- **Maan Aluminium is an Indian converter that takes raw aluminium and turns it into precision profiles and components for customers who will not compromise on quality - carmakers, aerospace firms, solar manufacturers, and defence contractors. It began in 1989 as one of the country’s first extrusion plants, and over three decades it has quietly moved up the value chain from a trader-and-extruder into a technology-led niche manufacturer, a shift that accelerated sharply when it installed an advanced Italian press capable of handling alloys nearly as strong as steel, which went live in March 2025. The recurring idea is simple: buy the machine that unlocks the customer that competitors cannot serve, then use that relationship to sell more machining, more surface treatment, and more precision work on top of the basic extrusion.** # Business segments Two engines, one feeding the other - a legacy trading and distribution business that gives the company privileged access to raw material and market intelligence, and a manufacturing engine that converts that metal into high-value extrusions and precision components for export and domestic OEMs. ## 1. Aluminium extrusion and precision manufacturing: where the company turns metal into engineered parts **A single integrated factory takes aluminium billets through casting, extrusion, surface finishing, and CNC machining under one roof, with a newly installed Italian press that triples the size of profiles it can make and opens the door to aerospace and defence alloys.** - **One roof, four steps** - the flagship plant in Pithampur, Madhya Pradesh, houses a foundry that casts billets, four hydraulic extrusion presses, two anodizing lines, and a machine shop with Mazak vertical machining centres, so the company controls quality from molten metal to finished component without depending on outside processors. - **The press that changed the game** - Press #4, a 3,000-tonne Italian machine commissioned in 2024, expanded total extrusion capacity from 10,000 to 24,000 tonnes per year and can push profiles up to 300mm wide, which means the company can now bid for large architectural sections and complex shapes that were physically impossible on its older 900-1,450 tonne presses. - **Alloys that rivals cannot run** - the new press also unlocked the ability to process 7-series aluminium, which is described as nearly as strong as steel, which is the grade demanded by defence, aerospace, and electric-vehicle manufacturers for structural parts. - **First-in-India capabilities** - the company claims to be the only Indian extruder with automotive roof-rail bending capability, and one of only two or three with the roller-bending machines needed for airport luggage-conveyor systems, which positions it as a direct substitute for imported components in Make-in-India programmes. - **Value-added layers build margin** - the base business sells plain extrusions, but the company systematically works to convert customers to anodized, powder-coated, machined, or precision-tubed products that command margins roughly 25% above the extrusion alone, and customer relationships are protected by non-disclosure agreements even though there are no fixed-term supply contracts. - **A second plant for precision tubing** - in 2025 the company acquired a sick unit in Dewas, Madhya Pradesh, for about ₹8.75 crores and has fully refurbished it to produce precision drawn tubing for industries with stringent qualification requirements, with trial production underway and a technology partner being sought to run the facility. ## 2. Trading and distribution of primary aluminium: the legacy engine that feeds the factory **As an exclusive Hindalco distributor for North and South India, the company buys and sells aluminium ingots, billets, and wire rods through stock depots in three states, earning a trading margin while gaining visibility on metal supply and pricing that informs the manufacturing business.** - **Exclusive distribution rights** - the company is the appointed distributor for Hindalco’s aluminium billet, ingot, and wire rod across North India and South India (excluding Hyderabad), which gives it a guaranteed supply of the raw material it also consumes in its own extrusion plant. - **Depots close to customers** - stock points in Delhi, Raipur, and Hosur, plus offices in Mumbai and Bengaluru, put primary metal within reach of small and medium fabricators who cannot buy mill-direct quantities, while the trading team gathers market intelligence on demand patterns across regions. - **Legacy cash flow, not the future** - management describes trading as the “#2 business” and manufacturing as the “#1 focus area,” signalling that the trading engine is a steady contributor that funds capability upgrades in extrusion rather than a growth platform in its own right. # Group structure and partners **A standalone listed company with no subsidiaries, controlled by the founding Jain family and recently recapitalised through a preferential share issue to fund its manufacturing expansion.** - **Listed and independent** - Maan Aluminium is domiciled in India, listed on the BSE and NSE, and as of March 2025 had no Indian subsidiary, associate, or holding company, though it previously operated a Dubai subsidiary that no longer appears in filings. - **Promoter-led with fresh capital** - the promoter group, led by Chairman and Managing Director Ravinder Nath Jain, holds significant equity and participated alongside 39 external investors in a January 2026 preferential issue of 59 lakh shares at ₹141 each, bringing in funds to support the Dewas plant and working-capital needs. - **Banking and credit backbone** - HDFC Bank and Citi Bank are the company’s bankers, and it holds an ICRA rating of BBB+/Stable for long-term and A2 for short-term debt on a total sanctioned bank facility of ₹105 crores, giving it headroom to fund raw-material purchases and expansion. - **Three factories, one solar plant** - manufacturing is concentrated in Madhya Pradesh at Pithampur (the main extrusion site and an adjacent expansion plot) and Dewas (the tubing plant), with a 1.10 MW captive solar plant in Ujjain supplemented by a 1.60 MW solar setup and a third-party power-purchase agreement that together supplied 23% of electricity from renewables in FY25.