.

25th Annual General Meeting scheduled for September 23, 2026, at 3:00 PM IST via VC/OAVM
Dispatch of letters containing Annual Report web-links completed on August 27, 2026
Compliance intimation filed under Regulation 30 and 36(1)(b) of SEBI LODR

💡 Shareholders can review the Annual Report FY 2025-26 on the company's website ahead of the AGM on September 23, 2026.

Manaksia Steels Schedules 25th AGM for September 23, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 05:03 PM

Manaksia Steels Limited has issued the notice for its 25th Annual General Meeting (AGM) to be held on September 23, 2026, via Video Conferencing. Key agenda items include the adoption of standalone and consolidated audited financial statements for FY26, the re-appointment of retiring director Mr. Varun Agrawal, and the ratification of ₹1,25,000 remuneration for cost auditors M/s. B. Mukhopadhyay & Co. The company noted that no dividend was declared or paid for FY26.

25th Annual General Meeting scheduled for September 23, 2026, at 03:00 PM IST via VC/OAVM
Shareholder cut-off date for electronic dispatch of the annual report was August 14, 2026
Proposed ratification of ₹1,25,000 remuneration plus applicable taxes for Cost Auditors for FY27
Re-appointment of director Mr. Varun Agrawal who retires by rotation

💡 Shareholders eligible to vote can participate in remote e-voting managed by NSDL; monitor AGM voting outcomes and disclosures regarding ongoing capacity expansions.

Manaksia Steels settles Haldia land litigation with Rs 3.33 Cr payment to HDA

🟡 NEUTRAL ⭐ 4/10

LEGAL 📅 21 Aug 2026, 05:28 PM

Manaksia Steels Limited has concluded a long-pending land dispute regarding 35 acres of land in Haldia, West Bengal. In compliance with the Calcutta High Court order dated July 27, 2026, the company deposited an enhanced land premium of Rs 3.325 Cr (Rs 3,32,50,000) with the Haldia Development Authority (HDA). The litigation stands settled with no further liability or amount outstanding. The cash outgo represents approximately 6.0% of the company's TTM net profit (Rs 55 Cr) and clears legal encumbrances on the property.

Deposited enhanced land premium of Rs 3,32,50,000 (Rs 3.33 Cr) to Haldia Development Authority
Concludes Calcutta High Court writ petition (W.P.A. No. 15313 of 2008) regarding 35 acres of land
Original dispute arose over premium revision from Rs 5.50 lakh per acre to Rs 15 lakh per acre
Company confirmed the matter is settled with no further liabilities outstanding

💡 Track whether this payment is expensed as an exceptional/other item or capitalized into fixed assets in upcoming quarterly results.

Rs 3.32 Cr Land Premium Payment Ordered by Calcutta High Court in Haldia Land Dispute

🔴 NEGATIVE ⭐ 5/10

LEGAL 📅 11 Aug 2026, 06:38 PM

The Calcutta High Court has directed Manaksia Steels to pay an additional land premium of Rs 3.325 Cr to the Haldia Development Authority (HDA) within six weeks. The dispute involves 35 acres of land where the premium was hiked from Rs 5.50 lakhs to Rs 15 lakhs per acre. While the company is considering an appeal, the current order represents a one-time cash outflow equivalent to approximately 8.5% of its TTM PAT. The land was originally transferred to the company during its 2013 demerger from Manaksia Limited.

Court ordered payment of Rs 3,32,50,000 (Rs 3.325 Cr) within a 6-week timeline from the order date of July 27, 2026.
The dispute pertains to 35 acres of land situated at Haldia, West Bengal.
Haldia Development Authority (HDA) increased the land premium from Rs 5.50 lakhs per acre to Rs 15 lakhs per acre.
The litigation originated in 2008 (Case No. W.P.A. No. 15313 of 2008) and was inherited by the company post-demerger in 2013.
The company may prefer an appeal against the High Court order.

💡 Investors should watch for the next quarterly results to see if this Rs 3.325 Cr is recognized as an exceptional item or if the company successfully stays the order through an appeal.

Rs 800 Cr Expansion Plan and 249% YoY PAT Growth in Q1 FY27

🟢 POSITIVE ⭐ 10/10

EXPANSION 📅 10 Aug 2026, 08:17 PM

Manaksia Steels reported a robust Q1 FY27 with consolidated PAT surging to ₹22.65 cr from ₹6.49 cr in the year-ago quarter. The board has approved a massive ₹800 cr expansion at its Haldia facility to be executed in two phases, focusing on Cold-Rolled and Coated steel products. This total investment represents approximately 155% of the company's current market capitalization (₹517 cr) and 70% of its TTM revenue. Phase I (₹375 cr) is targeted for completion by FY30, while Phase II (₹425 cr) is planned by FY34, funded through debt and internal accruals.

Consolidated PAT increased 249% YoY to ₹22.65 cr in Q1 FY27 compared to ₹6.49 cr in Q1 FY26
Approved a total investment of ₹800 cr for capacity expansion in Haldia, West Bengal
Phase I adds 216,000 TPA capacity across CR, Coated, and Colour Coated lines by FY 2029-30
Phase II adds an additional 290,000 TPA capacity by FY 2033-34
Consolidated EPS rose to ₹3.46 for the quarter, up from ₹0.99 in the previous year's corresponding quarter

💡 Monitor the execution timeline of Phase I and the company's ability to secure special incentives from the West Bengal government. Investors should also track debt levels as the company undertakes a capex significantly larger than its current net worth.

₹800 Cr Capacity Expansion Approved for Haldia Facility in Two Phases

🟢 POSITIVE ⭐ 10/10

EXPANSION 📅 10 Aug 2026, 08:13 PM

Manaksia Steels has approved a massive ₹800 crore expansion plan for its Haldia plant, focusing on Cold-Rolled and Coated Steel. The project will be executed in two phases, with Phase I (~₹375 Cr) targeted for FY30 and Phase II (~₹425 Cr) for FY34. This total investment is highly material, representing approximately 155% of the company's current market cap and 236% of its net worth. Alongside the expansion, the company reported strong Q1 FY27 results with consolidated PAT rising to ₹27.81 Cr from ₹6.49 Cr YoY.

Total estimated investment of ₹800 crore for Cold-Rolled Coil and Coated Steel expansion.
Phase I adds 95,000 TPA of Cold Rolled and 90,000 TPA of Colour Coated capacity by FY 2029-30.
Phase II adds 100,000 TPA of Cold Rolled and 90,000 TPA of Colour Coated capacity by FY 2033-34.
Consolidated PAT for Q1 FY27 increased to ₹27.81 Cr, a 328% jump from ₹6.49 Cr in the previous year's quarter.
Proposed 10 MW captive solar power plant to support expanded operations and reduce costs.

💡 Monitor the progress of the West Bengal state incentive request and the company's debt-to-equity ratio as it begins funding this large-scale capex relative to its balance sheet size.

₹800 Cr Expansion Plan Approved; Q1 PAT Surges to ₹22.65 Cr

🟢 POSITIVE ⭐ 10/10

EXPANSION 📅 10 Aug 2026, 08:11 PM

Manaksia Steels has announced a transformative ₹800 Cr expansion plan for its Haldia facility, representing approximately 155% of its current market capitalization. The expansion will be executed in two phases through FY34, focusing on Cold Rolled and Colour Coated steel products. Concurrently, the company reported strong Q1 FY27 results with a consolidated PAT of ₹22.65 Cr, a significant jump from ₹6.49 Cr in the same quarter last year. The project will be funded via debt and internal accruals, with Phase I completion targeted by FY30.

Board approved a total investment of ₹800 Cr for Haldia plant expansion in two phases
Q1 FY27 Consolidated PAT reached ₹22.65 Cr (EPS ₹3.46) vs ₹6.49 Cr (EPS ₹0.99) YoY
Phase I (₹375 Cr) aims to increase Colour Coated capacity from 60,000 to 150,000 TPA by FY30
Phase II (₹425 Cr) targets a total Colour Coated capacity of 240,000 TPA by FY34
Record date for AGM e-voting set for 16-Sep-2026

💡 Monitor the progress of Phase I implementation and the outcome of the company's request for special incentives from the West Bengal government, which will dictate the final timeline.

₹800 Cr Expansion Plan & Q1 PAT Jumps 249% YoY to ₹22.65 Cr

🟢 POSITIVE ⭐ 10/10

EXPANSION 📅 10 Aug 2026, 08:09 PM

Manaksia Steels reported a robust Q1 FY27 with consolidated PAT surging to ₹22.65 Cr from ₹6.49 Cr in the year-ago period. The board has approved a massive ₹800 Cr expansion at its Haldia facility, to be executed in two phases through FY34. This total investment is approximately 155% of the company's current market capitalization (₹517 Cr), signaling a major scale-up. The expansion focuses on high-margin Cold Rolled and Coated steel products, supported by a proposed 10 MW captive solar plant.

Consolidated PAT for Q1 FY27 increased to ₹22.65 Cr, a 249% growth compared to ₹6.49 Cr in Q1 FY26.
Total planned investment of ₹800 Cr for capacity expansion in Cold Rolled Coil and Coated Steel.
Phase I involves ₹375 Cr to add 95,000 TPA of Cold Rolled and 90,000 TPA of Colour Coated capacity by FY30.
Phase II targets an additional ₹425 Cr to reach total capacities of 2.75 Lakh TPA for CR and 2.4 Lakh TPA for Colour Coated by FY34.
Company is seeking special incentives from the West Bengal government under the upcoming State Industrial Policy.

💡 Monitor the execution timeline of Phase I and the approval of state incentives, which will dictate the project's pace. Investors should also track the debt-to-equity ratio as the company funds this large capex through a mix of debt and internal accruals.

₹800 Cr Expansion Approved; Q1 PAT Jumps 249% YoY to ₹22.65 Cr

🟢 POSITIVE ⭐ 10/10

EXPANSION 📅 10 Aug 2026, 08:02 PM

Manaksia Steels reported a robust Q1 FY27 with consolidated PAT rising 249% YoY to ₹22.65 Cr, compared to ₹6.49 Cr in Q1 FY26. The Board has approved a massive ₹800 Cr expansion plan at its Haldia facility to be executed in two phases through FY34. This investment is highly significant, representing approximately 155% of the company's current market cap (₹517 Cr) and 70% of TTM revenue. The expansion focuses on high-margin Cold-Rolled and Coated Steel products, contingent on upcoming West Bengal state industrial incentives.

Q1 FY27 Consolidated PAT surged to ₹22.65 Cr from ₹6.49 Cr in the previous year's quarter.
Approved ₹800 Cr total investment for Haldia facility expansion, funded via debt and internal accruals.
Phase I (₹375 Cr) targets adding 95,000 TPA Cold Rolled and 90,000 TPA Colour Coated capacity by FY30.
Phase II (₹425 Cr) aims to add a further 100,000 TPA each of Cold Rolled and Coated capacity by FY34.
Consolidated EPS for the quarter improved significantly to ₹3.46 from ₹0.99 YoY.

💡 Investors should monitor the finalization of the West Bengal State Industrial Policy incentives, as the project timeline depends on this outcome, and track the company's debt levels as the ₹800 Cr capex begins.

Manaksia Steels shifts credit rating agency from CARE to ICRA

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Aug 2026, 11:14 AM

Manaksia Steels Limited has transitioned its credit rating services from CARE Ratings Limited to ICRA Limited. Following a request from the company on June 18, 2026, CARE has officially withdrawn its ratings for the company's bank loan facilities. The company currently maintains a debt of ₹151 crore with a comfortable Debt-to-Equity ratio of 0.45. This shift is a procedural change in service providers and does not currently reflect a change in the company's credit grade.

Shifted credit rating agency from CARE Ratings Limited to ICRA Limited
CARE Ratings withdrawn bank loan facility ratings following company request on June 18, 2026
Company manages a total debt of ₹151 crore as per latest financial context
Official withdrawal letter from CARE Ratings issued on August 07, 2026

💡 Monitor the upcoming initial rating report from ICRA to check for any changes in the credit rating grade or outlook, especially as the company executes its 200% capacity expansion.

Manaksia Steels Submits Quarterly Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jul 2026, 12:08 PM

Manaksia Steels Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Maheshwari Datamatics Private Limited (RTA), confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and the securities were listed on the stock exchanges. The RTA also confirmed that the register of members has been updated accordingly. This is a standard procedural filing required for all listed companies in India.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by Registrar and Transfer Agent (RTA) Maheshwari Datamatics Private Limited
Securities received for dematerialization were confirmed/rejected within prescribed timelines
Register of members updated with the name of depositories as the registered owner

💡 This is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance updates.

Manaksia Steels Announces Trading Window Closure from July 1 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 04:35 PM

Manaksia Steels Limited has informed the stock exchanges that its trading window will be closed starting July 1, 2026. This closure is in compliance with SEBI Insider Trading regulations ahead of the announcement of the unaudited financial results for the quarter ending June 30, 2026. The window will remain shut for all designated persons and their relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure effective from July 1, 2026.
Closure pertains to the Unaudited Financial Results for the quarter ended June 30, 2026.
Restriction applies to all Directors, Designated Persons, and their immediate relatives.
Trading window to reopen 48 hours after the official announcement of Q1 FY27 results.

💡 This is a routine regulatory filing with no immediate impact on stock fundamentals. Investors should watch for the announcement of the board meeting date to prepare for the upcoming quarterly earnings report.

ICRA Assigns [ICRA]A (Stable) and [ICRA]A1 Ratings to Manaksia Steels' Rs 500 Cr Bank Facilities

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 18 Jun 2026, 04:09 PM

Manaksia Steels Limited has received new credit ratings from ICRA Limited for its bank facilities totaling Rs 500 crore. The agency assigned a long-term rating of [ICRA]A with a Stable outlook for Rs 60 crore in fund-based working capital limits. Additionally, a short-term rating of [ICRA]A1 was assigned to Rs 440 crore of non-fund-based facilities. These ratings cover limits provided by major lenders including HDFC Bank, Axis Bank, and ICICI Bank.

ICRA assigned a long-term rating of [ICRA]A (Stable) for Rs 60.00 crore in fund-based working capital limits.
Short-term non-fund based facilities worth Rs 440.00 crore were assigned an [ICRA]A1 rating.
The total bank facilities rated amount to Rs 500.00 crore across five different banking institutions.
Major bank exposures include HDFC Bank (Rs 145 Cr), Axis Bank (Rs 140 Cr), and ICICI Bank (Rs 75 Cr).
The ratings reflect a stable outlook on the company's ability to meet its financial obligations.

💡 The assignment of investment-grade ratings (A and A1) indicates a healthy credit profile and should provide confidence regarding the company's liquidity and debt-servicing capabilities. Investors should monitor if these favorable ratings lead to a reduction in finance costs in upcoming quarterly results.

View All MANAKSTEEL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for FY 2024-25 was INR 584.18 Cr, representing an 8.17% decline from INR 631.96 Cr in FY 2023-24. The primary segment, colour-coated steel sheets and coils, contributed 33.44% of total income. The Nigerian subsidiary (FSML) delivered outstanding growth of over 150% YoY.

Geographic Revenue Split

Domestic operations (India) contributed the majority of revenue, while international operations are centered in Nigeria through Federated Steel Mills Ltd. (FSML), which saw revenue growth exceeding 150% YoY in FY26.

Profitability Margins

Profitability margins moderated in FY25 due to a sharp reduction in sales realization. However, FY24 showed a stable financial performance with an improvement in profitability margins compared to previous periods.

EBITDA Margin

Operating profit before working capital changes was INR 21.24 Cr for the half-year ended September 30, 2025, compared to a loss of INR 0.83 Cr in the previous year's corresponding period, showing a significant recovery in core profitability.

Capital Expenditure

The company successfully commissioned a Galvalume Plant in June 2025. A new project is underway to enhance colour-coating capacity by nearly 200%, with commissioning expected by Q4 FY26.

Credit Rating & Borrowing

CARE Ratings reaffirmed 'CARE A-; Stable' for long-term bank facilities (INR 60.00 Cr, enhanced from 45.00 Cr) and 'CARE A2+' for short-term bank facilities (INR 440.00 Cr, enhanced from 330.00 Cr) as of July 2025.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include steel coils and sheets used for galvanizing and colour-coating processes. Specific cost percentages for each material are not disclosed.

Capacity Expansion

Current capacity includes the newly commissioned Galvalume Plant (June 2025). Planned expansion will increase colour-coating capacity by nearly 200% by Q4 FY26 to strengthen the value-added segment.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; margins were squeezed in FY25 as sales realizations fell faster than input costs.

Manufacturing Efficiency

The company focuses on driving scale and efficiency through its new Galvalume and expanded colour-coating lines to improve absorption of fixed costs.

📈 Strategic Growth

Expected Growth Rate

200%

Growth Strategy

Growth will be achieved through a 200% capacity expansion in the high-margin colour-coating segment by Q4 FY26, the ramp-up of the new Galvalume plant, and capitalizing on infrastructure demand in Nigeria where the subsidiary grew 150% YoY.

Products & Services

Colour-coated steel sheets and coils (33.44% of revenue), galvanized steel sheets, hot rolled steel sheets, and Galvalume products.

Brand Portfolio

Manaksia Steels

New Products/Services

Galvalume products from the newly commissioned plant (June 2025) are expected to contribute significantly to the value-added product mix.

Market Expansion

Expansion is focused on the Nigerian market through Federated Steel Mills Ltd. and increasing domestic presence in architectural segments like roofing and cladding.

🌍 External Factors

Industry Trends

The industry is shifting toward value-added products like colour-coated and Galvalume steel for architectural and infrastructure use. Manaksia is positioning itself by tripling its colour-coating capacity.

Competitive Landscape

The company competes in the fragmented steel processing and value-added products market against both large integrated players and smaller regional processors.

Competitive Moat

Moat is derived from 40 years of promoter experience in steel manufacturing and the strategic location of plants. Sustainability depends on maintaining a low-cost structure and high capacity utilization.

Macro Economic Sensitivity

Highly sensitive to global steel price cycles and infrastructure spending in India and Nigeria.

Consumer Behavior

Rising demand for durable and aesthetic roofing/cladding materials is driving the shift toward colour-coated steel sheets.

Geopolitical Risks

Operations in Nigeria carry risks related to currency volatility and local economic stability.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015 and Indian Accounting Standards (Ind AS 34).

⚠️ Risk Analysis

Key Uncertainties

Currency risk in Nigeria (Naira devaluation) and cyclicality in steel prices are the primary uncertainties impacting margins by over 5-10% in volatile periods.