Maan Aluminium LimitedMetals & MiningMAANALU
Q1 FY27 concall · earnings callMaan Aluminium Limited
While revenue moderated sequentially due to export market challenges and logistics delays, profitability improved by 40% QoQ, reflecting a strategic focus on high value-added manufacturing.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹232 Cr | +10% YoY growth | |
| EBITDA | ₹7 Cr | ~40% QoQ improvement | |
| EBITDA Margin | ~3% | from ~2% in Q4 FY26 | |
| PAT | ₹3 Cr | from ₹2 Cr in Q4 FY26 | |
| Basic EPS | INR0.52 | from INR0.29 in Q4 FY26 |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹182.09 Cr-14.5% YoY-11.4% QoQ | ₹3.05 Cr-59% YoY-40.5% QoQ | ₹0.56-59.4% YoY-41.1% QoQ |
| Q2 FY25 | ₹205.44 Cr-30.4% YoY+16.2% QoQ | ₹5.13 Cr-34.9% YoY+51.3% QoQ | ₹0.95-34.9% YoY+50.8% QoQ |
| Q1 FY25 | ₹176.78 Cr-14.7% YoY-25.5% QoQ | ₹3.39 Cr-66.6% YoY-53.4% QoQ | ₹0.63-91.6% YoY-53.3% QoQ |
| Q4 FY24 | ₹237.40 Cr-9.7% YoY+11.5% QoQ | ₹7.28 Cr-49.7% YoY-2.2% QoQ | ₹1.35-87.4% YoY-2.2% QoQ |
| Q3 FY24 | ₹212.97 Cr+12.3% YoY-27.9% QoQ | ₹7.44 Cr-46.9% YoY-5.6% QoQ | ₹1.38-86.7% YoY-5.5% QoQ |
TL;DR
- Revenue was INR232 crores, up 10% YoY but down from Q4 FY26.
- EBITDA improved to INR7 crores, a ~40% QoQ increase, with margin at ~3%.
- PAT was INR3 crores, with basic EPS of INR0.52.
- The company is transforming into a high value-added aluminium converter.
- Export share in manufacturing declined to 45% due to duties, shifting focus to domestic high-value business.
- Persistent logistics delays and high freight costs are impacting international business.
Said on the call
“Our strategy is to build a stronger and more balanced business by progressively increasing the contribution of high value-added manufacturing, while continuing to leverage the strength and scale of our legacy trading business.”
From the Q&A
| Topic | What management said |
|---|---|
| Production Volumes & Margins | Management disclosed total production of 1,558 metric tons for the quarter but did not disclose EBITDA per ton. They noted manufacturing turnover was INR70+ crores. |
| Export & Logistics Challenges | Export share in manufacturing fell to 45% from higher levels due to duties. Logistics delays and 5-10x freight cost increases persist due to the Strait of Hormuz and Middle East issues, impacting costs and margins. |
| Business Model & Hedging | In manufacturing, most positions are hedged (<5% unhedged), making the company a pure converter with fixed margins. Value-added margins (anodizing, machining) are 15%+, higher than the 6-10% for extrusion. |
| Capacity Utilization | Anodizing capacity utilization is 45-50% and machining is 55%, indicating room for margin accretion. Production of 1,558 metric tons is for extrusion capacity (24,000 TPA). |
| Capex & New Plants | The Dewas precision tubing plant has seen INR15-20 crores spent so far and is expected to be online by mid-next year. Major capex (out of total INR45 crores for the project) is planned for H2 FY27. The Italian press is online with a 25% ramp-up. |
| Growth Outlook & Financing | Management guided for flattish growth in the near term due to market dynamics, expecting a ramp-up by mid-next year. No debt is anticipated for capex as the company has enough cash and is deleveraging. |
| Cost Management | The company has passed on ~50% of increased input costs (gas/oil) to customers and expects to recover the remaining 50% as contracts renew. Employee expenses are not expected to rise with new capacities as the technical team is already hired. |
Guidance
- Focus for FY27 is on profitable growth, improving manufacturing mix, completing capex cycles, disciplined working capital, and efficient capital allocation.
- Given export market challenges, management guided for "flattish" growth in the near term, with a ramp-up expected by mid-next year.
- Major capital expenditure for the Dewas plant will occur in H2 FY27.
- The new Dewas precision tubing plant is expected to be operational by mid-next year.
- No debt is anticipated for the planned capex.
Source
Summary written from the transcript filed by Maan Aluminium Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 09:59 IST.
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