Manaksia Ltd FY2026: A ₹784 Cr Revenue Machine That Earns More From Its Wallet Than Its Factory

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1 — At a Glance

Manaksia’s FY2026 numbers carry a tension that most companies would prefer to keep quiet. Revenue grew 7.3% to ₹784 Cr — a genuine positive after three years of contraction. PAT came in at ₹52.3 Cr, up 24.7% year-on-year. EPS for the full year: ₹7.99. The market pays 7.34x those earnings, against a sector peer median of 22.6x.

So far, so reasonable. Then the working capital note arrives: working capital days expanded from 6 days in FY2024 to 98 days in FY2025 to 173 days in FY2026 — a 167-day journey in two years. Operating cash flow was negative ₹10.5 Cr for FY2026 and negative ₹275.2 Cr for FY2025. Meanwhile, other income — interest, investments, sundry non-operating receipts — contributed ₹38.6 Cr against a full-year PAT of ₹52.3 Cr.

There is also a structural event in motion: the board approved the demerger of the Metal Products business into wholly owned subsidiary Manaksia Ferro Industries Ltd, with NCLT granting its order in November 2025, shareholders voting in January 2026, and the scheme still pending final regulatory clearance at the time of the FY2026 results.

The Agrawal family, sitting at 74.9% promoter holding with zero pledges, is watching this play out from a comfortable distance. The question the numbers raise: does ₹262.9 Cr in consolidated cash and a near-zero debt position make the working capital deterioration a timing issue or a trend?

2 — Introduction

Manaksia Ltd was incorporated in 1984 in Kolkata, which means it has survived more economic cycles than most of its shareholders have birthdays. The registered office still sits at 6 Lyons Range — two floors above Kolkata’s old mercantile district, a fitting address for a company that straddles metals, packaging, and West African industrialisation.

The group’s consolidated perimeter spans India, Nigeria, and Ghana. In Nigeria, MINL Limited makes steel and metal packaging products, with roofing sheets sold under the Sumo brand. Jebba Paper Mills Limited, also in Nigeria, claims the distinction of being the only fully operational paper mill in Western Africa — a fact that sounds spectacular until you notice that kraft paper capacity utilisation sits at 28–40% per the filings. Dynatech Industries Ghana Limited produces value-added steel products. Mark Steels Limited, the domestic subsidiary in Purulia, makes direct reduced iron and sponge iron.

FY2026 was operationally eventful. Revenue recovered to ₹784 Cr from ₹731 Cr in FY2025, reversing two years of decline from a ₹1,165 Cr peak in FY2023. The board reappointed Suresh Kumar Agrawal as Managing Director for a further three years from November 2026, subject to shareholder approval at the AGM.

The demerger of the Metal Products business — approved by the board in March 2025, cleared by BSE, NSE, and SEBI, directed by the NCLT via its November 2025 order, and voted on by shareholders in January 2026 — remains the most structurally significant event of the period. As of the filing date, no accounting effect has been given pending final NCLT and regulatory approvals.

Postal ballot approvals were sought in February 2026 for related-party transactions totalling ₹1,020 Cr across five transactions for FY2026-27 — figures that reflect the scale of intra-group commerce the operating structure generates.

3 — Business Model: WTF Do They Even Do?

Manaksia manufactures things that keep rain out, beverages in, and paper moving — simultaneously across three countries, which is either admirable diversification or a logistical dare.

Metal Products — the segment that generates roughly 88% of consolidated revenue (per the FY2026 segment data) — produces corrugated profiled galvanised steel sheets, colour-coated aluminium coils and profiled sheets, hot-dipped galvanised steel, and aluminium alloy ingots for export to Japanese automotive manufacturers. The galvanised steel roofing goes to market under the Sumo brand, primarily through MINL in Nigeria. Nigeria’s construction sector is both the thesis and the risk: MINL’s market share in construction sheets there fell from 35% in FY2021 to 17.5% by FY2024-25 per the filings.

Packaging Products — contributing roughly 12% of consolidated revenue — covers Roll on Pilfer Proof (ROPP) closures, crown closures, and kraft paper. ROPP closures are aluminium sealing solutions for glass and plastic bottles, tamper-evident by design. Crown closures are the steel caps on your beer bottle, with a PVC-free gasket, marketed to brewing and carbonated beverage brands. The Jebba paper mill in Nigeria produces white and kraft paper with a capacity of 72,000 MTPA; actual production was 16,846 MT in FY2024.

There is a certain poetry in a Kolkata-incorporated company being the kingpin of Nigerian bottlecap supply. There is also a certain humility in the fact that the packaging segment’s Nigeria market share in metal packaging/closures fell from 65% in FY2021 to 22.5% in FY2025.

The domestic India operations — primarily trading and the Mark Steels sponge iron unit in Purulia — round out a group that is genuinely hard to slot into one box. It is an Indian listed entity whose primary operations are West African, whose roofing brand is marketed under a name that suggests a sumo wrestler, and whose paper mill is reportedly the only one operating in Western Africa.

The demerger, once complete, will structurally separate the Metal Products business into Manaksia Ferro Industries. What exactly remains at Manaksia Ltd post-demerger is one of the more interesting open questions the filings do not yet resolve.

A business that makes roofing sheets, beer caps, and kraft paper across three countries is not a niche play. It is a very wide net cast very far from shore.

4 — Financials Overview

Figures are consolidated, in ₹ crore.

Quarterly Results — Mar 2026 Quarter vs Mar 2025 Quarter (YoY) and Dec 2025 Quarter (QoQ)

The March quarter is notable: revenue surged sharply YoY — from ₹115 Cr in Mar 2025 to ₹237 Cr — while operating profit margin compressed to 7% and PAT fell. Other income turned negative at -₹2.67 Cr in March 2026 versus +₹5.58 Cr in the prior-year March quarter, per the quarterly data sheet.

Full Year FY2026

EBITDA here is computed as PBT + Interest + Depreciation = 70.65 + 3.66 + 5.52 = ₹79.83 Cr. OPM on the data sheet is stated at 5.26% for FY2026, down from 7.4% in FY2025 — a 210 bps compression.

The auditors (S K Agrawal and Co