Maan Aluminium September revenue rose 46%, profit fell 85%

Maan Aluminium Limited reported revenue from operations of Rs 279.48 crore for the quarter ended September 30, 2026, up 46% year on year, while net profit fell 85% to Rs 89 lakh from Rs 5.77 crore. The gap reflected a Rs 84.43 crore increase in purchases of stock-in-trade and lower pre-tax profit.

Why did Maan Aluminium’s profit fall despite higher revenue?

Maan Aluminium’s profit fell because total expenses rose by more than total income in the September 2026 quarter, reducing profit before tax to Rs 1.25 crore from Rs 7.77 crore a year earlier. Total income increased by Rs 87.38 crore to Rs 281.81 crore, while total expenses increased by Rs 93.90 crore to Rs 280.56 crore. The difference left pre-tax profit Rs 6.52 crore below the September 2025 quarter before a tax expense of Rs 36 lakh.

Purchases of stock-in-trade were the largest movement in costs, rising to Rs 182.46 crore from Rs 98.03 crore in the prior-year quarter. Cost of materials consumed also increased to Rs 70.27 crore from Rs 65.09 crore. These changes outweighed a fall in other expenses to Rs 14.88 crore from Rs 18.18 crore and a decline in finance costs to Rs 1.19 crore from Rs 1.69 crore.

The quarter’s tax expense was Rs 36 lakh, compared with Rs 2 crore in September 2025, in line with the lower profit before tax. Net profit was Rs 89 lakh, versus Rs 5.77 crore a year earlier, while total comprehensive income was Rs 72 lakh compared with Rs 5.76 crore. The results contained no exceptional items in either quarter.

How did Maan Aluminium’s quarterly revenue and earnings compare?

Maan Aluminium increased September-quarter revenue from operations by Rs 88.40 crore from a year earlier and by Rs 47.62 crore from the June 2026 quarter, but net profit was lower than in both comparison periods. Revenue reached Rs 279.48 crore, compared with Rs 191.08 crore in September 2025 and Rs 231.86 crore in June 2026. Net profit of Rs 89 lakh compared with Rs 5.77 crore and Rs 3.10 crore, respectively.

Other income was Rs 2.33 crore in the September 2026 quarter, down from Rs 3.35 crore a year earlier but above Rs 1.71 crore in June 2026. Finance costs rose sequentially to Rs 1.19 crore from Rs 78 lakh, though they remained below the Rs 1.69 crore recorded a year earlier. Depreciation and amortisation were Rs 1.95 crore, compared with Rs 1.98 crore in June and Rs 1.85 crore in September 2025.

Basic and diluted earnings per share were Rs 0.15 for the September 2026 quarter, compared with Rs 0.52 in June 2026 and Rs 1.07 a year earlier. Maan Aluminium said quarterly earnings per share were not annualised. Paid-up equity share capital was Rs 29.99 crore at September 30, 2026, with a face value of Rs 5 per share.

What do Maan Aluminium’s six-month results show?

Maan Aluminium reported six-month revenue from operations of Rs 511.34 crore for the period ended September 30, 2026, up 27% from Rs 402.27 crore in the corresponding 2025 period, while net profit fell 53% to Rs 3.99 crore. Total income rose to Rs 515.38 crore from Rs 407.61 crore, but total expenses increased to Rs 509.81 crore from Rs 396.18 crore. Profit before tax consequently declined to Rs 5.57 crore from Rs 11.43 crore.

Purchases of stock-in-trade rose by Rs 88 crore to Rs 332.17 crore during the six months, while cost of materials consumed rose by Rs 24.70 crore to Rs 132.18 crore. Employee benefit expenses increased to Rs 9.51 crore from Rs 8.49 crore. Other expenses moved in the opposite direction, falling to Rs 27.72 crore from Rs 31.10 crore.

Tax expense for the six-month period declined to Rs 1.58 crore from Rs 2.93 crore, corresponding with the lower pre-tax result. Net profit was Rs 3.99 crore against Rs 8.50 crore a year earlier, and total comprehensive income was Rs 3.92 crore compared with Rs 8.58 crore. Basic and diluted six-month earnings per share were Rs 0.67, down from Rs 1.57 in the corresponding period.

What changed in Maan Aluminium’s balance sheet and cash flow?

Maan Aluminium’s total assets increased to Rs 399.54 crore at September 30, 2026 from Rs 363.13 crore at March 31, 2026, while current borrowings rose to Rs 82.77 crore from Rs 44.67 crore. Trade receivables increased to Rs 113.06 crore from Rs 90.73 crore, and other current assets rose to Rs 29.03 crore from Rs 11.34 crore. Inventories fell slightly to Rs 65.45 crore from Rs 66.83 crore.

Total equity was Rs 278.67 crore at September 30, 2026, compared with Rs 274.75 crore at March 31, 2026. Other equity increased to Rs 248.68 crore from Rs 244.76 crore. Non-current borrowings declined to Rs 7.69 crore from Rs 9.27 crore, while total current liabilities increased to Rs 106.85 crore from Rs 73.24 crore.

Maan Aluminium used Rs 36.28 crore in operating activities in the six months ended September 30, 2026, compared with an operating cash inflow of Rs 14.17 crore in the prior-year period. The cash-flow statement recorded a Rs 22.59 crore increase in trade receivables and a Rs 17.70 crore increase in other current assets. Cash generated from operations was negative Rs 34.53 crore, compared with positive Rs 16.13 crore a year earlier.

Financing cash flow was an inflow of Rs 34.47 crore, compared with an outflow of Rs 10.77 crore in the corresponding six months of 2025. Short-term borrowings contributed Rs 38.10 crore, whereas the prior-year period recorded repayment of Rs 5.76 crore. Capital expenditure, including work in progress, was Rs 8.78 crore, and cash and cash equivalents ended the period at Rs 16 lakh, up from Rs 9 lakh at March 31, 2026.

What did Maan Aluminium disclose on segments and review status?

Maan Aluminium said its activities primarily fall within a single business and geographical segment, and it therefore reported no separate operating segments under Indian Accounting Standard 108, or Ind AS 108. The disclosure covers the quarter and six months ended September 30, 2026. It also stated that previous-period figures were regrouped or reclassified where necessary to align with the current presentation.

The board approved the unaudited standalone results on November 14, 2026, after review by the audit committee. Khandelwal & Khandelwal Associates conducted a limited review under Standard on Review Engagements 2410. The auditor said nothing had come to its attention indicating that the financial statement failed to make required disclosures or contained a material misstatement.

Conclusion

Maan Aluminium’s September 2026 filing shows that revenue growth did not translate into comparable profit growth. Quarterly revenue reached Rs 279.48 crore, but purchases of stock-in-trade rose to Rs 182.46 crore and net profit fell to Rs 89 lakh. The six-month figures show the same pattern, with revenue of Rs 511.34 crore and net profit of Rs 3.99 crore.

The filing leaves the conversion of higher sales into cash as a key matter for subsequent disclosures. Trade receivables were Rs 113.06 crore at September 30, 2026, operating cash flow was an outflow of Rs 36.28 crore for the six months, and short-term borrowings increased to Rs 82.77 crore. Maan Aluminium did not disclose a financial target or expansion plan in the results announcement.