Manaksia Coated Metals & Industries Ltd Q3 FY26 Results

The 9 Months of FY26 marked another strong phase of growth and strategic progress for Manaksia Coated Metals & Industries Limited, underpinned by our continued focus on operational excellence, disciplined execution, and calibrated expansion. Operationally, we delivered resilient performance across our product lines, maintaining healthy utilisation levels in our colour-coating operations, supported by steady demand and efficient execution. Exports continued to be a key growth driver, contributing a meaningful share to overall revenues and reinforcing our expanding global footprint. During Q3 FY26, utilisation of the continuous galvanising line was temporarily subdued due to a planned plant shutdown undertaken for technology upgradation and transition to Alu-Zinc coating technology. This necessary shutdown and capacity curtailment restricted our ability to fully maximise sales and revenue during the quarter. We are pleased to inform that the Alu-Zinc line has now been successfully commissioned, with stable production and consistent quality achieved. This positions the company well to significantly boost production volumes, sales, and margins in Q4 FY26 and through FY27. The upgradation of the galvanising line to Alu-Zinc coating technology, with enhanced capacity of 1,80,000 MTPA, is a strategic milestone and is expected to drive up EBITDA margins by enabling a shift towards premium, high-value steel products. Going forward, the 7 MW captive solar power plant in Gujarat is expected to reduce power costs by 30-35% while enhancing sustainability. Contracts for the second colour-coating line have been awarded, with commissioning scheduled in Q1 FY27, further strengthening capacity for high-margin, value-added pre-painted steel products. From a balance sheet perspective, the company remains firmly on track to achieve a Net Debt to EBITDA ratio of under 1x by the end of FY26, a significant improvement from 1.93x in FY25, reflecting strong cash flows and prudent capital allocation. Looking ahead, the company is supported by a healthy export order book of approximately ₹ 350 crore, while the domestic market has entered its peak demand season. These factors, combined with newly commissioned capacities and an improving product mix, provide strong visibility for superior performance in the upcoming quarters. With a sharper focus on efficiency, sustainability, and value-added growth, we remain confident in delivering robust performance and long-term value creation for all stakeholders.