What’s new

• FY26 revenue grew 19% to ₹825.3 crore, driven by aluminum powder and foil demand.
• FY27 guidance: 35% growth for foil, 13-15% for powders, with aluminum price risk flagged.
• Capex pipeline of ₹130-150 crore includes a greenfield LT cable plant and captive solar.

Why it matters

MMP is committing significant capital to backward integration and new capacity. The 35% foil growth target is aggressive, and the company's own acknowledgment of aluminum price headwinds creates a tension: the expansion is timed just as its key input cost is elevated.

What we’re watching

• Whether aluminum price pressures compress foil margins before new capacity comes online.
• Execution timeline and cost discipline on the greenfield LT cable facility.
• Polymer insulator business hitting the ₹18-20 crore target.

The full read

MMP Industries grew revenue 19% to ₹825.3 crore in FY26. For FY27, it's guiding 35% growth in aluminum foil and 13-15% in powders. It also flagged elevated aluminum prices as a near-term drag. On the capital side, MMP outlined ₹130-150 crore in capex. That includes a greenfield LT cable plant and captive solar. The goal is to push ROCE above 15% by FY28. The polymer insulator business is expected to hit ₹18-20 crore this year. For a ₹730 crore market-cap company, that capex commitment is material. The risk is that raw material inflation eats into margins before the new capacity starts paying back.

Primary source: NSE