Maan Aluminium Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Maan Aluminium Ltd filed with BSE on 04 Jun 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 flat FY26 revenue of Rs 809 crore versus Rs 810 crore in FY25, while EBITDA rose 3% to Rs 31 crore and profit after tax fell 19% to Rs 13 crore. Management attributed the profit decline to higher raw material prices, lower export contribution, and increased energy costs tied to gas supply restrictions, while noting a 54% rise in net worth to Rs 274 crore following a preferential capital raise. The company commissioned a new Italian extrusion press at Pithampur, raising extrusion capacity from 10,000 to 24,000 tons per annum, and completed acquisition and refurbishment of the Dewas facility for future tubing operations.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR809 crores (FY26)
p. 3
“The revenue from operations remained almost flat at INR809 crores as compared to INR810 crores in FY25.”
Umesh Chandra Pant, page 3 of the filed PDF · View the filing
EBITDA: INR31 crores (FY26)
p. 3
“EBITDA increased by 3% to INR31 crores from INR30 crores last year.”
Umesh Chandra Pant, page 3 of the filed PDF · View the filing
Profit before tax: INR18 crores (FY26)
p. 3
“Profit before tax decreased by 18% to INR18 crores as against INR22 crores in the previous year.”
Umesh Chandra Pant, page 3 of the filed PDF · View the filing
Profit after tax: INR13 crores (FY26)
p. 4
“Profit after tax also reduced by 19% and stood at INR13 crores as compared to INR16 crores last year, primarily which is in line with lower profitability at the PBT level and increased energy-related operational cost.”
Umesh Chandra Pant, page 4 of the filed PDF · View the filing
Net worth: INR274 crores (FY26)
p. 4
“Net worth of the company increased significantly by 54% from INR178 crores to INR274 crores.”
Umesh Chandra Pant, page 4 of the filed PDF · View the filing
Preferential capital raised: INR83 crores (FY26)
p. 4
“The improvement was primarily driven by the preferential capital raised by the company amounting to INR83 crores along with the retention of profits, which further strengthened the company's balance sheet and long-term financial position.”
Umesh Chandra Pant, page 4 of the filed PDF · View the filing
Extrusion capacity: 24,000 tons per annum
p. 4
“we successfully commissioned the new Italian extrusion press at Pithampur, increasing our extrusion capacity from 10,000 tons per annum to 24,000 tons per annum”
Umesh Chandra Pant, page 4 of the filed PDF · View the filing
Total extrusion and value-added volume: 7,300 metric tons (FY26)
p. 5
“for FY26, the total extrusion capacity as well as value-added segments combined was almost 7,300 metric tons”
Umesh Chandra Pant, page 5 of the filed PDF · View the filing
Average sale realization from extrusion: INR340 per kg (FY26)
p. 5
“the average sale realization per kg was around from extrusion, it was INR340 per kg, and again from the value-added segment, it was comparatively higher”
Umesh Chandra Pant, page 5 of the filed PDF · View the filing
Total sales realization: approximately INR300 crores (FY26)
p. 5
“the total sales realization was approximately INR300 crores”
Umesh Chandra Pant, page 5 of the filed PDF · View the filing
Export revenue: about INR150 crores (FY26)
p. 12
“Yes, so it from export it was almost 50%, about INR150 crores.”
Umesh Chandra Pant, page 12 of the filed PDF · View the filing
Blended EBITDA per ton: about $300 per ton (FY26)
p. 5
“Yes, in dollar terms, it's about $300 per ton.”
Ashish Jain, 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.
Capex — INR40 crores to INR50 crores · FY27
stated firmly by Umesh Chandra Pant
p. 11
“Yes, so Yes, the capex for FY27 most likely would be in the range from INR40 crores to INR50 crores and for FY28 another would be in between INR35 crores to INR40 crores.”
Umesh Chandra Pant, page 11 of the filed PDF · View the filing
Capacity utilization — at least 75% of capacities · next three years
stated conditionally by Ashish Jain
p. 6
“But we see that within the next three years, we should be in a very good position to achieve at least 75% of our capacities.”
Ashish Jain, page 6 of the filed PDF · View the filing
Ramp-up cost addition — INR7 crores to INR10 crores · FY27
stated conditionally by Umesh Chandra Pant
p. 8
“our ramp-up cost will, I think will add up to again by INR7 crores INR10 crores in FY27 this year as well unless and until we obtain that operating kind of leverage”
Umesh Chandra Pant, page 8 of the filed PDF · View the filing
Dewas facility utilization — 40-50% utilization
stated as an aspiration by Ashish Jain
p. 9
“we are very confident that we should be able to at least do 40-50% of the utilization of that plant”
Ashish Jain, page 9 of the filed PDF · View the filing
Normalized margins — two years
stated as an aspiration by Ashish Jain
p. 10
“So, honestly if you tell me, put my finger on it, it's probably two years away because even '27 we don't see”
Ashish Jain, page 10 of the filed PDF · View the filing
FY27 revenue/volume — flat year · FY27
stated conditionally by Ashish Jain
p. 6
“So, this year we are going to see a very flat year. That's what we feel.”
Ashish Jain, page 6 of the filed PDF · View the filing
Defense tier-one qualification — within the next six months
stated firmly by Ashish Jain
p. 10
“But nevertheless, that's something that's going to be completed in within the next six months.”
Ashish Jain, page 10 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 gave total volume of 7,300 metric tons and blended EBITDA of about $300 per ton, with total sales realization of approximately INR300 crores.
Answered by Ashish Jain
Asked by Madhur Rathi: What were extrusion volumes, revenue and EBITDA for FY26?
p. 5
“So, we have a blended figure. Generally, we give the numbers on a blended basis.”
Ashish Jain, page 5 of the filed PDF · View the filing
Management said the ramp-up has been delayed and this year will be flat, but expects to reach 75-80% of capacity within three years.
Answered by Ashish Jain
Asked by Madhur Rathi: What kind of ramp-up in extrusion volumes and value-added mix can be expected?
p. 6
“We've had this discussion previously as well and the ramp-up has got delayed this year.”
Ashish Jain, page 6 of the filed PDF · View the filing
Management said the 50% US tariff has been stagnant since 2024 but combined with a 50% rise in commodity prices has slowed customer buying, and container availability has also been affected since an insurance terrorism clause was invoked.
Answered by Ashish Jain
Asked by Madhur Rathi: Has the export/US tariff situation subsided?
p. 7
“So, the duty story of, you know, on aluminium products of 50% have been there now since I think 2024 once when the American administration came into the government.”
Ashish Jain, page 7 of the filed PDF · View the filing
Management explained that raw material cost increases are passed through but operating cost increases are not immediately passed on, and higher energy, finance and depreciation costs hurt margins.
Answered by Umesh Chandra Pant
Asked by Madhur Rathi: Why have gross margins declined and is there a pass-through clause?
p. 8
“Yes, of course, we are a converter only. So basically, we pass on the higher increased whatever the in terms of aluminium prices are increased.”
Umesh Chandra Pant, page 8 of the filed PDF · View the filing
Management said the project cost increased and machinery contracts are being renegotiated, causing delays, but expects to close this year.
Answered by Ashish Jain
Asked by Kevil Vora: What is happening with the Dewas facility and its scale-up?
p. 9
“So, now we are in renegotiation of that particular machinery which we need to fulfill our plant at Dewas for the raw material for that precision drawing tube.”
Ashish Jain, page 9 of the filed PDF · View the filing
Management said qualification samples had been completed and submitted, with a second batch going out in June, and expects the business to materialize this year.
Answered by Ashish Jain
Asked by Rajit: What is the status of the agreement referenced in a past call (with a large customer)?
p. 11
“We are now in the stage where our first qualification has been submitted. Now the second batch will go.”
Ashish Jain, page 11 of the filed PDF · View the filing
Management guided capex of Rs 40-50 crore in FY27 and Rs 35-40 crore in FY28.
Answered by Umesh Chandra Pant
Asked by Madhur Rathi: What is the capex plan for FY27 and FY28?
p. 11
“Yes, so Yes, the capex for FY27 most likely would be in the range from INR40 crores to INR50 crores and for FY28 another would be in between INR35 crores to INR40 crores.”
Umesh Chandra Pant, page 11 of the filed PDF · View the filing
Management said it is diversifying away from export concentration, renegotiating Incoterms with customers, and targeting new markets like CIS instead of relying solely on the US.
Answered by Umesh Chandra Pant
Asked by Samay Shah: Can export revenue of Rs 150 crore be expected to continue given flattish outlook?
p. 13
“No, we are trying our level best. We are diversifying our, this geographical concentration risk by focusing upon the domestic market as well.”
Umesh Chandra Pant, page 13 of the filed PDF · View the filing
Management said there are no fixed-term supply contracts, only non-disclosure agreements, with open-ended, unpredictable order flow.
Answered by Ashish Jain
Asked by Samay Shah: What kind of supply contracts does the company have with clients?
p. 13
“No, so we don't have any contracts, any fixed return contracts.”
Ashish Jain, page 13 of the filed PDF · View the filing
Management said there is no current shortage and it does not foresee one, citing strong sourcing capability domestically and internationally.
Answered by Ashish Jain
Asked by Samay Shah: Are there any raw material shortage issues given rising aluminium prices?
p. 13
“No, so we don't have any shortage. We're not -- we don't foresee any shortage in India also.”
Ashish Jain, page 13 of the filed PDF · View the filing
Risks flagged
Higher raw material prices and lower export contribution pressured profitability
p. 3
“The decline was mainly due to increase in raw material prices, lower export contribution, pressure on manufacturing profitability, and higher operating cost arising from the oil and energy crisis during the year.”
Umesh Chandra Pant, page 3 of the filed PDF · View the filing
Government restrictions on gas supply impacted production efficiency and energy costs
p. 3
“Further, the government restrictions on gas supply also impacted production efficiency and energy costs, thereby affecting overall profitability of the company.”
Umesh Chandra Pant, page 3 of the filed PDF · View the filing
Slower-than-expected commercial ramp-up of new capacity due to customer qualification cycles and geopolitical uncertainty
p. 4
“At the same time, we acknowledge that the commercial ramp-up of these capacities has taken longer than originally anticipated because customer qualification cycles, project approvals, slower industrial demand in certain sectors, and further geopolitical uncertainty have impacted the pace of utilization.”
Umesh Chandra Pant, page 4 of the filed PDF · View the filing
US tariffs on aluminium products combined with rising commodity prices slowing customer demand
p. 7
“So, a lot of customers are either staying back or waiting for better opportunities or I don't know what the customer scenario is, but that's where the slowdown has come and that's where we've felt the major impact.”
Ashish Jain, page 7 of the filed PDF · View the filing
Container availability disruption after insurance terrorism clause invoked, affecting Gulf/Middle East dispatches
p. 7
“And also since the last quarter when the insurance company invoked the terrorism clause, since then the container availability is also affected towards the market.”
Ashish Jain, page 7 of the filed PDF · View the filing
Inability to immediately pass through higher operating costs to customers
p. 8
“But yes, the operating cost we are not able to pass on an immediate basis though we have started discussing with the customers and trying to pass on that cost as well.”
Umesh Chandra Pant, page 8 of the filed PDF · View the filing
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