1. At a Glance – Small Price, Big Geography, Confusing Mood Swings
Manaksia Ltd is one of those companies that looks dirt-cheap on valuation screens, smells like a turnaround story in Africa, behaves like a metal trader during a caffeine crash, and reports profits that are suspiciously helped by other income.
Market cap sits around ₹418 Cr, the stock trades near ₹63.8, which is 0.66× book value, 7.8× P/E, and EV/EBITDA of ~3.3×. On paper, this looks like a bargain bin special. On reality check? Margins are thin, revenue growth is moody, and cash flows play hide-and-seek.
Q3 FY26 numbers show ₹184 Cr revenue (-2% QoQ) but PAT up 10.5% QoQ to ₹14.6 Cr, thanks to other income doing God’s work. Overseas revenue dominates at ~78%, promoters hold a chunky 74.9%, debt is negligible, and dividend is… emotionally unavailable.
This is not a “story stock.” This is a spreadsheet stock. If you enjoy decoding subsidiaries in Nigeria and Ghana while praying forex doesn’t nuke margins, welcome aboard.
2. Introduction – What Exactly Is Manaksia? A Factory, a Trader, or a Geography Quiz?
Founded in 1984, Manaksia Ltd refuses to be a one-liner business. Officially, it’s into trading and manufacturing of metals and packaging products. Unofficially, it’s a mini-conglomerate selling roofing sheets in Africa, crown caps to beverage companies, aluminum ingots to Japan, and kraft paper to whoever still uses it.
The company operates through a messy but interesting mix of India, Nigeria, and Ghana, which means:
- You get geographic diversification
- You also get currency risk, political risk, logistics drama, and accounting complexity
Over the last decade, Manaksia has shrunk in revenue, shrunk in margins, but somehow survived multiple commodity cycles without blowing up the balance sheet. That alone deserves mild respect.
But survival ≠ wealth creation. The stock is flat over 10 years, down badly over 3 years, and only recently flashing “cheap” because earnings collapsed faster than price.
So the real question: Is this a deep-value cyclical at the bottom, or just a permanently average exporter with low margins?
3. Business Model – WTF Do They Even Do?
Think of Manaksia as a metal + packaging buffet:
- Metal Products (~74% FY23 revenue)
- Galvanized & color-coated steel roofing sheets (Sumo brand)
- Color-coated aluminum sheets & coils
- Aluminum alloy ingots exported to Japanese auto OEMs
- Packaging Products (~26%)
- ROPP caps (500 million pieces capacity)
- Crown caps (2.4 billion pieces capacity)
- Kraft & white paper (72,000 MTPA)
Most Indian investors miss the fact that Africa is the real playground here. Nigeria and Ghana subsidiaries sell roofing sheets and paper in markets where competition is thinner and infrastructure demand is structural.
Problem? These are low-margin, high-working-capital businesses. You don’t get software-like ROEs here. You get volume, forex exposure, and sleepless nights during steel price swings.
Lazy investor test:
If you don’t enjoy tracking aluminum spreads, steel prices, and African demand cycles — this is not for you.
4. Financials Overview – Quarterly Reality Check
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 184 | 188 | 190 | -2.1% | -2.1% |
| EBITDA (₹ Cr) | 7 | 17 | 7 | -59% | flat |
| PAT (₹ Cr) | 15 | 13 | 10 | +15% | +10.5% |
| EPS (₹) | 2.22 | 1.95 | 1.68 | +14% | +32% |
