MMP Industries Ltd(MMP)

NSE: MMP

₹ 432-6.17%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,097 crNext results: 2 Nov 2026Website: www.mmpil.comUpdated: 24 Oct 2026

About

MMP Industries Ltd is a Nagpur-based manufacturer of aluminium powders, aluminium foils, aluminium conductors and cables, with operations across Umred, Bhandara and Hingna in Maharashtra. The company reported FY26 consolidated revenue of Rs 824 Cr (+19% YoY), its highest-ever full-year performance. It is expanding into composite polymer insulators and low-voltage power cables through wholly-owned subsidiaries.^[1][2][3]

Business segments

Aluminium Powder & Paste: Rs 504 Cr revenue in FY26 (+15% YoY), the largest segment; produces pyro, flake and atomised powders for AAC blocks, explosives, defence and agriculture end-uses.^[1][3]
Aluminium Foil: Rs 215 Cr revenue in FY26 (+39% YoY); serves pharmaceutical packaging, food and industrial end-uses with plain and value-added printed foils.^[1][4]
Aluminium Conductors & Cables: Rs 100 Cr revenue in FY26 (+3% YoY); manufactures bare conductors (AAC, AAAC, ACSR, AL59) and is piloting LT power cable production.^[1][4]
Composite Insulators (MEPL, WOS): ~Rs 2.3 Cr revenue in FY26, still in early ramp; both Phase I and Phase II manufacturing capacity are now fully operational.^[4]

Manufacturing capacity and locations

Aluminium powder plants at three locations - Umred, Bhandara and Hingna - with installed capacity of 16,800 MTPA (Pyro & Flakes) and 12,000 MTPA (Atomised) as of FY26.^[4][3]
Aluminium foil rolling mill installed capacity is 8,400 MTPA as of FY26.^[4]
Aluminium conductors/cables installed capacity is ~7,200 MTPA as of FY26; a 1,200 MTPA LT cable expansion is planned to bring total to 8,400 MTPA.^[4][5]
Renewable energy accounts for 20% of total power consumption as of Q3FY26; the company targets 40 - 50% within 3 - 4 years and carbon neutrality by 2030.^[5][6]

Key operating numbers

Powder division capacity utilisation was ~80% in FY26; rolling mill utilisation was ~80 - 85% and foil conversion section ~45% in FY26.^[4]
EBITDA margin was 8.6% in Q4FY26 (+36 bps YoY) and 8.0% for full-year FY26 ( - 133 bps YoY), with margin compression partly due to new subsidiary ramp-up losses of Rs 4.08 Cr in FY26.^[1]
Foreign exchange earned on exports was Rs 2,300.88 lakh in FY25, up from Rs 601.24 lakh in FY24.^[3]
Powder segment revenue grew 13% YoY to Rs 72 Cr in Q3FY26 and 29% YoY to Rs 117 Cr in Q2FY26, supported by record export orders.^[5][6]

Products and technology

Powder portfolio covers pyro aluminium powder, flake aluminium powder, atomised aluminium powder and aluminium paste; classifier technology for specialty grades imported in FY2019-20 and fully validated.^[3]
Foil portfolio includes plain foils, printed foils, PP caps and pharmaceutical packaging; security printing foils and lidding foils are targeted for launch by Q3FY27.^[1][4]
Conductors received BIS approval for AL59 grade in FY26, broadening the product range as the industry shifts from AAC/AAAC/ACSR; an LT cable pilot at Bhandara was targeted for launch in June 2026.^[1][4]
Joint venture Toyal MMP India Private Limited (26% MMP equity), with Toyo Aluminium K.K. of Japan, manufactures special grades of aluminium paste, with products sold in Japan through TMI.^[3]

Customers and exports

Aluminium powder end-markets include AAC block manufacturers, mining/explosives, agrochemicals (pesticides), defence/ammunition, railway thermite welding and fireworks.^[3]
MMP primarily exports to Europe, Africa and the Middle East; Germany and Italy are active powder export destinations, with new enquiries from the USA.^[3][4]
AVL Metal Powders (Belgium), a four-decade technology partner, has made a strategic decision to transfer major manufacturing to MMP; a long-term sales contract is in place with bulk supplies already started as of Q3FY26.^[5][3]
Hindalco is the key supplier of foil stock for the aluminium foils segment.^[3]

Expansion and capex

7 MW group captive solar park in Maharashtra under open access: Rs 30 Cr capex, land acquisition completed, commissioning revised to H1FY27 (pulled forward from earlier Q3FY27 target).^[1][4]
MCPL (WOS) greenfield LV power cable and covered conductor facility at MIDC Umred: Rs 85 - 90 Cr investment over 2 - 2.5 years in two phases of 6,000 MTPA each; Phase 1 to commence gradually from FY27.^[4][5]
MMP Alutech Private Limited (WOS) will house an aluminium wire rod backward integration facility: investment of Rs 130 - 150 Mn (Rs 13 - 15 Cr); commercial production targeted H2FY27; expected to improve conductor EBITDA/tonne to Rs 15,000 - 18,000.^[3][4]
Polymer insulator business (MEPL): Rs 35 - 40 Cr total invested across Phase I and II; PGCIL and major EPC approvals expected Q2FY27; FY27 revenue guided at Rs 18 - 20 Cr, scaling to Rs 45 - 50 Cr in FY28, with peak revenue potential of Rs 130 - 140 Cr at full utilisation.^[4]
Management has set a net debt-to-equity ceiling of 1x and stated no further new capex will be undertaken beyond that level; no capex planned for powder or foil divisions for at least 2 years.^[4]

Recent developments

A fire at the Umred Powder Division on 11 April 2025 caused an estimated Rs 45 - 50 Cr revenue loss and Rs 7 - 8 Cr EBITDA impact in FY26; the financial effect is now behind the company, with insurance largely covering the loss.^[1][6]
Commercial polymer insulator exports to Nepal commenced as of Q1FY27; discussions with the US market are in progress; vendor registrations are secured in Maharashtra, Gujarat, Chhattisgarh and Himachal Pradesh.^[1][5]
ISRO advanced aluminium powder development is ongoing, positioning MMP for high-value defence and space applications.^[1]
MMP Electricals Private Limited (composite insulators) was incorporated on 24 September 2025 as a wholly-owned subsidiary; MMP Cables Private Limited and MMP Alutech Private Limited are the other new WOS entities.^[3]

Market Cap

₹1,097 Cr

High / Low

₹520 / 185

Stock P/E

21.9

Price / Book

3.2

Book Value

₹136

EPS

₹12.2

No. of Shares

2.54 Cr

ROCE

12.5%

ROE

9.3%

OPM

6.7%

Debt / Equity

0.53

Sales

₹824 Cr

Net Profit

₹31 Cr

Promoter holding

74.5%

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MMP Industries Ltd(MMP)

About

Business segments

Manufacturing capacity and locations

Key operating numbers

Products and technology

Customers and exports

Expansion and capex

Recent developments

Signal history

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