NSE: MAANALU · BSE: 532906
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium extrusion manufacturing, Aluminium trading, Precision tubing (Dewas facility, in commissioning), Power generation (proposed). Asset-heavy aluminium extrusion in ramp-up phase, shifting from commodity to value-added converter
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 572 | 814 | 953 | 810 | 809 |
| EBITDA (ex other income) | 33 | 71 | 45 | 25 | 20 |
| margin % | 5.7 | 8.8 | 4.7 | 3.1 | 2.5 |
| Owners' profit | 22 | 50 | 33 | 16 | 13 |
| EPS, as reported (₹) | 16.26 | 36.96 | 6.06 | 2.87 | 2.35 |
| ROE % · ROCE % | 26.1 · 38.0 | 38.4 · 53.3 | 20.1 · 28.5 | 8.7 · 12.8 | 4.7 · 8.0 |
| Debt / equity (x) | 0.77 | 0.42 | 0.20 | 0.50 | 0.20 |
| Cash from operations | 15 | 29 | 33 | 0 | 18 |
| Capex | (12) | (10) | (9) | (55) | (24) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 205 | 182 | 246 | 211 | 191 | 152 | 255 | 232 |
| Profit before tax | 7 | 4 | 6 | 4 | 8 | 4 | 3 | 4 |
| Net profit | 5 | 3 | 4 | 3 | 6 | 3 | 2 | 4 |
| EPS (₹) | 0.95 | 0.56 | 0.73 | 0.50 | 1.07 | 0.52 | 0.29 | 0.62 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD | 1,98,413 | 12.1 | 1.45 | 9.1 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD | 59,415 | 8.8 | 2.75 | 6.9 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED | 1,468 | 79.8 | 8.62 | 33.9 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,143 | 22.8 | 3.30 | 23.4 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED ◆ | 539 | 35.9 | 1.96 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited | 518 | 24.4 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 212 | — | 0.64 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 184 | 20.9 | 1.29 | — | 5.3 | 4.6 | — | 9.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.9 | 15.9 | 13 of 14 | 8% |
| P/B | 2.0 | 1.9 | 7 of 12 | 46% |
| ROCE | 6.1 | 8.0 | 10 of 15 | 36% |
| ROE | 4.7 | 7.6 | 9 of 12 | 27% |
| Debt / Equity | 0.2 | 0.6 | 3 of 12 | 82% |
| EBITDA margin | 3.0 | 6.0 | 9 of 12 | 27% |
| Revenue growth | 9.8 | 9.8 | 7 of 13 | 50% |
| Profit growth | 36.6 | 55.9 | 7 of 12 | 46% |
| Market cap | 539 | 184 | 5 of 15 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Maan Aluminium files Q2 FY27 demat confirmation under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 29 Sept 2026 · Voting Result with Scrutinizer''s Report | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Maan Aluminium holds 23rd AGM, six resolutions proposed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper advertisement for 23rd AGM notice published | compliance | minimal | — | — |
| 5 Sept 2026 · Maan Aluminium files 23rd AGM notice and FY26 Annual Report | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · 23rd AGM on Sept 28, 2026; seeks nod for director re-appointments | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper publication of 23rd AGM notice | compliance | minimal | — | — |
| 3 Sept 2026 · 23rd AGM on Sept 28, 2026; book closure from Sept 22 to Sept 28 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Maan Aluminium sets 23rd AGM for 28 September 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.