Manaksia Steels Limited

MSL is promoted by Suresh Kumar Agrawal and family. Suresh Kumar Agrawal (chemical engineer) has an experience of about four decades in steel manufacturing industry. His son, Varun Agrawal, manages the company’s day-to-day affairs with the support of experienced professionals. Strategic location of the plant In manufacturing steel products, freight cost constitutes a significant portion as large amount of bulky raw material is requ ired to

In manufacturing steel products, freight cost constitutes a significant portion as large amount of bulky raw material is requ ired to be sourced to the manufacturing site. The company needs to procure HR coils and zinc from domestic and overseas supplier. T he plant’s proximity to Haldia port helps the company to save logistics cost. Comfortable capital structure and improved debt-protection metrics The company’s capital structure remained comfortable and improved in FY26. Total debt, comprising

The company’s capital structure remained comfortable and improved in FY26. Total debt, comprising primarily of LC -backed creditors, declined to ₹151.38 crore as on March 31, 2026, from ₹205.54 crore as on March 31, 2025. Overall gearing improved to 0.45x as on March 31, 2026 from 0.67x as on March 31, 2025, supported by lower debt and an increase in net worth due to profit accretion. Debt-protection metrics also improved materially following the increase in profitability. Total debt to gross ca

MSL’s manufacturing process involves re-rolling HR coils at room temperature to achieve precise shapes and improved surface quality, producing CR coils that are subsequently galvanised/galvalume-coated and colour coated. The total installed capacity increased by 1,22,200 metric tonne per annum (MTPA) during FY26 backed by commencement of operation of galvalume unit and capacity enhancement in colour coating facility. Overall capacity utilisation improved to 80% in FY26 from 46% in FY25

MSL continues to operate at a moderate scale compared to larger integrated and downstream steel manufacturers, although its scale improved materially in FY26. Income from operations increased to ₹1,053.19 crore in FY26 from ₹584.18 crore in FY25. Geographical and client concentration risk MSL’s customer base remained concentrated albeit improvement with top 10 customers contributing ~33% of its sales in FY26 (52% in FY25). The company generated revenue of ~77% in FY25 from selling its products i

MSL’s customer base remained concentrated albeit improvement with top 10 customers contributing ~33% of its sales in FY26 (52% in FY25). The company generated revenue of ~77% in FY25 from selling its products in domestic market and rest through exports. In FY25, ~18% of sales includes supply of HR coils and trading of aluminum sheets to its group companies based in Nigeria (MINL Limited & Sumo Steel Limited). Profitability susceptible to volatility in raw material and finished goods prices

Raw material expense is the major cost driver for MSL. The principal raw materials include HR coils, zinc , and coating inputs. Prices of both raw materials and finished steel products are highly volatile because of their commodity nature and are determ ined by global and domestic demand-supply dynamics. Given the volatility in prices and the lack of backward in tegration, the company’s profitability remains susceptible to fluctuations in raw material and finished goods prices.

The company procures part of its raw material requirements from overseas and is therefore exposed to foreign -exchange fluctuation risk to the extent of unhedged imports. The company reported forex loss of ₹4.40 crore in FY26 against ₹3.37 crore in FY25. The company also exports its products to countries , such as Bhutan and Nigeria. However, majority of these sales are made on advanced basis. Cyclicality associated with the steel industry

Steel is a cyclical industry and is strongly correlated with economic cycles, since its key end -user sectors, including construction, infrastructure, automobiles, and capital goods, depend on the state of the economy. A decline in demand in any of these sectors directly affects demand for steel products. The industry is sensitive to changes in business cycles, interest rates, and seasonal demand-supply conditions.