Earning Call
MAANALU · price
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Awaiting price reaction for this filing.
Maan Aluminium reported Q3 FY26 revenue of INR 152 crores, down 16% year-on-year due to lower trading volumes and weak export demand, while EBITDA grew 16% to INR 7 crores and PAT stayed flat at INR 3 crores. For the first nine months of FY26, revenue was INR 554 crores with EBITDA up 19% to INR 25 crores, showing improved manufacturing mix. The company is mid-way through a strategic shift from commodity extrusion to high-value aluminum solutions, with new capacity expanded from 10,000 MT to 24,000 MT at Pithampur and a new Dewas facility for precision tubing acquired for INR 8.75 crores. Management guided for a normalized EBITDA margin of around 8% over the medium term, supported by value-added products like anodizing and powder coating, and disclosed a Tata order for 6,000 tons annually. Volume target for next year is 18,000+ tons.
Investors should view the weak Q3 numbers as transitional, with ramp-up costs and a cancelled US order of 450 tons (INR 5-6 crores impact) weighing on results, while the platform for higher-margin growth is now in place with Tata order, aerospace approvals in progress, and value-added capacity coming online. Stock could respond positively to the clarity on EBITDA margin expansion roadmap and committed order book, but execution risks at Dewas (delayed 8-9 months due to Korean supplier issues) remain.