Manaksia Coated Metals Q3 FY26: ₹35 Cr Profit +241% YoY, Export Engine Firing While Capacity Explosion Incoming

1. At a Glance – Steel Company or Export Machine with a Hidden Turbo?

Imagine running a steel company where 85% of your business depends on foreigners who probably can’t pronounce your name correctly—but still keep sending you repeat orders. That’s Manaksia Coated Metals, a company that quietly went from “just another steel processor” to “European clients ka favourite supplier” without making too much noise.

Now add this twist:

Profit up 241% YoY in 9M FY26
EBITDA margins expanding even when revenue fell in Q3
Export order book sitting at ₹350–600 Cr range
And management casually saying: “Oh by the way, we’re doubling capacity and upgrading technology”

This is like your local chaiwala suddenly announcing he’s opening Starbucks franchises globally.

But wait…
Q3 revenue actually fell 9% YoY.
Plant shutdown.
Technology upgrade.
Temporary slowdown.

So the real question is:
Is this a temporary pit stop before a rocket launch… or just another steel cycle illusion?

2. Introduction – The Steel Story Nobody Noticed

Let’s be honest. Steel companies in India are like IPL all-rounders—there are too many, and half of them disappear after one season.

But Manaksia isn’t trying to be Tata Steel.
It’s playing a different game entirely.

Instead of mass commodity steel, they focus on:

Galvanised steel (GI)
Pre-painted steel (PPGI)
High-margin coated products

Think of it like this:

Raw steel = plain dosa
Coated steel = masala dosa with butter + chutney + export margin

And guess what?
The global market pays more for masala dosa.

Now layer this with:

Strong export markets (Europe, Middle East, Africa)
Focus on value-added products
Strategic capacity expansion

Suddenly, this smallcap doesn’t look so small anymore.

But then…
Why is ROE still stuck at ~8%?

Why is the stock still trading near mid-range valuations?

And most importantly—
Is this growth sustainable or just a lucky export cycle?

3. Business Model – WTF Do They Even Do?

Let’s simplify this so even your WhatsApp stock group uncle understands.

Manaksia buys steel.
Then:

Coats it (galvanised / aluminium-zinc)
Paints it (pre-painted steel)
Sells it at higher margins

That’s it.

But here’s the genius:

Coated steel lasts longer (corrosion resistance)
Looks better (painted finish)
Sells at premium (value addition)

And their revenue mix tells the full story:

Pre-painted products = ~89.5% revenue
GI = just ~6.5%

So basically:
👉 They are not in steel business
👉 They are in “premium coated steel” business

Even better:

Export share = 85%
Domestic = just 15%

Meaning:
They earn in dollars and euros
While most competitors fight in rupees.

Smart or risky?

Let me ask you:
If Europe sneezes… will this company catch a cold?

4. Financials Overview – The Numbers Don’t Lie (But They Do Tease)

Quarterly Snapshot (₹ Cr)

Metric	Latest (Dec 2025)	YoY (Dec 2024)	QoQ (Sep 2025)	YoY %	QoQ %
Revenue	186.9	205.0	220.3	-8.85%	-15.2%
EBITDA	15.5	14.5	26.1	+7%	-40%
PAT	7.41	5.08	14.02	+45.9%	-47%
EPS (₹)	0.70	0.68	1.32	+3%	-47%

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