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Manaksia Steels Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤31st Jan 26

Summary : Manaksia Steels Limited reported strong unaudited financial results for Q3 and nine months ended December 31, 2025, with significant profit growth.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Q3 FY26 Total Expenses: 28,386.23 Lacs.
  2. Consolidated Q3 FY26 Total Expenses: 30,244.54 Lacs.
  3. Standalone Q3 FY26 Revenue from Operations: 29,834.00 Lacs, Other Income: 270.10 Lacs.
  4. Consolidated Q3 FY26 Revenue from Operations: 31,786.00 Lacs, Other Income: 270.16 Lacs.
  5. Both standalone and consolidated unaudited financial results are presented.
  6. Consolidated results include Manaksia Steels Limited, Federated Steel Mills Limited, Far East Steel Industries Limited, and Sumo Agrochem Limited.

Corporate Overview

  1. Operations include subsidiaries located outside India, specifically in Nigeria.
  2. Foreign exchange losses from devaluation of Nigerian Currency impacted previous financial year's consolidated results.
  3. The Company's primary business activity is in the 'Metals' segment.
  4. Factual and compliant, reporting financial results and regulatory adherence.
  5. Metals

Risk Factors

  1. Foreign exchange losses from Nigerian operations.
  2. Potential impact of new Labour Codes.
  3. Unaudited financial results of subsidiaries.
  4. Limited assurance from review engagement.

Key Drivers

  1. Strong quarterly and nine-month profit growth.
  2. Improved total comprehensive income performance.
  3. Regulatory compliance and timely disclosures.
  4. Effective management of subsidiary operations.

Auditor’s Report

  1. Unmodified review conclusion; no audit opinion expressed as it is a review.
  2. Consolidated results include unaudited/unreviewed financial results of three non-material foreign subsidiaries.

Board Commentary

  1. Foreign exchange losses from Nigerian currency devaluation.
  2. Uncertainty regarding full impact of new Labour Codes.
  3. New Labour Codes (Wages, Social Security, Industrial Relations, Occupational Safety) became effective November 21, 2025.
  4. Impact of Labour Codes on own employees is not material; assessment ongoing for contractual labour.

Corporate Governance

  1. Audit Committee and Board of Directors reviewed and approved financial results.

Management Discussion & Analysis

Risk Control Measures

  1. Management is assessing the impact of new Labour Codes and will reassess upon notification of rules.

Critical Risks

  1. Foreign exchange losses from Nigerian subsidiary operations.
  2. Potential impact of new Labour Codes on employee benefit obligations.