MMP
MMP Industries financials
- Market cap
- ₹1.2k Cr
- Sector
- Metals & Mining
- Calls analysed
- 1
MMP Industries Q4 FY26
What went well
- Consolidated Revenue for Q4 FY26 grew 12% YoY to INR 249.6 crores, and 23% QoQ.
- Full-year FY26 Consolidated Revenue reached INR 825.3 crores, a 19% YoY increase, marking the highest ever revenue performance.
- Q4 FY26 EBITDA grew 17% YoY to INR 21.5 crores, with margin improving to 8.6% from 8.3% in Q4 FY25.
What to watch
- Full-year FY26 PAT declined to INR 31 crores from INR 38.9 crores in FY25, impacted by Q1 FY26 operational disruption and exceptional losses.
- FY26 revenue loss of INR 45-50 crores and EBITDA impact of INR 7-8 crores due to the April 2025 incident at the Umred facility.
What MMP Industries Limited does
MMP Industries Limited manufactures aluminium powders (atomized, pyro/flakes, leafing and pastes) from high-purity electrolytic-grade aluminium ingots using atomization and milling, used in explosives, AAC blocks, pesticides, fireworks and textiles. It also rolls and laminates aluminium foils for food, flexible packaging and pharmaceutical strip/blister applications, and produces aluminium conductors/cables (AAC, AAAC, ACSR) for power transmission, telecom and infrastructure. Through its wholly-owned subsidiary MMP Electricals, it has entered polymer (silicone) insulator manufacturing for high-voltage transmission lines. It also holds minority stakes in an aluminium-paste joint venture with Toyo Aluminum K.K. (Japan) and in Star Circlips & Engineering, a circlips/fasteners maker.
Segments
- Aluminium Powders
- Aluminium Foils
- Aluminium Conductors/Cables
- Polymer Insulators
- Manufacturing units
- 4 units in and around Nagpur, Maharashtra (Maregaon/Bhandara, Hingna, Umred x2)
- Land bank
- 150 acres owned, 110 acres currently utilized
- Aluminium powder capacity (atomized)
- 12,000 MTPA
- Aluminium powder capacity (pyro & flakes)
- 16,800 MTPA
- Aluminium foil capacity
- Rolling mill 8,400 MTPA / Conversion section 3,600 MTPA
- Conductors/cables capacity
- 7,200 MTPA (expanding to 8,400 MTPA)
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 0 delivered 0 missed 13 open- Polymer Insulator Revenue FY27 open said Q4 FY26 Promised: INR 18-20 crores in FY26-27 Q4 FY26: Management guided for INR 18 to 20 crores revenue from the polymer insulator division in FY27.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 27.3%, net profit up 380.0% 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 | 145 | 168 | 223 | 183 | 188 +30% | 203 +21% | 250 +12% | 233 +27% |
| EBITDA | 11 | 17 | 18 | 13 | 13 +18% | 18 +6% | 22 +22% | 21 +62% |
| Net profit | 6 | 11 | 11 | -5 | 7 +17% | 11 +0% | 18 +64% | 14 +380% |
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 +70.5% 1Y
1Y: ₹275.55 on 10 Sept 2025 → ₹469.95. High ₹478.5 (8 Sept 2026), low ₹189.11 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.7%
- 25 May
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 grew 15.2% a year over 3 years, FY23 to FY26. Operating margin widened to 8.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹539 Cr | ₹578 Cr | ₹692 Cr | ₹824 Cr |
| Operating profit | ₹35 Cr | ₹46 Cr | ₹63 Cr | ₹66 Cr |
| Operating margin | 6.5% | 8.0% | 9.1% | 8.0% |
| Interest | ₹4 Cr | ₹7 Cr | ₹11 Cr | ₹14 Cr |
| Depreciation | ₹7 Cr | ₹8 Cr | ₹10 Cr | ₹12 Cr |
| Net profit | ₹21 Cr | ₹32 Cr | ₹39 Cr | ₹31 Cr |
| Net margin | 3.9% | 5.5% | 5.6% | 3.8% |
| Cash from operations | ₹33 Cr | ₹43 Cr | ₹57 Cr | ₹53 Cr |
| Free cash flow | ₹3 Cr | ₹-1 Cr | ₹6 Cr | ₹4 Cr |
| ROCE | 10.0% | 13.0% | 14.0% | 12.0% |
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 | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹184 Cr | ₹213 Cr | ₹232 Cr | ₹264 Cr | ₹295 Cr | ₹321 Cr |
| Borrowings | ₹30 Cr | ₹52 Cr | ₹58 Cr | ₹93 Cr | ₹173 Cr | ₹185 Cr |
| Other liabilities | ₹33 Cr | ₹45 Cr | ₹43 Cr | ₹53 Cr | ₹68 Cr | ₹94 Cr |
| Total liabilities | ₹272 Cr | ₹335 Cr | ₹358 Cr | ₹435 Cr | ₹562 Cr | ₹625 Cr |
| Fixed assets | ₹112 Cr | ₹147 Cr | ₹160 Cr | ₹183 Cr | ₹237 Cr | ₹250 Cr |
| Capital work in progress | ₹29 Cr | ₹4 Cr | ₹15 Cr | ₹27 Cr | ₹29 Cr | ₹38 Cr |
| Investments | ₹22 Cr | ₹29 Cr | ₹32 Cr | ₹42 Cr | ₹52 Cr | ₹54 Cr |
| Other assets | ₹109 Cr | ₹155 Cr | ₹151 Cr | ₹182 Cr | ₹244 Cr | ₹282 Cr |
| Total assets | ₹272 Cr | ₹335 Cr | ₹358 Cr | ₹435 Cr | ₹562 Cr | ₹625 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
The ownership split has held steady since Jun 2025. The shareholder count grew 8% to 11,202.
- Promoters
- 74.5%
- FIIs
- 0.0%
- Public
- 25.5%
Since Jun 2025
- FIIs −0.05 pp
- Public +0.04 pp
- Promoters +0.01 pp
How it drifted, 12 quarters
Over this window the public went from 19.0% to 25.5% — +6.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.5%, FIIs 6.0%, DIIs 0.5%, Public 19.0%.Dec '23: Promoters 74.5%, FIIs 6.0%, DIIs 0.5%, Public 19.1%.Mar '24: Promoters 74.5%, FIIs 5.1%, DIIs 0.5%, Public 20.0%.Jun '24: Promoters 74.5%, FIIs 5.1%, DIIs 0.5%, Public 20.0%.Sep '24: Promoters 74.5%, Public 25.5%.Dec '24: Promoters 74.5%, FIIs 0.0%, Public 25.5%.Mar '25: Promoters 74.5%, FIIs 0.0%, Public 25.5%.Jun '25: Promoters 74.5%, FIIs 0.1%, Public 25.4%.Sep '25: Promoters 74.5%, Public 25.5%.Dec '25: Promoters 74.5%, FIIs 0.0%, Public 25.5%.Mar '26: Promoters 74.5%, FIIs 0.0%, Public 25.5%.Jun '26: Promoters 74.5%, FIIs 0.0%, Public 25.5%.
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.
- Llp newly disclosed 0.02% held
The same filing shows 0 holders 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 MMP Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Arun Raghuvir Raj Bhandari | 27.40% | unchanged |
| Mayank Fasteners Pvt Ltd | 18.83% | unchanged |
| Saroj Arun Bhandari | 12.82% | unchanged |
| Vivaan Mayank Bhandari | 5.74% | unchanged |
| Star Circlips And Engineering Limited | 4.56% | unchanged |
| Gautam Rasiklal Ashra | 2.63% | unchanged |
| Mayank Bhandari | 2.23% | unchanged |
| Sakshi Mayank Bhandari | 1.54% | unchanged |
| Rohini Arun Bhandari | 0.88% | unchanged |
| Rohini Farms And Agriculture Private Limited | 0.49% | unchanged |
| Llp | 0.02% | newly disclosed |
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.
Learn to analyse MMP Industries Limited
Guides on how to read this kind of business and the numbers that matter.