Maan Aluminium Ltd(MAANALU)

NSE: MAANALUBSE: 532906

₹ 89.3-5.95%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 536 crWebsite: www.maanaluminium.inUpdated: 24 Oct 2026

About

Maan Aluminium, incorporated on July 08, 2003, trades aluminium ingots, billets and rods and manufactures aluminium alloy extruded products, including rods and bars. It reported FY26 revenue of 808.71 (Rs crore). Its extrusion capacity at Pithampur rose from 10,000 to 24,000 TPA after a new Italian press was commissioned. The company holds Two Star Export House status.^[1][2][3]

Business segments

The business has two parts: trading of aluminium ingots, billets and rods, and manufacturing of aluminium alloy extruded products.^[1]
Manufacturing revenue was ₹300 crores in FY26, out of total revenue from operations of ₹809 crores.^[3]
Manufacturing turnover was ₹70+ crores in Q1 FY27.^[4]
Trading revenue fell 32% YoY to ₹78 crores in Q3 FY26, while manufacturing revenue grew 10% YoY to ₹88 crores. Management described the move away from low-margin commodity trading as a deliberate choice.^[5]
9M FY26 trading revenue fell 11% YoY to ₹329 crores. Manufacturing revenue over the same period was ₹225 crores, up 12.5% YoY.^[5]

Products and capabilities

The new 3000T Italian press can process 7-series alloys and 300mm profiles, giving the company access to aerospace, defence and EV battery applications.^[6][3]
Value-added services include anodizing and machining. Powder coating was not done in-house as of Q2 FY26.^[6][4]
Management targets margins of 15%+ on value-added manufacturing, compared with 6-10% on plain extrusion (Q1 FY27).^[4]

Manufacturing operations

A new Italian extrusion press was commissioned at Pithampur in March 2025, taking extrusion capacity from 10,000 to 24,000 TPA.^[3]
Utilisation on the Italian press was ~25% in Q1 FY27, against an internal year-1 ramp target of 35%.^[4]
In Q1 FY27, anodizing utilisation was 45-50% and machining was ~55%. Machining had been at ~90% in Q2 FY26.^[4][6]
The company bought a unit at Dewas for precision manufacturing for ~₹8.75 crores in March 2025.^[6][5]

Key operating numbers

Manufacturing production was approximately 1,558 MT in Q1 FY27.^[4]
Extrusion and value-added volumes together were about 7,300 MT in FY26. They were ~6,000 MT for 9M FY26 and 4,000 MT for H1 FY26.^[3][5][6]
Blended EBITDA was approximately $340 per ton in FY26.^[3]
Freight rates on GCC and East Asia routes rose 5-10x in Q1 FY27. About 50% of the cost increases had been passed on to customers.^[4]

Customers and exports

Exports were ~45% of manufacturing revenue in Q1 FY27, down from 60-70% historically, mainly because of US tariffs.^[4]
In FY26, exports were ~₹150 crores of the ₹300 crores manufacturing revenue. About 80-85% of exports went to the US.^[3]
In Q3 FY26 the company reported signing a contract with Tata for 500 tons per month, a two-year contract for supply to the US.^[5]
The company is a tier-two supplier to defence and aerospace (Q4 FY26). A major OEM's second qualification batch was due for submission in June 2026.^[3]
The company is shifting exports from the US toward CIS markets and has appointed overseas consultants (Q4 FY26).^[3]

Expansion and capex

Cumulative planned capex is ₹166 crores over FY25-FY28, with ₹45 crores in FY27 and ₹37 crores in FY28. Less than ₹5 crores was spent in Q1 FY27.^[4]
About ₹15-20 crores has been spent on the Dewas precision tubing plant, which targets commissioning before mid-FY28 (Q1 FY27).^[4]
Dewas was delayed by cost overruns and renegotiation with overseas machinery vendors (Q4 FY26).^[3]
Management said planned capex will be funded internally with no external debt (Q1 FY27).^[4]
FY27 manufacturing volumes are expected to be broadly flat year-on-year (Q1 FY27).^[4]

Recent developments

The company raised ₹83 crores through a preferential issue in FY26, lifting net worth from ₹178 crores to ₹274 crores.^[3]
About 450 tons of US export orders were cancelled in Q3 FY26 because of Chapter 232 tariffs.^[5]

Recognition

Awards include FIEO's Top Exporter of Madhya Pradesh (MSME) for 2012-13, the Niryat Shree Bronze Trophy, Quality Mark Award-2015 and Fastest Growing Company Award 2017.^[1]

Market Cap

₹536 Cr

High / Low

₹186 / 97

Stock P/E

39.8

Price / Book

2.2

Book Value

₹46

EPS

₹2.2

No. of Shares

6 Cr

ROCE

7.7%

ROE

5.8%

OPM

2.8%

Debt / Equity

0.20

Sales

₹809 Cr

Net Profit

₹13 Cr

Promoter holding

55.8%

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