Maan Aluminium Ltd Q2 FY26 – Profit Pops 12%, Capacity Doubles, and CFO Drops Mic Mid-Show: The Extrusion Drama You Didn’t Know You Needed
1. At a Glance
When aluminium meets adrenaline, you get Maan Aluminium Ltd—India’s favourite smallcap alloy of ambition, anodizing, and boardroom surprises. At ₹160 a share, this ₹867 crore market cap player is the “extruded underdog” of the non-ferrous metals space. The stock’s up 43% in just 3 months, proving that sometimes even dull metals can shine brighter than influencer startups.
Maan Aluminium (MAL) recently delivered Q2 FY26 results, posting ₹191 crore in revenue and ₹5.77 crore PAT—up 12.5% QoQ despite a 6.99% drop in sales. How? Apparently, squeezing profits out of thinner aluminium sheets is an art form. EPS climbed to ₹1.07 this quarter, and the OPM rebounded to 4.17%.
With no dividend, a P/E of 56x (because why not), and an EV/EBITDA of 28.2x, the valuation screams “aluminium is the new gold.” Promoters hold a sturdy 58.9%, pledging zero shares—a rare sight in smallcap jungles. But the real twist? CFO resigned mid-year, right before the company announced a ₹83 crore preferential issue to raise funds for expansion. Coincidence or timing worthy of an OTT thriller? You decide.
2. Introduction
Aluminium might not be as sexy as semiconductors or AI, but when it comes to raw industrial muscle, Maan Aluminium knows how to flex. Founded in 2003, this company manufactures and trades everything aluminium—profiles, ingots, billets, rods, you name it. Their business spans from defense and railways to architectural glazing and solar—basically, if it can be extruded, Maan’s probably done it.
The company’s transformation from a modest manufacturer to a ₹800+ crore turnover powerhouse is quite the Cinderella story—except, instead of a pumpkin carriage, it’s a 10,000 MTPA extrusion press in Pithampur Industrial Area. And with a 250% planned capacity expansion under work-in-progress, the fairy tale’s still heating up.
Yet, behind all the anodized glamour lies the classic Indian SME saga: thin margins (3%), sporadic profit growth, and a CFO who probably couldn’t take one more investor call about “when dividend milega?”
But jokes aside, Maan Aluminium has quietly built a solid base of institutional customers, exports to five continents, and supplies to infrastructure giants like DLF and M3M, plus defense projects like BARC and Mopa Airport. It’s not just metal—it’s “strategic metal.”
3. Business Model – WTF Do They Even Do?
Maan Aluminium’s business model is simple: buy, melt, extrude, anodize, and sell. The company buys aluminium billets and ingots (mostly from big boys like Hindalco, Vedanta, and NALCO) and then converts them into customized aluminium profiles. These profiles go into everything from window frames to defense applications.
But here’s where it gets juicy: Maan doesn’t just manufacture—it trades too. Nearly 52% of FY23 revenue came from trading finished goods like billets and ingots, while 48% came from their own manufactured products. In short, Maan’s like that kid who tops exams and sells the question papers.
Their product catalogue reads like an engineering buffet—hardware, solar structures, defense components, LED casings, railways fittings, and even atomic research equipment (because why not sprinkle some uranium-friendly aluminium?).
And the clientele? From Altroz CNG kits to architectural projects in Gurgaon, their aluminium probably touches more Indians daily than WhatsApp forwards.
Exports are another feather in the cap—spanning USA, UK, Qatar, UAE, and Australia. With the USITC recently ruling that Indian aluminium extrusions do not harm US industries, Maan just got its biggest green signal to scale exports further.
4. Financials Overview
Let’s extrude some numbers.
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹191 Cr
₹205 Cr
₹211 Cr
-6.8%
-9.5%
EBITDA
₹7.96 Cr
₹7.61 Cr
₹4.94 Cr
4.6%
61.1%
PAT
₹5.77 Cr
₹5.13 Cr
₹2.73 Cr
12.5%
111.4%
EPS (₹)
1.07
0.95
0.50
12.6%
114.0%
Annualized EPS: 1.07 × 4 = ₹4.28
At ₹160/share, the annualized P/E = 160 ÷ 4.28 ≈ 37.4x. That’s lower than the reported trailing 56x because FY25 was a low base year (₹2.86 EPS). So, Maan’s actually back to flexing growth muscle.
Operating margins have improved from 2.34% in Jun’25 to 4.17% in Sep’25. Maybe aluminium prices cooled down, or maybe someone finally found the “profit” button on their ERP system.
5. Valuation Discussion – Fair Value Range Only
Let’s keep it simple (and legal).
(a) P/E Method: Annualized EPS = ₹4.28 Industry P/E (Aluminium Avg) ≈ 22x So, Fair Value Range = ₹94 to ₹110 (using 22–26x for smallcap premium).
(b) EV/EBITDA Method: EV = ₹949 Cr EBITDA (TTM) = ₹33 Cr EV/EBITDA = 28.2x (that’s… premium). If we normalize to 15–20x, EV range = ₹495–₹660 Cr, implying equity value = ₹410–₹580 Cr, or ₹75–₹105 per share.
(c) DCF (back-of-envelope): Assume FCF = ₹30 Cr (avg of recent ops cash), growth 10%, discount 12%. → Intrinsic value ≈ ₹110–₹125 per share.
✅ Fair Value Range (Educational): ₹95–₹125 per share. (Disclaimer: This range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
November 2025 was spicy:
Preferential Allotment of ₹83 Cr: 59 lakh shares at ₹141 each. Management says “for expansion,” but we all know expansion funds often make pitstops at “balance sheet beautification.”
CFO Resignation: In August 2025, just before AGM. Either burnout or bonus mismatch. Either way, new CFO = new Excel templates.
Capacity Doubling: New extrusion press started commercial production in Dec 2024—output doubled overnight.
Land Acquisitions: March and Dec 2024 saw new land purchases, hinting at a potential mega-plant (or just parking space for more dreams).
US Anti-Dumping Win: In Sept 2024, Maan got zero anti-dumping duty from USITC. Imagine beating global trade police with just aluminium rods. Iconic.
Basically, Q2 FY26 marks the start of “Maan 2.0”—bigger, shinier, and hopefully more profitable.
7. Balance Sheet
Particulars
Mar’23
Mar’24
Sep’25
Total Assets
₹225 Cr
₹225 Cr
₹305 Cr
Net Worth (Equity + Reserves)
₹131 Cr
₹163 Cr
₹187 Cr
Borrowings
₹56 Cr
₹90 Cr
₹83 Cr
Other Liabilities
₹38 Cr
₹31 Cr
₹35 Cr
Total Liabilities
₹225 Cr
₹300 Cr
₹305 Cr
3 Funny Observations:
The balance sheet’s growing faster than their OPM. Classic smallcap energy.
