Manaksia Steels share price today

Manaksia Steels Ltd's share price was ₹121.89 at the close on 5 November 2026. It has been rising for 24 weeks. That is 45.3% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 13 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Manaksia Steels Ltd is in stage 2. The phase helps read everything below.

Since its first close in our records, on 22 May 2026, it has traded between ₹66 and ₹122, and at that close it was at the high of that range.

Over the last 6 months the share price moved +86% while the NIFTY 500 moved −3%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 7 quarters in a row, highest quarterly profit in 14 quarters and profit up on a year earlier for 5 quarters in a row.

1. Revenue up on a year earlier for 7 quarters in a row

   In the June 2026 quarter revenue was ₹327 crore, +50.7% on a year earlier.

2. Highest quarterly profit in 14 quarters

   Profit of ₹23 crore in the June 2026 quarter is the highest of the last 14 quarters.

3. Profit up on a year earlier for 5 quarters in a row

   In the June 2026 quarter profit was ₹23 crore, +283.3% on a year earlier.

For April to June 2026 (the quarter ended 30 June 2026), Manaksia Steels reported revenue of ₹327 crore, up 50.7% from ₹217 crore a year earlier, and a profit of ₹23.0 crore, up 283.3% from ₹6.00 crore.

Manaksia Steels results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Manaksia Steels closed at ₹121.89 on 5 November 2026. Its highest weekly close since May 2026 was ₹121.89 on 5 November 2026.

Manaksia Steels share price: then and now

Weekly closing prices. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

26 weekly closes from 22 May 2026 to 5 November 2026.

5 Nov 2026: Manaksia Steels closed at ₹121.89, up 12.5% on the week and up 9.4% on the month. Results for April to June 2026: Revenue up 50.7% and profit up 283.3% on a year earlier.

Manaksia Steels has paid no dividend on the NSE since its first NSE close in our records (22 May 2026), the start of the period we checked.

No. Manaksia Steels Ltd paid out 0% of its profit as dividends in each of its last 9 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

What is changing at Manaksia Steels, from the latest results and calls: capacity expansion ramp-up and operating leverage.

• Capacity Expansion Ramp-up. Recent multi-year capital expenditure is now driving sharp top-line acceleration. ⚠ estimate
• Operating Leverage. Operating margin breaking out of its historical band as capacity utilization improves. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 19 July 2026.

A reversion of operating margin to the historical lower-single-digit band for two consecutive quarters, indicating the new capacity lacks pricing power.

Each change stops working if

• Capacity Expansion Ramp-up: Revenue growth decelerates, signaling peak utilization of the new capacity.

The main risks

• Weak Cash Conversion (Debt-Funded Growth): Multi-year cash flow significantly lags reported profit, with debt plugging the gap. ✓ fact
• Zero Qualitative Visibility: Complete absence of management concalls or forward guidance. ⚠ estimate

Our read after the latest results, written 19 July 2026.

When Manaksia Steels reports July to September 2026, these are the 2 checks that show whether the story is still on course. First: Operating cash flow generation in the upcoming half-year results.

Manaksia Steels is on 2 of our India lists: Momentum stocks and Copper & metal stocks.

Manaksia Steels Ltd earned ₹23.0 Cr of net profit in the Jun 2026 quarter, +283.3% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹40.0 Cr. Over 8 years profit has grown 12.1% a year on average. That is 7.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹6.0 Cr.

For the full year, FY26 profit was ₹40.0 Cr (+300.0% on the year before).

Why profit moved: revenue changed +50.7% on a year earlier and the margin moved +5.1 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +315.8% and revenue +91.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

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.

Manaksia Steels Ltd reported ₹327 Cr of revenue in the Jun 2026 quarter, +50.7% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 8 years it has grown 10.7% a year on average. The last full year, FY26, came in at ₹1,131 Cr.

Revenue is everything the company billed its customers in the period.

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.

The last four reported quarters add to ₹1,241 Cr.

FY26 revenue was ₹1,131 Cr, +78.4% on the year before.

Recent pace: the last four quarters grew +91.4% on average, against 10.7% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +81.2%, against +40.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +300.0%, against +63.3% a year (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.

Manaksia Steels Ltd's operating margin was 10.0% in the Jun 2026 quarter, 5.1 percentage points higher than the same quarter a year ago. Across 9 years it has been between 2.3% and 9.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

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.

Why the margin moved: operating margin changed +5.3 percentage points on the year while gross margin changed +5.0 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

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.

Over the last 3 years, 31% of Manaksia Steels Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹62.0 Cr of operating cash against ₹40.0 Cr of profit. After ₹41.0 Cr of spending on assets, ₹21.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 31% of profit came in as cash: the cash cycle got 26 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 5.4× depreciation over three years. The next section checks what that spending is building.

Manaksia Steels Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 62 days in FY26, down from 88 days in FY21. It spent ₹130 Cr on assets over the last 3 years. Customers take 21 days to pay, and stock sits for 63 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,131 Cr, each day of that cycle ties up about ₹3.1 Cr, so roughly ₹192 Cr is tied up in the business at any time.

FY26: customers took 21 days to pay and stock sat for 63 days, about 2.1 months of sales sitting as stock, for a full cycle of 62 days, shorter than FY21's 88.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 63 days. Customers pay about 21 days after that. Suppliers are paid at 22 days. Together that makes the 62-day cycle.

Spending on assets: ₹130 Cr over the last 3 years, against ₹24.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹33.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Manaksia Steels Ltd's P/E is 14.3×, in the middle of its own history: higher than 64% of past readings. Its usual P/E (the middle reading) is 12.7×, over 8.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 20 July 2026, Manaksia Steels Ltd's share price assumed profit growth of about 5.3% a year. Over the past 8 years its profit actually grew 12.1% a year. Today its P/E is 14.3×, higher than 64% of its own last 8.5 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 20 July 2026. Every other number on this page, the multiple included, uses the latest price as of 5 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Manaksia Steels Ltd's business is turning around. Profit growth has swung from −65.5% at its low to +300.0%, improving for 5 quarters in a row, with ROCE rising at 28.8%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Manaksia Steels Ltd's story is not scored yet against the checks our research 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.

NOT YET CHECKED

From the numbers. The compression is entirely earnings-driven as the new capacity came online and profitability spiked. The…

From the price. Price stage 2, week 24, above its 200-day line, relative strength falling.

Where they disagree. The compression is entirely earnings-driven as the new capacity came online and profitability spiked.

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.

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. Measured by: the thesis as written as stated by the next result.

The test written in advance. Weak Cash Conversion (Debt-Funded Growth). Measured by: 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. Measured by: Zero Qualitative Visibility Unexpected margin compression in the next quarterly print. by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The research reads it further: Earnings base just inflected. On normalized forward earnings, it's low.

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.

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

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 2026. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

Manaksia Steels Ltd earned a ROCE of 14% in FY26. That is up from a low of 4% in FY25. Its return on capital used (ROIC) is 3.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.5% net margin and 1.91× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 3.5% net margin × 1.91× asset turnover × 1.82× leverage (assets divided by equity) ≈ 12.2% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 15.9% − 12.0% = +3.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 15.9% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 13.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Manaksia Steels Ltd has total debt of ₹151 Cr against shareholder equity of ₹326 Cr as of Jun 2026, so its debt is 0.46× its equity. Year by year, that ratio went from 0.04 in FY22 to 0.46 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Manaksia Steels Ltd by 1.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 1.0% of the company. Promoters moved +0.0 points over the same period, to 74.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +1.0 points over 8 quarters, to 1.0%; Promoters: +0.0 points over 8 quarters, to 74.8%; Foreign institutions: +0.0 points over 8 quarters, to 0.7%.

Why the owners changed: domestic institutions drove it (+1.0 points). They raised their stake step by step.

For Manaksia Steels Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

72.7 out of 100, rank 1 of 10 in Steel, with 81% of the evidence available.

Manaksia Steels Ltd scores 72.7 out of 100 against the 10 companies it is compared with in Steel, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 29 + 15.3 + 15.9 + 12.5 = 72.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Manaksia Steels ranks 1 of 10 Steel companies on the 4-Factor Sector Score, with 72.7 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Steel, all 10 compared on one page.

Manaksia Steels is the 10th largest of 10 Steel companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: NMDC Steel, Mukand, Rajputana Stainless, Mangalam Worldwide, Safe Enterprises Retail Fixtures and India Homes. It is the smallest.

Steel companies close in size

4. NMDC Steel Ltd ₹11,037 crore
5. Mukand Ltd ₹2,044 crore
6. Rajputana Stainless Ltd ₹1,402 crore
7. Mangalam Worldwide Ltd ₹1,105 crore
8. Safe Enterprises Retail Fixtures Ltd ₹1,095 crore
9. India Homes Ltd ₹1,031 crore
10. Manaksia Steels Ltd ₹800 crore

All 10 Steel companies, largest first

Companies close in size in other industries

1735. RRP Defense Ltd ₹802 crore · Miscellaneous
1736. Fairchem Organics Ltd ₹801 crore · Chemicals - Organic
1737. Manaksia Steels Ltd ₹800 crore
1738. RNFI Services Ltd ₹800 crore · E-Commerce - Platform - Utility
1739. Amines & Plasticizers Ltd ₹799 crore · Speciality Chemicals

Sector Alpha, written by code from the published numbers. Data as of 5 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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