US tariff uncertainty and order cancellations
US orders were cancelled due to 500% duty threat on Indian aluminium; recovery uncertain despite ongoing negotiations.
MAANALUMINIUM / Q3-FY26 / risks
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Maan Aluminium · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Delay in Korean raw material supply for Dewas
Korean supplier delayed raw material delivery by 8-9 months, pushing back commercial commissioning of precision tubing project.
Low capacity utilization and margin pressure
Current utilization at 25% leads to poor operating leverage; ramp-up to 80%+ may take 12-18 months, keeping margins subdued.
Aerospace/defense approvals taking longer than expected
Audit discrepancies remain; management expects clearance in 2.5 months, but any delay could push revenue contribution to FY28.