Financial Performance Summary

Key Consolidated Financial Highlights (₹ Mn)

| Particulars | Q1FY27 | Q4FY26 | QoQ% | Q1FY26 | YoY% |

| Total Revenue | 2,328 | 2,496 | -7% | 1,837 | 27% |

| EBITDA | 210 | 215 | -2% | 131 | 60% |

| EBITDA Margin (%) | 9.0% | 8.6% | 39 bps | 7.14% | 187 bps |

| PAT | 137 | 180 | -24% | -54 | 353% |

| PAT Margin (%)* | 5.9% | 7.2% | -132 bps | -2.9% | 883 bps |

*PAT increased by 353% YoY primarily due to exceptional loss recorded in Q1 FY26. QoQ PAT decline of 24% as Q4FY26 included exceptional credit relating to insurance claim receivables and salvage realization.

Business Segment Performance (Revenue ₹ Mn)

| Segment | Q1FY27 | Q4FY26 | QoQ% | Q1FY26 | YoY% |

| Aluminium Powders | 1,538 | 1,548 | -1% | 1,062 | 45% |

| Aluminium Foils | 605 | 651 | -7% | 470 | 29% |

| Aluminium Conductors | 171 | 276 | -38% | 294 | -42% |

| Polymer Insulator | 5 | 13 | -62% | 0.4 | 1087% |

| Others | 9 | 8 | 9% | 10 | -13% |

Consolidated P&L Breakdown (₹ Mn)

| Particulars | Q1FY27 | Q4FY26 | Q1FY26 |

| Revenue from Operations | 2,326 | 2,497 | 1,833 |

| Other Income | 2 | -1 | 4 |

| Total Revenue | 2,328 | 2,496 | 1,837 |

| Cost of Material Consumed | 1,926 | 1,912 | 1,451 |

| Changes in inventories | -87 | 78 | 35 |

| Employee Benefit Expense | 131 | 128 | 113 |

| Finance Cost | 34 | 38 | 26 |

| Depreciation & Amortization | 31 | 29 | 28 |

| Other Expenditure | 149 | 162 | 107 |

| Total Expenses | 2,182 | 2,347 | 1,759 |

| PBT before Share of Profit/(Loss) of Associate, Exceptional Items | 146 | 149 | 78 |

| Share of Profit/(Loss) of Associate | 29 | 21 | 18 |

| PBT before Exceptional Items | 174 | 170 | 95 |

| Exceptional Item | 0 | 76 | -173 |

| PBT | 174 | 246 | -78 |

| Tax Expense | 37 | 66 | -24 |

| PAT | 137 | 180 | -54 |

Performance Drivers and Operational Highlights

Management Commentary

The Company delivered resilient performance with 27% YoY revenue growth supported by strong growth in Powder and Foil segments and improved export performance, despite delays in export shipments and aluminium price volatility amid geopolitical uncertainties.

EBITDA increased 60% YoY to ₹210 Mn despite ₹13.7 Mn EBITDA loss from newly incorporated subsidiaries during ramp-up phase and adverse impact of geopolitical uncertainties and volatile metal prices.

Reported PAT of ₹137 Mn vs loss of ₹54 Mn in Q1FY26 (353% YoY increase) primarily due to exceptional loss in Q1FY26. Excluding exceptional impact, PAT would have been ₹75.2 Mn in Q1FY26 vs ₹137 Mn in Q1FY27, representing underlying PAT growth of 82% YoY driven by better sales realization and improved operational efficiencies.

Segmental Analysis

Aluminium Powders: Revenue grew 45% YoY to ₹1,538 Mn. Strong export enquiries from West/Central Asia, Europe, and US expected to increase exports by 40-50% in FY27. Domestic demand remains strong across explosives, AAC blocks, and pesticides applications.

Aluminium Foils: Revenue grew 29% YoY to ₹605 Mn driven by improved realizations. EBITDA margins improved supported by higher capacity utilization across Conversion and Printing sections. Lidding Foil development progressing with trial production expected by end Q2/beginning Q3FY27, commercial launch targeted Q3FY27. Evaluating supply opportunities with Amul, Mother Dairy, Dinshaw's, Milky Mist, Paras Dairy, and Hatsun.

Aluminium Conductors and Cables: Revenue declined 42% YoY to ₹171 Mn due to elevated aluminium prices impacting buying sentiment and slower government infrastructure project execution. Trial production of LT Power Cables commenced at Bhandara facility with nine product sizes under development. BIS certification samples expected mid-August 2026, approvals anticipated within 4-6 weeks. Commercial sales expected Q3FY27.

Polymer Insulator (MMP Electricals Private Limited): Revenue grew 1087% YoY to ₹5 Mn. Vendor registrations progressing with Power Grid Corporation of India, MSETCL, GETCO, MPPTCL, KPTCL. Vendor approvals received from MSEDCL, PGVCL, CSPDCL for Distribution Line Insulators. Commercial supplies to Nepal commenced. Export opportunities in US and Latin America expected from Q3FY27. Developing in-house FRP rods and metal end fittings capabilities. Planning silicone rubber manufacturing facility.

Subsidiary Updates

MMP Cables Private Limited: Construction of 18,000 MTPA Aluminium Wire Rod facility advanced stage with machinery installation underway. Plant trials expected end Q3FY27, commercial production targeted Q4FY27.

Solar Park: ~7 MW group captive solar park under development with ₹30 Cr investment. Commissioning targeted Q3FY27 to reduce power costs.

Associate Companies:

  • Star Circlips & Engineering Limited: Revenue ₹544 Mn vs ₹442 Mn YoY, PAT ₹84 Mn vs ₹65 Mn YoY. Commenced Greenfield Hot Steel Forging facility (3,400 MTPA capacity) with ₹25 Cr investment from internal accruals. Trial production targeted Q1FY28. Expected asset turns 2.5-3.0x at 90% capacity utilization with EBITDA margin 18-22%.
  • Toyal MMP India Private Limited: Revenue ₹203 Mn vs ₹201 Mn YoY, PAT ₹26 Mn vs ₹2.4 Mn YoY.

Guidance and Outlook

Q2 expected to be seasonally softer due to monsoon. Company hopeful to achieve 15-18% revenue growth in FY27. Blended EBITDA margins expected to improve subject to stable metal prices and supportive global macroeconomic environment.

ESG Activities

Strengthened CSR initiatives across education, community development, environmental sustainability, social welfare, and public awareness including special education support, population survey infrastructure, plantation drives, Project Disha, social awareness programmes, and International Yoga Day activities.