Manaksia Coated Metals Raises ₹150 Crore Via QIP, Issue Fully Subscribed
Manaksia Coated Metals & Industries Limited successfully raised ₹150 crore via a fully subscribed QIP. The funds will support capacity expansion, including a new coating line and a solar power plant. The company aims to triple output, revenue, and EBITDA by FY29.
The capital raised will directly fund significant capacity expansions and strategic projects, which are expected to drive future growth and enhance the company's competitive position.
The company successfully raised a significant amount of capital through a QIP, which was fully subscribed. This indicates positive investor confidence and will support the company's strategic growth initiatives, including capacity expansion and backward integration.
Manaksia Coated Metals & Industries Limited (MCMIL) has successfully raised ₹150 crore through a Qualified Institutional Placement (QIP), which was fully subscribed. This capital raise is a significant step in the company's financial strategy, aimed at strengthening its balance sheet and providing financial flexibility for upcoming strategic projects.
The funds will support MCMIL's expansion plans, including Phase 1 which involves commissioning a Second Colour Coating Line to add 1,50,000 metric tonnes per annum (MTPA) of capacity, bringing the total pre-painted steel capacity to approximately 2,36,000 MTPA. Additionally, a 7 MW captive solar power plant is being developed at its Kutch facility.
Phase 2 will focus on backward integration and further capacity expansion up to 3,60,000 MTPA, enhancing manufacturing capabilities and cost competitiveness. The company reported strong operating performance in Q2 FY27 with total income of ₹321.55 crore, EBITDA of ₹36.91 crore, and Profit After Tax (PAT) of ₹18.73 crore, along with an order book of approximately ₹525 crore.
Karan Agrawal, Whole Time Director, stated that the QIP reflects investor confidence and is part of a broader financing strategy for capacity expansion and backward integration. He expressed confidence in progressing towards the FY29 vision of tripling output, revenue, and EBITDA.
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Manaksia Coated Metals & Industries Limited filed this with the NSE as a statutory disclosure, categorised under equity fundraising. 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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