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Maan Aluminium Limited (MAANALU)

₹100.34 -0.18% last close, 16 Oct

📊 NSE: MAANALU 🏢 Aluminium and Aluminium Products 📢 Latest filing: 05 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Maan Aluminium's revenue was ₹232 Cr (+9.8% year on year, -8.9% on the previous quarter), and net profit ₹3.1 Cr (+13.6% year on year); the operating margin was 2.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹232	+9.8%	-8.9%
Operating profit	₹5.4	+8.7%	+227.4%
Net profit	₹3.1	+13.6%	+82.4%
EPS (₹)	0.52	+4.0%	+85.7%
Operating margin	2.3%	—	—

Full quarterly financials → Results calendar →

MAANALU delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 54.32% of the MAANALU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.04%. That is close to its usual level. Turnover was only ₹12 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.

54.32%Delivery, 16 Oct

61.04%Own 20-session average

0.2×Volume vs its average

₹100.34NSE close · -0.18%

Delivery in the last 5 sessions: 57.7% · 75.3% · 56.0% · 53.5% · 54.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Maan Aluminium Schedules 23rd AGM on Sept 28, 2026; Re-appoints Executive Director

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 08:32 PM

Maan Aluminium Limited has issued notice for its 23rd Annual General Meeting (AGM) to be held via video conferencing on September 28, 2026. Key agenda items include the re-appointment of Whole-time Executive Director Mr. Ashish Jain for a 3-year term from April 1, 2027, to March 31, 2030. The proposed remuneration structure includes a basic salary of Rs 55 lakh per annum, special allowance of Rs 60 lakh per annum, and target-linked incentive pay capped at Rs 5.00 crore per annum. The cut-off date for remote e-voting eligibility is September 21, 2026.

23rd AGM scheduled on September 28, 2026, with remote e-voting cut-off set for September 21, 2026
Remote e-voting window open from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
Proposed 3-year term extension for Executive Director Ashish Jain effective April 1, 2027 to March 31, 2030
Executive Director remuneration fixed at basic salary of Rs 55,00,000 p.a. and special allowance of Rs 60,00,000 p.a., with incentives up to Rs 5.00 crore p.a.
Cost auditor remuneration proposed at Rs 0.90 lacs for FY 2026-27

💡 Eligible shareholders as of the September 21, 2026 cut-off date can cast their votes on the resolutions via e-voting between September 25 and September 27, 2026.

Maan Aluminium Schedules 23rd AGM for September 28, 2026; Sets E-Voting Cut-Off Date

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 10:39 AM

Maan Aluminium Limited has announced that its 23rd Annual General Meeting (AGM) will take place on Monday, September 28, 2026, at 11:30 AM IST via Video Conferencing. The company has fixed September 21, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. Remote e-voting will commence on September 25, 2026 (9:00 AM) and conclude on September 27, 2026 (5:00 PM). The register of members and share transfer books will remain closed from September 22, 2026, to September 28, 2026.

23rd AGM scheduled for Monday, September 28, 2026, at 11:30 AM IST via VC/OAVM
Cut-off date for remote e-voting set as September 21, 2026
Remote e-voting window open from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
Book closure period runs from September 22, 2026, to September 28, 2026 (both days inclusive)

💡 Shareholders looking to vote on AGM resolutions should ensure share ownership before the cut-off date of September 21, 2026, and cast votes during the remote e-voting window.

Maan Aluminium Q1 FY27 Concall: Revenue Up 10% YoY to ₹232 Cr, Outlines ₹166 Cr 3-Year Capex

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 19 Aug 2026, 09:33 PM

Maan Aluminium reported Q1 FY27 revenue from operations of ₹232 crore, up 10% YoY from ₹211 crore, though moderating sequentially from ₹255 crore in Q4 FY26. EBITDA improved 40% QoQ to ₹7 crore with margins expanding to ~3% (up from ~2% in Q4 FY26), and PAT rose to ₹3 crore (EPS ₹0.52). The company detailed a 3-year planned capex roadmap of approximately ₹166 crore (~60% of net worth) to expand downstream value-added manufacturing at Pithampur and Dewas. Management confirmed the capex will be funded via internal cash flows without taking on incremental debt.

Q1 FY27 revenue grew 10% YoY to ₹232 crore, while EBITDA grew 40% QoQ to ₹7 crore (EBITDA margin at ~3%).
Net profit for Q1 FY27 stood at ₹3 crore with a basic EPS of ₹0.52 compared to ₹0.29 in Q4 FY26.
Outlined a 3-year cumulative capex roadmap of ₹166 crore focused on value-added precision tubing and automotive profiles.
Exports contributed approximately 45% of manufacturing revenues across key markets including the US, UAE, and Australia.
Management passed on ~50% of input gas cost hikes to clients, with remaining contracts under renewal to absorb cost inflation.

💡 Track the commissioning timelines of the Dewas precision tubing line and equipment orders targeted in H2 FY27, along with sequential EBITDA margin progression toward value-added targets.

Maan Aluminium Submits Q1 FY27 Fund Utilisation Statement Under Reg 32

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 11:51 PM

Maan Aluminium Limited has submitted its Statement of Deviation or Variation in the utilisation of funds for the quarter ended June 30, 2026, pursuant to Regulation 32 of SEBI LODR Regulations. The filing pertains to proceeds raised through a preferential issue of equity shares. The statement was reviewed and approved by the Audit Committee during its meeting on August 13, 2026. This is a routine quarterly compliance disclosure monitoring fund deployment against stated objectives.

Submitted Regulation 32 statement of fund utilisation for the quarter ended June 30, 2026.
Funds were raised via a Preferential issue of Equity shares.
Reviewed and approved by the Audit Committee on August 13, 2026.

💡 Track ongoing quarterly financial results to assess progress on capacity expansion and project execution funded by the equity proceeds.

Rs 166 Cr Capex Plan; Q1 FY27 Revenue Grows 10% to Rs 232 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 10:00 PM

Maan Aluminium reported Q1 FY27 revenue of Rs 232 Cr, a 10% YoY increase, though PAT remained flat at Rs 3 Cr. The company is executing a significant Rs 166 Cr capex plan (FY25-FY28), which represents approximately 22.7% of its current market cap (Rs 730 Cr). This investment aims to pivot the business from low-margin primary aluminium trading toward high-value-add manufacturing like automotive roof rails and precision tubing. However, FY26 performance showed a 13% decline in PAT to Rs 13 Cr and a sharp rise in working capital days to 67.2.

Total projected capex of Rs 166 Cr through FY28, with Rs 45 Cr planned for FY27.
Q1 FY27 revenue reached Rs 232 Cr, up 10% YoY from Rs 211 Cr.
Manufacturing revenue is heavily export-oriented, with 60% coming from international markets.
Working capital cycle stretched significantly to 67.2 days in FY26 from 39.8 days in FY25.
ROCE has seen a structural decline from 38% in FY23 to just 4% in FY26.

💡 Watch for the commissioning of the Dewas Unit and the ramp-up of the automotive roof rail business to see if these high-margin segments can reverse the declining ROCE trend.

Maan Aluminium Q1 Net Profit Rises 13.5% YoY to ₹3.10 Cr; Revenue Up 9.8% YoY

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 08:00 PM

Maan Aluminium reported a steady Q1 FY27 with revenue growing 9.8% YoY to ₹231.86 Cr. Net profit increased by 13.5% YoY to ₹3.10 Cr, supported by a significant 46% reduction in finance costs to ₹0.78 Cr. While revenue declined 8.9% sequentially from Q4 FY26, net profit improved substantially from ₹1.70 Cr in the previous quarter. The company maintains a stable EPS of ₹0.52, up from ₹0.50 in the year-ago period.

Revenue from operations grew 9.8% YoY to ₹231.86 Cr from ₹211.19 Cr.
Net profit increased 13.5% YoY to ₹3.10 Cr compared to ₹2.73 Cr in Q1 FY26.
Finance costs decreased by 46.2% YoY to ₹0.78 Cr from ₹1.45 Cr.
Profit Before Tax (PBT) stood at ₹4.32 Cr, representing a 1.86% margin on total income.
Cost of materials consumed rose to ₹61.91 Cr from ₹42.39 Cr in the year-ago quarter.

💡 Monitor the margin trajectory as the company shifts focus toward high-value downstream products like precision tubing at the Dewas unit. Watch for any impact from US tariff hikes, given the company's high export exposure.

Maan Aluminium Schedules Q1 FY27 Earnings Conference Call for August 14, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 08:00 PM

Maan Aluminium Limited has scheduled its Q1 FY27 earnings conference call for August 14, 2026, at 1:00 PM IST. The call will feature Executive Director Mr. Ashish Jain and CFO Mr. Umesh Chandra Pant discussing the company's operational and financial performance for the quarter ended June 30, 2026. This follows the board meeting held on August 8, 2026, to approve the financial results. The event is hosted by Nuvama Wealth Research and is a standard regulatory procedure for listed entities.

Earnings conference call scheduled for August 14, 2026, at 1:00 PM IST
Focus on financial results for the quarter ended June 30, 2026 (Q1 FY27)
Management representation includes Executive Director and Chief Financial Officer
Call hosted by Nuvama Wealth Research with international dial-in options for USA, UK, Singapore, and Hong Kong
Audio/video recordings and transcripts to be made available on the company website post-call

💡 Investors should listen for management commentary regarding the ramp-up of the 24,000 MTPA extrusion capacity and the progress of the Dewas Unit for precision tubing.

Maan Aluminium Shareholders Approve MOA Change to Enter Power Generation Business

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 27 Jul 2026, 07:00 PM

Maan Aluminium Limited has received shareholder approval via postal ballot for two key special resolutions. The most significant is the alteration of the Memorandum of Association (MOA) to include the business of generating, transmitting, and distributing electricity from various sources including solar and wind for both captive and commercial purposes. Additionally, shareholders approved the appointment of Mr. Karan Bhatia as an Independent Director for a five-year term effective April 1, 2026. Both resolutions passed with an overwhelming 99.99% majority.

Special resolution to alter the Object Clause of the MOA passed with 99.9976% votes in favor
New business scope includes power generation from solar, wind, hydro, nuclear, and tidal sources
Mr. Karan Bhatia appointed as Independent Director for a 5-year term ending March 31, 2031
Company has already established a solar power plant for captive use to strengthen existing manufacturing operations
Total votes polled represented 49.54% of the total 5,99,84,864 equity shares

💡 Investors should monitor for any specific capital expenditure announcements or project timelines related to commercial power generation, as the MOA change now legally permits non-captive energy business.

Maan Aluminium Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 03:17 PM

Maan Aluminium Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirmed that all securities received for dematerialization during the quarter ended June 30, 2026, have been processed. This includes the listing of such securities on the stock exchanges and the mutilation of physical certificates. This is a standard procedural filing required for all listed entities in India.

Compliance certificate issued for the quarter ended June 30, 2026
RTA MUFG Intime India Private Limited confirmed the processing of dematerialization requests
Physical certificates were mutilated and cancelled after due verification by the RTA
Register of members updated with depository names within the mandated timelines

💡 No action is required from investors as this is a routine administrative filing confirming the company's adherence to SEBI's share processing regulations.

Maan Aluminium Shareholders Approve MOA Object Clause Alteration and New Director Appointment

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 29 Jun 2026, 10:43 PM

Shareholders of Maan Aluminium have passed two special resolutions via postal ballot with a near-unanimous 99.99% majority. The resolutions include the appointment of Mr. Karan Bhatia as an Independent Director and the substitution of the Object Clause in the Memorandum of Association (MOA). The MOA change is a procedural necessity to align the company's legal charter with its strategic shift toward high-value precision tubing and automotive roof rail manufacturing.

99.9976% of valid votes (2,97,18,314 votes) were cast in favor of both resolutions
Only 0.0024% of votes (724 votes) were cast against the resolutions by 117 members
Total of 32,063 shareholders were eligible to vote as of the May 22, 2026 cut-off date
The voting period was conducted over 30 days from May 30, 2026, to June 28, 2026

💡 Investors should monitor future announcements for specific details on the new business lines enabled by the MOA change, particularly the operational ramp-up at the Dewas plant.

Maan Aluminium Announces Trading Window Closure Starting July 01, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 11:25 AM

Maan Aluminium Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are made public. The specific date for the Board Meeting to approve the results will be communicated in due course.

Trading window closure effective from July 01, 2026.
Closure applies to all promoters, directors, officers, and designated persons.
Window to reopen 48 hours after the financial results for the quarter ended June 30, 2026, are declared.
The announcement follows SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018.

💡 Investors should monitor for the upcoming announcement of the Board Meeting date, which will determine when the Q1 FY27 financial results will be released.

Maan Aluminium Promoters Confirm Zero Pledged Shares for FY 2025-26

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 09 Jun 2026, 12:06 PM

Maan Aluminium Limited has filed its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The company confirmed that the entire shareholding of the Promoters and Promoter Group remains free of any pledges or encumbrances. This annual declaration is a mandatory compliance requirement that provides transparency into the stability of promoter holdings. The lack of encumbered shares is generally viewed as a sign of financial strength and confidence by the company's leadership.

Promoters and Promoter Group confirmed zero shares were pledged or encumbered during FY 2025-26.
The disclosure is made in compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The declaration covers the full financial year ending March 31, 2026.
Confirmation provided by Priti Jain on behalf of the promoter group to both BSE and NSE.

💡 Investors can take comfort in the fact that there is no promoter debt pressure on the company's equity. This reinforces the stock's fundamental stability, though investors should continue to monitor operational performance.

Maan Aluminium FY26 PAT Declines 19% to ₹13 Cr; Capacity Expands to 24,000 TPA

🔵 WATCH ⭐ 8/10

EARNINGS 📅 04 Jun 2026, 02:46 PM

Maan Aluminium reported a flat revenue of ₹809 crores for FY26, while Profit After Tax (PAT) declined by 19% to ₹13 crores due to higher energy costs and export pressure. Despite the profit dip, the company significantly strengthened its balance sheet through an ₹83 crore preferential capital raise, increasing net worth by 54% to ₹274 crores. Operational capacity more than doubled to 24,000 TPA with the commissioning of a new Italian extrusion press, though commercial ramp-up is taking longer than expected. The management is pivoting towards high-margin value-added segments like aerospace and defense to improve future EBITDA.

Revenue remained stable at ₹809 crores, while PAT fell 19% to ₹13 crores in FY26 due to energy and raw material costs.
Extrusion capacity increased from 10,000 TPA to 24,000 TPA following the commissioning of a new Italian press.
Net worth surged 54% to ₹274 crores, supported by an ₹83 crore preferential capital infusion during the year.
Blended EBITDA per ton stood at approximately $300, with a focus on products offering 25% higher margins.
Management targets 75-80% capacity utilization over the next three years as customer qualifications for high-end sectors conclude.

💡 Investors should monitor the pace of capacity utilization and the successful transition to high-margin value-added products in the aerospace and defense sectors. While current profitability is under pressure, the significantly strengthened balance sheet and expanded capacity provide a foundation for medium-term growth.

Maan Aluminium Releases Audio Recording for Q4 and FY26 Earnings Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 02 Jun 2026, 05:41 PM

Maan Aluminium Limited has provided the audio recording link for its investor conference call held on June 1, 2026. The call discussed the company's financial performance for the quarter and full year ended March 31, 2026. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for shareholders who could not attend the live session.

Investor conference call was successfully conducted on June 1, 2026.
The discussion focused on financial results for the quarter and year ended March 31, 2026.
The audio recording link has been made publicly available on the company's website.
Compliance maintained under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the audio recording to understand management's perspective on FY26 performance and future growth guidance. This is particularly useful for analyzing operational efficiency and sector-specific outlooks provided during the Q&A session.

Maan Aluminium Releases Audio Recording Link for Q4 and FY26 Earnings Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 02 Jun 2026, 05:40 PM

Maan Aluminium Limited has officially released the audio recording of its investor conference call held on June 1, 2026. The call was dedicated to discussing the company's financial performance for the fourth quarter and the full fiscal year ended March 31, 2026. This disclosure is mandated under Regulation 30 of the SEBI (LODR) Regulations, 2015. Shareholders can access the recording via the provided link on the company's website to understand management's perspective on the year's results.

Audio recording link provided for the investor conference call conducted on June 1, 2026.
The call focused on the financial performance for the quarter and year ended March 31, 2026.
Submission made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Recording is hosted on the official company website at maanaluminium.com.

💡 Investors should listen to the recording to gain insights into the company's operational efficiency and management's growth guidance for the upcoming fiscal year.

View All MAANALU Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Manufacturing revenue grew significantly to account for core potential, while the trading and distribution business operates as a vanilla segment with a low 1% EBITDA margin. Overall revenue for H1FY26 reached INR 402 Cr, representing a 5% YoY growth, despite a 7% YoY decline in Q2FY26 to INR 191 Cr.

Geographic Revenue Split

Exports account for approximately 40% of manufacturing revenues, with the United States market contributing 85-90% of total exports. The company was the largest exporter to the US market in 2023.

Profitability Margins

Gross margins fluctuated from 18% in FY23 to 8% in FY25. PAT margins improved to 3% in Q2FY26 from 2% in Q2FY25, with H1FY26 PAT margins holding steady at 2%.

EBITDA Margin

EBITDA margin improved to 6% in Q2FY26 compared to 4% in Q2FY25, a 30% YoY increase in absolute EBITDA to INR 11 Cr. H1FY26 EBITDA margin stood at 5% with a 21% YoY growth in absolute EBITDA to INR 18 Cr.

Capital Expenditure

The company has a cumulative CAPEX plan of INR 191.5 Cr over the next 3 years (FY26-FY28). FY25 actual CAPEX was INR 60 Cr, with planned allocations of INR 51.5 Cr for FY26, INR 45 Cr for FY27, and INR 35 Cr for FY28.

Credit Rating & Borrowing

ICRA reaffirmed the long-term rating at [ICRA]BBB+ (Stable) and short-term rating at [ICRA]A2. Repayment obligations for FY2026 are moderate at INR 3 Cr, supported by an interest coverage ratio of 9.8x as of 9M FY2025.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include aluminium ingots, billets, and rods. COGS and operating expenses accounted for INR 389 Cr in H1FY26, representing approximately 96% of total revenue.

Import Sources

Raw materials are sourced from large domestic suppliers and partially imported to maintain a natural hedge against export earnings.

Key Suppliers

Key domestic suppliers include Vedanta Aluminium Limited, National Aluminium Company (NALCO), and Hindalco Industries Limited.

Capacity Expansion

Current extrusion capacity is 24,000 MTPA (doubled from 12,000 MTPA). Foundry capacity is 12,000 MTPA, anodizing at 3,600 MTPA, and machining at 1,400 MTPA. Planned expansion includes entry into high-value precision tubing at the Dewas Unit.

Raw Material Costs

Raw material costs are managed through cost pass-on clauses in export contracts, mitigating price volatility. COGS for FY25 was INR 752.55 Cr, down from INR 871.32 Cr in FY24.

Manufacturing Efficiency

The company is shifting focus from volume to high-value-add downstream processes like powder coating, anodizing, and machining to maximize margins.

Logistics & Distribution

The company utilizes a wide distribution network to supply various end-user industries including architectural, solar, and hardware sectors.

📈 Strategic Growth

Growth Strategy

Growth is driven by a 3-year ramp-up plan focusing on downstream value addition, the acquisition of the Dewas plant for precision tubing, and entering the automotive roof rail business for sunroof assemblies.

Products & Services

Aluminium alloy extruded products, rods, bars, anodized profiles, machined components, solar mounting structures, and precision tubing.

Brand Portfolio

Maan Aluminium Limited.

New Products/Services

Precision tubing manufacturing via the Dewas Unit and sunroof assembly profiles for the automotive roof rail business.

Market Expansion

Targeting domestic high-value precision manufacturing and maintaining a dominant position in the US export market.

Market Share & Ranking

Ranked within the top 5 aluminium extrusion manufacturers in India and was the largest exporter to the US market in 2023.

🌍 External Factors

Industry Trends

The industry is shifting toward technology-driven, high-value-add extrusion players; Maan is positioning itself with a 3-year first-mover advantage in specific value-add segments.

Competitive Landscape

Competes with large domestic players while maintaining a top 5 market position in the extrusion segment.

Competitive Moat

Moat is built on established presence since 1989, Three Star Export House status, and integrated in-house anodizing and fabrication facilities which are difficult for smaller players to replicate.

Macro Economic Sensitivity

Highly sensitive to US trade policies and global aluminium price cycles which affect the trading segment's EBITDA.

Consumer Behavior

Increasing demand for value-added aluminium products in solar and automotive sectors is driving the shift toward machining and anodizing.

Geopolitical Risks

Exposure to US tariff increases on aluminium products which may impact overall demand scenarios in the US market.

⚖️ Regulatory & Governance

Industry Regulations

Subject to statutory pollution limits and export house accreditation standards (Three Star Export House status).

Environmental Compliance

Exposed to strict regulatory requirements for waste treatment and effluent management; lapses could result in fines impacting profitability.

Legal Contingencies

The secretarial audit for the period ending March 31, 2025, reported compliance with applicable statutory provisions with no major pending litigation values disclosed.