Manaksia Q1 FY27 Results (NSE: MANAKSIA)
Signal: Margin expansion
The read
The key inflection is consolidated EBITDA margin expanding to 17.5% from 13.6% YoY and 6.3% in Q4FY26 after several quarters of contraction, supported by lower material intensity and slower employee-cost growth; however, other income of ₹2,261.28 lakh, or 61.4% of PBT, makes the 70.1% PAT growth less purely operational.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹222.76 Cr | 28.5% | -5.9% |
| EBIT | ₹37.69 Cr | 69.2% | |
| Net profit | ₹25.51 Cr | 70.1% | |
| EPS | ₹3.89 | 69.9% | |
| EBIT margin | 17.5% |
P&L walk
Consolidated revenue rose 28.5% YoY despite declining 5.9% QoQ, while EBITDA grew 65.0% and margin expanded to 17.5%; material costs fell to 75.1% of revenue, but PAT growth also benefited from other income equal to 61.4% of PBT.
Segments
Metal Products remained the main earnings driver with ₹18,561.06 lakh revenue and ₹1,654.79 lakh segment result, while Packaging Products grew faster at ₹3,714.77 lakh revenue, up 110.1% YoY, but contributed only ₹252.80 lakh of result.
Key positives
- Consolidated revenue rose 28.5% YoY to ₹22,275.83 lakh, reversing the 11.9% YoY decline in Q4FY26.
- EBITDA grew 65.0% versus revenue growth of 28.5%, a 36.5pp growth gap, while EBITDA margin expanded 390bps YoY to 17.5%.
- Employee benefits grew only 19.6% YoY to ₹971.61 lakh and depreciation declined 5.2% to ₹124.07 lakh, supporting fixed-cost absorption.
- Packaging Products revenue increased 110.1% YoY to ₹3,714.77 lakh, providing a faster-growing secondary growth engine.
Key concerns
- Other income of ₹2,261.28 lakh represented 61.4% of consolidated PBT, so PAT growth of 70.1% is not fully representative of recurring operating earnings.
- Consolidated revenue declined 5.9% QoQ to ₹22,275.83 lakh despite the YoY recovery, leaving the durability of the rebound unproven.
- Standalone gross margin was -0.1%, down 430bps YoY, as material and inventory costs of ₹3,886.14 lakh slightly exceeded revenue of ₹3,881.24 lakh.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.