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.

MAAN Aluminium Ltd has successfully completed the allotment of 59,00,000 equity shares through a preferential issue. The Board of Directors approved the allotment through a circular resolution, issuing shares at ₹141.00 per equity share with a face value of ₹5.00 each, including a premium of ₹136.00 per share.

Share Allotment Details

The preferential issue was conducted in compliance with SEBI (ICDR) Regulations, 2018, targeting both promoter and non-promoter public categories. The allotment involved a total of 39 investors, demonstrating broad participation across different investor segments.

Complete Allottee Distribution

The allotment was distributed among promoters and non-promoter investors, with significant allocations to key stakeholders. Among promoters, Ravinder Nath Jain received the largest allocation of 12,26,500 shares, while Shanti Capinvest Private Limited led among non-promoter investors with 10,65,000 shares.

Promoter Category Allotments

Major Non-Promoter Allotments

Additional Non-Promoter Investors

Regulatory Compliance

The allotment was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in accordance with SEBI circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015. The company has fulfilled all required disclosure obligations to both exchanges.

The preferential issue represents a strategic capital raising initiative for MAAN Aluminium Ltd, providing the company with additional equity capital while maintaining compliance with regulatory frameworks. The diverse investor base, including both institutional and individual participants across 39 investors, reflects confidence in the company's growth prospects.