Manaksia Coated Metals & Industries Limited (MCMIL) has raised ₹150 crore through a Qualified Institutional Placement (QIP), with the issue fully subscribed. The fundraise is expected to strengthen the company’s balance sheet and provide financial flexibility to support its planned capacity expansion and backward integration projects. Cumulative Capital Private Limited acted as the sole Book Running Lead Manager to the issue. The QIP received participation from institutional investors, reflecting their interest in the company’s business operations and expansion plans.
Commenting on the fundraise, Karan Agrawal, Whole Time Director, Manaksia Coated Metals & Industries Limited, said, “The successful completion of our ₹150 crore QIP reflects the confidence of reputed investors in our business fundamentals and long-term growth strategy. The capital raise is part of our broader financing strategy as we progress through a significant investment cycle involving capacity expansion and backward integration.
“We remain focused on disciplined capital allocation, strengthening our manufacturing capabilities and building a sustainable foundation for long-term growth. Supported by growing export traction and an expanding product portfolio, we remain confident of progressing towards our FY29 vision of tripling output, revenue and EBITDA.”
The company is implementing its expansion programme in phases. Under Phase 1, it is progressing towards commissioning its second colour coating line, which is expected to add 1,50,000 metric tonnes per annum (MTPA) of capacity. Following commissioning, the company’s total pre-painted steel capacity is expected to reach approximately 2,36,000 MTPA. The company is also developing a 7 MW captive solar power plant at its Kutch manufacturing facility. The project is expected to help reduce energy costs and improve operational efficiency.
Under Phase 2, MCMIL plans to begin its backward integration project and further expand capacity to 3,60,000 MTPA after commissioning the Phase 1 projects. The proposed investments are intended to increase value addition, strengthen manufacturing capabilities and improve cost competitiveness.
The expansion programme is supported by the company’s operating performance. During Q2 FY27, MCMIL reported total income of ₹321.55 crore, EBITDA of ₹36.91 crore and profit after tax of ₹18.73 crore. Its order book stood at approximately ₹525 crore, providing visibility for business over the coming months.
The company is focusing on expanding its value-added coated steel product portfolio, increasing its presence in domestic and export markets and improving manufacturing efficiencies. Its FY29 growth plan targets a threefold increase in output, revenue and EBITDA. The ₹150 crore capital raise will support the company’s investment programme as it works towards expanding production capacity, strengthening backward integration and improving operational performance.
Manaksia Coated Metals & Industries Limited is a manufacturer and exporter of coated steel products, including pre-painted steel and Alu-Zinc-coated steel in coil and sheet forms. Its manufacturing facility is located in Kutch, Gujarat, and produces value-added steel products used in construction, automotive, appliances and general engineering applications. Its proximity to Kandla and Mundra ports supports export and import operations as well as access to domestic coastal transport routes.
