Maan Aluminium Limited

Basic Materials — Aluminum · NSE

₹100.25−₹0.27 (−0.27%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Maan Aluminium Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Maan Aluminium Limited engages in the manufacturing and trading of aluminium profiles, anodized and fabricated profiles, aluminium ingots, billets, rods, and related products in India.

IndustryAluminum

SectorBasic Materials

Employees262

Annual revenue₹805 Cr

How does it make money?

Turns over ₹805 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 262 employees supports ₹3.07 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.07 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDALCO INDUSTRIES LTD, VEDANTA LIMITED, TATA STEEL LIMITED, JSW STEEL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 7.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE18.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -0% while net margin moved -74% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-0%

Margin effect-74%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 0.1% a year
✗ Profit has declined at 36.1% a year

Quality vs. Valuation

Company Quality

35/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

28/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

41.8x

3Y Median

22.6x

40 monthly readings · mean 26.1x · range 1.9x–56.3x

Sector Median

12.2x

median of 4 sector peers

⚠️Current valuation is approximately 85% above its 3y median of 22.6x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 244% above the peer median of 12.2x.

vs. its own history

Expensive

22.6x median over 40 months · +85%

vs. sector peers

Expensive

12.2x median of 4 peers · +244%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

22.7x

PEG

10.44

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.20x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 38.4% to 4.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 52.9% to 7.8% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.8 points, from 9.4% to 3.6%.
🔴Inventory building faster than salesFinancial
Inventory up 91% against revenue up -0% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 9.8x to 4.6x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹7 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 74% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 9.4% to 3.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 85% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 38.4% to 4.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 2%✓ 3.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹7 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 1.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 7.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 4.6x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 5 neutral · 4 weak

Market Cap

₹601 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

41.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

2.14x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.4

Profitable

Profitable on a per-share basis

ROE

4.7%

Weak

Weak capital efficiency

ROCE

7.8%

Weak

Low return on total capital employed

Debt/Equity

0.20x

Low

Conservative leverage

Revenue Growth (YoY)

9.8%

Modest

Modest growth

Profit Growth (YoY)

4.0%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹7 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

1.5%

Weak

Thin margins leave little room for error

Net Margin

1.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

3.03

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.74

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

102.1 / 111.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

50.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹808 Cr	₹953 Cr	₹807 Cr	₹805 Cr	-0.1%
EBITDA	₹76 Cr	₹52 Cr	₹33 Cr	₹29 Cr	-27.5%
EBITDA Margin	9.4%	5.5%	4.1%	3.6%	—
PAT (Net Profit)	₹50 Cr	₹33 Cr	₹16 Cr	₹13 Cr	-36.1%
EPS	₹36.96	₹6.06	₹2.87	₹2.35	-60.1%
ROE	38.4%	20.1%	8.7%	4.7%	—
ROCE	52.9%	27.8%	12.4%	7.8%	—
Total Debt	₹56 Cr	₹33 Cr	₹90 Cr	₹55 Cr	-0.8%
Free Cash Flow	₹19 Cr	₹25 Cr	-₹56 Cr	-₹7 Cr	—

🟡 Revenue has been broadly flat over 3 years (-0.1% a year).

🔴 EBITDA has shrunk at 27.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 9.4% to 3.6% over 3 years (-5.8 pts).

🔴 PAT (Net Profit) has shrunk at 36.1% a year over 3 years.

🔴 EPS has shrunk at 60.1% a year over 3 years.

🔴 ROE has fallen from 38.4% to 4.7% over 3 years (-33.6 pts).

🔴 ROCE has fallen from 52.9% to 7.8% over 3 years (-45.1 pts).

🟡 Total Debt has been broadly flat over 3 years (-0.8% a year).

🔴 Free Cash Flow has turned negative, from ₹19 Cr to -₹7 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹363 Cr

Total Liabilities

₹88 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹18 Cr

Capex

-₹25 Cr

Shareholding (proxy)

Institutional Holding

1.6%

Insider Holding

65.6%

Corporate Actions

Ex-Dividend Date

16 Feb 2023

Peer Comparison

Company	P/E	ROE
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%

Recent News

1 positive1 mixed4 general

Maan Aluminium (MAANALU.NS) Slips 0.88% to ₹101.57 as Traders Eye Support at ₹96.49 - Sector ETF Flow

https://www.siam.in/, 12 Oct

Why Maan Aluminium's (NSE:MAANALU) Shaky Earnings Are Just The Beginning Of Its Problems

Simply Wall Street, 06 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Maan Aluminium Q4 Profit Slumps 57% to ₹1.7 Cr Despite Marginal Revenue Rise

Sahi, 29 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Maan Aluminium FY26 PAT falls 19% to ₹13 crore

scanx.trade, 01 Jun

Maan Aluminium embraces a fresh yearly high amidst a volatile trading premise

AL Circle, 16 Dec

Maan Aluminium Ltd Falls to 52-Week Low of Rs 99.25 as Sell-Off Deepens

MarketsMojo, 28 Sept

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑