Manaksia Coated Metals Approves Financial Results, Boosts Borrowing Limit
Manaksia Coated Metals & Industries approved Q2 FY27 results with net profit at ₹1,878.78 lakh. The Board proposed increasing borrowing limits from ₹1,000 crore to ₹2,500 crore, subject to shareholder approval. The company also approved changing its stock ticker to MCMIL.
The increase in borrowing limits and the approval of financial results are material events that can significantly impact the company's financial flexibility and future operations.
The company reported positive financial results and approved a significant increase in its borrowing limits, indicating potential for future growth and expansion.
Manaksia Coated Metals & Industries Limited announced the outcome of its Board Meeting held on October 28, 2026. The Board approved the Unaudited Financial Results for the quarter ended September 30, 2026, along with the Limited Review Report from its statutory auditors, M/s S Bhalotia & Associates.
Key financial highlights for the quarter ended September 30, 2026, include a total income of ₹32,152.10 lakh and a net profit after tax of ₹1,878.78 lakh. The company's revenue from operations stood at ₹31,869.19 lakh.
In a significant corporate decision, the Board approved a proposal to increase the borrowing limit under Section 180(1)(c) of the Companies Act, 2013, from ₹1,000 crore to ₹2,500 crore, subject to shareholder approval via postal ballot. Similarly, the ceiling for the company's borrowing limit under Section 180(1)(a) was also proposed to be increased from ₹1,000 crore to ₹2,500 crore, pending shareholder approval.
The company also approved a change in its ticker/symbol on the National Stock Exchange and BSE from MANAKCOAT to MCMIL. Furthermore, the Board approved the remuneration ceiling for key management personnel, including Mr. Sushil Kumar Agrawal (Managing Director), Mr. Karan Agrawal (Whole-time Director), Mr. Tushar Agrawal (Senior Vice President), and Mr. Devansh Agrawal (Vice President - Business Development), at up to 5% of the company's net profits, subject to shareholder approval by postal ballot.
The Board meeting commenced at 12:30 p.m. and concluded at 5:00 p.m.
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Manaksia Coated Metals & Industries Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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