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10 Yrs X-Ray 
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Analyst Note 
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About
Maan Aluminium Ltd (MAANALU)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532906 NSE: MAANALU Aluminium & Aluminium Products | Small Cap | Maan Aluminium Share Price
₹104.65 5.65 (5.71%)
As on 14-Oct'26 16:59
Maan Aluminium Ltd (MAANALU)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532906 NSE: MAANALU Aluminium & Aluminium Products | Small Cap | Maan Aluminium Share Price
₹104.65 5.65 (5.71%)
As on 14-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹604 Cr.
Current Price
₹104.7
52-Week Low / High
₹97 / 186
TTM EPS
₹2.2
TTM Sales
₹829 Cr.
Book Value per Share
₹46.3
P/E Ratio
45.08
Higher than its 5-year historical median
Industry PE
9.2
Price to Book (P/B)
2.17
Lower than its 5-year historical median
Price to Sales (P/S)
0.73
In line with its 5-year historical median
EV/EBITDA
20.15
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
5.75%
Underperforms industry median
Return on Capital Employed (ROCE)
7.75%
Underperforms industry median
Return on Assets (ROA)
3.93%
Operating Profit Margin
3.1%
Net Profit Margin
1.61%
Gross Profit Margin
3.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-14.99%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-19.93%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-16.05%
Asset Quality
Promoter Holding
55.82%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹248 Cr.
Equity
₹30 Cr.
Face Value
₹5
All Time Low / High
₹0.56 / 258.95
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Weak
Is Maan Aluminium Ltd a good quality company?
Maan Aluminium Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Maan Aluminium Ltd performance compare with that of its Peers?
Revenue growth of Maan Aluminium Ltd vs industry peers?
Maan Aluminium Ltd revenue CAGR is 9.10%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Maan Aluminium Ltd?
Promoters hold 55.82% of the Maan Aluminium Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Maan Aluminium Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 37.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Maan Aluminium Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.5% | 12.5% | 18.1% | 24.3% | 15.7% | 22% | 24.3% | 43% | 25.1% | 10.8% | - |
| Value Creation Index ⓘ | -0.5 | -0.1 | 0.3 | 0.7 | 0.1 | 0.6 | 0.7 | 2.1 | 0.8 | -0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 190 | 349 | 447 | 652 | 524 | 403 | 572 | 814 | 953 | 810 | 829 |
| Sales YoY Gr. | - | 83.4% | 28.1% | 45.8% | -19.6% | -23.1% | 42.1% | 42.2% | 17.1% | -15% | - |
| Adj EPS ⓘ | 0.2 | 0.5 | 1.1 | 1.6 | 1.3 | 2.6 | 3.6 | 8.8 | 5.7 | 2.6 | 2.2 |
| YoY Gr. | - | 170% | 103.7% | 43.6% | -20.9% | 108.8% | 36% | 147% | -34.6% | -55.2% | - |
| BVPS (₹) ⓘ | 5 | 5.5 | 6.5 | 8 | 9.3 | 11.8 | 15.6 | 24.1 | 30.2 | 33 | 46.3 |
| Adj Net Profit ⓘ | 1.1 | 2.9 | 5.9 | 8.5 | 6.8 | 14.1 | 19.2 | 47.4 | 31 | 13.9 | 13 |
| Cash Flow from Ops. ⓘ | -30.7 | -7.4 | 36.1 | -4.4 | 30.5 | -19.5 | 15.1 | 29 | 33.5 | 0.2 | - |
| Debt/CF from Ops. ⓘ | -1.8 | -9.2 | 1.1 | -12.1 | 1 | -3.7 | 4.3 | 1.9 | 1 | 471.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 17.5% | 9.1% | 12.3% | -15% | ||||
| Adj EPS ⓘ | 32.8% | 15.5% | -10.2% | -55.2% | ||||
| BVPSⓘ | 23.4% | 28.9% | 28.4% | 9.4% | ||||
| Share Price | 37.6% | 25.1% | 4.2% | -18.8% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4 | 10.3 | 18.2 | 21.7 | 14.4 | 24.8 | 25.9 | 44.2 | 21.2 | 8.1 | 5.6 |
| Op. Profit Mgn % ⓘ | 3 | 2.3 | 2.9 | 2.8 | 2.4 | 6.1 | 5.7 | 8.8 | 4.7 | 3.1 | 2.5 |
| Net Profit Mgn % ⓘ | 0.6 | 0.8 | 1.3 | 1.3 | 1.3 | 3.5 | 3.4 | 5.8 | 3.3 | 1.7 | 1.6 |
| Debt to Equity ⓘ | 2.1 | 2.3 | 1.1 | 1.2 | 0.6 | 1.1 | 0.8 | 0.4 | 0.2 | 0.5 | - |
| Working Cap Days ⓘ | 103 | 77 | 69 | 51 | 53 | 77 | 74 | 65 | 63 | 78 | 42 |
| Cash Conv. Cycle ⓘ | 75 | 66 | 47 | 33 | 42 | 58 | 56 | 48 | 42 | 55 | 24 |
Valuation of Maan Aluminium - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 349 | 447 | 652 | 524 | 403 | 572 | 814 | 953 | 810 | 809 |
| Operating Expenses ⓘ + | 341 | 434 | 634 | 512 | 378 | 539 | 743 | 908 | 785 | 789 |
| Operating Profit ⓘ | 8 | 13 | 18 | 12 | 25 | 33 | 71 | 45 | 25 | 20 |
| Operating Profit Margin (%) | 2.3% | 2.9% | 2.8% | 2.4% | 6.1% | 5.7% | 8.8% | 4.7% | 3.1% | 2.5% |
| Other Income ⓘ + | 5 | 5 | 5 | 4 | 2 | 5 | 5 | 8 | 5 | 11 |
| Interest ⓘ | 6 | 6 | 6 | 5 | 4 | 5 | 5 | 4 | 3 | 5 |
| Depreciation ⓘ | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 5 | 6 | 7 |
| Profit Before Tax ⓘ | 5 | 10 | 14 | 9 | 20 | 30 | 67 | 44 | 22 | 18 |
| Tax ⓘ | 2 | 3 | 5 | 2 | 5 | 8 | 17 | 11 | 6 | 5 |
| Profit After Tax | 3 | 6 | 9 | 8 | 15 | 22 | 50 | 33 | 16 | 13 |
| PAT Margin (%) | 0.9% | 1.4% | 1.4% | 1.4% | 3.7% | 3.8% | 6.1% | 3.4% | 1.9% | 1.6% |
| Adjusted EPS (₹) | 0.6 | 1.2 | 1.7 | 1.4 | 2.7 | 4.1 | 9.2 | 6.1 | 2.9 | 2.2 |
| Dividend Payout Ratio (%) | 10.40% | 10.50% | 7.40% | 9% | 4.60% | 6.20% | 8.10% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 30 | 35 | 43 | 50 | 64 | 84 | 130 | 163 | 178 | 275 | |
| Debt + | 68 | 40 | 53 | 30 | 72 | 65 | 55 | 31 | 87 | 51 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 2 | 32 | 19 | 4 | 14 | 11 | 30 | 21 | 20 | 22 | |
| Others Liabilities ⓘ | 6 | 6 | 10 | 8 | 10 | 11 | 10 | 9 | 15 | 16 | |
| Total Liabilities ⓘ | 106 | 113 | 126 | 92 | 160 | 171 | 225 | 225 | 300 | 363 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 21 | 23 | 27 | 29 | 37 | 45 | 51 | 54 | 105 | 107 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 | 16 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 6 | 9 | |
| Inventories | 16 | 10 | 11 | 16 | 33 | 37 | 35 | 40 | 58 | 67 | |
| Trade Receivables | 59 | 68 | 82 | 38 | 62 | 73 | 116 | 89 | 104 | 91 | |
| Cash Equivalents | 1 | 3 | 2 | 2 | 11 | 2 | 2 | 1 | 0 | 38 | |
| Others Assets ⓘ | 8 | 9 | 4 | 6 | 17 | 14 | 20 | 35 | 25 | 35 | |
| Total Assets ⓘ | 106 | 113 | 126 | 92 | 160 | 171 | 225 | 225 | 300 | 363 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -7 | 36 | -4 | 30 | -19 | 15 | 29 | 33 | 0 | 18 |
| Cash Flow From Investing Activity ⓘ + | 1 | 1 | -3 | -2 | -12 | -7 | -10 | -6 | -54 | -60 |
| Cash Flow From Financing Activity ⓘ + | 6 | -35 | 6 | -28 | 38 | -14 | -19 | -27 | 54 | 42 |
| Net Cash Flow ⓘ | -0 | 2 | -1 | -0 | 6 | -6 | -0 | -0 | -0 | 0 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 11.54 | 19.74 | 23.29 | 16.14 | 25.91 | 29.62 | 46.56 | 22.33 | 9.08 | 5.75 |
| ROCE (%) | 12.46 | 18.08 | 24.33 | 15.66 | 21.98 | 24.25 | 43 | 25.05 | 10.76 | 7.75 |
| Asset Turnover Ratio | 3.66 | 4.13 | 5.49 | 4.95 | 3.24 | 3.5 | 4.14 | 4.31 | 3.14 | 2.49 |
| PAT to CFO Conversion(x) | -2.33 | 6 | -0.44 | 3.75 | -1.27 | 0.68 | 0.58 | 1 | 0 | 1.38 |
| Working Capital Days | ||||||||||
| Receivable Days | 52 | 51.60 | 41.90 | 40.90 | 45.10 | 42.40 | 41.90 | 38.50 | 43 | 43.20 |
| Inventory Days | 16.20 | 10.20 | 5.70 | 9 | 21.80 | 21.90 | 16 | 14.10 | 21.80 | 27.70 |
| Payable Days | 2.20 | 15.40 | 15.50 | 8.90 | 9.40 | 9.70 | 12 | 11.30 | 10.50 | 10.70 |
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Maan Aluminium Ltd FAQs
The current trading price of Maan Aluminium on 14-Oct-2026 16:59 is ₹104.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Oct-2026 the market cap of Maan Aluminium stood at ₹604.0 Cr
The latest P/E ratio of Maan Aluminium as of 13-Oct-2026 is 45.08.
The latest P/B ratio of Maan Aluminium as of 13-Oct-2026 is 2.17.
The 52-week high of Maan Aluminium is ₹186.4 and the 52-week low is ₹97.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Maan Aluminium is ₹829 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Maan Aluminium Ltd is a average quality company.
The key valuation ratios of Maan Aluminium Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Maan Aluminium Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Maan Aluminium Ltd
Man Aluminum,incorporated in 1988 is a secondary producer of Aluminum in India. The company is a part of The Man Group and is demerged from Man (India) Industries Limited with effect from March 24, 2007.
It was incorporated with a project to manufacture Aluminium Extrusions. In a record time of 11 months the company commenced commercial production & today has the distinction of being India's largest manufacturer & exporter of Aluminium Extruded Products, comprising 50% of the country's exports.
Man (India) Industries is a leading manufacturer and exporter of large diameter Carbon Steel Line Pipes for various high pressure transmission applications for Gas, Crude Oil, Petrochemical Products and Potable Water. With operations in India, US, Europe, UAE and South East Asia, Man (India) Industries a listed company on Indian bourses continues to seek improvement in its business, having set benchmarks to grades as standards in Aluminum and SAW Pipe manufacturing.
Products manufactured by the company includes:
The Company offers a range of aluminum extrusions for electric control panels in various sizes and shapes used in electric devices and switchgears in various specifications. It also manufactures aluminum fences that are used in malls and other buildings.
The products of the company are used in :
- Automobiles
- Automation
- AirConditioning
- Architectural
- Building & Construction
- Carpet Profiles
- Curtain Wall
- Doors
- Electrical
- Electronics
- Heavy Engineering
- Hinge / Handle
- HeatSinks
- Irrigation
- Ladder Profiles
- Lighting
- Luggage
- Road Transport
- Scaffolding
- Shutter
- Syntex
- Textiles
- Ventilation
- Windows
Achievements/ recognition:
- It is an ISO 9001/14001/18001 accredited company.
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