Maan Aluminium's Q4 profit crumbles 57% as margins buckle
A weak final quarter dragged full-year profit down 16% even as revenue held flat at ₹808.71 crore. The company says the ₹83.19 crore it raised in January is now fully deployed.
— 1 earlier story on Maan Aluminium Ltd. →What's new
- Q4 net profit fell 57% year-on-year to ₹1.70 crore.
- Full-year net profit dropped to ₹13.03 crore while revenue stayed flat at ₹808.71 crore.
- The ₹83.19 crore raised via preferential allotment in January is fully deployed for capex and working capital.
Why this matters
The final quarter's profit collapse is a sharp deceleration from an already weak year, suggesting costs spiralled or product mix deteriorated when revenue was stable. The company has spent the January preferential allotment, but the profit trajectory raises a question about what those capital deployments are actually producing.
What we're watching
- Quarter-by-quarter profit trend in FY27 to see if Q4 was a blip or the start of a pattern.
- Whether the deployed capital translates into visible capacity or revenue growth next year.
- Any update on the specific capex projects funded by the preferential allotment.
The full read
Maan Aluminium ended FY26 with stable sales but sharply lower profits, a combination that points straight at margin pressure. Revenue was flat at ₹808.71 crore for the full year, yet net profit fell to ₹13.03 crore, a 16% decline. The damage was concentrated in the final three months, with Q4 profit collapsing 57% year-on-year to just ₹1.70 crore. That's a brutal quarter for a company the size of Maan, suggesting either a spike in raw material costs, a pricing misstep, or both. Separately, the company confirmed the ₹83.19 crore it raised from a preferential allotment in January is fully spent on capex and working capital. The capital has landed. The question now is what it will produce, because so far the profit trend is running in the opposite direction.
Questions answered
- How severe was the Q4 profit decline relative to the full-year performance?
- Q4 net profit plunged 57% year-on-year to just ₹1.70 crore, a far steeper drop than the full-year decline of 16%. This indicates the majority of the year's earnings compression was concentrated in the final three months.
- What does the flat revenue figure conceal?
- Revenue held at ₹808.71 crore for the full year, but net profit fell to ₹13.03 crore. The divergence means operating margins shrank, with costs rising faster than sales or selling prices declining.
- What was the ₹83.19 crore preferential allotment used for?
- The company states the entire ₹83.19 crore raised in January was used for capital expenditures and working capital requirements. The filing does not specify the individual projects or how much went to each purpose.
- Is the Q4 result an anomaly or a trend?
- The filing does not provide quarterly breakdowns beyond the annual figures and the weak Q4 number. The steep Q4 drop versus a milder full-year decline suggests the problem intensified in the final quarter, but more data is needed to confirm a trend.
Story so far
All notes on MAANALU →- 29 May 2026 · 7:10 PM IST Maan Aluminium's Q4 profit crumbles 57% as margins buckle
- 1d ago Maan Aluminium's profit drops 16% as expenses rise on flat revenue