Manaksia's Aluzinc pivot delivers record ₹10,400 EBITDA/ton
Management guided FY27 revenue of ₹1,300-1,350 crore with 11-12% EBITDA margin but declined to commit to the margin despite direct analyst questions.
— 4 earlier stories on Manaksia Coated Metals & Industries Ltd. →What's new
- Record EBITDA per ton of ₹10,400 after full transition to 100% Aluzinc production.
- FY27 revenue guided at ₹1,300-1,350 crore; EBITDA margin of 11-12%.
- Management refused to commit to a specific margin percentage despite questioning.
Why this matters
The record EBITDA per ton validates the Aluzinc strategy, but management's refusal to lock in the margin guidance tempers the optimism. The ₹2,500 crore phase-2 capex plan remains too vague to factor in, leaving FY27 targets aspirational.
What we're watching
- Commissioning of the second colour-coating line in Q2.
- Whether the 11-12% EBITDA margin guidance becomes a firm commitment.
- Any concrete timeline for the phase-2 cold-rolling mill investment.
The full read
Manaksia Coated Metals delivered a record ₹10,400 EBITDA per tonne in Q1, a direct result of the full shift to Aluzinc production. Management credited the transition for restoring pricing discipline after a weak Q4. The company guided for FY27 revenue of ₹1,300–1,350 crore and an EBITDA margin of 11–12%, but when analysts pressed for a firm margin figure, management held back. That reluctance signals that the guidance is more aspirational than assured. The ₹450 crore order book provides five months of visibility. The next catalyst is the second colour-coating line due in Q2. The larger ₹2,500 crore phase-2 expansion is still blueprint-stage — too distant to influence near-term estimates. For now, the story is a strong operational recovery, but the financial targets remain uncommitted.
Questions answered
- How did Manaksia achieve the record EBITDA per ton?
- The full transition to 100% Aluzinc production allowed the company to price new orders to fully cover costs with a margin buffer, restoring pricing discipline after a compressed Q4.
- What is the revenue guidance for FY27?
- Management guided for full-year FY27 revenue of ₹1,300–1,350 crore on tonnage of around 160,000 tonnes.
- Why did management decline to commit to the EBITDA margin?
- Despite direct analyst questions, management avoided specifying a margin percentage, citing execution caution. This suggests the 11-12% guidance may be aspirational.
- What is the current order book and visibility?
- The order book stands at ₹450 crore, providing roughly five months of visibility into operations.
- What is the status of the phase-2 expansion?
- Phase-2, including a cold-rolling mill, is estimated to cost ₹2,500 crore, but the timeline remains at a blueprint stage with no firm commitment.
Manaksia Coated Metals & Industries Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on MANAKCOAT →- 15 Jul 2026 · 1:51 PM IST Manaksia's Aluzinc pivot delivers record ₹10,400 EBITDA/ton
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