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Revenue
₹152 Cr
verification pending
Revenue YoY
-16%
reported change
EBITDA
₹7 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Maan Aluminium reported a weak Q3 FY26 with revenue of ₹152 crore, down 16% YoY, driven by a conscious reduction in low-margin trading and a sharp decline in export orders. EBITDA grew 15% YoY to ₹7 crore, but margins remained low at 5% due to under-utilization of the newly expanded 24,000-tonne capacity (utilization ~25%) and ramp-up costs. The US order cancellation of ~450 tonnes (impacting ₹5-6 crore profit) and delayed Korean raw material supply for the Dewas precision tubing project further pressured performance. Management guided for gradual improvement from FY27, targeting 18,000 tonnes volume and ~₹500 crore manufacturing revenue next year, with normalized EBITDA margins of ~8% over the medium term. Key risks include prolonged US tariff uncertainty and delays in aerospace/defense approvals.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects manufacturing revenue to reach ~₹500 crore in FY27, driven by higher capacity utilization and new contracts.
- Management guided for total volume of 18,000 tonnes in FY27, up from ~8,000 tonnes in FY26 (annualized).
- Management expects EBITDA margins to normalize around 8% as capacity utilization improves and value-added share increases.
- The Dewas precision tubing plant is expected to contribute over ₹100 crore annually once fully ramped up, with higher margins than legacy extrusion.
Risks flagged
- US orders were cancelled due to 500% duty threat on Indian aluminium; recovery uncertain despite ongoing negotiations.
- Korean supplier delayed raw material delivery by 8-9 months, pushing back commercial commissioning of precision tubing project.
- Current utilization at 25% leads to poor operating leverage; ramp-up to 80%+ may take 12-18 months, keeping margins subdued.
- Audit discrepancies remain; management expects clearance in 2.5 months, but any delay could push revenue contribution to FY28.
Key quotes
- Our focus basically remains on increasing our value added share particularly in the domestic markets and improving our capacity utilization strengthening our margins through precision machining and anodizing.
- We have lost around about 5 to 6 cr rupees profit in US order cancellation.
- We are not much interested in architecture. Our main focus is aerospace and defense.
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