Manaksia Steels MCMIL 2.0: ₹445 cr expansion to FY27

What Manaksia announced and why it matters

Manaksia Coated Metals has launched MCMIL 2.0, a transformation programme sized at ₹445 crore. The plan is focused on scaling capacity in key coated steel categories, with clearly stated milestones that run into FY27 and FY28. For investors tracking steel value-added products, the announcement matters because it ties capacity expansion to defined timelines and specific end-markets. Alongside this, Manaksia Steels Limited has outlined a separate capacity addition at its Haldia unit, indicating a parallel push in cold rolling and coated products. The combined set of updates places expansion, utilisation, and funding structure at the centre of the company narrative.

MCMIL 2.0: pre-painted steel capacity to rise 2.7x

Under MCMIL 2.0, Manaksia said pre-painted steel capacity will expand 2.7x to 236,000 MTPA by Q2 FY27. The base capacity cited in the update was 86,000 MTPA in Q1 FY27. The difference between these two numbers implies a large near-term ramp-up requirement in commissioning and stabilisation. The company positioned the programme as a transformation effort, implying changes beyond just equipment installation, but the key measurable outcome remains capacity addition.

Alu-Zinc coating capacity targeted to double by FY28

The same programme also targets a step-up in coated steel throughput via Alu-Zinc coating. Manaksia said Alu-Zinc coating capacity will double to 360,000 MTPA by FY28, from 180,000 MTPA currently. The doubling is a straightforward, quantifiable target and extends the horizon beyond the pre-painted steel milestone. With this, the company is tying together two adjacent product lines that typically depend on consistent upstream feed and stable plant operations.

FY26 profit performance: sharp year-on-year rise

Separately, Manaksia Steels Limited reported a strong jump in profitability for FY26. The company reported consolidated net profit of ₹39.92 crore for FY26, up 309% from ₹9.75 crore in the previous year. It also reported standalone net profit of ₹38.17 crore. The profit data provides context for how the company is approaching funding, especially where internal accruals are referenced for some projects.

Haldia expansion: second cold rolling mill planned

Manaksia Steels announced plans to establish a second Cold Rolling Mill at Haldia with a proposed capacity of 250,000 MTPA. The estimated investment for this cold rolling project is ₹100 crore. The company said the project is expected to be completed by Q4 FY 2027-28. It also stated that the investment will be funded through a mix of debt and internal accruals.

Current Haldia CRC base and utilisation details

The Haldia plant’s current cold rolled coil capacity was stated as 120,000 tonnes per annum, with utilisation at about 82%. The proposed addition of 250,000 tonnes per annum would lift installed capacity to 370,000 tonnes per annum after completion. In another update, the company also referred to increasing total cold rolling capacity to approximately 350,000 MTPA, but the Haldia plant expansion table specifically indicated 370,000 tonnes per annum post-expansion. The company’s stated rationale for the expansion was to meet rising captive demand while also increasing sales in domestic and international markets.

Colour coating line update: commissioning and earlier expansion plan

The company has also provided updates on coated product capacity at Haldia through a second colour coating line. It said commissioning activities for the new Colour-Coating Line (CCL II) are progressing, with trial production expected to commence in the next quarter. Earlier, the Board of Directors in a meeting dated July 29, 2025 approved adding a second Colour Coating Line at Haldia. That plan indicated existing capacity at 48,000 MT per annum at 100% utilisation, and a new line adding 90,000 MT per annum to take total to 138,000 MT per annum. The investment for that colour coating expansion was stated as ₹40 crore, funded entirely through internal accruals, with completion expected by Q4 FY 2025-26.

Key figures at a glance

Market snapshot and governance updates

The stock price detail cited in the material showed Manaksia Steels closing at ₹50.71, up from a previous close of ₹48.21. The cold rolling capacity addition at Haldia was also carried as a formal announcement dated March 25, 2026. In a separate governance update, Manaksia Steels said it concluded a postal ballot on March 17, 2026, where four ordinary resolutions for material related party transactions were approved with over 99.58% support from public shareholders. The resolutions covered transactions with MINL Limited, Manaksia Limited, Sumo Steels Limited, and Manaksia Ferro Industries Limited for FY 2026-27.

Why the expansion plan is being watched

The updates collectively emphasise two operational levers: adding capacity in value-added coated products and expanding cold rolling capability at Haldia. In the cold rolled coil business, the stated 82% utilisation at the current base supports the logic of incremental capacity, assuming demand holds up as management expects. For coated products, the company has outlined both near-term steps such as trial production at CCL II and medium-term targets through MCMIL 2.0. The crucial datapoints for the market will be whether the company meets the stated commissioning timelines, particularly the Q2 FY27 target for pre-painted steel capacity and the Q4 FY2027-28 completion target for the 6-Hi reversible cold rolling mill.

Conclusion

Manaksia’s recent disclosures lay out a capacity-led growth roadmap across pre-painted steel, Alu-Zinc coating, cold rolling, and colour coating at Haldia. The programme sizes and timelines are specific, including ₹445 crore for MCMIL 2.0, ₹100 crore for the new cold rolling mill, and ₹40 crore for the second colour coating line. Near-term attention is likely to remain on commissioning progress for CCL II and the next set of milestones on the MCMIL 2.0 capacity ramp-up, while the cold rolling expansion moves toward its Q4 FY2027-28 completion target.