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Mangalam Worldwide Profit Growth FY26 Fuels Optimism

NSE Main Board Move Backs Mangalam Worldwide Profit Growth FY26 Momentum

Mangalam Worldwide Limited (MWL) Q2 FY26 results show strong growth

Ahmedabad, 18 October 2025: Mangalam Worldwide Limited (MWL), a leading fully integrated stainless-steel manufacturer, today announced its financial results for the quarter ended 30 September 2025.

Total Income of the company stood at ₹318.52 crore in Q2 FY26, marking a YoY growth of 33% from ₹239.48 crore in Q2 FY25.
This marks a solid jump in top-line revenue for MWL. A 33 % year-on-year increase means the company is selling significantly more. In the context of the stainless-steel industry, such growth could come from higher volumes, better pricing, or a shift into higher margin products. MWL describes itself as a “fully integrated specialty stainless steel mill” producing everything from melting to finished bars and tubes.
Also, note the broader trend: global demand for stainless steel in infrastructure, oil & gas, and other sectors is improving, and MWL seems to be riding that wave.

MWL reported a Profit After Tax (PAT) of ₹10.53 crore, up 52% YoY, from ₹6.91 crore in Q2 FY25.
A 52 % increase in net profit is meaningful, especially since the revenue increase was 33 %. This implies that MWL not only sold more but did so more profitably. For investors and analysts, a jump like this signals operational improvement — cost control, better product mix, or improved margin. The company mentioned improving margins, which aligns with this result.

Total income for H1 FY26 stood at ₹597.93 crore, up 27% from ₹469.69 crore in H1 FY25. PAT rose to ₹20.64 crore, YoY increase of 60% from ₹12.90 crore in H1 FY25.
Putting the first half numbers in context, MWL’s H1 growth is slightly lower on revenue (27 %) than the quarter (33 %), but the profit growth is even stronger at 60 %. This suggests that margin expansion is accelerating in the second quarter. It signals a possible inflection where the company is gaining leverage as scale improves.

Key Financial Highlights (Consolidated): Q2 FY26

Profit After Tax: ₹10.56 crore, up 52% YoY from ₹6.95 crore in Q2 FY25
Total Income has grown to ₹318.52 crore, up 33% YoY from ₹239.48 crore in Q2 FY25
EBITDA margin improved to 6.98% in Q2 FY26, up 98 basis points YoY from 6.00% in Q2 FY25
Adjusted EBITDA has increased to ₹21.50 crore, up 59% YoY as against ₹13.48 crore in Q2 FY25

Here the margin improvement is key. An EBITDA margin rise of nearly 1 percentage point (from ~6.00% to ~6.98%) suggests that MWL is refining its cost structure, or shifting towards higher-value products. In heavy industry (stainless steel) margins tend to be thin, so any improvement is worth noting. Also, adjusted EBITDA growing by 59% indicates that underlying operating earnings are growing faster than revenue, which is healthy. External commentary confirms that MWL has an annual capacity of ~180,000-190,000 metric tonnes (MT) and is integrating its operations from melting to finished product.

Key Financial Highlights (Consolidated): H1 FY26

Profit After Tax: ₹20.68 crore, a YoY increase of 60% from ₹12.97 crore in H1 FY25.
Total Income: ₹597.93 crore, up 27% from ₹469.69 crore in H1 FY25.
Adjusted EBITDA margin stood at 6.82% in H1 FY26, up 120 bps YoY compared to 5.62% in H1 FY25

Again, what stands out is margin expansion — 120 basis points (1.2 percentage points) is meaningful. For H1, giving around 6.8% margin is good for a steel business which is capital intensive. The fact that the company is achieving double-digit percentage growth in profit while revenue grows more modestly suggests operational gearing is coming through.

Mr. Chandragupt Prakash Mangal, Managing Director of MWL said, “Our Q2 FY26 performance demonstrates solid growth driven by strong execution and operational efficiency. We are successfully advancing our vision to expand globally, with exports rising 114% year-on-year. We continue to focus on developing value-added products that enhance our operating margins and strengthen profitability.”
Here the export growth figure – 114% YoY – is worth zooming in on. Breaking into or expanding in export markets often enables higher margins because of better product mix or premium pricing. MWL has reported earlier that it exports to over 20 countries across Asia, Europe, the Middle East and Africa. The fact that they explicitly mention value-added products suggests they are moving away from commodity grades into specialised stainless steel grades such as duplex, super-duplex, high alloy. According to MWL’s own site, they manufacture stainless steel grades in a wide range austenitic, ferritic, martensitic, duplex & super duplex, high alloy. The global markets tend to pay more for these advanced grades, so this strategy is consistent with margin improvement.

“In another significant accomplishment, we successfully migrated to the NSE Main Board in the last quarter. This further reinforces market’s confidence in our business fundamentals and long-term strategy, while empowering us to expand our reach to a broader investor base. We are well on-course to carry ahead our growth momentum.” he added.
Moving to the main board of the National Stock Exchange of India (NSE) is not just a cosmetic change; it often means greater visibility, stricter compliance, potentially better liquidity for the stock, and access to a wider pool of institutional investors. Such a move reflects a certain scale and governance maturity. The commentary by the MD emphasises that the company sees the listing milestone as part of its growth story.

Summary & Perspective
In sum, MWL’s Q2 FY26 performance is credible. The combination of strong revenue growth, profit growth, margin improvement, export push, and strategic upgrade of its stock listing suggests multiple levers are working together.

From a sector lens: the stainless steel segment in India is going through consolidation; companies that offer specialised grades (for industries like oil & gas, infrastructure, chemicals) are better placed than those purely in commodity grades. MWL appears to be aligning with that trend by offering high-spec grades and targeting exports. Their manufacturing footprint – in Gujarat, with integrated melting, rolling, bright bar, seamless pipes & tubes – gives them flexibility.

Some Further Points to Watch:

Can MWL sustain a 100%+ export growth rate, or was Q2 an outlier?
Are the improved margins sustainable (or were they helped by favourable raw material/pricing conditions)
What is the competitive landscape and the input cost trajectory (steel scrap/scrap imports, energy costs)?
How much investment is needed to ramp value-added production and what impact will that have on capital costs?
On the listing side, what investor attention and liquidity benefits will accrue post migration to the main board.
A short note on MWL’s manufacturing capacity (~180,000-190,000 MT) and its fully integrated operations.
The fact that its product portfolio includes advanced grades of stainless steel for critical uses (chemicals, infrastructure, etc.).
The export footprint and how that supports growth beyond domestic demand.
The margin improvement context — in this industry, moving into higher value grades is a key move.

If you like, I can pull together a mini “industry snapshot” on the Indian stainless steel market (size, growth, export trends) to complement this company-specific story. Would you like that?