MAAN ALUMINIUM LIMITED

Manufactures aluminium extrusions and is pivoting from commodity extrusion into a high-value aluminium converter. Extrusion capacity was expanded from 10,000 MT to 24,000 MT, with utilisation currently at only 25%, and the ramp-up targets 18,000+ tons of manufacturing volume. The pivot is anchored by a Tata contract for 500 tons/month (~6,000 tons/yr) at a INR75/kg conversion charge against INR45/kg cost, with samples under trial. A Dewas precision tubing facility acquired in March 2025 for INR8.75 cr targets a higher-margin product with INR100/kg margin potential, though commercial start is delayed by 8-9 months due to a Korean supplier delay. Cumulative capex is planned at INR190+ cr over three years for anodizing, powder coating, machining, bending, tooling and infrastructure. The cost base is dominated by materials at 25.1% of revenue, with employee cost at 2.2% and other opex at 7.6%. In Q3 FY26, revenue of INR152 cr (-16% YoY) was hit by lower trading volumes, but EBITDA of INR7 cr (+16% YoY) improved on a better manufacturing mix; 9M FY26 manufacturing revenue rose 13% YoY. The board has also approved adding electricity and power generation to the object clause, building on an existing captive solar power plant, to allow entry into commercial power generation.