Maan Aluminium reported a 19% decline in profit after tax (PAT) to ₹13 crore for the fiscal year ended March 31, 2026 (FY26), while revenue from operations remained stable at ₹809 crore compared to the previous year. The company's net worth increased significantly by 54% to ₹274 crore, driven by a preferential capital raise of ₹83 crore which strengthened its balance sheet for ongoing expansion initiatives. Management attributed the profitability decline to increased raw material prices, lower export contribution, and higher operating costs due to an energy crisis and restricted gas supply during the year.

Financial Performance

For the quarter ended March 31, 2026 (Q4FY26), revenue grew 4% year-on-year to ₹255 crore, while PAT declined 50% to ₹2 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to ₹5 crore in Q4FY26 from ₹9 crore in the corresponding previous quarter, with the EBITDA margin contracting to 2% from 4%. For the full year FY26, EBITDA increased marginally by 3% to ₹31 crore against ₹30 crore in FY25, with a margin of 4%.

Strategic Expansion and CAPEX

The company is executing a capital expenditure plan to transition from a traditional extrusion player to a higher value-added aluminium converter. A new Italian extrusion line commissioned in March 2025 increased extrusion capacity from 10,000 TPA to 24,000 TPA, enabling the processing of wider profiles and advanced alloys for aerospace, defence, and automotive sectors. The Dewas facility, acquired for ₹8.75 crore, is undergoing modernization to house a precision tube line. Management projected a total CAPEX of approximately ₹166 crore over three years, with specific allocations of ₹40 crore to ₹50 crore for FY27 and ₹35 crore to ₹40 crore for FY28.

Operational Outlook

Management indicated that the commercial ramp-up of new capacities has taken longer than anticipated due to customer qualification cycles and slower industrial demand. While the current fiscal year is expected to be flattish with volumes around 7,000-7,500 metric tons, the company remains confident of achieving 75-80% capacity utilization over the next three years. The focus is on increasing throughput in value-added segments such as fabrication, anodizing, powder coating, and tubing, which command significantly higher margins. The company is also diversifying its export markets to reduce geographical concentration risks, particularly regarding the US market where tariffs and container availability have impacted shipments.

Maan Aluminium Limited has initiated a postal ballot process to seek shareholder approval for the appointment of an Independent Director and the alteration of its Memorandum of Association to expand its business operations. The resolutions propose appointing Mr. Karan Bhatia as an Independent Director for a term of five years and adding new objects related to power generation to the company's charter.

The company has dispatched the Postal Ballot Notice electronically to shareholders whose email addresses were registered as of Friday, May 22, 2026. This date serves as the cut-off for determining eligibility to participate in the voting process. The notice is available on the company's website, the websites of BSE Limited and National Stock Exchange of India Limited, and the portal of the Registrar and Share Transfer Agent, MUFG Intime India Private Limited.

Shareholders can cast their votes exclusively through the remote e-voting process. The e-voting facility commenced on Saturday, May 30, 2026, at 09:00 a.m. IST and will conclude on Sunday, June 28, 2026, at 5:00 p.m. IST. No votes will be accepted after this deadline. The company has clarified that voting is restricted to the remote e-voting mechanism in compliance with relevant circulars.

The resolutions put forward include the appointment of Mr. Karan Bhatia (DIN: 11633574) as an Independent Director. Mr. Bhatia was appointed as an Additional Director by the Board with effect from April 1, 2026, and his appointment as an Independent Director is subject to shareholder approval. The second resolution seeks the alteration of the object clause of the Memorandum of Association to include the business of transmitting, manufacturing, supplying, generating, distributing, and dealing in electricity and all forms of energy and power generated by any source, including solar, for captive use or business purpose.

The results of the postal ballot will be declared by the Chairman of the company on or before Tuesday, June 30, 2026. The outcome will be communicated to the stock exchanges, depositories, and displayed on the company's website. The postal ballot process is being conducted in accordance with Section 110 of the Companies Act, 2013, and relevant rules and regulations.