Manaksia Coated Metals exports reach 68.4% of H1 FY27 sales

Manaksia Coated Metals & Industries Limited derived 68.40% of sales from exports in the first half of financial year 2027 (H1 FY27), compared with 32.64% in FY24. The export share was broadly unchanged from 68.21% in FY26, while pre-painted steel sheets and coils accounted for 70.07% of H1 FY27 revenue.

Why did Manaksia Coated Metals exports account for 68.4% of H1 FY27 sales?

Manaksia Coated Metals reported that exports represented 68.40% of H1 FY27 sales and domestic business represented the remaining 31.60%. This compares with export exposure of 32.64% and domestic exposure of 67.36% in FY24, a shift of 35.76 percentage points towards overseas markets over the reported period.

The change occurred principally between FY24 and FY26 rather than during H1 FY27. Exports rose to 39.20% in FY25 and then to 68.21% in FY26, while the H1 FY27 share of 68.40% was only 0.19 percentage points above FY26. Domestic sales moved inversely, falling from 60.80% in FY25 to 31.79% in FY26 and 31.60% in H1 FY27.

The half-year figure should be read as a partial-period measure rather than a full-year outcome. In the second quarter of FY27 (Q2 FY27), export share was 71.25%, above 64.93% in the first quarter of FY27 (Q1 FY27) but below 85.06% in Q2 FY26; domestic share was 28.75%, 35.07% and 14.94%, respectively.

How did Manaksia Coated Metals' quarterly export mix change?

Manaksia Coated Metals' Q2 FY27 export mix increased sequentially but declined from the prior-year quarter. Exports contributed 71.25% of Q2 FY27 revenue, rising 6.32 percentage points from Q1 FY27's 64.93%, yet standing 13.81 percentage points below the 85.06% recorded in Q2 FY26.

Domestic revenue made up 28.75% of Q2 FY27, compared with 35.07% in Q1 FY27 and 14.94% in Q2 FY26. The quarterly pattern means the H1 FY27 export result combines a lower export contribution in the first quarter with a higher contribution in the second quarter, producing the 68.40% half-year share.

Manaksia Coated Metals also disclosed an order book of Rs 525 crore with an execution timeline of the next five months. Exports accounted for Rs 420 crore, or 80%, of that order book, while domestic orders accounted for Rs 105 crore, or 20%; this disclosed order composition is more export-weighted than the 68.40% H1 FY27 sales mix.

Which products made up Manaksia Coated Metals' H1 FY27 revenue?

Manaksia Coated Metals generated 70.07% of H1 FY27 revenue from pre-painted steel sheets and coils, 25.04% from Alu-Zinc/Galvanised steel sheets and coils, and 4.89% from other products. Pre-painted steel therefore remained the largest reported revenue category during the six-month period.

The product mix was not a straight upward progression for pre-painted steel across all reported periods. Its H1 FY27 share of 70.07% was 1.03 percentage points above FY24's 69.04%, but 10.37 percentage points below FY26's 80.44%; Alu-Zinc/Galvanised steel's share increased to 25.04% from 16.44% in FY26.

In Q2 FY27, pre-painted steel represented 69.19% of revenue, compared with 73.17% in Q1 FY27 and 89.51% in Q2 FY26. Alu-Zinc/Galvanised steel represented 26.48% in Q2 FY27, up from 21.26% in Q1 FY27 and 6.51% in Q2 FY26. Management says its focus over the past two to three years has been on higher volumes of pre-painted steel products, which it describes as more value added.

How did Manaksia Coated Metals' sales volumes and EBITDA per tonne change?

Manaksia Coated Metals reported total displayed sales volume of 59,934 metric tonnes in H1 FY27, consisting of 42,286 metric tonnes of pre-painted steel coils and 17,648 metric tonnes of Alu-Zinc/Galvanised steel coils. Pre-painted products consequently accounted for the larger volume within the six-month total.

The H1 FY27 volume must not be directly treated as a full-year comparison with FY26's 104,251 metric tonnes. For context, FY26 included 83,580 metric tonnes of pre-painted steel and 20,671 metric tonnes of Alu-Zinc/Galvanised steel, whereas FY24 included 61,479 metric tonnes and 28,487 metric tonnes, respectively.

Blended earnings before interest, tax, depreciation and amortisation (EBITDA) per metric tonne were Rs 11,011 in H1 FY27. That was above Rs 8,845 in FY26, Rs 6,157 in FY25, Rs 6,326 in FY24 and Rs 5,122 in FY23. The presentation labels the volume history from FY23 through H1 FY27 with a 12% compound annual growth rate, while identifying the mix focus as pre-painted steel.

How did Manaksia Coated Metals' financial results move in H1 FY27?

Manaksia Coated Metals reported revenue of Rs 580.83 crore in H1 FY27, compared with Rs 470.13 crore in H1 FY26. Total income, which includes other income, rose 22.4% to Rs 584.62 crore from Rs 477.62 crore, while other income declined to Rs 3.79 crore from Rs 7.49 crore.

H1 FY27 EBITDA was Rs 66 crore, up from Rs 58.07 crore in H1 FY26, while the EBITDA margin declined to 11.29% from 12.16%. Net profit increased 17.4% to Rs 32.83 crore from Rs 27.97 crore, although the net profit margin moved to 5.62% from 5.86%.

The Q2 FY27 result showed revenue of Rs 318.69 crore, against Rs 262.14 crore in Q1 FY27 and Rs 220.33 crore in Q2 FY26. Q2 EBITDA reached Rs 36.91 crore, compared with Rs 29.09 crore in Q1 FY27, and Q2 net profit was Rs 18.73 crore, compared with Rs 14.10 crore in the preceding quarter.

Conclusion

Manaksia Coated Metals' reported mix shows that exports had become the primary sales channel by H1 FY27, at 68.40% versus 32.64% in FY24. Pre-painted steel remained the largest product category at 70.07% of H1 FY27 revenue, while blended EBITDA per tonne reached Rs 11,011 and H1 revenue rose to Rs 580.83 crore.

The next disclosed measure to watch is execution of the Rs 525 crore order book over the next five months. Since Rs 420 crore, or 80%, of that book is designated for export, delivery of those orders will indicate whether the export-led sales mix seen in H1 FY27 continues beyond the reported half year.