MAANALU
Maan Aluminium financials
- Market cap
- ₹716 Cr
- Sector
- Metals & Mining
- Calls analysed
- 4
Maan Aluminium Limited Q1 FY27
What went well
- Revenue from operations grew 10% YoY to INR 232 crores in Q1 FY27.
- EBITDA increased 40% QoQ to INR 7 crores in Q1 FY27, with EBITDA margin improving to 3% from 2% in Q4 FY26.
- PAT increased to INR 3 crores in Q1 FY27 from INR 2 crores in Q4 FY26, and EPS improved to INR 0.52 from INR 0.29.
What to watch
- Revenue was lower sequentially at INR 232 crores compared to INR 255 crores in Q4 FY26.
- Export share of manufacturing revenue decreased to 40% from a previous 60-70% due to duties.
What Maan Aluminium Limited does
Maan Aluminium manufactures aluminium extrusion products, casting hot-top billets in-house and then extruding, anodizing, powder-coating and precision-machining them at its Pithampur (Madhya Pradesh) plant, with a newly acquired Dewas unit added for tubing and downstream value-addition. Its profiles (hardware, structural, solar, defence, railway, electrical, automotive, architectural and more) serve construction, automobile, solar, agriculture, defence, railway, electrical & electronics, medical and heavy-engineering customers. Alongside manufacturing, it runs a legacy trading and distribution business in primary aluminium products. The company exports to markets including the US, UAE, Australia, UK, Qatar and Israel, and maintains domestic stock depots in Delhi, Raipur and Hosur.
Segments
- Manufacturing – Aluminium Extrusion Products
- Trading & Distribution – Primary Aluminium Products
- Manufacturing facilities
- 3 units – Pithampur Unit I (operational), Pithampur Unit II (land only), Dewas Unit III (refurbished)
- Extrusion capacity
- 24,000 TPA (up from 10,000 TPA)
- Foundry capacity
- 12,000 TPA (2 furnaces: 8MT & 10MT)
- Anodizing capacity
- 3,600 TPA
- Machining capacity
- 1,400 TPA
- Total workforce (incl. contractual)
- 700+
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 0 delivered 6 missed 10 open- EBITDA Margin went quiet said Q2 FY26 Promised: Get back the EBITDA kind of numbers where we are between 15%-18% within the next 2-3 years. Q1 FY27: The target was not mentioned. With current EBITDA margin at 3%, both the original 15-18% and revised 8% targets seem abandoned.
- Dewas Unit Operational Status delayed said Q2 FY26 Promised: Hopefully, we can have it online by Q1 or Q2 of next year [FY27]. Q1 FY27: Timeline pushed out again. Management now expects the plant to be 'up and running' by 'mid of next year' (mid-FY28), representing another significant delay.
- Dewas Facility Utilization on track said Q4 FY26 Promised: we are very confident that we should be able to at least do 40-50% of the utilization of that plant. Q1 FY27: The target remains valid but is conditional on the commissioning of the Dewas plant, which has been further delayed to mid-FY28.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.8%, net profit up 13.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 205 | 182 | 246 | 211 | 191 −7% | 152 −17% | 255 +4% | 232 +10% |
| EBITDA | 8 | 5 | 8 | 5 | 8 +5% | 6 +15% | 2 −79% | 5 +9% |
| Net profit | 5 | 3 | 4 | 3 | 6 +12% | 3 −7% | 2 −57% | 3 +14% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −0.2% 1Y
1Y: ₹110.62 on 10 Sept 2025 → ₹110.4. High ₹170.98 (22 Dec 2025), low ₹104.41 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- −1.3%
- 14 Aug
- Q4 FY26
- −7.9%
- 1 Jun
- Q3 FY26
- +0.1%
- 17 Feb
- Q2 FY26
- +5.9%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 0.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 2.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹814 Cr | ₹953 Cr | ₹810 Cr | ₹809 Cr |
| Operating profit | ₹71 Cr | ₹45 Cr | ₹25 Cr | ₹20 Cr |
| Operating margin | 8.8% | 4.7% | 3.1% | 2.5% |
| Interest | ₹5 Cr | ₹4 Cr | ₹3 Cr | ₹5 Cr |
| Depreciation | ₹4 Cr | ₹5 Cr | ₹6 Cr | ₹7 Cr |
| Net profit | ₹50 Cr | ₹33 Cr | ₹16 Cr | ₹13 Cr |
| Net margin | 6.1% | 3.4% | 1.9% | 1.6% |
| Cash from operations | ₹29 Cr | ₹33 Cr | ₹0 Cr | ₹18 Cr |
| Free cash flow | ₹19 Cr | ₹25 Cr | ₹-56 Cr | ₹-6 Cr |
| ROCE | 43.0% | 25.0% | 12.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹14 Cr | ₹14 Cr | ₹27 Cr | ₹27 Cr | ₹30 Cr |
| Reserves | ₹57 Cr | ₹71 Cr | ₹117 Cr | ₹136 Cr | ₹160 Cr | ₹245 Cr |
| Borrowings | ₹73 Cr | ₹66 Cr | ₹56 Cr | ₹33 Cr | ₹83 Cr | ₹55 Cr |
| Other liabilities | ₹23 Cr | ₹21 Cr | ₹38 Cr | ₹29 Cr | ₹35 Cr | ₹34 Cr |
| Total liabilities | ₹160 Cr | ₹171 Cr | ₹225 Cr | ₹225 Cr | ₹305 Cr | ₹363 Cr |
| Fixed assets | ₹37 Cr | ₹45 Cr | ₹51 Cr | ₹54 Cr | ₹107 Cr | ₹108 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹0 Cr | ₹16 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹4 Cr | ₹7 Cr | ₹9 Cr |
| Other assets | ₹123 Cr | ₹126 Cr | ₹173 Cr | ₹165 Cr | ₹190 Cr | ₹231 Cr |
| Total assets | ₹160 Cr | ₹171 Cr | ₹225 Cr | ₹225 Cr | ₹305 Cr | ₹363 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −3.05 pp while DIIs added +1.71 pp. The shareholder count shrank 6% to 30,389.
- Promoters
- 55.8%
- DIIs
- 1.7%
- Public
- 42.5%
Since Jun 2025
- Promoters −3.05 pp
- DIIs +1.71 pp
- Public +1.70 pp
How it drifted, 12 quarters
Over this window promoters fell from 60.7% to 55.8% — −4.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.7%, FIIs 0.2%, Public 39.1%.Dec '23: Promoters 60.7%, FIIs 0.1%, Public 39.1%.Mar '24: Promoters 58.9%, FIIs 0.3%, Public 40.9%.Jun '24: Promoters 58.9%, FIIs 0.3%, Public 40.8%.Sep '24: Promoters 58.9%, FIIs 0.4%, Public 40.7%.Dec '24: Promoters 58.9%, FIIs 0.4%, DIIs 0.5%, Public 40.2%.Mar '25: Promoters 58.9%, FIIs 0.4%, Public 40.7%.Jun '25: Promoters 58.9%, FIIs 0.4%, Public 40.8%.Sep '25: Promoters 58.9%, FIIs 0.4%, Public 40.8%.Dec '25: Promoters 58.9%, FIIs 0.0%, DIIs 1.4%, Public 39.7%.Mar '26: Promoters 55.8%, FIIs 0.0%, DIIs 1.6%, Public 42.6%.Jun '26: Promoters 55.8%, DIIs 1.7%, Public 42.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- PGIM India Equity Growth Opportunities Fund Series Ii Mutual fund +0.12 pp 1.59% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Maan Aluminium Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ravinder Nath Jain | 37.08% | unchanged |
| Alka Jain | 9.37% | unchanged |
| Priti Jain | 4.69% | unchanged |
| Dipti Jain | 4.68% | unchanged |
| Shanti Capinvest Private Limited | 2.08% | unchanged |
| Jatinder Jagdishrai Agarwal | 2.07% | unchanged |
| Dugar Growth Fund Private Limited | 1.91% | unchanged |
| PGIM India Equity Growth Opportunities Fund Series Ii Mutual fund | 1.59% | +0.12 pp |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.52% | unchanged |
| Shuja Mirza | 1.14% | unchanged |
| Dynavision Ventures Llp | 1.06% | −0.58 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Maan Aluminium Limited
Guides on how to read this kind of business and the numbers that matter.