Manaksia Steels reported a sharp rise in profitability for the first quarter of FY27, with consolidated net profit jumping 249% year-on-year to ₹226.5 crore. The surge was driven by a 51% increase in revenue from operations to ₹3,274.9 crore, reflecting robust demand for its specialty steel products. Standalone net profit also climbed 253% to ₹223.8 crore, up from ₹63.5 crore in Q1FY26.

The Board of Directors approved the unaudited financial results on August 10, 2026, during a meeting that commenced at 1:30 P.M. and concluded at 7:45 P.M. In addition to the financials, the Board granted in-principle approval for an expansion of the manufacturing facility at Haldia, West Bengal. The project, estimated at ₹800 crore, aims to produce Cold-Rolled Coil and Coated Steel in two phases, funded through debt and internal accruals. The company is also seeking special incentives under the upcoming State Industrial Policy of West Bengal.

Financial Performance Highlights

Consolidated EBITDA rose 181% to ₹372.1 crore, while standalone EBITDA increased 189.7% to ₹363.3 crore. The improvement in operating leverage contributed significantly to the bottom-line growth. Other income remained stable at ₹36.7 crore (consolidated), while finance costs decreased slightly to ₹35.6 crore compared to ₹27.5 crore in the prior year period.

Expansion Plans and Corporate Actions

The approved expansion at Haldia involves setting up a Colour Coating Line - II and a Cold Rolling Mill in Phase I. Phase II will further expand capacity in specialty steel products. The company is evaluating a 10 MW captive solar power plant to support these operations. Implementation timelines depend on the outcome of the incentive request to the State Government.

The 25th Annual General Meeting is scheduled for September 23, 2026, via Video Conferencing. The cut-off date for determining voting rights is September 16, 2026. S K Agrawal And Co Chartered Accountants LLP served as the independent auditor, issuing a limited review report on the results pursuant to Regulation 33 of the SEBI Listing Regulations.

What the Numbers Show

The disproportionate rise in net profit (249%) compared to revenue growth (50.6%) indicates significant operating leverage. EBITDA margins expanded substantially, suggesting that fixed costs were absorbed more efficiently as volume increased. This margin expansion, coupled with stable other income, highlights improved operational efficiency in the current quarter.

Manaksia Steels has approved the expansion of its Haldia facility, committing an investment of 8 billion rupees to the project. The announcement marks a notable development in the company's infrastructure and capacity growth plans at its Haldia plant.

Expansion at Haldia Facility

The company's board has greenlit the expansion initiative, with the total planned investment standing at 8 billion rupees. The key details of the announced expansion are outlined below:

The Haldia facility expansion underscores Manaksia Steels' commitment to scaling its manufacturing operations. The investment of 8 billion rupees represents a substantial capital allocation directed towards strengthening the company's production infrastructure at this location.