MAAN Aluminium Limited has announced the appointment of Mr. Karan Bhatia as Additional Non Executive Independent Director, marking a significant addition to its board leadership. The appointment reflects the company's commitment to strengthening its governance structure with experienced industry professionals.

Board Appointment Details

The Board of Directors approved Mr. Karan Bhatia's appointment through a resolution passed by circulation on March 31, 2026, following recommendations from the Nomination and Remuneration Committee. The appointment is structured as follows:

Professional Background

Mr. Bhatia brings exceptional industry expertise spanning over five decades in the Indian film distribution sector. His professional journey began in 1976 when he joined the family-run film distribution business after graduating from Hansraj College in 1975.

Key highlights of his career include:

• Nearly 30 years of collaboration with prominent film distribution companies including Bobby Art International and HK Tandon
• Distribution of over 600 new films across India throughout his career
• Leadership of independent distribution operations under JB Pictures since 2019
• Deep expertise in strategic distribution, market understanding, and industry relationships

Regulatory Compliance

The appointment has been made in accordance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that Mr. Bhatia is not debarred from holding the office of director by virtue of any SEBI order or other authority, as required under BSE Circular no. LIST/COMP/14/2018-19 dated June 20, 2018.

Independence and Relationships

Mr. Bhatia maintains complete independence from the company's existing leadership structure. The disclosure confirms that he is not related to any current Director of MAAN Aluminium Limited, ensuring compliance with independent director requirements under corporate governance norms.

Next Steps

The appointment requires formal approval from the company's shareholders, which must be obtained within three months of the board resolution date. This timeline aligns with regulatory requirements for additional director appointments and ensures proper shareholder oversight of board composition changes.

Maan Aluminium Limited reported its Q3 FY26 financial results during an earnings conference call held on February 17, 2026, showcasing the company's ongoing strategic transformation from a commodity extrusion player to a technology-driven, high-value aluminum converter.

Financial Performance Overview

The company's Q3 FY26 performance reflected both challenges and strategic progress. Revenue from operations stood at INR152 crores, marking a 16% year-on-year decline primarily attributed to lower trading volumes and muted export demand during the quarter.

Despite the revenue decline, EBITDA demonstrated resilience with 16% year-on-year growth to INR7 crores, supported by improved manufacturing mix and cost optimization initiatives. PAT remained largely stable at INR3 crores, despite higher depreciation and finance costs from recent capacity additions.

Nine-Month Performance Highlights

For the nine months ended December 2025, the company showed improved profitability metrics while maintaining revenue stability.

The nine-month results clearly demonstrate that while top-line growth was moderated, profitability improved due to the strategic shift toward higher value-added manufacturing.

Business Vertical Performance

The company operates across two main business verticals with distinct performance trajectories. Manufacturing revenue grew 10% year-on-year in Q3 and 13% on a nine-month basis, driven by higher extrusion volumes and increased value-added sales. Conversely, trading revenue showed a 32% year-on-year decline in Q3, representing a conscious strategic decision to move away from low-margin commodity trading business.

Capacity Expansion and Strategic Initiatives

Maan Aluminium has significantly expanded its operational capabilities through strategic investments. The company's extrusion capacity increased from 10,000 to 24,000 metric tons per annum, with upgraded capabilities to handle 300mm profiles and 7 series alloy. The Italian extrusion press commissioned in March 2025 is stabilizing, with progressive utilization improvement expected over coming quarters.

The company acquired the Dewas facility in March 2025, where plant modernization is underway with trial projects already started. This unit will focus on precision tubing and high-value downstream products, significantly strengthening the product portfolio.

Market Outlook and Strategic Positioning

Looking ahead, management sees strong opportunities in import substitution, particularly in defense and aerospace sectors. The company has signed contracts with Tata for 500 tons per month, representing 6,000-ton annual capacity booking. Current capacity utilization stands at 25%, with gradual sequential improvement expected from FY27 onwards rather than an overnight jump.

The management expects normalized EBITDA margins around 8% over the medium term, driven by operating leverage on fixed costs combined with higher value-added share. From FY28 onwards, the Dewas facility can potentially generate INR100+ crores of annual revenue at optimal utilization, serving as a key profitability lever beyond just volume addition.