💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 2.7% YoY to INR 785.37 Cr. Standalone revenue (primarily metal trading) grew 1.4% YoY to INR 175.46 Cr. Mark Steels Limited (subsidiary) revenue declined 9.9% to INR 152.83 Cr.

Geographic Revenue Split

The Group has significant operations in Nigeria (MINL Limited, Jebba Paper Mills), Ghana (Dynatech Industries), and India (Mark Steels, Manaksia Ferro Industries). Specific % split per region is not disclosed in available documents.

Profitability Margins

Consolidated EBITDA margin fell from 20.78% to 13.81% (a 697 bps drop). Consolidated PAT margin declined from 9.88% to 7.13% (INR 55.98 Cr PAT). Standalone PAT was INR 6.05 Cr, down 67% YoY from INR 18.34 Cr.

EBITDA Margin

Consolidated EBITDA margin was 13.81% in FY 2024-25, down from 20.78% in FY 2023-24. EBITDA absolute value fell 31.7% to INR 108.48 Cr due to an 18.3% increase in raw material consumption costs.

Capital Expenditure

Consolidated additions to Property, Plant and Equipment (PPE) were INR 6.61 Cr in FY 2024-25, primarily driven by Building additions of INR 6.27 Cr. Capital Work in Progress (CWIP) stood at INR 0.20 Cr.

Credit Rating & Borrowing

The Company improved its debt-equity ratio to 0.04x in FY 2024-25 from 0.13x in FY 2023-24. Interest coverage ratio was 9.30x as of March 31, 2025. Consolidated finance costs were INR 1.10 Cr.

⚙️ Operational Drivers

Raw Materials

Metals and other items for trading; raw materials for metal products and paper manufacturing (Jebba Paper Mills). Specific material names like aluminum or steel coils are implied but not itemized.

Capacity Expansion

Current installed capacity is not specified. Planned expansion involves the demerger of the metal product business into Manaksia Ferro Industries Limited (MFIL) to focus on operational efficiency.

Raw Material Costs

Cost of materials consumed (Consolidated) was INR 425.92 Cr, representing 54.2% of total revenue, up 18.3% YoY from INR 359.94 Cr.

📈 Strategic Growth

Growth Strategy

The primary strategy is the demerger of the metal product business into Manaksia Ferro Industries Limited (MFIL) to unlock shareholder value and focus on core trading and manufacturing separately. The company also relies on its diversified product portfolio to sustain performance amid policy shifts in foreign markets.

Products & Services

Trading of Metals and other items; Metal Products; Paper (via Jebba Paper Mills).

Brand Portfolio

Mark Steels, MINL, Jebba Paper Mills, Dynatech Industries.

🌍 External Factors

Industry Trends

The industry is characterized by volatile raw material costs and regional political risks. The company is positioning itself for the future by demerging manufacturing from trading to improve focus and efficiency.

Competitive Landscape

Key competitors include Manaksia Steels Limited, Manaksia Aluminium Company Limited, and Manaksia Coated Metals & Industries Limited (related parties).

Competitive Moat

Moat is built on a diversified product portfolio and strong consumer demand for its offerings, which provides resilience against regional governance shifts. This is sustainable as long as the company maintains its low-debt profile (0.04x D/E).

Macro Economic Sensitivity

Sensitive to Nigeria's political and policy environment and global metal price fluctuations.

Geopolitical Risks

Nigeria's political environment is cited as a key risk to stability and growth for the Group's foreign subsidiaries.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013, SEBI Listing Obligations, and local regulations in Nigeria and Ghana. The demerger is being executed under Sections 230-232 of the Companies Act.

Taxation Policy Impact

Consolidated tax provision was INR 26.66 Cr for FY 2024-25, representing an effective tax rate of approximately 31.4% on PBT.

Legal Contingencies

The company notes inherent limitations in internal financial controls regarding fraud or collusion. No specific pending court case values are disclosed.

⚠️ Risk Analysis

Key Uncertainties

Nigeria political risk and raw material price volatility (which caused a 31.7% drop in EBITDA) are the primary uncertainties.

Geographic Concentration Risk

Significant revenue concentration in Nigeria and India.

Third Party Dependencies

Related party purchases of goods totaled INR 339.96 Cr, indicating significant dependency on group-linked entities.

Credit & Counterparty Risk

Consolidated trade receivables for the demerged undertaking were INR 37.98 Cr. Standalone undisputed trade receivables considered good were INR 3.45 Cr.