Maan Aluminium LtdQ3 FY25Non - Ferrous Metals

Maan Aluminium Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Revenue guidance

Category 3

→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.

Category 1

→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).

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Yes

→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.

Yes

→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.

Yes

→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.

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1Maan Aluminium Ltd

Rev 3Mar 1

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