Manaksia Steels Ltd
MANAKSTEELManaksia Steels Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: profits are rising, but only 31% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (18 weeks in) while the P/E sits at the 49th percentile of its own 8-year range. Underneath, the last four quarters read improving — profit +283.3% year on year, and 31% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Manaksia Steels Ltd trades at ₹108, in a confirmed uptrend and 18 weeks into that stage. That is +45.1% against its own 200-day average. It sits at 80% of a 52-week range of ₹66 to ₹118. On relative strength it has no relative-strength read yet.
Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹108 it trades +45.1% versus its 200-day average and sits at 80% of its 52-week range (₹66–₹118).
Against the market, two honest reads. Cumulative: over the last 4 months the stock moved +64% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Manaksia Steels Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: EARLY_EXPANSION_TO_MID. Still open: A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing power.
Our read, 19 July 2026. A deep-value capacity expansion play constrained by weak cash conversion, currently at near-trough valuations.
From the numbers. Multiple sits at the lower half of its historical range, having compressed significantly from its recent peak. The compression is entirely earnings-driven as the new capacity came online and profitability spiked. The…
From the price. Price stage 2, week 18 — above its 200-day line, relative strength rising.
From the research. A deep-value capacity expansion play constrained by weak cash conversion, currently at near-trough valuations.
🚨 Where they disagree. Multiple sits at the lower half of its historical range, having compressed significantly from its recent peak. The compression is entirely earnings-driven as the new capacity came online and profitability spiked. The valuation is undemanding for a business printing strong top-line growth.
What is proven. A deep-value capacity expansion play constrained by weak cash conversion, currently at near-trough valuations.
What is not proven yet. A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing power.
🚨 What would change our mind. A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing power.
Layer 1 read, 19 July 2026 — KEEP. Headline +300% PAT is one spike quarter on broken cash conversion and zero disclosure — cap it. Manaksia's exceptional growth is an artifact: OPM sat at 2-6% for ten of twelve quarters, then a single Mar-2026 quarter jumped to 11% / EPS ₹2.95, which is nearly all of the +78.7% TTM revenue and +300% PAT [C001/C003]. The reported profit is not converting to cash (3-year OCF/PAT just 0.31, the gap funded with new borrowings [C013/C014]) and there are no concalls at all to verify pricing power, so the durability of the margin is unproven.
What would change Layer 1’s mind. Two consecutive quarters holding OPM above ~10% WITH operating cash flow actually converting (OCF/PAT rising toward 1) would confirm the new capacity has real pricing power and flip this from a spike to a durable early turn — conversely a reversion of OPM to the low-single-digit band for two quarters (the timeline's own kill-switch) confirms the spike and would make it a DROP.
Layer 2 read, 19 July 2026 — BENCH. Real value + operating leverage, but a one-quarter debt-funded profit spike no external source can confirm — hold, don't advance. Manaksia is genuinely cheap (PE 12.6, 44th %ile) with real operating leverage — OPM jumped 4.4%→11.4% and ROCE 4%→14% on new capacity. But the +300% PAT is a single Mar-2026 quarter (spike ratio 3.2) and it isn't becoming cash: 3-year OCF/PAT is only 0.31 while borrowings tripled to ₹151 Cr. The external stress test comes back empty — synthetic_source with zero concalls, sector OUT_OF_GATE, and a NEUTRAL capital cycle — so durability stays unverified.
What would change Layer 2’s mind. A second consecutive quarter of ~11% OPM WITH OCF starting to track PAT (OCF/PAT moving toward 0.7+), OR the appearance of a primary source (concall/annual report/exchange filing) that corroborates the Mar-2026 margin as structural rather than a one-off — either would flip BENCH→ADVANCE. Conversely a reversion of OPM to the low-single-digit band for two quarters (the timeline's own would_change_my_mind) would push toward DROP.
The test written in advance. A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing power. — the thesis as written as stated by the next result.
The test written in advance. Weak Cash Conversion (Debt-Funded Growth) — Weak Cash Conversion (Debt-Funded Growth) Operating cash flow generation in the upcoming half-year results. by the next result.
The test written in advance. Zero Qualitative Visibility — Zero Qualitative Visibility Unexpected margin compression in the next quarterly print. by the next result.
What the company does. The latest fiscal year saw structural top-line acceleration and surging PAT, breaking a multi-year stagnation. A three-year capacity expansion phase is now driving revenue, though operating cash conversion remains challenged. Valuation is highly compressed, but conviction remains capped due to a complete absence of qualitative management commentary.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Capacity Expansion Ramp-up | MEDIUM | — | Recent multi-year capital expenditure is now driving sharp top-line acceleration. | Revenue growth decelerates, signaling peak utilization of the new capacity. |
| Operating Leverage | MEDIUM | — | Operating margin breaking out of its historical band as capacity utilization improves. | A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing… |
🚨 What the surface reading misses. The surface reading is: PE is near median, neither wildly cheap nor expensive. The research reads it further: Earnings base just inflected. On normalized forward earnings, it's cheap.
🚨 What the surface reading misses. The surface reading is: Massive earnings acceleration. The research reads it further: Off a very weak base. Absolute jump in the latest quarter is structurally higher than any recent quarter.
Lever 6 · Order-book wins — BUILDING. Recent multi-year capital expenditure is now driving sharp top-line acceleration. What proves it keeps working: Capacity Expansion Ramp-up. It stops working if Revenue growth decelerates, signaling peak utilization of the new capacity.
Lever 1 · Operating leverage — BUILDING. Operating margin breaking out of its historical band as capacity utilization improves. What proves it keeps working: Operating Leverage. It stops working if A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing power.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Manaksia Steels Ltd reported ₹327 Cr of revenue in the Jun 26 quarter, +50.7% year on year. That is the 7th straight quarter of year-on-year growth. Over 8 years it has compounded at 10.7% a year. The last full year, FY26, came in at ₹1,131 Cr. The last four reported quarters add to ₹1,241 Cr.
Why this happened. The primary structural driver is the completion and ramping up of the debt-funded capacity addition over the last three fiscal years. This asset base expansion is directly visible in the most recent fiscal year's revenue trajectory, which accelerated consistently through consecutive quarters.
FY26 revenue came in at ₹1,131 Cr (+78.4% on the year), capping 8 years at 10.7% compound. The latest quarter (Jun 26) printed ₹327 Cr, +50.7% year on year — the 7th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +91.4% growth against the decade's 10.7% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +81.2% over the last 4 quarters against +40.6%/yr over the last 8 — accelerating; TTM profit +300.0% vs +63.3%/yr — accelerating.
FY26-Q3. Revenue nearly doubled against the base quarter, while operating margin stabilized. The aggressive top-line growth indicates the new asset base is being sweated effectively. Without concalls, the market remains largely unaware of the operational turnaround happening beneath the surface.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Manaksia Steels Ltd's operating margin is 10.0% in the Jun 26 quarter, +5.1 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 2.3% to 9.0%. The current quarter is running above every full year in that window.
Why this happened. With the new capacity coming online, fixed costs are being absorbed over a larger revenue base. The latest quarter saw operating margins step up significantly from the historical average, pushing bottom-line profitability disproportionately higher.
The latest quarter's operating margin is 10.0%, +5.1 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 2.3%–9.0%.
Why the margin moved: operating margin went +5.3 pp year on year while gross margin went +5.0 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q3. Revenue nearly doubled against the base quarter, while operating margin stabilized. The aggressive top-line growth indicates the new asset base is being sweated effectively. Without concalls, the market remains largely unaware of the operational turnaround happening beneath the surface.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Manaksia Steels Ltd earned ₹23.0 Cr of net profit in the Jun 26 quarter, +283.3% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹40.0 Cr. The 8-year compound rate is 12.1%. That is 7.0% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr.
Jun 26 profit was ₹23.0 Cr, +283.3% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹40.0 Cr (+300.0%), and the 8-year compound rate is 12.1%.
Why profit moved: revenue contributed +50.7% and the margin +5.1 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +315.8% vs revenue +91.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q3. Revenue nearly doubled against the base quarter, while operating margin stabilized. The aggressive top-line growth indicates the new asset base is being sweated effectively. Without concalls, the market remains largely unaware of the operational turnaround happening beneath the surface.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 31% of Manaksia Steels Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹62.0 Cr of operating cash against ₹40.0 Cr of profit. After ₹41.0 Cr of capital spending, ₹21.0 Cr was left as free cash.
FY26: operating cash of ₹62.0 Cr against reported profit of ₹40.0 Cr, leaving free cash of ₹21.0 Cr after ₹41.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 31% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 31%: the cash cycle tightened 26 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 5.4× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Manaksia Steels Ltd's cash conversion cycle runs 62 days in FY26, down from 88 days in FY21. Capital spending ran ₹130 Cr over the last 3 years. At FY26 sales of ₹1,131 Cr each day of that cycle holds about ₹3.1 Cr, so roughly ₹192 Cr sits inside the business at any moment.
FY26: debtors at 21 days, inventory at 63 days — roughly 2.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 62 days, tighter than FY21's 88.
The full loop: cash goes out to suppliers and production on day 0; stock waits 63 days to sell; customers pay about 21 days after that; and suppliers themselves are paid at 22 days — netting out to the 62-day cycle.
In money terms: at FY26 sales of ₹1,131 Cr, each day of the cycle holds about ₹3.1 Cr — so the 62-day loop keeps roughly ₹192 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹130 Cr over the last 3 fiscal years against ₹24.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹33.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Manaksia Steels Ltd earns a ROCE of 14% in FY26. That is up from a trough of 4% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.5% net margin on 1.91× asset turns.
FY26 ROCE is 14%, recovered from a FY25 trough of 4% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 3.5% net margin × 1.91× asset turns × 1.82× balance-sheet leverage ≈ 12.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Manaksia Steels Ltd carries ₹151 Cr of borrowings against ₹326 Cr of equity in FY26, a debt-to-equity of 0.46. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹67.0 Cr to ₹151 Cr. Capital spending ran ₹130 Cr across the last 3 of those years.
FY26: borrowings of ₹151 Cr against equity of ₹326 Cr — a debt-to-equity of 0.46. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹67.0 Cr to ₹151 Cr while capital spending ran ₹130 Cr in just the last 3 — part of the build-out is riding on borrowed money.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Manaksia Steels Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 74.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −0.7 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 74.8%.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Manaksia Steels Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Manaksia Steels Ltd trades at 12.6× P/E, mid-range by its own standards (49th percentile). Its long-run median P/E is 12.7×, measured across 8.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 12.6× is mid-range by its own standards (49th percentile), against a long-run median of 12.7× measured over 8.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 20 July 2026 price, Manaksia Steels Ltd was paying for profit growth of about 5.3% a year. Profit itself has compounded 12.1% a year over the past 8 years. Today the market pays 12.6× P/E, the 49th percentile of its own 8-year range.
What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 18 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Manaksia Steels Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −80.0% and has held its recovery at +283.3% (single-quarter readings), ROCE lifting at 14.0%. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +78.4% | +15.1% | +17.5% | — |
| Profit | +300.0% | +49.4% | +8.2% | — |
| EPS | +308.7% | +48.5% | +8.5% | — |
4-Factor Sector Score
66.9/100 — rank 1 of 10 in Steel · 67% evidence confidence
Manaksia Steels Ltd scores 66.9 out of 100 against the 10 companies it is compared with in Steel, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 29.4 + 13.4 + 11.6 + 12.5 = 66.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Manaksia Steels Ltdthis pageMANAKSTEEL | 66.9/100Favorable setup67% evidence | BREAKING OUT | 29.4/35 Revenue 81.2% · PAT 100% · OPM change 5.1 pp 95% evidence | 13.4/25 ROCE 14.4% · OPM 10% 76% evidence | 11.6/20 P/E 12.6× · PEG — 50% evidence | 12.5/20 RS sector — · RS bench 60.1% · 1Y —5 of 5 weeks ahead 25% evidence |
| Exact sum: 29.4 + 13.4 + 11.6 + 12.5 = 66.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2India Homes LtdISIBARS | 63.9/100Mixed-positive evidence63% evidence | BREAKING OUT | 27.1/35 Revenue 100% · PAT 100% · OPM change 11094.8 pp 71% evidence | 12.7/25 ROCE 17.5% · OPM — 61% evidence | 8.8/20 P/E 64.3× · PEG — 15% evidence | 15.3/20 RS sector 29.3% · RS bench 58% · 1Y 126.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 27.1 + 12.7 + 8.8 + 15.3 = 63.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Mangalam Worldwide LtdMWL | 62.5/100Mixed-positive evidence87% evidence | LEADER | 22.6/35 Revenue 12.6% · PAT 57.6% · OPM change 3 pp 95% evidence | 16.3/25 ROCE 17.7% · OPM 9% 95% evidence | 8.4/20 P/E 24.3× · PEG — 50% evidence | 15.2/20 RS sector 12.5% · RS bench 39.5% · 1Y 93.7%9 of 12 weeks ahead 100% evidence |
| Exact sum: 22.6 + 16.3 + 8.4 + 15.2 = 62.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4JSW Steel LtdJSWSTEEL | 56.0/100Mixed-positive evidence75% evidence | TURNING | 23.5/35 Revenue 12.2% · PAT 100% · OPM change 3 pp 95% evidence | 12.9/25 ROCE 11% · OPM 20% 76% evidence | 9.2/20 P/E 25.9× · PEG — 15% evidence | 10.4/20 RS sector -16% · RS bench 6.2% · 1Y 16.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 23.5 + 12.9 + 9.2 + 10.4 = 56 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Safe Enterprises Retail Fixtures LtdSAFEENTP | 53.5/100Thin evidence · provisional56% evidence | ASLEEP | 15.7/35 Revenue — · PAT — · OPM change 1 pp 26% evidence | 22.2/25 ROCE 47% · OPM 35% 95% evidence | 10.5/20 P/E 18× · PEG — 15% evidence | 5.1/20 RS sector -18.5% · RS bench 3% · 1Y 23%3 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 22.2 + 10.5 + 5.1 = 53.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 6Steel Authority of India LtdSAIL | 48.2/100Mixed-negative evidence100% evidence | ASLEEP | 15.2/35 Revenue 6.5% · PAT 40.8% · OPM change 5 pp 100% evidence | 8.3/25 ROCE 7.9% · OPM 16% 100% evidence | 14.5/20 P/E 15.2× · PEG 0.74 100% evidence | 10.2/20 RS sector -10.5% · RS bench 11.9% · 1Y 34.1%1 of 12 weeks ahead 100% evidence |
| Exact sum: 15.2 + 8.3 + 14.5 + 10.2 = 48.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 7Tata Steel LtdTATASTEEL | 42.1/100Mixed-negative evidence93% evidence | ASLEEP | 19.8/35 Revenue 10.5% · PAT 100% · OPM change 1 pp 100% evidence | 10.5/25 ROCE 12.5% · OPM 15% 100% evidence | 10.0/20 P/E 19.6× · PEG 1.74 65% evidence | 1.8/20 RS sector -21.6% · RS bench -0.9% · 1Y 9.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 19.8 + 10.5 + 10 + 1.8 = 42.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Mukand LtdMUKANDLTD | 40.6/100Mixed-negative evidence87% evidence | TURNING | 12.0/35 Revenue 7.6% · PAT 100% · OPM change -3.7 pp 95% evidence | 4.6/25 ROCE 4.4% · OPM 0.5% 95% evidence | 15.0/20 P/E 3.1× · PEG — 50% evidence | 9.0/20 RS sector -19.4% · RS bench 2.3% · 1Y -1.4%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12 + 4.6 + 15 + 9 = 40.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 9NMDC Steel LtdNSLNISP | 37.1/100Mixed-negative evidence83% evidence | BASING | 22.2/35 Revenue 41.6% · PAT 100% · OPM change -1 pp 100% evidence | 3.5/25 ROCE 3.1% · OPM 11% 100% evidence | 8.5/20 P/E 149× · PEG — 15% evidence | 2.9/20 RS sector -20% · RS bench 1.5% · 1Y -8%2 of 12 weeks ahead 100% evidence |
| Exact sum: 22.2 + 3.5 + 8.5 + 2.9 = 37.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Rajputana Stainless LtdRSL | 52.3/100Thin evidence · provisional43% evidence | BREAKING OUT | 14.4/35 Revenue — · PAT — · OPM change 0 pp 45% evidence | 18.4/25 ROCE 25.3% · OPM 9% 95% evidence | 9.5/20 P/E 25.7× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —7 of 10 weeks ahead 0% evidence |
| Exact sum: 14.4 + 18.4 + 9.5 + 10 = 52.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Manaksia Steels Ltd's share price today?
Manaksia Steels Ltd trades at ₹108. The company is valued at ₹705 Cr. The stock sits at 80% of its 52-week range of ₹66–₹118, +45.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 18 weeks in. — as of 18 September 2026.
What were Manaksia Steels Ltd's latest quarterly results?
Manaksia Steels Ltd reported revenue of ₹327 Cr and net profit of ₹23.0 Cr for the Jun 26 quarter. Revenue rose 50.7% and profit rose 283.3% year on year. Earnings per share were ₹3.46. The operating margin was 10.0%, 5.1 pp higher than a year earlier. — as of 18 September 2026.
What is Manaksia Steels Ltd's revenue?
Manaksia Steels Ltd reported revenue of ₹327 Cr in the Jun 26 quarter, +50.7% year on year. For the full FY26 fiscal year, revenue was ₹1,131 Cr (+78.4%). Over the last 8 years revenue compounded at 10.7% a year. — as of 18 September 2026.
What is Manaksia Steels Ltd's profit?
Manaksia Steels Ltd earned ₹23.0 Cr of net profit in the Jun 26 quarter, +283.3% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹40.0 Cr. The operating margin ran 10.0% in the latest quarter. — as of 18 September 2026.
What is Manaksia Steels Ltd's market cap?
Manaksia Steels Ltd's market capitalisation is ₹705 Cr at a share price of ₹108. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 18 September 2026.
What is Manaksia Steels Ltd's P/E ratio?
Manaksia Steels Ltd trades at a P/E of 12.6×, at the 49th percentile of its own 8-year range, against a long-run median of 12.7×. This is a comparison with the stock's own history, not a value call — as of 18 September 2026.
Does Manaksia Steels Ltd pay a dividend?
No — Manaksia Steels Ltd has recorded a dividend payout of 0% of profit in each of its last 9 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 18 September 2026.
Is Manaksia Steels Ltd overvalued?
On its own history, Manaksia Steels Ltd looks mid-range: its P/E of 12.6× sits at the 49th percentile of its 8-year range (long-run median 12.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 18 September 2026.
Is Manaksia Steels Ltd growing?
Yes — Manaksia Steels Ltd is growing: latest-quarter revenue +50.7% year on year, profit +283.3%, and the margin +5.1 pp at 10.0%. The 8-year compound rates are 10.7% (revenue) and 12.1% (profit). The earnings engine currently reads: improving — as of 18 September 2026.
How is Manaksia Steels Ltd performing?
Manaksia Steels Ltd is in a confirmed uptrend, 18 weeks in. Its latest quarter's revenue rose 50.7% and profit rose 283.3% year on year. This describes what the data did, not a rating. — as of 18 September 2026.
What stage is Manaksia Steels Ltd in?
Improving — profit growth bottomed 7 quarters ago at −80.0% and has held its recovery at +283.3% (single-quarter readings), ROCE lifting at 14.0%. The read comes from the last 12 quarters of growth (revenue growth +50.7% latest, profit growth +283.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 18 September 2026.
Is Manaksia Steels Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 18 of stage 2), trading +45.1% versus its 200-day average and at 80% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 18 September 2026.
Will Manaksia Steels Ltd's share price go up?
This page publishes no price forecast for Manaksia Steels Ltd. What it measures instead: the share price is ₹108, the price is in a confirmed uptrend 18 weeks in. Its P/E of 12.6× sits at the 49th percentile of its own 8-year range. — as of 18 September 2026.
Who owns Manaksia Steels Ltd?
Promoters hold 74.8% of Manaksia Steels Ltd, foreign institutions 0.0%, domestic institutions null% and the public 24.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 18 September 2026.
Does Manaksia Steels Ltd have too much debt?
It is moderate — Manaksia Steels Ltd's debt-to-equity is 0.46, and operating profit covers the interest bill 5×. FY26 borrowings were ₹151 Cr against equity of ₹326 Cr. Read the returns on this page with that leverage in mind — as of 18 September 2026.
What is Manaksia Steels Ltd's capex?
Manaksia Steels Ltd spent ₹130 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹41.0 Cr, with ₹33.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 18 September 2026.
What is Manaksia Steels Ltd's cash flow?
Manaksia Steels Ltd generated ₹62.0 Cr of operating cash flow in FY26 and ₹21.0 Cr of free cash flow after ₹41.0 Cr of capital spending. Reported profit that year was ₹40.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 18 September 2026.
Is Manaksia Steels Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 31% of Manaksia Steels Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹62.0 Cr against reported profit of ₹40.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 18 September 2026.
Where is Manaksia Steels Ltd in its business cycle?
Manaksia Steels Ltd's FY26 operating margin was 7.0%, against a 9-year band of 2.3%–9.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 10.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 18 September 2026.
What growth does Manaksia Steels Ltd's price assume?
At its price on 20 July 2026, Manaksia Steels Ltd was priced for profit growth of about 5.3% a year. Profit itself has compounded 12.1% a year over the past 8 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 18 September 2026.
What could break the Manaksia Steels Ltd story?
The sharpest disagreement: profits are rising, but only 31% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 18 September 2026.
Is Manaksia Steels Ltd a stock worth studying right now?
This is not investment advice. The machine read: Manaksia Steels Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 18 September 2026.
Not SEBI Registered !! Not Investment advice !!