Manaksia Coated Metals & Industries Limited (MCMIL) announced its consolidated financial results for Q2 and H1 FY27, approved by the Board of Directors on October 28, 2026.

Financial Performance (Consolidated)

Q2 FY27 Performance:

  • Revenue from Operations: ₹321.55 crore, up 22.23% QoQ from ₹263.07 crore in Q1 FY27 and up 43.75% YoY from ₹223.68 crore in Q2 FY26
  • EBITDA: ₹36.91 crore, up 26.88% QoQ from ₹29.09 crore and up 25.33% YoY from ₹29.45 crore
  • EBITDA Margin: 11.48%, compared to 11.06% in Q1 FY27 (3.80% improvement) and 13.17% in Q2 FY26 (-12.83%)
  • Profit After Tax (PAT): ₹18.73 crore, up 32.87% QoQ from ₹14.10 crore and up 34.17% YoY from ₹13.96 crore
  • PAT Margin: 5.83%, compared to 5.36% in Q1 FY27 (8.77% improvement) and 6.24% in Q2 FY26 (-6.57%)
  • Total Comprehensive Income: ₹19.02 crore, up 35.24% QoQ from ₹14.07 crore
  • Cash Profit: ₹22.06 crore, up 26.78% QoQ from ₹17.40 crore
  • Finance Cost: ₹8.48 crore, up 23.62% QoQ from ₹6.86 crore
  • Diluted EPS: ₹1.75, up 32.67% QoQ from ₹1.32

H1 FY27 Performance:

  • Revenue from Operations: ₹584.62 crore, up 22.40% YoY from ₹477.62 crore in H1 FY26
  • EBITDA: ₹66.00 crore, up 13.66% YoY from ₹58.07 crore
  • EBITDA Margin: 11.29%, compared to 12.16% in H1 FY26 (-7.15%)
  • PAT: ₹32.83 crore, up 17.38% YoY from ₹27.97 crore
  • PAT Margin: 5.62%, compared to 5.86% in H1 FY26 (-4.10%)
  • Total Comprehensive Income: ₹33.09 crore, up 15.76% YoY from ₹28.59 crore
  • Cash Profit: ₹39.46 crore, up 22.24% YoY from ₹32.28 crore
  • Finance Cost: ₹15.33 crore, down 4.36% YoY from ₹16.03 crore
  • Diluted EPS: ₹3.09, up 10.07% YoY from ₹2.81

Operating Efficiency Metrics

Q2 FY27:

  • Realisation Per Ton: ₹95,291, up 7.56% QoQ from ₹88,597 and up 8.27% YoY from ₹88,011
  • EBITDA/Ton: ₹11,536, up 10.81% QoQ from ₹10,411 and down 5.85% YoY from ₹12,253

H1 FY27:

  • Realisation Per Ton: ₹92,171, up 8.12% YoY from ₹85,245
  • EBITDA/Ton: ₹11,011, up 1.04% YoY from ₹10,898

Management Commentary

Karan Agrawal, Whole Time Director, stated that Q2 FY27 marked a significant milestone with record revenue, EBITDA and PAT. The strong performance reflected improved realizations, growing contribution from value-added products, and operational efficiencies. The upgraded Alu-Zinc technology upgrade, disciplined pricing, and traction in niche market segments contributed to EBITDA/ton reaching ₹11,536.

The Alu-Zinc Steel portfolio gained market acceptance across specialized applications including drywall systems, metal ceilings and premium metal roofing. Products gained traction in domestic and export markets, particularly South and Central America. Pre-painted steel performed well, strengthening presence in premium coated steel markets.

The company faced geopolitical uncertainties and elevated freight, fuel, and raw material costs. Pricing discipline enabled passing on most raw material cost increases to customers. Break-bulk shipment mode was adopted for large-scale exports to Europe to mitigate high container freight costs.

Operational Highlights

  • Value-added Product Mix: Pre-painted Steel contributed 69.19% of total sales in Q2 FY27 (70.07% in H1 FY27); Alu-Zinc Steel contributed 26.48%
  • Export Performance: Q2 FY27 export revenue grew 33.41% QoQ and 21.16% YoY to ₹227.07 crore, contributing 71.25% of total revenue
  • H1 FY27 exports reached 40,561 MT, generating ₹397.28 crore revenue, up 20.67% YoY
  • Export order book: ₹420 crore (80% of total order book of ₹525 crore), to be executed over next five months
  • Export presence spans over 22 countries across five continents

Strategic Projects Status

1. Alu-Zinc Technology Upgrade: Capacity increased from 132,000 TPA to 180,000 TPA (+36%). 100% Alu-Zinc capacity. Commissioned December 2025.

2. 2nd Colour Coating Line: New capacity 150,000 TPA. Total colour coating capacity rises from 86,000 to 236,000 TPA (+174%). Currently in final stages of trials and pre-commissioning. Commissioning targeted for Q3 FY27.

3. 7 MW Solar Power Plant: Captive solar at Kutch facility. Offsets 50-55% of grid power dependency. EPC: Prozeal Green Energy. Currently in final stages of readiness and grid connectivity. Commissioning targeted for Q3 FY27.

4. Salesforce CRM: Provides 360° customer visibility, centralized order tracking, automated analytics, and improved demand forecasting. Go-Live Target: Q3 FY27.

5. MES Software Implementation: New world-class MES at Kutch facility for centralized control of production, process, yield, quality, planning and despatch. Go-Live Target: Q1 FY28.