Maan Aluminium Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Traded Goods - Aluminium Ingots\Billets\Logs\Rods and Extruded Profiles: 70.6% • Finished Goods - Aluminium Profiles, Tubes , Rods & Alloy Billets: 28.9% • Other Operating Revenues: 0.4%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has a healthy return on capital (ROCE) of 26.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
- Company generates healthy free cash flow
- Company comfortably covers its interest (7.7x coverage)
- Company converts assets efficiently - asset turnover of 3.1x
CONS
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -3.0pp
- Total debt has risen sharply - up 180.6% year on year
- Operating margins have contracted to 3.0% from 6.6%
- Inventory has been piling up - inventory days up from 14 to 22
- Growth is decelerating - 3Y profit CAGR (-11.0%) trails the 5Y trend (15.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VAML | 421.60 | 0.00 | 164861.96 | 0.00 | 65970.00 | — | 213930.00 | — | 0.00 | 48.14 |
| NATIONALUM | 361.40 | 9.83 | 66375.87 | 3.18 | 2003.14 | 90.87 | 5302.38 | 39.28 | 39.71 | 51.08 |
| ARFIN | 85.66 | 78.36 | 1445.28 | 0.13 | 4.08 | 276.97 | 212.77 | 95.46 | 14.82 | 4.77 |
| MMP | 469.95 | 23.82 | 1193.80 | 0.43 | 13.70 | 353.19 | 232.60 | 26.89 | 10.57 | 10.17 |
| MAANALU | 110.45 | 867.26 | 662.53 | 0.00 | 3.10 | 13.55 | 231.86 | 9.79 | 10.76 | 2.32 |
| EUROBOND | 150.46 | 14.39 | 368.63 | 0.00 | 47.82 | 735.72 | 1198.13 | 1042.86 | 16.22 | 10.65 |
| MANAKALUCO | 36.95 | 27.36 | 242.15 | 0.14 | 2.85 | 82.76 | 139.59 | 3.85 | 10.52 | 9.60 |
| CENTEXT | 22.39 | 14.47 | 179.12 | 0.00 | 3.77 | 59.75 | 138.36 | 32.85 | 18.64 | 7.70 |
| HINDALUMI | 94.36 | 16.02 | 59.45 | 0.00 | 1.91 | -95.10 | 5.36 | 405.66 | -1.23 | 44.40 |
| GALPOWTEL | 22.97 | 0.00 | 20.36 | 0.00 | -1.44 | -111.76 | 0.00 | — | 5.41 | — |
| SORICH | — | — | — | — | — | — | — | — | 16.21 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 207 | 295 | 213 | 237 | 177 | 205 | 182 | 246 | 211 | 191 | 152 | 255 | 232 | |
| 194 | 284 | 202 | 228 | 172 | 198 | 177 | 238 | 206 | 183 | 146 | 253 | 229 | |
| Operating Profit | 13 | 11 | 11 | 9 | 5 | 8 | 5 | 8 | 5 | 8 | 6 | 2 | 3 |
| OPM % | 6.47% | 3.75% | 5.10% | 3.90% | 2.81% | 3.70% | 2.65% | 3.13% | 2.34% | 4.17% | 3.65% | 0.64% | 1.13% |
| 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 3 | 2 | 4 | 2 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 14 | 11 | 10 | 10 | 4 | 7 | 4 | 6 | 4 | 8 | 4 | 3 | 4 |
| Tax % | 25.20% | 25.94% | 25.67% | 25.33% | 23.99% | 25.87% | 24.69% | 36.66% | 25.41% | 25.74% | 25.53% | 32.27% | 28.24% |
| Net Profit | 10 | 8 | 7 | 7 | 3 | 5 | 3 | 4 | 3 | 6 | 3 | 2 | 3 |
| 1.88 | 1.46 | 1.38 | 1.35 | 0.63 | 0.95 | 0.56 | 0.73 | 0.50 | 1.07 | 0.52 | 0.29 | 0.52 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 190 | 349 | 447 | 652 | 524 | 403 | 572 | 814 | 953 | 810 | 829 | |
| 185 | 341 | 434 | 634 | 512 | 378 | 539 | 743 | 908 | 785 | 812 | |
| Operating Profit | 5 | 8 | 13 | 18 | 12 | 25 | 33 | 71 | 45 | 25 | 18 |
| OPM % | 2.68% | 2.33% | 2.86% | 2.77% | 2.36% | 6.08% | 5.74% | 8.76% | 4.68% | 3.10% | 2.14% |
| 1 | 5 | 5 | 5 | 4 | 2 | 5 | 5 | 8 | 5 | 10 | |
| Interest | 4 | 6 | 6 | 6 | 5 | 4 | 5 | 5 | 4 | 3 | 5 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 5 | 6 | 8 |
| Profit before Tax | 1 | 5 | 10 | 14 | 9 | 20 | 30 | 67 | 44 | 22 | 18 |
| Tax % | 36.60% | 36.07% | 34.31% | 36.30% | 17.47% | 25.55% | 26.12% | 25.45% | 25.52% | 28.37% | 27.17% |
| Net Profit | 1 | 3 | 6 | 9 | 8 | 15 | 22 | 50 | 33 | 16 | 13 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.94 | 16.26 | 9.24 | 6.06 | 2.87 | — |
| Dividend Payout % | 27.96% | 10.35% | 10.53% | 7.37% | 8.95% | 4.57% | 6.15% | 8.12% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 22%
- 5 Years:
- 9%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 49%
- 5 Years:
- 15%
- 3 Years:
- -11%
STOCK PRICE CAGR
- 10 Years:
- 39%
- 5 Years:
- 26%
- 3 Years:
- 4%
- 1 Year:
- -1%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 27%
- 3 Years:
- 26%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 7 | 7 | 7 | 7 | 14 | 14 | 27 | 27 |
| 24 | 26 | 29 | 37 | 43 | 57 | 71 | 117 | 136 | 151 | |
| 56 | 68 | 40 | 53 | 30 | 73 | 65 | 56 | 32 | 87 | |
| Trade Payables | 3 | 2 | 32 | 19 | 4 | 14 | 11 | 30 | 21 | 20 |
| 4 | 6 | 6 | 10 | 8 | 10 | 10 | 8 | 9 | 14 | |
| Total Liabilities | 90 | 106 | 113 | 126 | 92 | 160 | 171 | 225 | 225 | 300 |
| 20 | 21 | 23 | 27 | 29 | 37 | 45 | 51 | 54 | 105 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 6 | |
| 16 | 16 | 10 | 11 | 16 | 33 | 37 | 35 | 40 | 58 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89 | 104 | |
| Cash & Bank | 1 | 1 | 3 | 2 | 2 | 11 | 2 | 2 | 1 | 0 |
| 52 | 68 | 78 | 86 | 44 | 79 | 87 | 135 | 35 | 25 | |
| Total Assets | 90 | 106 | 113 | 126 | 92 | 160 | 171 | 225 | 225 | 300 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -31 | -6 | 39 | 1 | 33 | -15 | 21 | 47 | 33 | 0 | |
| Cash from Investing | -1 | 1 | 1 | -3 | -2 | -12 | -7 | -10 | -6 | -54 |
| Cash from Financing | 32 | 6 | -35 | 6 | -28 | 38 | -14 | -19 | -27 | 54 |
| 1 | -0 | 2 | -1 | -0 | 6 | -6 | -0 | -0 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Maan Aluminium Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - Maan Aluminium Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-03 - Maan Aluminium Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Maan Aluminium Limited has informed the Exchange about Annual General Meeting
2026-09-02 - The Exchange has sought clarification from Maan Aluminium Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-19 - Maan Aluminium Limited has informed the Exchange about Transcript
2026-08-15 - Maan Aluminium Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Maan Aluminium Limited has informed the Exchange about Utilisation of Funds
2026-08-13 - Maan Aluminium Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for MAANALU
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Maan Aluminium Ltd.
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