Maan Aluminium Q1 FY27 Results (NSE: MAANALU)
Signal: Steady quarter
The read
The operating trajectory improved from Q4FY26's -0.13% OPM to Q1FY27's 3.1% EBITDA margin, but this is not yet a durable inflection: revenue grew 9.8% YoY while EBITDA grew only 2.2%, EBIT fell 0.2%, and PAT growth of 36.6% relied heavily on other income equal to 39.6% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹231.86 Cr | 9.8% | -8.9% |
| EBIT | ₹5.1 Cr | -0.2% | |
| Net profit | ₹3.73 Cr | 36.6% | |
| EPS | ₹0.62 | 24.0% | |
| EBIT margin | 3.1% |
P&L walk
Revenue grew 9.8% YoY to ₹231.86 Cr, but EBITDA grew only 2.2% to ₹7.08 Cr and EBIT declined 0.2% to ₹5.1 Cr; PAT growth of 36.6% was aided by other income equal to 39.6% of PBT.
Key positives
- Revenue increased 9.8% YoY to ₹231.86 Cr, reversing the recent Q4FY26 revenue decline trend on an annual comparison.
- Finance costs declined 46.2% YoY to ₹78 lakh, improving conversion from operating profit to pre-tax profit.
- EBITDA margin recovered to 3.1% from Q4FY26's -0.13% OPM, although the recovery remains modest relative to the 9.8% revenue growth.
Key concerns
- EBITDA grew only 2.2% YoY to ₹7.08 Cr versus 9.8% revenue growth, indicating weak operating conversion.
- EBIT declined 0.2% YoY to ₹5.1 Cr despite revenue growth, while depreciation increased 8.8% YoY to ₹198 lakh.
- PAT growth of 36.6% was not matched by EPS growth of 24.0%, creating a dilution or minority-interest concern.
- Revenue declined 8.9% QoQ from ₹254.57 Cr, so the annual recovery has not yet translated into sequential momentum.
Earnings quality: includes non-operating other income
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