Manaksia Steels Limited, a leading player in the metals and steel manufacturing sector, has released its unaudited financial results for the quarter ended 30th June 2025 (Q1 FY26) during a Board Meeting held on 29th July 2025. The meeting commenced at 1:00 P.M. and concluded at 5:40 P.M. Apart from financial performance, the board made several strategic decisions including announcement of 24th Annual General Meeting (AGM), reappointment of an Independent Director, appointment of Secretarial Auditors, expansion of production capacity, and adoption of a new corporate logo.

The board meeting reflects the company's continued commitment to corporate governance, stakeholder transparency, and strategic growth initiatives to boost performance in domestic and global markets.

Robust Q1 FY26 Financial Performance

For the quarter ended 30th June 2025, Manaksia Steels reported a consolidated total income of ₹21,999.69 lakh, as compared to ₹20,499.59 lakh in the previous quarter. The company also posted a net profit (PAT) of ₹648.59 lakh on a consolidated basis. The standalone total income stood at ₹20,348.39 lakh and standalone net profit came in at ₹634.71 lakh.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) on a consolidated basis was recorded at ₹1,325.93 lakh, reflecting an improvement from ₹980.58 lakh in the previous quarter. The earnings per share (EPS) stood at ₹0.99 per share (basic and diluted) for the quarter.

The auditor’s limited review reports, issued by S K Agrawal and Co LLP, confirmed that the financial results have been prepared in compliance with Indian Accounting Standards (Ind AS) and SEBI regulations, with no material misstatements identified.

24th Annual General Meeting (AGM) Scheduled

The 24th AGM of Manaksia Steels will be held on Tuesday, September 23, 2025 at 03:00 P.M. (IST) through video conferencing/other audio-visual means.

The board has also approved Tuesday, September 16, 2025, as the cut-off date to determine the eligibility of shareholders to vote through remote e-voting or e-voting during the AGM. This ensures active participation from shareholders across the country.

Key Board Decisions and Strategic Appointments

Reappointment of Independent Director

The board approved the reappointment of Mrs. Nidhi Baheti (DIN: 08490552) as an Independent Director for another term of five consecutive years starting June 16, 2026, subject to shareholders’ approval at the AGM. Mrs. Baheti, a qualified Chartered Accountant, brings over 15 years of experience in financial management, auditing, taxation, and internal control.

She has held significant positions at Hindustan Zinc Ltd (Vedanta Group) and Hindusthan National Glass & Industries Ltd, and currently serves as a partner at Sultania Sujit & Co, a reputed CA firm.

Appointment of Secretarial Auditors

In another strategic move, the board appointed M/s MKB & Associates, a peer-reviewed firm of practicing Company Secretaries, as the Secretarial Auditors for a period of five years from FY 2025-26 to 2029-30.

The firm, led by Mr. Manoj Kumar Banthia, has more than 27 years of experience in handling corporate laws, compliance, and secretarial services. Based in Kolkata with a pan-India presence, the firm is renowned for delivering comprehensive professional services in governance and regulatory advisory.

Major Capacity Expansion at Haldia Unit

Recognising growing domestic and global demand, the board approved a significant capacity expansion at the company's existing manufacturing unit in Haldia, West Bengal. The company plans to install a second Colour Coating Line, adding 90,000 MT per annum to the existing 48,000 MT capacity, taking the total to 1,38,000 MT per annum.

The expansion is expected to be completed by the fourth quarter of FY 2025-26 and will require an investment of approximately ₹40 crores, funded through internal accruals. This strategic move aims to strengthen the company’s competitive position, increase market share, and meet growing demand across domestic and export markets.

Unveiling of New Company Logo

Reflecting the company’s brand evolution and future aspirations, the board approved the adoption of a new company logo. This logo change is symbolic of Manaksia Steels’ transition into a more agile, modern, and forward-looking organisation.

There will be no change in the company’s name or business activities, but the new logo is meant to represent the company’s growth, enhanced responsibility, and readiness to scale new heights. This rebranding comes at a time when the company is showing increased sales performance and planning for significant capacity additions.

New Aluzinc Coated Steel Line Commissioned

In addition to future expansion, the company successfully commissioned a new Aluzinc Coated Steel Line on 10th June 2025. This operational milestone underscores Manaksia Steels’ dedication to product innovation, diversified offerings, and meeting evolving customer needs in the steel segment.

Audit Observations and Compliance

The financial results were reviewed and recommended by the Audit Committee, and subsequently approved by the Board of Directors. The company confirmed compliance with Regulation 33 and other applicable clauses of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statutory auditors issued unmodified reviews of both standalone and consolidated results, reaffirming the company’s compliance with Indian Accounting Standards (Ind AS 34) and global audit best practices.

Subsidiaries and Group Performance

The consolidated results include performance from wholly owned subsidiaries:

• Federated Steel Mills Limited

• Far East Steel Industries Limited

• Sumo Agrochem Limited

Although these subsidiaries are based outside India and their interim financial statements are not audited individually, they are not considered materially significant by management and have been converted to Indian GAAP by the holding company.

Total revenue contribution from these entities stood at ₹1,651.32 lakh with a net profit of ₹13.92 lakh for the quarter.

Conclusion

The disclosures made during the Board Meeting of Manaksia Steels on 29th July 2025 signal a well-thought-out plan for financial growth, corporate compliance, and strategic expansion. The company’s decision to enhance capacity, reappoint key leadership, and adopt a new brand identity positions it strongly for the rest of FY26 and beyond.

With a solid financial base, governance-led decision-making, and forward-looking manufacturing capabilities, Manaksia Steels Limited continues to demonstrate resilience and adaptability in the evolving steel industry landscape. As the AGM on September 23 approaches, stakeholders can expect continued momentum in operations and shareholder value creation.

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