Maan Aluminium Limited has achieved a significant milestone in its capital raising initiative, securing in-principle approval from both the National Stock Exchange of India Limited (NSE) and BSE Limited for its preferential issue of equity shares. The company's Board of Directors had previously approved the issuance of up to 59,00,000 equity shares, each with a face value of Rs 5.00, at an issue price of Rs 141.00 per share, potentially raising Rs 831.90 crore.

Stock Exchange Approvals and Regulatory Compliance

The company announced receipt of in-principle approvals from both major stock exchanges for the preferential issue to promoter and non-promoter categories. The approvals come with specific conditions that the company must fulfill:

Key Regulatory Conditions

Both NSE and BSE have outlined mandatory compliance requirements for the successful completion of the preferential issue. The exchanges have specified that the company must ensure strict adherence to provisions of the Companies Act 2013, Securities Contracts Regulation Act 1956, SEBI Act 1992, and the Depositories Act 1996.

The regulatory framework also includes compliance with Chapter V of SEBI ICDR Regulations 2018 and SEBI LODR Regulations 2015. Additionally, the company must strengthen internal controls to monitor trades executed by proposed allottees and obtain undertakings confirming no intra-day trading until allotment completion.

Investor Allocation Structure

The preferential issue encompasses both promoter and non-promoter public category investors with the following major allocations:

Corporate Governance and Timeline

The Board has approved amendments to the company's Articles of Association to incorporate provisions for private placement and preferential issue of securities, subject to shareholder approval. An Extra-Ordinary General Meeting has been scheduled for November 29, 2025, via video conferencing.

The e-voting period for shareholders runs from November 26, 2025, at 9:00 AM IST to November 28, 2025, at 5:00 PM IST, with November 22, 2025, as the cut-off date for voting eligibility. The company must file the listing application within twenty days from the date of allotment and comply with all post-issue formalities as specified by the exchanges.

Maan Aluminium Ltd , a key player in the aluminium industry, has released its fourth-quarter financial results, revealing a mixed performance with increased revenue but decreased profitability.

Revenue Growth Amidst Challenges

The company reported a revenue of ₹2.46 billion for the quarter, marking a 3.8% increase from ₹2.37 billion in the same period last year. This growth in top-line performance comes despite challenging market conditions, potentially indicating resilient demand for the company's products.

Profitability Under Pressure

Despite the revenue growth, Maan Aluminium faced headwinds in maintaining its profit margins:

• EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) declined to ₹77.00 million from ₹92.70 million year-over-year, representing a 17% decrease.
• EBITDA Margin: The EBITDA margin contracted to 3.13% from 3.90% in the corresponding quarter of the previous year, suggesting increased cost pressures or competitive pricing environment.
• Net Profit: The company's bottom line saw a significant decline, with net profit falling to ₹39.40 million, down 45.9% from ₹72.80 million in the year-ago period.

Quarter-on-Quarter Performance

The financial results also indicate a sequential decline in profitability:

• Net profit decreased from ₹30.50 million in the previous quarter to ₹39.40 million in Q4, representing a 29.2% quarter-over-quarter reduction.

Financial Highlights Table

The financial results paint a picture of a company grappling with margin pressures despite achieving revenue growth. The substantial decline in net profit, both year-over-year and quarter-over-quarter, may raise concerns among investors about the company's cost management and operational efficiency in the face of market challenges.

Maan Aluminium's management may need to address these profitability concerns and outline strategies to improve margins while maintaining revenue growth in the coming quarters.