Earning Call Transcript

19th August, 2026 To, To, Manager Manager Dept. of Corporate Services Dept. of Corporate Services Bombay Stock Exchange Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Tower, Dalal Street, Exchange Plaza,Bandra Kurla Complex, Mumbai – 400 001 Bandra, Mumbai – 400 051 Fax : 022- 22723121/2037/2039/2041 Fax: 022-26598237/38, 26598347/48 Scrip Code : 532906 Scrip Code : MAANALU corp.relations@bseindia.com cmlist@nse.co.in Dear Sir / Madam, Subject: Transcript of the Analyst/Investor Call Held on 14.08.2026 Ref.: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find the attached transcript of the Concall held on 14.08.2026. The above information is also hosted on the website of the Company. Kindly take the aforesaid information on record and oblige Thanking you Yours faithfully For Maan Aluminium Limited Sandeep (Company Secretary) “Maan Aluminium Limited Q1 FY27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. ASHISH JAIN – EXECUTIVE DIRECTOR – MAAN ALUMINIUM LIMITED MR. UMESH PANT – CHIEF FINANCIAL OFFICER – MAAN ALUMINIUM LIMITED MODERATOR: MR. SAMAY SHAH – NUVAMA WEALTH Page 1 of 12 Maan Aluminium Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Maan Aluminium Limited Q1 FY27 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Samay Shah from Nuvama Wealth. Thank you and over to you, sir. Samay Shah: Thank you everyone for joining us today to discuss the Q1 FY27 earnings of Maan Aluminium Limited. We would like to thank the company for giving us the opportunity to host the call. On the call with us today, we have the management team of the company represented by Mr. Ashish Jain, the Executive Director and Mr. Umesh Pant, the Chief Financial Officer. I would now like to hand over the call to the management team for their opening remarks, post which, we can open the floor for questions-and-answers. Over to you, Ashish sir. Thank you. Ashish Jain: Yes, thanks. I think we can start off with the earnings report, Umesh. Umesh Pant: Yes, please. So, good afternoon, everyone. This is Umesh, the Chief Financial Officer of the company. So, on behalf of Maan Aluminium Limited, I would like to welcome all our investors, analysts, and stakeholders to our Q1 FY27 earnings call. I will briefly take you through our Q1 financial performance, our operating developments, balance sheet position, and the key strategic initiatives that are shaping the next phase of Maan Aluminium. So, let me begin with the broader direction of the company first. Maan Aluminium is transforming from a conventional aluminium extrusion player into a high value-added aluminium converter, with increasing focus on value-added manufacturing, downstream capabilities, and technology-driven applications. We now have an integrated manufacturing platform comprising foundry, extrusion, anodizing, and machining capabilities, with total capacities of 12,000 tons per annum in foundry, 24,000 tons per annum in extrusion, 3,600 tons per annum in anodizing, and 1,400 tons per annum in machining. We are also strengthening our manufacturing footprint with new facilities which are under development. Our strategy is to build a stronger and more balanced business by progressively increasing the contribution of high value-added manufacturing, while continuing to leverage the strength and scale of our legacy trading business, which is of course an opportunistic business. Well, this transition is important because it should enable us to improve the quality of our earnings, strengthen customer relationships, and create better long-term margins. Page 2 of 12 Maan Aluminium Limited August 14, 2026 Coming to the financial performance, for Q1 FY27, our revenue from operations stood at INR232 crores, compared with INR211 crores in Q1 FY26. This represents a 10% year-on-year growth. On a sequential basis, revenue was lower than Q4 FY26, where we reported INR255 crores. Well, this sequential movement needs to be seen in the context of normal quarterly fluctuations in volumes, product mix, and business activity. More importantly, despite this sequential decline in revenue, our profitability showed a meaningful improvement. Our EBITDA increased to INR7 crores in Q1 FY27, compared with INR5 crores in Q4 FY26. This represents approximately a 40% quarter-on-quarter improvement in EBITDA. Our EBITDA margin also improved to approximately 3% compared with around 2% in Q4 FY26. At the profit after tax level, we reported INR3 crores of PAT in Q1 FY27, compared with INR2 crores in Q4 FY26. Our basic EPS also improved to INR0.52 in Q1 FY27, compared with INR0.29 in Q4 FY26. So, the key takeaway from Q1 is that although revenue moderated sequentially, profitability improved, reflecting better operating performance and cost discipline. If we look at the P&L more closely, revenue from operations was INR232 crores, other income was INR2 crores. Our cost of goods sold and operating expenses stood at approximately INR226 crores. As a result, EBITDA was INR7 crores. Finance cost remained contained at around INR1 crores, while depreciation was approximately INR2 crores. Consequently, PBT stood at approximately INR4 crores, and PAT was approximately INR3 crores. So, from a CFO perspective, I would highlight that we continue to maintain a strong focus on cost control, working capital discipline, and efficient utilization of capital. Our objective is not merely to grow revenue, but to ensure that incremental growth increasingly comes with better contributions and return on capital. Before discussing our outlook, it is useful to put Q1 performance into the larger FY26 context. For FY26, the company reported revenue of approximately INR809 crores, which was broadly in line with FY25 revenue of INR810 crores. At the same time, EBITDA increased from approximately INR30 crores in FY25 to INR31 crores in FY26, representing around 21% growth as presented. Therefore, while the top line remained broadly stable, we have continued to focus on improving the quality and profitability of our business. At the PAT level, FY26 PAT was approximately INR13 crores compared with INR16 crores in FY25. So, this reinforces the importance of our ongoing initiatives around operating efficiency, product mix, and higher value manufacturing. One of the areas where I would like to draw particular attention is our financial profile. Our balance sheet continues to become stronger. The company has maintained a very low leverage position, and our working capital efficiency has also improved significantly over the longer term. Our objective is to maintain a prudent balance between growth investments and financial discipline. Well, as we move into the next phase of our capacity expansion, we will continue to evaluate every investment from the perspective of return on capital, cash generation, and strategic relevance. We do not intend to pursue capacity merely for the sake of scale only. The Page 3 of 12 Maan Aluminium Limited August 14, 2026 focus will be on capacities that allow us to move further into value-added products and specia [Showing first 8,000 characters — download PDF for full document]