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. 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.