NSE: MMP
MMP INDUSTRIES LIMITED
Makes aluminium powder and paste, aluminium foils, and aluminium conductors, with newer polymer insulator and low-tension cable lines still ramping up. The aluminium powder and paste business is the largest at 61.1% of FY26 segment revenue, with export traction in Germany, Italy, the US and Latin America. Aluminium foils focus on value-added products such as printed, security printing, and lidding foils. Aluminium conductors, polymer insulators and LT cables all target India's power transmission and distribution value chain, which the company says is in a strong expansion phase. Materials account for 80.4% of revenue, and a 7 MW captive solar project with Rs 30 crore of capex is being built to cut power costs. FY26 consolidated revenue of Rs 824 crore was its highest-ever, up 19% YoY despite an April 2025 fire incident that cost Rs 45-50 crore in lost revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium Powder and paste (61%), Aluminium Foil (26%), Aluminium Conductor (12%), Insulators (0%), Others (0%), Others Unallocated (0%). Aluminium-processing business with a heavy materials cost base, expanding into the power transmission and distribution value chain through conductors, polymer insulators and LT cables.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 448 | 538 | 579 | 692 | 824 |
| EBITDA (ex other income) | 42 | 35 | 46 | 64 | 55 |
| margin % | 9.4 | 6.6 | 8.0 | 9.2 | 6.7 |
| Owners' profit | 0 | 0 | 32 | 39 | 31 |
| EPS, as reported (₹) | 11.41 | 8.39 | 12.46 | 15.30 | 12.21 |
| ROE % · ROCE % | — · — | 8.3 · 10.5 | 10.9 · 12.5 | 12.0 · 14.7 | 8.9 · 10.9 |
| Debt / equity (x) | — | 0.22 | 0.32 | 0.48 | 0.53 |
| Cash from operations | 19 | 33 | 11 | 76 | 48 |
| Capex | (42) | (19) | (0) | (50) | (10) |
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 | 145 | 168 | 223 | 183 | 188 | 203 | 250 | 233 |
| Profit before tax | 7 | 12 | 13 | (10) | 7 | 12 | 22 | 15 |
| Net profit | 6 | 11 | 11 | (5) | 7 | 12 | 18 | 14 |
| EPS (₹) | 2.29 | 4.27 | 4.28 | (2.13) | 2.76 | 4.50 | 7.08 | 5.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Aluminium Powder and paste | 155 | 18.8 |
| Aluminium Foil | 164 | 19.9 |
| Aluminium Conductor | 81 | 9.9 |
| Insulators | 1 | 0.2 |
| Others | 3 | 0.3 |
| Others Unallocated | 1 | 0.1 |
| Aluminium Powder and Paste | 349 | 42.4 |
| Aluminium Foils | 51 | 6.2 |
| Aluminium Conductors | 19 | 2.3 |
| Total, before eliminations | 824 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 15.9 | 11 of 14 | 23% |
| P/B | 3.3 | 1.9 | 10 of 12 | 18% |
| ROCE | 7.7 | 8.0 | 9 of 15 | 43% |
| ROE | 8.9 | 7.6 | 6 of 12 | 55% |
| Debt / Equity | 0.5 | 0.6 | 6 of 12 | 55% |
| EBITDA margin | 9.0 | 6.0 | 4 of 12 | 73% |
| Revenue growth | 26.9 | 9.8 | 4 of 13 | 75% |
| Profit growth | 353.1 | 55.9 | 1 of 12 | 100% |
| Market cap | 1143 | 184 | 4 of 15 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · MMP Industries schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Reg 74(5) certificate filing for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 27 Sept 2026 · MMP Industries to meet analysts at Arihant Capital conference on Sept 30 | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 53rd AGM outcomes: all 9 resolutions passed; Rs 2 final dividend declared | board shareholder meetings | low | — | — |
| 12 Sept 2026 · MMP Industries 53rd AGM held; maiden final dividend Rs 2 per share recommended | board shareholder meetings | low | — | — |
| 21 Aug 2026 · MMP Industries Gets US$100000 Export Order from Venezuela | compliance | minimal | — | — |
| 19 Aug 2026 · Company informs Exchange about Newspaper Publication | compliance | minimal | — | — |
| 18 Aug 2026 · MMP Industries 53rd AGM on Sept 12, 2026 with dividend of Rs 2 per share | board shareholder meetings | low | — | — |
| 18 Aug 2026 · MMP Industries fixes 5 Sep 2026 as dividend record date | corporate actions | high | — | — |
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.