Maan Aluminium Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Maan Aluminium Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Maan Aluminium reported Q1 FY27 revenue of INR232 crores, up 10% year-on-year but lower sequentially from INR255 crores in Q4 FY26, while EBITDA rose about 40% quarter-on-quarter to INR7 crores and PAT was approximately INR3 crores. Management attributed the export slowdown to duties that reduced export share from historical highs of 60-70% to around 45% of manufacturing revenue, and discussed ongoing capex on the Dewas precision tubing plant and Pithampur Italian press ramp-up. Management also addressed logistics and freight cost pressures linked to the Middle East situation and the Strait of Hormuz, and said working capital days had elongated due to capex-related raw material procurement.
Numbers mentioned
Revenue from operations: INR232 crores (Q1 FY27)
p. 4
“our revenue from operations stood at INR232 crores, compared with INR211 crores in Q1 FY26”
Umesh Pant, page 4 of the filed PDF · View the filing
Revenue from operations: INR255 crores (Q4 FY26)
p. 4
“On a sequential basis, revenue was lower than Q4 FY26, where we reported INR255 crores.”
Umesh Pant, page 4 of the filed PDF · View the filing
EBITDA: INR7 crores (Q1 FY27)
p. 4
“Our EBITDA increased to INR7 crores in Q1 FY27, compared with INR5 crores in Q4 FY26.”
Umesh Pant, page 4 of the filed PDF · View the filing
EBITDA margin: approximately 3% (Q1 FY27)
p. 4
“Our EBITDA margin also improved to approximately 3% compared with around 2% in Q4 FY26.”
Umesh Pant, page 4 of the filed PDF · View the filing
PAT: INR3 crores (Q1 FY27)
p. 4
“we reported INR3 crores of PAT in Q1 FY27, compared with INR2 crores in Q4 FY26”
Umesh Pant, page 4 of the filed PDF · View the filing
Basic EPS: INR0.52 (Q1 FY27)
p. 4
“Our basic EPS also improved to INR0.52 in Q1 FY27, compared with INR0.29 in Q4 FY26.”
Umesh Pant, page 4 of the filed PDF · View the filing
Revenue: approximately INR809 crores (FY26)
p. 4
“For FY26, the company reported revenue of approximately INR809 crores, which was broadly in line with FY25 revenue of INR810 crores.”
Umesh Pant, page 4 of the filed PDF · View the filing
EBITDA: INR31 crores (FY26)
p. 4
“EBITDA increased from approximately INR30 crores in FY25 to INR31 crores in FY26, representing around 21% growth as presented.”
Umesh Pant, page 4 of the filed PDF · View the filing
PAT: approximately INR13 crores (FY26)
p. 4
“At the PAT level, FY26 PAT was approximately INR13 crores compared with INR16 crores in FY25.”
Umesh Pant, page 4 of the filed PDF · View the filing
Export share of manufacturing revenue: approximately 45%
p. 5
“Approximately 45% of manufacturing revenues are driven by exports.”
Umesh Pant, page 5 of the filed PDF · View the filing
Planned cumulative capex: approximately INR166 crores (next three years)
p. 5
“The presentation indicates cumulative planned capex of approximately INR166 crores, including investments in the existing Pithampur facility, new dials and general capex, and other new plants which are under development.”
Umesh Pant, page 5 of the filed PDF · View the filing
Capex allocated to new plants under development: approximately INR90 crores
p. 5
“Of this, approximately INR90 crores is allocated toward new plants under development.”
Umesh Pant, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cost pass-through recovery — recover remaining cost increases · within the next quarter or 2
stated conditionally by Management
p. 12
“we are hopeful within the next quarter or 2, we should be able -- because we have some short-term contracts also, we have some medium-term contracts also.”
Management, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said EBITDA is only tracked on a blended basis and gave total production volume instead.
Answered by Management
Asked by Samay Shah: What was the capacity volume produced this quarter and EBITDA per metric ton?
p. 6
“our total production for the first quarter was approximately -- 1,558 metric tons.”
Management, page 6 of the filed PDF · View the filing
Management maintained the flattish guidance, citing sluggish export markets due to duties and a shift toward domestic high-value business.
Answered by Management
Asked by Samay Shah: Has the flattish volume guidance changed, or will ramp-up come sooner?
p. 7
“the market has been pretty sluggish for us post the duties that have impacted a major part of our export business.”
Management, page 7 of the filed PDF · View the filing
Management said delays and elevated freight costs persist due to the Strait of Hormuz situation and cannot be directly mitigated.
Answered by Management
Asked by Samay Shah: Do logistics and shipment delays from the past six months still persist and what is being done to mitigate them?
p. 7
“the freight prices which have multiplied more than five times to 10 times. So, the overall costs have gone up very significantly, so a lot of customers are sitting back.”
Management, page 7 of the filed PDF · View the filing
Management explained trading passes prices through, while manufacturing hedges most positions against orders via LME or MCX.
Answered by Management
Asked by Jigar Jani: How are aluminium prices hedged in manufacturing versus trading?
p. 8
“we keep not more than -- less than 5% of unhedged positions, depending on our, whatever our internal strategy is.”
Management, page 8 of the filed PDF · View the filing
Management described it as a first-of-its-kind precision tubing project in India, expecting low volume but high margins, targeting online by mid next year.
Answered by Management
Asked by Jigar Jani: What is the status and expected margin profile of the Dewas facility capex?
p. 10
“predominantly, this being something which is going to be used specifically for aerospace, defense and automotive.”
Management, page 10 of the filed PDF · View the filing
Management said the plant achieved a 25% ramp-up against a planned three-year trajectory, with further tooling and alloy development ongoing.
Answered by Management
Asked by Jigar Jani: What is the status of the Pithampur Italian press ramp-up?
p. 11
“we are happy that we've achieved a 25% sort of ramp-up, but still a lot of tooling, still a lot of development still happening”
Management, page 11 of the filed PDF · View the filing
Management said Q1 capex was under INR5 crores with major spending planned for H2, and confirmed no debt would be taken given ample cash.
Answered by Management
Asked by Samay Shah: How much capex was completed this quarter and will debt be raised for capex?
p. 11
“major capex will take place in the H2 of this financial year.”
Management, page 11 of the filed PDF · View the filing
Management attributed the increase to higher raw material procurement to support capex investments and some customer credit period extensions.
Answered by Management
Asked by Samay Shah: Why have working capital days increased from FY25 to FY26?
p. 12
“you can see a bit of the working capital cycle elongation because raw material procurement has increased.”
Management, page 12 of the filed PDF · View the filing
Management said they passed on about half the cost increase to customers so far and expect to recover the rest as contracts renew.
Answered by Management
Asked by Samay Shah: How have other expenses, including gas costs, been managed given cost pressures?
p. 12
“we were successful throughout the year -- throughout the last 2 quarters to transfer about 50% cost increase to our clients and the balance 50%, we are still working on.”
Management, page 12 of the filed PDF · View the filing
Risks flagged
Currency, geopolitical, trade policy and demand risks in export markets
p. 5
“we remain conscious of the external risks associated with international markets, including currency movements, geopolitical developments, trade policies, and demand conditions.”
Umesh Pant, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.