Maan Aluminium Limited was incorporated in 2003 and is primarily engaged in the business of manufacturing and trading of aluminum profiles, anodizing, and fabrication of profiles, aluminum ingots, aluminum billets, and related activities. The company specializes in manufacturing and exporting aluminum extruded products, featuring in-house anodizing and fabrication facilities for value-added products.
As a secondary producer of aluminum in India, Maan Aluminium Limited has grown to become India's largest manufacturer and exporter of aluminum extruded products, contributing approximately 50% of the country's total exports in this segment. The company boasts an annual production capacity of 9,000 metric tons under one roof, utilizing three hydraulic extrusion presses (900, 1,200, and 1,450 tons) controlled by micro-processor based technology and a programmable logic control (PLC) system.
The company operates a fully integrated plant with comprehensive facilities, including billet casting and a die manufacturing facility. Its in-house foundry is equipped with two furnaces, having capacities of 5 and 10 metric tons respectively. The manufacturing plant is strategically located in Dhar, Madhya Pradesh, facilitating efficient operations.
Maan Aluminium's product portfolio includes various alloy products such as 6005A, 6060, 6061, 6082, 6101, 6106, 6351, and 1000 series aluminum alloys. These products find diverse applications across numerous industries, including:
- Automobiles and automation
- Air conditioning
- Architectural applications (doors, windows, curtain walls, structural glazing)
- Building and construction
- Electrical and electronics components
- Heavy engineering
- Irrigation
- Lighting
- Road transport
- Textiles
The company also offers specialized products like sign and display systems, AC grills and equipment, architectural hardware, and components for solar panels.
Maan Aluminium Limited procures its raw materials, primarily ingots and billets, from major domestic suppliers such as Vedanta Aluminium Limited, National Aluminium Company Limited, and Hindalco Industries Limited. A portion of its raw material requirements is also met through imports.
The company holds a strategic partnership as an exclusive distributor for Hindalco, covering the trading of aluminum billet/ingot and wire rod in North India and South India (excluding Hyderabad). This partnership significantly strengthens its supply chain and expands its distribution network across key Indian markets.
For the full year ended March 2025, Maan Aluminium Limited reported a revenue of ₹810.17 crores, marking a 14.99% decline compared to ₹953.03 crores in the previous fiscal year (FY 2024). Net profit for FY 2025 also saw a significant decline of 52.64%, standing at ₹15.51 crores compared to ₹32.75 crores in FY 2024.
The company's quarterly performance for Q4 FY25 indicated a net profit of ₹3.94 crores (a 45.88% decline from ₹7.28 crores in Q4 FY24), while sales for the quarter rose by 3.56% to ₹245.86 crores.
- Market Capitalization: ₹683 crores (as of May 2025)
- 52-Week Range: High of ₹258.95 and low of ₹75.51
- Trailing Revenue (TTM): ₹801.71 crores
- Annual Revenue Growth (Past 3 years): 17%
- Return on Equity (ROE): 20%
- Pre-tax Margin: 5%
- P/B Ratio: 3.14x (as of May 16, 2025), a 126% premium to peers' median
- P/E Ratio: 29.10x, an 84% premium to peers' median
Maan Aluminium Limited is classified as a Small Cap company. Over the last 3 years, the company's share price on BSE has increased by 370.44%, delivering a return of 50.56% in the same period. Promoter holding has remained stable at 58.87% as of March 2025. Despite consistent profits, the company has not disbursed dividends to shareholders.
The company has demonstrated a modest sales growth of 9.10% over the past five years. Maan Aluminium maintains a debt-free status, supported by a strong balance sheet, which contributes to its ability to report stable earnings growth across various business cycles.
Recent developments include ICRA affirming the company's credit ratings at BBB+ (Stable) and A2, despite potential impacts from US tariff hikes on steel and aluminum. The company has ensured full regulatory compliance for the financial year ended March 31, 2025, with audited results announced in May 2025.
The aluminum extrusion industry in India offers significant growth opportunities, driven by increasing infrastructure development and expanding industrial applications. However, the company faces challenges from volatile raw material prices, evolving international trade policies, and competitive pressures within the domestic market. The recent decline in profitability, despite stable revenue, points to margin pressures that the company must address through enhanced operational efficiency and strategic market positioning.
