Manaksia Steels Q1 FY27: consolidated PAT surges 249% YoY as raw-material spreads widen
PAT +249.19% YoY · revenue +50.58% · margins expanding
₹327.49 Cr
+50.58% YoY
₹22.65 Cr
+249.19% YoY
6.84%
+3.9pp YoY
₹3.46
Manaksia Steels reported a strong Q1 FY27 on a consolidated basis (primary), with revenue from operations up 50.6% YoY to ₹327.49 Cr (₹217.49 Cr in Q1 FY26) and PAT up 249% YoY to ₹22.65 Cr (₹6.49 Cr). Sequentially, revenue eased 1.7% from ₹333.08 Cr in Q4 FY26 even as PAT still rose 17.2% from ₹19.32 Cr, so the profit strength is a YoY margin story rather than a QoQ volume story. Standalone tracked closely — PAT ₹22.38 Cr on revenue ₹302.22 Cr (EPS ₹3.41 vs consolidated ₹3.46) — so the two bases tell the same story this quarter; the ~₹25 Cr revenue gap comes from the three overseas subsidiaries (Federated Steel Mills, Far East Steel Industries, Sumo Agrochem), whose unreviewed contribution (~₹25.3 Cr revenue, ~₹0.23 Cr PAT) auditors flag as immaterial to the Group.
Q1 FY-2027 vs prior quarters
The expansion sits squarely in the cost-of-materials line: consolidated raw-material cost fell to about 72% of revenue from roughly 90% a year ago and 81% last quarter, driving OPM to ~11.4% (from ~4.9% YoY, flat QoQ) and NPM to ~6.8% (from ~3.0% YoY, up from 5.8% QoQ). Employee and other operating costs held roughly steady as a share of revenue, so the swing looks like a spread/realization effect rather than cost cuts elsewhere.
The stock went into the print at ₹80.21, up 9.9% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters.
There is no formal management guidance or brokerage estimate on record for this small-cap name, and no prior-quarter concall read to check the print against — both angles are simply absent rather than met or missed, and no management press release accompanied this filing to reconcile against. The same board meeting approved a ₹800 Cr two-phase expansion of the Haldia facility for Cold-Rolled Coil, Coated and Colour-Coated steel (Phase I ~₹375 Cr targeting FY29-30, Phase II ~₹425 Cr plus land targeting FY33-34, funded via debt and internal accruals), alongside a Colour Coating Line-II already under implementation, an imminent Cold Rolling Mill, and an under-evaluation 10 MW captive solar plant — none of which touched this quarter's P&L but sets the capex backdrop against which the company will be judged, pending the state incentive it has sought under West Bengal's upcoming industrial policy.
W1
Execution pace of Phase I (₹375 Cr) — Colour Coating Line-II commissioning and Cold Rolling Mill start, targeting CR/GP-GL/CC capacity of 1,75,000 / 1,75,200 / 1,50,000 TPA by FY29-30
W2
Revenue dipped 1.7% QoQ even as margins held — watch whether Q2 FY27 volumes/realizations recover
W3
Outcome of the state incentive request under West Bengal's upcoming Specialty Steel industrial policy, which will determine the ₹800 Cr expansion's implementation timeline
Figures in ₹ Lakhs converted to Crore; unaudited, limited-review only (S K Agrawal & Co); consolidated review flags ~₹25.3 Cr revenue / ~₹0.23 Cr PAT from three unreviewed foreign subsidiaries as immaterial to the Group; no exceptional items in current or year-ago quarter.