Manaksia Coated Metals Q2 Revenue Rises 45% to ₹319 Crore

Q2 FY27 results at a glance

Manaksia Coated Metals & Industries Limited reported a sharp rise in revenue and profit for the quarter ended September 30, 2026. The Board of Directors approved the unaudited Q2 FY27 and half-year financial results on October 28, 2026. Consolidated revenue from operations stood at ₹318.69 crore, up 44.65% year-on-year and 21.58% sequentially. Consolidated profit after tax rose 34.19% year-on-year to ₹18.73 crore. The result places the company’s reported quarterly revenue close to the ₹320 crore level cited in the market snapshot.

Revenue rises from the year-ago quarter

The company’s Q2 FY27 revenue was substantially higher than the ₹220 crore reported for the corresponding quarter a year earlier, based on the rounded figures available. The more detailed standalone result showed revenue of ₹321.52 crore, compared with ₹223.59 crore implied by the reported 43.8% year-on-year growth. Revenue also increased from ₹263.07 crore in Q1 FY27. The growth continued the recent upward movement in quarterly sales, with revenue rising from ₹189.91 crore to ₹263.07 crore over the preceding three quarters before the September-quarter result.

Profit growth trails revenue increase

Consolidated net profit for Q2 FY27 was ₹18.73 crore, against the reported ₹13.96 crore in the corresponding quarter last year. On a standalone basis, net profit was ₹18.79 crore, up 34.0% year-on-year and 32.7% from the preceding quarter. Earnings per share rose to ₹1.76 from ₹1.45 a year earlier and ₹1.33 in Q1 FY27. The close alignment between standalone and consolidated profit reflects the limited financial contribution of the company’s two consolidated subsidiaries during the quarter.

Quarterly financial data

Margins show mixed year-on-year movement

Net profit margin was 5.88% in Q2 FY27, compared with 6.24% in the year-ago quarter. Operating margin was 11.58%, slightly below 11.84% a year earlier. This meant that profit growth did not fully match the pace of revenue growth on a year-on-year basis. However, sequential margin performance improved, with net profit margin rising from 5.36% in Q1 FY27 and operating margin increasing from 10.74%. The company reported no exceptional items in either the current or comparison periods.

Standalone and consolidated numbers remain close

The auditors’ limited-review note showed that the two consolidated subsidiaries contributed revenue of ₹0.06 crore and recorded a loss of ₹0.12 crore during the quarter. As a result, the standalone and consolidated Q2 figures were nearly identical. This is relevant for investors comparing the ₹321.52 crore standalone revenue with the ₹318.69 crore consolidated revenue. The detailed results therefore indicate that the parent company accounted for almost all of the group’s quarterly operating performance.

Capacity additions cited as volume drivers

The company has cited the ramp-up of its second colour-coating line as a key operating development. The line increases pre-painted capacity from 86,000 tonnes per annum to 236,000 tonnes per annum. A 7 MW captive solar plant at the Kutch facility was also cited as being commissioned during the quarter. The reported result linked sustained demand to the company’s pre-painted steel and coated metal product portfolios. These operational additions form part of the company’s stated plan to support higher production and sales volumes.

FY27 guidance and full-year context

Management had given FY27 revenue guidance of ₹1,300 crore to ₹1,350 crore during its July 15, 2026 call. It had also targeted an EBITDA margin improvement of 1 to 2 percentage points. For context, consolidated revenue from operations for FY26 was ₹896.27 crore, up 13.5% from ₹789.66 crore in FY25. The Q2 FY27 annualised revenue run rate was cited at about ₹1,275 crore, which is near the lower end of management’s guidance band. Guidance remains management’s stated target rather than a reported full-year outcome.

Board actions beyond earnings

Alongside the financial results, the Board approved an increase in the company’s borrowing ceiling to ₹2,500 crore, subject to shareholder approval. The company also announced a symbol change to MCMIL and a postal ballot. The board meeting had been scheduled to consider the unaudited quarterly and half-year results along with the limited-review report. No share-price movement or market valuation data was provided with the results, so the immediate stock-market response cannot be assessed from the available information.

What the quarter means

The September-quarter numbers show faster revenue growth, higher sequential profit and improving sequential margins for Manaksia Coated Metals. At the same time, year-on-year net and operating margins were slightly lower despite the expansion in sales. The company’s capacity ramp-up and captive solar commissioning are the operational developments linked to the reported growth. Investors will next look for progress against the ₹1,300 crore to ₹1,350 crore FY27 revenue guidance, as well as shareholder action on the proposed borrowing-limit increase.