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• blogpostTitle: Maan Aluminium FY26: Capacity Built, Utilisation Still Catching Up
• blogpostSlug: maan-fy26
• blogpostCoverImageDescription: Ultra-realistic corporate finance cover image showing a clean desktop scene with a financial dashboard on a large monitor. The dashboard includes a line chart with mostly flat revenue trend for FY25 to FY26, a bar chart for extrusion capacity rising from 10,000 to 24,000 TPA, and a small table-style card listing FY26 revenue 809 crore, EBITDA 31 crore, and PAT 13 crore. A second chart shows capex timeline FY25 to FY28 with cumulative 166 crore. The scene includes subtle industrial elements like a metallic aluminium texture sample and engineering drawings on the desk, with a modern office background. No logos or text labels.
• blogpostCoverImageUrl: null
• blogpostShortTitle: Maan Aluminium FY26 capacity and ramp-up */

Maan Aluminium FY26: Capacity Built, Utilisation Still Catching Up

Maan Aluminium ended FY26 with a steady top line but a softer bottom line, as cost pressures and a slower-than-expected utilisation ramp-up offset operational improvements. Revenue from operations was INR 809 crore in FY26 versus INR 810 crore in FY25. EBITDA was INR 31 crore versus INR 30 crore, while profit after tax declined to INR 13 crore from INR 16 crore.

Management framed FY26 as a transition year. The company is positioning itself as a higher value-add aluminium converter, moving beyond commodity extrusion into applications that require wider profiles, complex geometries, stronger alloys, and downstream processing such as machining and anodizing.

FY26 performance: stable revenue, profitability under pressure

The company’s FY26 commentary highlighted a challenging operating backdrop: volatility in aluminium prices, weaker exports, higher raw material prices, and higher energy costs. Management also cited restricted gas supply as a factor that impacted production efficiency and energy expenses.

In Q4 FY26, revenue from operations increased to INR 255 crore versus INR 246 crore in Q4 FY25. However, EBITDA declined to INR 5 crore from INR 9 crore, and PAT fell to INR 2 crore from INR 4 crore. For the full year, EBITDA margins stayed around 4%, but the decline in PAT reflected higher finance costs and depreciation, along with operational cost pressures.

The transformation bet: Pithampur capacity jump and higher-spec products

A key pivot is the commissioning of the new Italian extrusion line at Pithampur Unit I. The investor presentation states a budgeted capex of INR 34 crore and notes that the line has been live since March 2025. This expansion increased extrusion capacity from 10,000 TPA to 24,000 TPA.

Management and the presentation link this capex to a broader product capability upgrade. Profile width capability increased to 300mm from the earlier 160 to 170mm range. The company also added the ability to process 7-series alloys, which it describes as nearly as strong as steel and relevant for newer application segments.

The intended end-market mix is clear from the presentation’s focus areas: defence, aerospace, automotive, and architectural applications. Maan also highlights its in-house integration across foundry, extrusion, machining and anodizing, plus a die shop and quality testing setup, supported by certifications including ISO 9001, IATF 16949, ISO 14001, CE and BIS.

But FY26 also underlined the gap between creating capacity and monetising it. Management acknowledged that the commercial ramp-up has taken longer than anticipated due to customer qualification cycles, project approvals, slower industrial demand in some sectors, and geopolitical uncertainty.

Dewas: acquisition-led entry into precision tubing

The second major growth lever is the Dewas Unit III acquisition. The company acquired a sick unit via a slump sale in March 2025 for about INR 8.75 crore, excluding stamp duty and other charges. The presentation says modernisation and refurbishment have been completed and trial production has begun, with an initial 6 to 8 months to commissioning.

On the earnings call, management described Dewas as a precision tube line and positioned it as an import substitution opportunity tied to Make in India and local sourcing initiatives. At the same time, it flagged execution risk. The company is renegotiating machinery procurement with overseas vendors due to cost increases, which has delayed the project relative to earlier expectations. Management also noted that these businesses typically involve long qualification and audit cycles, which can stretch timelines.

Capex and near-term trade-offs

Maan’s capex plan remains front-loaded. The presentation’s capex tracker shows cumulative capex of INR 166 crore across FY25 to FY28, with 43% allocated to the existing Pithampur unit and 57% to new plants under development. On the call, the CFO indicated capex of INR 40 to 50 crore in FY27 and INR 35 to 40 crore in FY28.

Management also prepared investors for near-term costs. It stated FY27 could see incremental ramp-up costs of about INR 7 to 10 crore, driven by depreciation, finance costs, employee costs and trial runs, unless operating leverage improves.

Exports: meaningful, but concentrated and volatile

Exports remain an important part of the narrative, but also a risk factor. The investor presentation states that 60% of manufacturing revenue is driven by exports, and it lists key export markets including the US, UAE, Australia, UK, Qatar and Israel.

In the concall, management added FY26 context: it stated that manufacturing sales were approximately INR 300 crore, of which exports were about 50% or roughly INR 150 crore. It also stated that 80% to 85% of exports go to the US, making it the single most important export geography.

Management discussed tariff-related pressure and the additional burden from higher aluminium commodity prices. It also cited logistics disruptions and container availability issues as having impacted dispatches to certain regions.

Takeaways

Maan Aluminium’s FY26 results reflect a company mid-transition. The technical platform has expanded significantly through the Italian press and the Dewas acquisition, and the capex plan signals continued commitment to downstream value-add.

The key variable is timing. Management has been explicit that utilisation and qualification cycles are the gating factors, and it indicated that a more meaningful margin improvement could still be around two years away. For investors, FY27 looks positioned as a ramp-up year, where execution and throughput will matter more than fresh capacity announcements.