Date: Monday, 2nd November, 2026

Financial Performance Overview

MMP Industries Limited reported its highest-ever quarterly and half-yearly financial performance for Q2FY27 and H1FY27 ended September 30, 2026.

Quarterly Performance (Q2FY27)

  • Total Income: ₹2,529 Mn, up 34% YoY (from ₹1,882 Mn in Q2FY26)
  • EBITDA: ₹193 Mn, up 44% YoY (from ₹134 Mn in Q2FY26)
  • EBITDA Margin: 7.65%, improved by 53 bps YoY (from 7.12%)
  • PAT: ₹121 Mn, up 73% YoY (from ₹70 Mn in Q2FY26)
  • PAT Margin: 4.79%, improved by 107 bps YoY (from 3.72%)

Half-Yearly Performance (H1FY27)

  • Total Income: ₹4,857 Mn, up 31% YoY (from ₹3,719 Mn in H1FY26)
  • EBITDA: ₹403 Mn, up 52% YoY (from ₹265 Mn in H1FY26)
  • EBITDA Margin: 8.30%, improved by 117 bps YoY (from 7.13%)
  • PAT: ₹258 Mn, up 1516% YoY (from ₹16 Mn in H1FY26, which was impacted by an exceptional charge of approximately ₹173 Mn)

Sequential Performance (QoQ)

  • Total Income increased 9% from ₹2,328 Mn in Q1FY27
  • EBITDA decreased 8% from ₹210 Mn in Q1FY27
  • EBITDA Margin declined 136 bps from 9.01% in Q1FY27
  • PAT decreased 12% from ₹137 Mn in Q1FY27

Segment-wise Performance

| Segment | Q2FY27 (₹ Mn) | Q1FY27 (₹ Mn) | QoQ (%) | Q2FY26 (₹ Mn) | YoY (%) | H1FY27 (₹ Mn) | H1FY26 (₹ Mn) | YoY (%) |

| Aluminium Powders | 1,610 | 1,538 | 5% | 1,174 | 37% | 3,149 | 2,236 | 41% |

| Aluminium Foils | 748 | 605 | 24% | 509 | 47% | 1,353 | 979 | 38% |

| Aluminium Conductors | 156 | 171 | -9% | 186 | -16% | 327 | 480 | -32% |

| Polymer Insulator | 6 | 5 | 24% | 4 | 42% | 11 | 5 | 134% |

| Others & Unallocated | 9 | 9 | -1% | 9 | -7% | 17 | 19 | -8% |

Detailed Segment Analysis

Aluminium Powders:

  • Revenue grew 37% YoY to ₹1,610 Mn in Q2FY27
  • Strong performance supported by healthy demand and robust export performance
  • Export momentum expected to strengthen further in H2FY27
  • Focus on higher value-added export products to enhance realizations and profitability

Aluminium Foils:

  • Revenue increased 47% YoY to ₹748 Mn in Q2FY27
  • Sustained demand across both bare and printed foil categories
  • Maintained positive EBITDA margins despite challenging market conditions and pricing pressures
  • Lidding Foil initiative progressing with manufacturing line ready and initial trials completed
  • Product samples undergoing evaluation by leading dairy companies including Dinshaw's and Amul

Aluminium Conductors and Cables:

  • Revenue declined 16% YoY to ₹156 Mn in Q2FY27 due to monsoon-related slowdown
  • Expected strong recovery in H2FY27 with revenue projected to grow 40-50% compared to H1FY27
  • Received BIS certification for LT Cables
  • Approvals from MSEDCL, PWD, MahaMetro and other State Boards at advanced stage
  • Commercial sales expected from Q4FY27 subject to approvals

Subsidiary Updates

MMP Electricals Private Limited (MEPL) - Polymer Insulator:

  • Successfully developed complete range of Distribution and Transmission Insulators up to 765 kV
  • Registration and approval process with major utilities (PGCIL, GETCO, Sterlite, MPPTCL, KPTCL) at advanced stage
  • Factory inspections completed, product approvals expected shortly
  • Secured export orders from Latin America and South Asia
  • Expects sustained order inflows following PGCIL approval and empanelment

MMP Cables Private Limited (MCPL):

  • 18,000 MTPA Aluminium Wire Rod facility construction and machinery installation at advanced stage
  • Commercial production targeted for Q4FY27
  • Expected to strengthen backward integration across Conductors, ABC and LT Cable businesses
  • 6,000 MTPA LTPC project progressing with civil and structural design work underway
  • Trial production targeted for Q4FY28

Solar Park Development

  • ~7 MW group captive solar park under open access scheme
  • Planned investment: ₹30 Cr
  • Hardware and equipment ready at site
  • Commissioning delayed from Q3FY27 target due to pending regulatory approvals
  • Once operational, expected to reduce power costs and support margin improvement

Associate Companies Performance

Star Circlips & Engineering Limited (SCEL):

  • Revenue: ₹605 Mn in Q2FY27 vs ₹463 Mn in Q2FY26
  • PAT: ₹100 Mn in Q2FY27 vs ₹62 Mn in Q2FY26
  • Improvement driven by higher sales volumes and enhanced operational efficiency
  • Expects record sales in H2FY27 driven by domestic demand and increased exports
  • Secured approval for critical fine blank product used in air conditioners (expected contribution from Q4FY27)
  • Setting up greenfield hot forging facility, operations expected Q1FY28

Toyal MMP India Private Limited (TMI):

  • Revenue: ₹231 Mn in Q2FY27 vs ₹171 Mn in Q2FY26
  • PAT: ₹4 Mn in Q2FY27 vs ₹2 Mn in Q2FY26

Expense Breakdown

| Expense Category (₹ Mn) | Q2FY27 | Q1FY27 | Q2FY26 | H1FY27 | H1FY26 |

| Cost of Material Consumed | 2,053 | 1,926 | 1,584 | 3,979 | 3,034 |

| Changes in inventories | (6) | -87 | (92) | (94) | (57) |

| Employee Benefit Expense | 136 | 131 | 119 | 267 | 232 |

| Finance Cost | 34 | 34 | 34 | 68 | 60 |

| Depreciation & Amortization | 31 | 31 | 28 | 62 | 56 |

| Other Expenditure | 153 | 149 | 138 | 302 | 245 |

Profitability Metrics

  • PBT before Share of Profit/Loss of Associate, Exceptional Items: ₹127 Mn in Q2FY27 (-12% QoQ, +77% YoY)
  • Share of Profit/Loss of Associate: ₹27 Mn in Q2FY27
  • PBT before Exceptional Items: ₹155 Mn in Q2FY27 (-11% QoQ, +74% YoY)
  • Tax Expense: ₹34 Mn in Q2FY27

Management Commentary Highlights

  • Growth primarily driven by improved plant utilization and robust export performance
  • EBITDA margin improvement achieved despite fluctuating metal prices and inventory valuation losses
  • Higher consumable costs and ₹15 Mn combined EBITDA loss from subsidiaries in initial stages
  • Sequential margin moderation due to inventory valuation related losses
  • Q2 traditionally witnesses seasonal moderation due to monsoon
  • Continued focus on operational efficiency and cost management
  • MMP brand strengthening market presence through product quality and customer service

CSR Activities

  • Undertaken in Bhandara region focusing on education, youth development, environmental conservation
  • Activities included physical training for youth, seed-sowing drives, educational material distribution
  • Training programs and school infrastructure improvements conducted