Manaksia Aluminium Company Limited (**MALCO**) is a prominent Indian manufacturer specializing in value-added secondary aluminium flat-rolled products. Headquartered in **Kolkata**, the company is recognized as a **Three Star Export House**, serving a diverse global clientele across more than **20 countries**, including the USA, Europe, the Middle East, Africa, and Latin America. MALCO distinguishes itself through a circular economy approach, utilizing recycled aluminium to produce high-margin industrial and consumer solutions. --- ### **Manufacturing Infrastructure & Technical Capabilities** The company’s production backbone is situated in **West Bengal**, operating across two strategic locations with a total annual capacity of **30,000 tonnes**. * **Haldia Facility:** One of India’s largest aluminium rolling mills, featuring continuous horizontal strip casters and cold rolling mills. * **Bankura Facility:** Focused on specialized manufacturing and alloy production. * **Technical Assets:** The plants are equipped with tension levellers, state-of-the-art converting equipment, and **Spectro Meters** for precise alloy composition. * **Quality Standards:** The company maintains rigorous certifications, including **ISO 9001:2015** (Quality), **ISO 14001:2015** (Environment), and **ISO 45001:2018** (Occupational Health & Safety). * **R&D Focus:** An in-house **R&D and QC Lab** drives product innovation and ensures compliance with international metallurgical standards. --- ### **Specialized Product Portfolio & Market Applications** MALCO provides a comprehensive suite of aluminium solutions, with a strategic shift toward high-value-added and "ready-to-use" products. | Product Category | Key Features & Recent Innovations | | :--- | :--- | | **Value-Added Coils** | **Pre-Painted/Colour Coated Coils** and the new **Pre-Painted Wood Finish Aluminium Coil** (Launched May 2024). | | **Automotive Alloys** | **Special Alloy Ingots** and **Aluminium Sheets for HSRP** (High Security Registration Plates, launched Feb 2026). | | **Industrial Flooring** | **5 Bar & Diamond pattern** sheets for non-slip surfaces in buses, trucks, and rail coaches. | | **Packaging & Foils** | **Foil Stock** for Pharma/Blister packaging and **Closure Coils** (Ready-to-Print) for the beverage industry. | | **Construction** | **Roofing Sheets** (preferred over GI for resale value) and **Embossed Coils** for false ceilings and reflectors. | **The Recycling Advantage:** A core competitive edge is the use of **Secondary Aluminium**. Reprocessing scrap (cans, machinery, and auto parts) requires significantly less energy than primary smelting, providing both a cost advantage and a sustainable "green" branding for international markets. --- ### **Financial Performance Summary** The company operates under a single primary segment: **Metals**. Recent fiscal years show a trajectory of revenue growth and margin expansion. | Metric | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Revenue** | **₹50,914.75 Lakhs** | **₹46,637 Lakhs** | | **EBITDA** | **₹4,392.21 Lakhs** | **₹3,310 Lakhs** | | **EBITDA Margin** | **8.63%** | **7.10%** | | **Aluminium Production** | **17,241.96 MT** | **14,496 MT** | | **Capital Work-in-Progress** | **₹2,818.90 Lakhs** | **₹561 Lakhs** | --- ### **Strategic Growth & Global Expansion** MALCO is executing a multi-pronged strategy to transition from a commodity player to a high-margin global specialist. * **International Corporate Structure:** * **Metal Star Ceiling Panel FZE (UAE):** Incorporated **July 11, 2025**. This unit has already commenced business operations using local customer funding. * **Manaksia Aluminium Inc. (USA):** Incorporated **August 30, 2024**, in Delaware to capture North American market share. * **Operational Rationalization:** The company is actively revamping plant machinery to lower the **cost of conversion** and optimizing manpower (both permanent and contractual) to reduce overheads. * **Supply Chain De-risking:** New raw material sourcing channels have been established in **Australia, UK, and Europe** to ensure quality and price competitiveness. * **Market Penetration:** Targeted expansion into the **Northern and Southern regions of India** to balance its strong export focus. --- ### **Capital Structure & Liquidity Management** MALCO maintains a conservative capital base while utilizing short-term debt to fuel its working capital-intensive operations. * **Equity Base:** Authorized Share Capital was increased to **₹25.00 Crore** (25 Crore shares at **₹1/- each**) to support growth. Total Equity stood at **₹13,533.04 Lacs** as of March 2025. * **Debt Profile:** Total Gross Debt reached **₹23,902.23 Lacs** in FY25. This is heavily weighted toward **Short-Term Borrowings (₹19,038.84 Lacs)** to fund inventory and receivables. * **Promoter Commitment:** In September 2025, promoters increased their stake by **0.504% (330,000 shares)** via open market purchase. Notably, the MD and Executive Director **voluntarily waived their entire remuneration** for FY 2024-25. * **Liquidity Buffer:** Surplus funds are maintained in **bank fixed deposits** and low-risk **mutual funds**. --- ### **Risk Profile & Mitigation Framework** The company operates in a volatile global environment and faces specific regulatory challenges. * **Tax Litigation (GST):** The company is contesting a **₹38.80 Crore** GST demand related to "erroneous refunds" (Rule 96(10)). Management and auditors view this as **revenue neutral**, citing favorable High Court precedents in Kerala and Uttarakhand. No provision has been made. * **Commodity & Currency Volatility:** Aluminium prices on the **LME** fluctuated between **$2,200–$2,700** in 2024-25. MALCO uses an **off-set hedge model** and **forward contracts (USD/INR)** to manage timing mismatches and currency exposure. * **Global Trade Barriers:** The company monitors risks such as the **25% US import tariff** and slowing demand in the Chinese construction sector. * **Internal Controls:** All operations are integrated via **SAP (ERP)**, with quarterly audits presented to the **Audit Committee** to ensure policy compliance. --- ### **Leadership & Governance** * **Managing Director:** **Mr. Sunil Kumar Agrawal** (Re-appointed Nov 2023). * **Whole-time Director:** **Mr. Debasis Banerjee** (Appointed Aug 2024). * **CFO:** **Mr. Vijay Kumar Patodia** (Appointed Feb 2026). * **Registrar:** Transitioned to **Maheshwari Datamatics Pvt. Ltd.** in July 2024. * **Dematerialization:** **99.99%** of equity shares are held in demat form, ensuring high liquidity and transparency for investors.