Maan Aluminium Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 May 2026 | Non - Ferrous Metals | Market Cap: ₹763 Cr
MAAN Aluminium aims for a 3-5 year growth trajectory with potential to increase revenues by 5x from current levels. MAAN Aluminium expects EBITDA margins to return to 15%-18% within the next 2-3 years, driven by enhanced value addition (Page 14).
From Maan Aluminium Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹119
Market Cap
₹763 Cr
P/E Ratio
58.6
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Maan Aluminium Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹152 Cr, net profit ₹3 Cr.
Full financials →📊 Revenue & Sales Performance
- →MAAN Aluminium aims for a 3-5 year growth trajectory with potential to increase revenues by 5x from current levels.
- →The company expects capacity utilization to ramp up to 80% within 3 years, particularly for extrusion products.
- →Significant CAPEX planned for value addition such as anodizing, powder coating, machining, and precision tubing will enhance product mix and margins.
- →Expansion into defense, aerospace, and EV battery extrusion markets is underway with trials started; approval and auditing expected in ~6 months.
- →Addition of a 24,000-ton extrusion capacity is targeted to be completed by March 2026.
- →Domestic market focus will increase alongside maintaining approximately 50% export exposure.
- →Growth in international markets (US, UK, Israel, Europe, Australia) continues, with new customers added.
- →EBITDA margins anticipated to return to 15%-18% within 2-3 years due to higher value addition and scale benefits.
📈 Profitability & Margins
- →MAAN Aluminium expects EBITDA margins to return to 15%-18% within the next 2-3 years, driven by enhanced value addition (Page 14).
- →The company is focused on ramping up extrusion capacity to 80% utilization by FY '29, with a growth trajectory targeting 3-5 years for significant scaling (Pages 12-13).
- →New CAPEX of Rs. 110 crores is primarily for value addition (powder coating, anodizing, machining), not increasing extrusion capacity immediately, aiming for better realizations and profitability (Page 13).
- →Chairman confident of completing 24,000 tons capacity expansion by March next financial year, and starting precision tubing in 6-8 months to add profitable business streams (Page 15).
- →Management anticipates a 3-5 year horizon to multiply revenue by 5x with aggressive ramp-up and diversified product mix (Page 6).
- →Earnings growth is underpinned by domestic market expansion, defense & aerospace extrusion, and EV battery sectors with ongoing trials (Page 15).
🏗️ Capital Expenditure Plans
- →New CAPEX of Rs. 110 crores mainly for value addition, including land, building, machinery, and building infrastructure.
- →Investment in a new Italian press costing Rs. 40 crores funded through internal accruals.
- →Enhancing extrusion capacity by 24,000 tons per annum expected to be completed by March 2026.
- →Strategic CAPEX of Rs. 21 crores already done for Dewas unit precision manufacturing plant, with an additional Rs. 25 crores planned this and next year.
- →Dewas plant aims to be a 100% import substitute and is a first-of-its-kind project in India.
- →CAPEX plans focused on value addition such as powder coating, anodizing, and machining to improve margins and capacity.
- →Expect ramp-up of extrusion capacity to 80% utilization within 3 years.
- →New precision tubing and machine shop projects announced for defense, aerospace, and EV battery sectors.
- →CAPEX expansion phased, with machinery orders taking 6-8 months for commissioning.
💰 Fundraising & Capital Structure
- →MAAN Aluminium is currently raising funds through equity as part of a strategic shift from a conservative approach of minimal debt and leverage.
- →The company is not heavily reliant on debt currently and intends to keep debt levels low even after the fundraising.
- →The raised funds are primarily aimed at expanding value-added manufacturing capabilities rather than increasing extrusion capacity.
- →Fund utilization includes investments in land, building, and machinery for downstream value addition such as powder coating, anodizing, and machining.
- →The CAPEX will be phased over 3-5 years to support a significant ramp-up in operations.
- →No specific plans for new debt fundraising were mentioned; focus remains on equity infusion to support growth and reduce leverage risk.
📋 Order Book & Pipeline
- →MAAN Aluminium Limited is currently focusing on extrusion orders for defense, aerospace, and EV battery sectors.
- →Trials for EV battery-related extrusion have already started.
- →Two defense-related extrusion items have been successfully developed; however, auditing and sampling approval are expected to take about 6 months.
- →The company expects these new orders to contribute significantly to future growth and profitability.
- →Management is confident shareholders will see doubled performance within 3 years driven by these orders.
- →There's ongoing ramp-up to ~80% capacity utilization expected within 3 years, aided by new capacity additions.
- →Value addition segments such as machining and powder coating are priority areas for new order inflows.
- →No explicit quantitative current orderbook size was disclosed, but a positive outlook on ramp-up and order inflow was emphasized.
Key Metrics
Frequently Asked Questions
What were Maan Aluminium Ltd Q2 FY26 results?
MAAN Aluminium aims for a 3-5 year growth trajectory with potential to increase revenues by 5x from current levels. MAAN Aluminium expects EBITDA margins to return to 15%-18% within the next 2-3 years, driven by enhanced value addition (Page 14).
What is Maan Aluminium Ltd share price analysis?
Maan Aluminium Ltd currently shows a neutral. The stock trades at a P/E of 58.6 with a market cap of ₹763 Cr. Investors should review the full earnings analysis for detailed insights.
Is Maan Aluminium Ltd planning capital expenditure?
New CAPEX of Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.