Extrusion capacity utilization
25%
Flat vs prior quarter
New Italian press stabilizing; utilization expected to improve progressively from FY27.
MAANALUMINIUM
Diversified
10 Feb 2026
Maan Aluminium Ltd — Q3 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Manufacturing volume (9M FY26)
6,000 tonnes
+13% YoY
Driven by higher extrusion volumes and value-added sales; Q3 manufacturing revenue grew 10% YoY.
US order cancellation volume
450 tonnes
Lost in Q3
Orders cancelled due to US tariff uncertainty; director visiting US to restore business.
Tata contract volume
500 tonnes/month
New contract
Contract signed; samples under testing; expected to start supplies in Q4 FY26.
Management Guidance
FY27 manufacturing revenue target of ~₹500 crore
Management expects manufacturing revenue to reach ~₹500 crore in FY27, driven by higher capacity utilization and new contracts.
Management guidance revenueFY27 volume target of 18,000 tonnes
Management guided for total volume of 18,000 tonnes in FY27, up from ~8,000 tonnes in FY26 (annualized).
Management guidance growthNormalized EBITDA margin of ~8% over medium term
Management expects EBITDA margins to normalize around 8% as capacity utilization improves and value-added share increases.
Management guidance marginsDewas facility to generate ₹100+ crore revenue at optimal utilization from FY28
The Dewas precision tubing plant is expected to contribute over ₹100 crore annually once fully ramped up, with higher margins than legacy extrusion.
Management guidance revenueKey Risks
US tariff uncertainty and order cancellations
US orders were cancelled due to 500% duty threat on Indian aluminium; recovery uncertain despite ongoing negotiations.
high · management_commentaryDelay 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.
high · management_commentaryLow 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.
medium · data_observationAerospace/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.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Maan Aluminium's revenue in Q3 FY26?
Maan Aluminium reported revenue of ₹152 Cr in Q3 FY26, representing a -16% change compared to the same quarter last year.
What guidance did Maan Aluminium management give for FY27?
FY27 manufacturing revenue target of ~₹500 crore: Management expects manufacturing revenue to reach ~₹500 crore in FY27, driven by higher capacity utilization and new contracts. FY27 volume target of 18,000 tonnes: Management guided for total volume of 18,000 tonnes in FY27, up from ~8,000 tonnes in FY26 (annualized). Normalized EBITDA margin of ~8% over medium term: Management expects EBITDA margins to normalize around 8% as capacity utilization improves and value-added share increases. Dewas facility to generate ₹100+ crore revenue at optimal utilization from FY28: The Dewas precision tubing plant is expected to contribute over ₹100 crore annually once fully ramped up, with higher margins than legacy extrusion.
What are the key risks for Maan Aluminium in FY27?
Key risks include US tariff uncertainty and order cancellations — US orders were cancelled due to 500% duty threat on Indian aluminium; recovery uncertain despite ongoing negotiations.; 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..
Did Maan Aluminium meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Maan Aluminium Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.