Financial Performance Summary

Q4FY26 Consolidated Performance:

  • Total Revenue: ₹2,496 Mn vs ₹2,231 Mn in Q4FY25 (12% YoY growth)
  • EBITDA: ₹215 Mn vs ₹184 Mn in Q4FY25 (17% YoY growth)
  • EBITDA Margin: 8.6% vs 8.3% in Q4FY25 (36 bps improvement)
  • PAT: ₹180 Mn vs ₹109 Mn in Q4FY25 (66% YoY growth)
  • PAT Margin: 7.2% vs 4.9% in Q4FY25 (234 bps improvement)

Full Year FY26 Consolidated Performance:

  • Total Revenue: ₹8,253 Mn vs ₹6,929 Mn in FY25 (19% YoY growth)
  • EBITDA: ₹663 Mn vs ₹649 Mn in FY25 (2% YoY growth)
  • EBITDA Margin: 8.0% vs 9.4% in FY25 (133 bps decline)
  • PAT: ₹310 Mn vs ₹389 Mn in FY25 (20% YoY decline)
  • PAT Margin: 3.8% vs 5.6% in FY25 (185 bps decline)

Segment-wise Revenue Performance (FY26):

  • Aluminium Powders: ₹5,040 Mn vs ₹4,384 Mn in FY25 (15% growth)
  • Aluminium Foils: ₹2,152 Mn vs ₹1,544 Mn in FY25 (39% growth)
  • Aluminium Conductors and ABC: ₹1,000 Mn vs ₹967 Mn in FY25 (3% growth)
  • Polymer Insulator: ₹23 Mn vs ₹0 Mn in FY25
  • Others: ₹38 Mn vs ₹34 Mn in FY25

Detailed Profit & Loss Statement:

| Particulars (₹ Mn) | Q4FY26 | Q3FY26 | Q4FY25 | FY26 | FY25 |

| Revenue from Operations | 2,497 | 2,033 | 2,231 | 8,240 | 6,919 |

| Other Income | -1 | 5 | 0 | 13 | 10 |

| Total Revenue | 2,496 | 2,039 | 2,231 | 8,253 | 6,929 |

| Cost of Material Consumed | 1,912 | 1,676 | 1,735 | 6,622 | 5,554 |

| Employee Benefit Expense | 128 | 119 | 120 | 479 | 440 |

| Finance Cost | 38 | 36 | 29 | 133 | 102 |

| Depreciation & Amortization | 29 | 29 | 26 | 113 | 97 |

| Other Expenditure | 162 | 142 | 135 | 548 | 493 |

| PBT before Share of Profit | 149 | 117 | 130 | 416 | 450 |

| Share of Profit/(Loss) of Associate | 21 | 27 | 14 | 82 | 61 |

| PBT before Exceptional Items | 170 | 144 | 143 | 498 | 511 |

| Exceptional Item | 76 | -1 | 0 | -97 | 0 |

| PBT | 246 | 144 | 143 | 401 | 511 |

| Tax Expense | 66 | 30 | 35 | 91 | 122 |

| PAT | 180 | 114 | 109 | 310 | 389 |

Management Commentary & Operational Highlights

Operational Disruption Impact:

The temporary operational disruption at the Umred manufacturing facility during Q1FY26 impacted Aluminium Powder and Foil segments, resulting in:

  • Estimated Revenue loss: ₹45 to ₹50 Cr
  • Net EBITDA impact: ₹7 to ₹8 Cr
  • Net positive PAT impact exclusion: ₹11 to ₹12 Cr

Operations normalized during subsequent quarters.

Subsidiary Performance:

Newly incorporated subsidiaries incurred EBITDA losses of ₹4.08 Cr during FY26 and PAT losses of ₹3.52 Cr during their ramp-up phase.

FY27 Guidance:

Aluminium Powders:
  • Expected 50% increase in exports in FY27 from West Asia, Europe, and US
  • Export margins expected to be higher than domestic markets
  • FY27 revenue growth guidance: ~13 to 15% with EBITDA margin improvement
Aluminium Foils:
  • Expected 15% YoY growth in FY27
  • Security Printing and Lidding Foil products expected by early Q3FY27
  • Minimal incremental capital expenditure for new products
  • Meaningful improvement in EBITDA margins expected
Aluminium Conductors and Cables:
  • BIS approval received for AL59 bare conductors
  • Strategic pilot initiative for LT cables at Bhandara facility on track
  • Product launch expected in June 2026

Subsidiary Updates:

MMP Electricals Private Limited (MEPL):
  • Phase II capacity fully operational
  • Successful in-house development of FRP rod manufacturing line
  • Commercial supplies to Nepal commenced
  • US customer discussions progressing
  • Meaningful sales ramp up expected from Q3FY27
MMP Cables Private Limited (MCPL):
  • 18,000 MTPA aluminium wire rod facility under construction
  • Major machinery, electricals, and utilities ordered
  • Civil works underway
  • Initial machinery installation expected from July 2027
  • Plant trials anticipated during H2FY27

Solar Park Development:

  • ~7 MW group captive solar park under open access scheme
  • Planned investment: ₹30 Cr
  • Land acquisition completed
  • Commissioning targeted during H1FY27
  • Expected to reduce power costs and support margin improvement

Associate Company Performance:

Star Circlips & Engineering Limited (SCEL):
  • Q4FY26 Revenue: ₹518 Mn (Q4FY25: ₹413 Mn)
  • FY26 Revenue: ₹1,930 Mn (FY25: ₹1,662 Mn)
  • Q4FY26 PAT: ₹76 Mn (Q4FY25: ₹67 Mn)
  • FY26 PAT: ₹285 Mn (FY25: ₹218 Mn)
Toyal MMP India Private Limited (TMI):
  • Q4FY26 Revenue: ₹218 Mn (Q4FY25: ₹148 Mn)
  • FY26 Revenue: ₹743 Mn (FY25: ₹609 Mn)
  • Q4FY26 PAT: ₹5 Mn (Q4FY25: ₹-15 Mn)
  • FY26 PAT: ₹30 Mn (FY25: ₹18 Mn)

CSR Activities:

During Q4FY26, undertaken initiatives focused on education, community welfare, sanitation, sports and public infrastructure including construction of tin shed at Z.P. School, Gopiwada and donation of RO water cooler to Police Station Bhandara.

Key Performance Drivers

  • Healthy growth across Powder and Foil segments
  • Improved exports and better realizations
  • Better operational efficiencies and improved product mix
  • Strong export traction
  • Operational resilience despite aluminium price volatility and inflationary pressure

Exceptional Items:

Q4FY26 included net exceptional credit of ₹5.45 Cr (post tax) primarily related to insurance claim receivables, salvage realization, and provision adjustments under New Wage Code.

FY26 included net exceptional loss of ₹6.96 Cr (post tax) on the same account.