27 FEBRUARY 2026AlCircle.com

Maan Aluminium Q3 FY26 revenue drops to ₹1.5B, capacity expansion and value-add push drive margin roadmap

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Maan aluminium result Image generated by AI for representational purpose

Maan Aluminium announced its Q3 FY26 results, with the numbers reflecting a tougher third quarter even as the company continues to reshape its business model. Revenue declined quarter-on-quarter from INR 1.91 billion in Q2 FY26 to INR 1.52 billion in Q3 FY26, reflecting weaker trading volumes and subdued export demand in the December quarter. On a year-on-year basis, revenue was down 6.96 per cent in Q2 and 16 per cent in Q3.

EBITDA moderated sequentially from INR 113 million in Q2 to INR 70 million in Q3. While EBITDA had grown 29.89 per cent Y-o-Y in Q2 and 16 per cent Y-o-Y in Q3, the quarter-on-quarter decline reflects lower operating scale. EBITDA margin in Q3 stood at around 5 per cent, with improvements in manufacturing mix and cost control partly cushioning the impact.

Profit after tax also declined quarter-on-quarter from INR 58 million in Q2 to INR 30 million in Q3. In Q2, operating profit was INR 80 million and earnings per share stood at INR 1.07. Higher depreciation and finance costs following recent capacity additions weighed on Q3 earnings.

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Nine-month picture remains steady

For the nine months ended December 2025, revenue stood at INR 5.54 billion, down 2 per cent year-on-year. Even with limited topline growth, EBITDA increased 19 per cent to INR 25 crores. Profit after tax for the period remained stable at INR 11 crores. The improvement in operating performance reflects a gradual shift toward higher value-added output.

Manufacturing continued to expand its share. Revenue from this segment rose 10 per cent year-on-year in Q3 and 13 per cent over nine months, supported by higher extrusion volumes and stronger value-added sales. Trading revenue declined 32 per cent year-on-year in Q3, in line with the company’s decision to reduce exposure to low-margin commodity trading.

Expansion underway, margins in focus

The company has increased extrusion capacity from 10,000 tonnes per annum to 24,000 tonnes per annum. Upgrades now allow production of 300mm profiles and 7 series alloy products. The Italian extrusion press commissioned in March 2025 is stabilising, with utilisation expected to improve gradually.

In March 2025, Maan Aluminium acquired the Dewas facility for INR 87.5 million through a slump sale. Modernisation work is in progress, trial runs have begun, and commercial commissioning is expected within 8–10 months. The plant will focus on precision tubing and high-value downstream products. Over three years, the company has outlined cumulative capital expenditure of more than INR 1.9 billion.

Management is looking to benefit from import substitution opportunities in defence and aerospace. A contract with Tata for 500 tonnes per month secures 6,000 tonnes of annual capacity booking. Current utilisation is around 25 per cent, with gradual improvement expected from FY27 onward.

Over the medium term, EBITDA margins are expected to settle around 8 per cent, supported by operating leverage and a higher share of value-added products. From FY28 onward, the Dewas facility alone could generate more than INR 100 crores in annual revenue at optimal utilisation.