MANAKALUCO - Manaksia Alumi.

📊 NSE: MANAKALUCO 🏢 Aluminium and Aluminium Products 📅 Last Updated: 12/14/2025 9:30

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 17.7% YoY to INR 509.15 Cr in FY2024-25 from INR 432.49 Cr in FY2023-24. However, Q1FY25 revenue of INR 81.72 Cr showed a 30.5% decline compared to Q4FY24 (INR 117.7 Cr) due to logistics constraints.

Geographic Revenue Split

The company serves both domestic and international markets. Exports to the USA are significant, with increased shipments on DDP Incoterms contributing to a 27.6% rise in finance costs to INR 27.53 Cr.

Profitability Margins

Operating profit margin improved to 10.56% in Q1FY25 from 7.63% in Q4FY24. EBITDA margin for FY2024-25 stood at 8.63%, up from 8.04% in FY2023-24, driven by process efficiencies and innovation.

EBITDA Margin

8.63% EBITDA margin in FY2024-25, reflecting a 7.3% improvement over the previous year's 8.04%. Core profitability is supported by high-performance horizontal strip casters and cold rolling mills.

Capital Expenditure

Capital work-in-progress (CWIP) stood at INR 28.19 Cr as of March 31, 2025, indicating ongoing investment in production-related activities and machinery upgrades.

Credit Rating & Borrowing

Long-term rating reaffirmed at ACUITE BBB+ with a 'Negative' outlook; short-term rating at ACUITE A2+. Finance costs rose 27.6% to INR 27.53 Cr due to increased debt levels for production activities.

⚙️ Operational Drivers

Raw Materials

Aluminium is the primary raw material. Price volatility in aluminium is identified as a key market risk that could adversely impact financial assets and future cash flows.

Capacity Expansion

Current aluminium metal production reached 17,241.96 MT in FY2024-25. Ongoing expansion is indicated by a CWIP of INR 28.19 Cr.

Raw Material Costs

Raw material price changes are a primary risk factor. The company mitigates this through optimum sales mix planning and product diversification.

Manufacturing Efficiency

Efficiency is driven by state-of-the-art machinery including continuous horizontal strip casters, cold rolling mills, and tension levellers for specific applications.

Logistics & Distribution

Distribution costs are impacted by USA shipments on DDP Incoterms, which increased finance costs by 27.6% to INR 27.53 Cr.

📈 Strategic Growth

Growth Strategy

Growth is targeted through product diversification, innovation, and expansion into the USA market. The company is also implementing cost-saving measures across all segments to improve margins.

Products & Services

Aluminium Flat Rolled Products, Aluminium Sheet, Aluminium Coil, and Caster Coils.

Brand Portfolio

Manaksia.

Market Expansion

Aggressive penetration of the USA market using DDP Incoterms and expansion of the domestic customer base in EPC and OEM sectors.

🌍 External Factors

Industry Trends

The aluminium industry is evolving towards specific high-performance applications in EPC and OEM sectors; MACL is positioning itself with specialized rolling and annealing machinery.

Competitive Moat

Moat is built on 30 years of management experience and established relationships with a strong customer base. Cost leadership is maintained through horizontal strip casting technology.

Macro Economic Sensitivity

Sensitive to global GDP growth (hovering above 3% in 2024) and resilient consumer demand in the US, which supports export volumes.

Consumer Behavior

Resilient consumer demand in the US market has historically supported the company's export growth trajectory.

Geopolitical Risks

Trade barriers and global shipping disruptions (vessel availability) are primary geopolitical concerns affecting the export-heavy business model.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Section 148 of the Companies Act, 2013 for cost records and Section 186 for loans and investments.

Legal Contingencies

Pending litigations are disclosed in Note 34 and 35, involving the Jurisdictional AO and CESTAT (Kolkata). Trade receivables and payables are subject to confirmation (Note 45i).