MANAKCOAT Q3 FY26 earnings call.
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Revenue
₹187 Cr
verified against source
Revenue YoY
-9%
reported change
EBITDA
₹19 Cr
latest reported figure
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record provenance
Actual signal trajectory
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What the record says.
Manaksia Coated Metals reported resilient Q3 FY26 results with revenue declining 9% YoY to Rs 190 crore due to a planned 35-day plant shutdown for galvanizing-to-aluzinc technology upgradation. Despite lower volumes, EBITDA grew 7% to Rs 19 crore with margin expanding 144bps to 10%, driven by improved product mix and higher export realizations. Net profit surged 47% to Rs 7 crore. For 9M FY26, revenue stood at Rs 580 crore with EBITDA at Rs 77 crore and PAT at Rs 35 crore, reflecting strong operational execution. The new alu-zinc line was commissioned in December with 36% capacity increase to 180,000 TPA, positioning the company among select 100% alu-zinc players in India. A second color coating line in Q1 FY27 will expand quoting capacity by 174% to 236,000 TPA. The company maintains a robust export order book of Rs 350 crore and expects margin benefits from technology migration and solar power (50-55% grid offset) to materialize from Q1 FY27 onwards. Risk includes rising zinc/aluminum prices at $3,200-3,500/ton and Q4 capacity bottleneck before the new prepainted line commissioning.
Colored figures show movement against the previous available record.
Guidance to track
- The new line will debottleneck the existing alu-zinc capacity constraint, enabling full conversion of alu-zinc to pre-painted products and expanding overall quoting capacity to 236,000 TPA.
- 7 MW peak captive solar plant expected to offset 50-55% of grid power consumption, delivering meaningful energy cost savings while advancing sustainability agenda.
- Q4 will see gradual ramp-up of newly commissioned alu-zinc line (36% capacity increase to 180,000 TPA) with 25-35% benefit realization; full benefits from Q1 FY27 onwards.
- Margin benefits from alu-zinc migration and solar power will be realized progressively through trials, commercial orders, and larger orders; full impact expected from FY27.
Risks flagged
- Zinc and aluminum prices have surged to $3,200-3,500/ton from $2,700-2,800/ton, creating immediate raw material cost pressure. While management claims ~1 month lag for pass-through, any prolonged spike could stress margins.
- Pre-painted capacity (currently limited by single color coating line) will be a bottleneck vs alu-zinc production until Q1 FY27 commissioning. Some un-painted alu-zinc sales may be required, potentially impacting realization per ton.
- India-EU FTA details (tariff concessions, CBAM incentives for steel) yet to be finalized between April-September 2026. No specific incentives outlined yet; management expressing 'hope' rather than certainty.
- Domestic market recovery only began in December after 6-month dull period. While Q4-Q1 demand expected to sustain, the recovery is nascent and could reverse if construction activity slows post-season.
Key quotes
- We were able to restart the line within 35 days...it was a very good achievement by our entire technical team to deliver the first coil with excellent quality where we did not face any losses of trials and yield losses and rejections
- Getting entry into highly quality conscious customers in Europe who don't usually give entry very easily...we have been able to now achieve a position where we have relationships with very strong and large European customers and all of them OEMs
- India has probably a few advantages such as capacity...the countries like Vietnam or Turkey which are the biggest two competitors have limited capacity to export. So India has good capacities which allow exports in a sizable manner
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