Maan Aluminium Limited (MAANALU) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Mann Aluminium Limited Q4 F526 and Full Year F526 on this conference call. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as and date of this call. These statements are not the guarantees for your performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only more, and there will be an opportunity for you to ask questions after the presentations unfolds. Should you need assistance within the conference call, please signal and operate at the pressing star and zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Samesha from Nuwamawel. Thank you, and over to you, Mr. Shah.

Yes. Thank you, everyone, for joining us today to discuss the Q4, FY26, and FY26 earnings of Maan Aluminium Limited. We would like to thank the company for giving us the opportunity to host this call. On the call with us today, we have the management of the company, represented by Mr. Ashish Jain, the Executive Director, and Mr. Umesh Chandrapan, the Chief Financial Officer. I would now like to hand over the call to the management team for their opening remarks, post which we can open the floor for questions and answers. Over to you, sir. Thank you.

Thank you, sir. Good afternoon, everyone. This is Umesh Chandrapan, CFO of the company. On behalf of Maan Aluminium Ltd., I welcome all our shareholders, investors, analysts, and stakeholders to our Q4 and FY26 earnings conference call. So FY26 has been a year of strategic transformation for the company. The year was far more significant from a long-term perspective as it marked the transition of the company from a traditional extrusion player towards a higher-value-added aluminium converter. During FY25-26, the company delivered stable top-line performance despite continued volatility in commodity prices, slowdown in exports, and pressure on manufacturing margins. The revenue from operations remained almost flat by INR 809 crores as compared to INR 810 crores in FY25. Well, the stable revenue was mainly supported by growth in domestic manufacturing business and better realizations. EBITDA increased by 3% to IR31 crores from IR30 crores last year. This improvement was achieved through better operational controls, improved value-added product mix, and optimization of overhead costs. Profit before tax decreased by 18% to INR 18 crores as against INR 22 crores in the previous years. The decline was mainly due to increased in raw material prices, lower export contribution, pressure on manufacturing profitability, and higher operating costs arising from the oil and energy crisis during the year. Further, the government restrictions on gas supply also impacted production efficiency and energy costs, thereby affecting overall profitability of the company. Profit after tax also reduced by 19% and stood at INR 13 crores as compared to INR 16 crores last year, primarily which is in line with lower profitability at the PBT level and increased energy-related operational costs. Net worth of the company increased significantly by 54% from INR 178 crores to INR 274 crores. The improvement was primarily driven by the preferential capital raised by the company amounting to INR 83 crores along with the retention of profits, which further strengthened the company's balance sheet and long-term financial position. Overall, despite the challenging global market conditions, volatility in aluminum prices, and the impact of the oil and energy crisis, including restricted gas supply, the company continued to maintain financial stability. The successful presidential capital infusion during the year significantly strengthened the company's network, liquidity position, and balance sheet, enabling the company to continue its expansion and long-term growth initiatives with a stronger financial foundation. During the year, we successfully commissioned the new Italian extrusion press at Vitampur, increasing our extrusion capacity from 10,000 tons per annum to 24,000 tons per annum. We also completed the acquisition and refurbishment of the Devas facility, which will become the foundation for our future tubing and downstream value-added business. The investments undertaken over the last two years have substantially enhanced our technical capabilities, enabling us to manufacture wider profiles, higher strength alloys, complex geometrics, and products suitable for aerospace, defense, automotive, and other specialized sectors. At the same time, we acknowledge that the commercial ramp-up of these capacities has taken longer than originally anticipated. Because customer qualification cycles, project approvals, slower industrial demand in certain sectors, and further geopolitical uncertainties have impacted the pace of utilization. However, we would like to emphasize that the challenge is primarily one of timing and utilization rather than capability creation. The capacities have largely been established, the infrastructure is available, and our focus now is on increasing throughput, expanding value-added offerings, and improving the asset utilization. We remain encouraged by the growing inquiry pipeline, increasing participation in defense, aerospace, solar, and other engineering sectors, and further the opportunities arising from the import substitution initiatives under Make in India. The company remains financially strong following the successful preferential capital raise, which has significantly strengthened our balance sheet and positioned us well to pursue future growth opportunities. Going forward, management's focus will remain on increasing utilization of newly created capacities, expanding our value-added section like fabrication, anodizing, powder coating, and tubing business. Improving EBITDA per kg through higher value-added products. Strengthening domestic and strategic customer relationships. Maintaining financial discipline and prudent capital allocation. We remain confident that the investments made over the last two years will create meaningful shareholder value over the medium term. So that's all. Thank you for your continued trust and support. Over to you, Nuwama Team.

Should I open the line for questions?

Yes.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star and 1 on a touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Once again, a reminder to all the participants, I do my best star and one to ask a question. The first question comes from the line of Madhurati with counter-cyclical investments.

Please go ahead.

Sir, thank you for the opportunity. Sir, if you could help us understand what were the volumes for our extrusion division during Q4 and FI26 and the revenue as well as EBITDA that we did on this segment.

Yes, for FY26, the total extrusion capacity as well as value added segments combined was almost 7,300 metric tons. And the average sale realization per kg was around from extrusion. It was 340 per kg. And again, from the value rate segment, it was comparatively higher.

Sir, can you give me the number for value added as well? What was the real identification per kg?

So, we have a blended figure. Generally, we give the numbers on a blended basis. So, generally, if you look at EBITDA per ton basis, we have close to about 280 EBITDA per ton on a blended basis for all value-added products, extrusion, and, you know, anodizing, powder-coating, everything.

So, so, realization on a blended basis was Rs. 340 per gig. No, EBITDA per ton. Okay. Data per ton is 340 per kg.

Yeah, it was in dollar terms, it's about $300 per ton.

$300 per ton. I'm sure what was the realization, if you could help me understand?

Yeah, to the realization again, we have a blended and I can tell you, uh, in Paducah Rose, uh, Omish, you have the numbers with you, right?

So, the total sales relation was approximately 300 crores.

Okay, 300 crores for FI business. Okay, fine. Got it. Now, sir, if I look at our business going forward, sir, what kind of ramp-up can we expect in our exclusions because our capacity has increased? And at what percentage of our volumes are coming from value-added products currently? And in FI 27, maybe more than 1 or 2 years, where should we see this number going forward?

Okay. So, I mean, I'm sorry, I didn't catch your name.

Who is this?

Sir, my name is Madhur Rati.

Yeah, hi, Madhu. So, Madhu, our ramp up for the next three years is pretty significant. Actually, if you would have seen by the end of last year and this financial year, you know, April onwards, we've done a lot of CAPEX. So, by the end of the year, we did a lot of CAPEX and what has happened is that this end of last year and the beginning of this year is a major investment cycle for us. But, you know, these investment cycles to turn into revenue and profitability is taking longer than what we anticipated was purely because obviously the market dynamics, what Umesh said initially, we can go through details if required. And, you know, our ramp-up now is going to be very significant because in the next two to three years, we are assuming that the market is going to substantially grow in that aspect as well. Our focus has always been now that we've added extrusion capacity, we are adding capacities for our value-added products. That means anodizing, powder coating, machining, and tubing, which is a new business, which command very significant margins of close to 25% over and above extrusion margins. So, you know, we would ideally, in an ideal scenario, you know, if I tell you I would want to sell 100% of my extrusion about the 24,000 tons that we are planning to achieve in the next three years as value-added product. But, I mean, the ramp-up is not going to be that significant. But, you know, even if we are able to capture the market on 15-20% year-on-year, you know, we should achieve 80% of our capacities in the next three years. You know, we've had this discussion previously as well, and, you know, the ramp-up has got delayed this year. So this year, we're going to see a very flat year. That's what we feel. Obviously, you know, if the commodity prices correct significantly, you know, the overall economic environment correct significantly for us, then that ramp-up will be faster. But, you know, we see that within the next three years, we should be in a very good position to achieve at least 75% of our capacities. Got it.

So, if I were to think from, I'm trying to think, sir, although next year we are expecting close to 7,000, 7,500 kind of volumes based on a flat issue, sir, can't we manufacture the commodity exclusion just till the time we get customer approvals for our value-added products and whatever requirement as per customers for the specification kind of product?

Yeah, so you're right. So, you know, but also, you know, rather than pursuing, you know, aggressive volume growth at the lower margin level, you know, we want, we are focused on, you know, customer qualification, value added products, you know, operation stability for the higher end of the product. You know, that's where we believe is our niche market. Just how to try and explain to you. For example, you know, you take some of our comparators, you know, the largest extruders in India today, you know, whether it's a Jindal or Hindalco extrusion, they are also, I would not comment and I don't speculate on their numbers and margins. So, but it's an industry understanding that, you know, they are volume-based players. For us, our focus has always been OEMs and wherever we can add value. So, you know, we don't, you know, we've had a rough year, let me be honest, because, you know, a lot of our value-added products which were on the export side took a hit, you know, and that's where, you know, because our, you know, it was the export market where obviously the valuation was better, and then the value-added product where had an additional benefit of margin, that got impacted. So, we believe that once that comes back and the domestic value addition play, you know, our margins will increase. So, we are working on it in a two-way strategy. One, the existing customers that we supply, you know, standard exclusion to try and see what we can do in terms of making components and provide them the value addition. And obviously, look at players who want, you know, components all together. So, sometimes it's not what I want to do. Sometimes also it's a customer whose requirement is, oh, no, you know, we'll come to you only if you give me this said product with such value addition. So, it's a mix of both. But we don't turn away the customer as such. We work on, you know, qualifying the customer for either one of the case so that we at least retain, you know, the basic part of the business. And when we feel that we are able to provide them with the solution. We provide that solution with us.

Got it. Yes, sir, just one final question from mine. Sir, has the export, whatever US status related export issues, have they succeeded or where is that for our export business, how should we see this going forward?

So, again, the problem is twofold. You know, the tariff on global, so our big part of our market is America, right? Out of, you know, out of 100% of our export, about 80-85% goes to the states. So, that's the largest chunk. That's where we are most impacted. The other countries across the globe are pretty stable, and they have a very regular run rate of 2-3% growth year-on-year. But the states is where the volume is maximum, the profitability is maximum, and the consumption is maximum, and the growth is maximum. So, the duty story of, you know, on aluminum products of 50% have been there now since, I think, 2024 when the American administration came into the government. So, it has not changed. It's been stagnant. But what is significant to note is that the aluminum commodity prices have shot up. So, and I think it is shot up by more than 50%. So, just imagine that, you know, you're going to buy a car, which is now taxed at 50%, and then the commodity price has increased by 50%. So, your actual net base, only the raw material price has gone up by 75%. So, you know, a lot of customers are either, you know, staying back or waiting for better opportunities, or I don't know what, you know, the customer scenario is, but that's where the slowdown has come. And that's where we felt the major impact. We believe that, you know, if the prices cool off a little or destabilize a little, and every, you know, every inflation cycle, every five years where the commodity prices go up, you know, things take time to acclimatize or, you know, for people to get adjusted to the high rates. And then again, the growth cycle picks up. So this has been that cycle for us.

And since the last quarter, when the insurance company invoked the terrorism clause, since then, the container availability is also affected towards the market.

So, you know, post-war, things became a problem. We had dispatches into the Gulf Middle East, which just went on hand, you know, standstill of, you know, closed out, I would say. Until today, they have not restarted. So, you know, we believe that obviously it will improve. We cannot have this state for very long, but it has impacted Maan significantly, you know, because we had a very significant international exposure.

Because earlier, we were delivering containers on CIF basis. Got it.

So, if I look at our, sir, our capacity has increased from 10,000 to 24,000. So, is there an expected cost increase in terms of employer fixed costs associated with this capacity? Or, so, what kind of cost increases are you expecting for FY27? Because our volumes are going to be flat. So, if you could help me understand.

So, yeah, since again the FY27 would be an investment and commissioning year, where our ramp-up cost will, I think, will add up to again by 7 to 10 crores in FY27 this year as well. Unless and until we obtain net operating kind of leverage, this additional cost in form of depreciation, finance costs, and another employee cost, trial runs and all will add up to another 10 crores. So we are trying to, you know, commission and trial to close the trial runs in all facilities far so that the ramp up cost is reduced and we are able to, you know, enjoy that operating leverage at 24,000 tons of capacity.

Got it. Sir, just a final question. Sir, our gross margins have taken a hit. I think they have close to 8% this quarter versus we used to do double digit earlier. So, what was the main issue for this gross margin increases and do we have price pass-through clause in our exclusion contracts?

Yes, of course. Converter only. So basically, we pass on the higher increase, whatever the in terms of aluminum prices are increased. But yes, the operating cost, we are not able to, you know, pass on on an immediate basis, though we have started discussing with the customers and trying to pass on that cost as well. But to an immediate extent, it won't be possible, but we are trying. And another factor of this increasing, you know, the cost is the last year ramp up cost, also the energy cost and other operating costs like This finance cost and our depreciation and all increase also substantially that is why our margins have taken a hit. But again, as I just told you that since we add up on the capacity utilization, definitely the fixed cost of absorption will come down and we will be able to see better margins.

Thank you. Mr. Rathi, please reach on the queue for more questions. Next question comes from the line of K. V. L. Vora, an individual master. Please go back.

Hi, am I audible?

Yes.

Thank you for the opportunity. I am new to the company. So I have a few questions. So my first question is regarding the Deva specialty. So what kind of products are we manufacturing there? What are the orders and how do we see it scaling up over the medium term? Let's say three years.

So, Keval, the devas facility that we have, to give you some technical understanding, is that that is a precision tube line which we have invested. This is actually the first, if not, let me say within the first or second because everybody does not disclose whether they have it. It's one of the first of its kind in India today. So, what has happened is that we've invested in the facility, CAPEX, and some machinery. To support that facility, we needed some more machinery as well, for which we have raised materials through the preferential issue. What has happened is that, you know, after we finalized that machinery, there has been some cost increases and some other increases. So, the project cost basically overall had shot up. So, now we are in re-negotiation of that particular machinery, which we need to fulfill our plant at Devas for the raw material for that precision drawing tube. So, there has been a delay on this project, but we are hopeful that we are trying to close that this year and make the CAPEX after we re-negotiate our machinery investment contracts. And that project has a basis of substantial margin as well because... You know, it is going to be supplied to industries where, you know, the technology requirement is very stringent, the qualification is very stringent, and the functionality is very stringent. So, you know, these projects are, they're actually quite secretive in nature. They take time. The customers take a lot of audits. So, any time it can take within six to eight months to, you know, even get your basic approvals in place. But we have quite a few customers who are interested, and being one of the, you know, one of the government's requirements of Make in India and, you know, local sourcing, we are getting a lot of interest in this line. And as it is also the first time for us, you know, we are trying to work with the technology providers for this, for some type of, you know, cooperation where they can come and run the facility for us or like a joint venture. But as of now, there's nothing on board, but we are working with them to get this machine, you know, this technology going ahead and, you know, being able to deliver completely. So we had initially projected that, you know, we will see the benefits much faster than what we anticipated. But to be honest, you know, something like this is quite expensive. And now with the raw material costs up by 50%, you know, the overall consumption also has gone up. But the good part is that this is a complete import substitute business. You know, if not this year or the next year, you know, we are very confident that we should be able to at least do 40-50% of the utilization of that plant. And, you know, that should give us substantial revenue. I generally don't give any guidance and numbers as to what the realization and what the EBITDA per ton margins will be. But they're definitely better than most of the value addition chains that we do. And therefore, the realization will be much better. As per what's working and what analysis we've done.

Okay, fair enough. So, coming to the sectors which you were talking about, so one of them would be, you know, defense, aerospace, and so on. So, are the audits taking place in the facilities? Is there any action on the customer side? And is there any opportunity of exports? So, are you in talks with some export customers or so on? So, could you give some color on that?

Right. So, you asked the question in two ways. So, first, I'll refer to the aerospace or defense automotive, which are nowadays the flavor of the year. So, we have multiple qualifications, right? So, we perform about 8 to 10 compliance audits and regulatory approvals every year. We completed all of them. So, we are, you know, we are, our facility is audited and, you know, fully geared up for most of the automotive and defense spaces. But the Deos plant is not. Right? So, because the plant has to come online and get the qualifications, it's taking time, which generally does happen with these, you know, agencies and infrastructure. And even our defense, you know, we have multiple customers where our samples have been submitted. We are waiting on, you know, the development and growth to happen. You know, we already supply to a lot of people who in, what do you call, they provide more value added and supply to the defense sector. So we are like tier two suppliers. So the tier one guys have been approaching us. We require one particular qualification or basically an audit, which is required for that. So that is pending for us. But nevertheless, you know, that's something that's going to be completed in within the next six months. But the customers, you know, as I said, on the defense more so than the aerospace side, we have developed, we have developed their alloys also, we are now had the capacity that in-house in our foundry, we can develop these alloys and supply the material. And we sent samples out as well. I cannot disclose customer names, but the inquiries have been more sort of domestic.

Okay. And, sir, one last question regarding the margins. So, I understand that there have been, due to geopolitical tension and so on, our margins have been compressed. But when do you see the normalized margins coming in and what might be that number?

Yes. So, honestly, telling you what we had forecasted for and what... You know, when we did a multiple road shows and what we were projecting, we were hopeful to achieve that next year. But I'm going to say maybe it's another two years out because, again, as I said, you know, geopolitical issues are more or less sorted. But the commodity prices and obviously the disruption that has happened and the machinery delays that have happened because of the cost increase, you know, we have been, you know, we have had to push this out. So, you know, honestly, if you tell me, put my finger on it, you know, it's probably two years away because even 27, we don't see, you know, even so, you know, even if today we say okay to the machinery, eight months for it to come and commissioning and, you know, six, eight months for getting things done and established. Which, which requires time, you know, and customer approvals, process value division, you know, qualification cycles, all these things take time. So, you know, we are very positive from a management perspective that this is the road we want to take. You know, these are the investments that we're going to do because we believe that, you know, selling only extrusion is something which is, is good. We know it very well. We are technically very strong, but we want to expand our margins. So that's where our focus is.

Okay, fair enough. Thank you for answering my questions. Wish you all the good.

Thank you. Thank you. Next question comes from the line of Rajit, an individual investor. Please come back.

Can you hear me?

Yes.

So, I was going through a fast concourse, and there you had mentioned about an agreement with Tata. So, what are the updates on those agreements or something?

So, again, I would not, let's not take names last time. Unfortunately, we must have mentioned, but, you know, as the transcript goes and we are bound by heavy compliance. But, yes, so companies like that we are working in. Again, qualification takes a lot of time. Samplings have been completed. Everything is ready to go, and we are very positive that it will materialize this year. So, you know, again, actually, that's a good example. So, you know, when we quoted this business, we were, from a raw material price, 50-60% lesser. So, obviously, they have their own dynamics. They have to, you know, speak with their investors, customers, and renegotiate prices, which I'm very happy to say has happened. We are now in the stage where our first qualification has been submitted. Now the second batch will go. In fact, it will go in this month, in June itself. And once things materialize, that's going to be a significant, good chunk for us. And if it happens, we'll definitely see that those numbers this year.

Okay. Yeah, that's from my side.

Thank you.

Thank you.

A reminder to all the participants that you may press star and want to ask a question. Next question comes from the line of Madhurati with Counter-Cyclical Investments. Please go ahead.

Sir, thank you for the opportunity. One second, sir. I just wanted to understand what would be the capex for FI 27 and FI 28?

Sorry, sorry. Can you repeat that? Slowly, because the volume, there's some disturbance. What did you say?

Yes, sir.

I'll do that again.

Sir, what would be the capex for FI 27 and FI 28?

Yeah, so, uh, yeah, the capets for FY27 most likely would be in the range from 40 to 50 crores, and for FY28 another would be in between 35 to 40 crores.

Sir, for FY28 it would be 30 to 40 crores.

Yeah.

Okay. And sir, just one question, sir, this other non-current asset, this is advances to customers of 16.4 crores in our balance sheet?

Yeah, yeah, yeah, yeah, yeah. It is advanced. Basically, you must have been updated because we have purchased one office for our Delhi registered office. So we have now purchased one office. So that was the advance that we have given to. And there was some other portion related to some of our, you know, normal operating business.

Okay, so nothing related to equipment that you were speaking at the Devas facility, this is not regarding that?

No, no, no. Because for Devas facility, already the talks are going on with our overseas vendors, we are renegotiating the contracts and prices because they are asking for some higher kind of thing, but we are renegotiating all these, so that the optimum use of capital allocation must be there. We should not spend anything like that, so we are renegotiating with that.

Got it. Sir, that was from mine. Thank you so much and all the best.

Thank you. Thank you. Next question comes from the line of Samisha with Noama. Please go ahead.

Yes, thank you. Sir, I wanted to understand a little bit more about the Italian press that you've, I think, commercialized this year. So, how is it different than the traditional presses, and how is it adding more value in terms of operational efficiencies? Can you please explain a little bit?

So, if I tell you from a layman perspective, if you understand the external industry, it's a press, which is a 9-inch press, which you can buy from China also. Even our press is Italian, but it comes from China. So, the good part about our press is that it is specifically for EV batteries, defense, and aerospace. In terms of, when it comes to technical understanding of our press, it is high tonnage with close diameter. So basically, this press will have stronger throughput for getting that particular quality parameters or the technical parameters in the profile. So, that's the reason why we purchased it. Plus, it is an automatic press, which, you know, gives us, as I said, better quality, better output, and better performance. And in aluminum, you have certain alloys, right, which are very close to steel. So, you know, you have alloys that 2 series, 5 series, 7 series, you know, these are special grade alloys, which standard presses cannot extrude. You know, they'll break. So, you need a very, very high pressure with good, strong tonnage. So, these pressure are capable of performing those operations.

All right, understood. That is very helpful, sir. My next question is a little bit about the revenue mix over here. So you mentioned that the overall realization in absolute terms was 300 crores from the manufacturing business this year. So how much was from exports? Can you explain?

See ya.

So, from export, it was almost 50%, about 150 crores.

Okay, and assuming that you said that the further years are going to be flattish, so again, a 150 crore revenue from export could be expected?

No, we are trying our level best. We are, you know, diversifying our geographical concentration risk by focusing upon the domestic market as well. But again, we are also renegotiating with our customers because I told you the reasons were because, you know, in between the last quarter when that insurance clause was, you know, revoked by the insurance company's terrorism clause. So, we are renegotiating the, you know, in-co-terms with our customers so that they can purchase on FOB basis so that, you know, we can out-pass that kind of risk. On the product side as well and that price side as well and as well as, you know, different product mix as well. So, we are having different parameters where we are developing new customers in the new markets, export markets, where we are targeting CIS markets instead of US. We have appointed some overseas consultants. Definitely, we are trying to increase that share as well. Our very much effort is to retain that share as well as to increase our domestic market share.

Right, understood. And other questions are about the business. So, I wanted to understand what sort of supply contracts do we enter into? So, from our clients, do we get quarterly revenue visibility or yearly contract is usually entered into?

No, so we don't have any contracts, very fixed written contracts. We generally have non-disclosure agreements in place where we have design and confidential information related clauses in our contracts. But there is no fixed commitment contracts of supply or delivery. It's generally very open-ended and it changes depending on requirement.

All right.

We might get forecasting for that, but it's very unpredictable. So, all of them are open-ended, no fixed-term contracts.

Understood. But as you said, the inquiry pipeline is quite robust right now.

That's right.

Yeah, and sir, lastly, on the industry, I wanted to understand. So we've been hearing that aluminum prices are rising and there is there has been a shortage. So what sort of issues are you facing right now in the business to procure your supplies, the billets, etc?

No, so we don't have any shortage. We don't foresee any shortage in India also. If there is any temporary situation where one of the primary plants, primary producers plants are under breakdown, renovation or something like that. So we have been in this space now since, you know, our promoter has been in this space since 40 plus years. So, raw material for us is actually, you know, today, we survive as one of our core strengths in terms of procurement and getting the material at the right price. So, we are capable of getting that material. We are capable of sourcing that material domestic or internationally. But we pride in ourselves and most of our export customers want make in India and, you know, origin of the smelting also to be in India. So, we like to do that and give them that benefit which helps them satisfy their local, you know, government formalities and regulations. Because, you know, today supplying from raw material from China or Russia is generally not required in, especially in the States. You know, other countries are still okay, but States and Europe require declaration of where this material is coming from. So, as of today, there is no issue. I don't foresee any issue as well in the future. You know, demand is increasing, but at the same time, you know, it's useful to note that I think I also read an article last year or for last year or something, the total exports of aluminum from India has dropped by 50%. Even for Mars, we have taken about a 30-40% hit since the last three years, slowly, slowly, you know, 10-15% every year. So, that is, I think, you know, obviously, because of the duty structure that happened in the US and, you know, internationally, you're getting material subsidized as well. But the domestic story is good. You know, we've managed to claw back a lot of our business domestically. And we are focused on export. As you know, Omesh was mentioning, we have people who are consultants and, you know, brokers who are there internationally who source orders for us. But we're also focused on domestic because domestic growth story, especially on the defense side, we are seeing a lot of inquiries. You know, hopefully, we are quite hopeful that we should be able to convert at least a few of them, if not all.

Right, sir. That's great. Thank you so much for answering my questions in so much detail. Good luck for the future quarters. I'll fall back in the queue.

Thank you. Thank you. Next question comes from the line of Pantur Rati with Counter-Secretary Investments. Please go ahead.

Sir, I just have one clarification. Sir, we did 300 crore revenues in the exclusion division. And we did 7300 metric ton of volume. So that is closer to 410,000 ton realization per metric ton. And sir, we are saying that we did 340 rupees per kg of EBITDA. So that is closer to 340,000. So I think I am getting it wrong compared to you.

No, no, no. Sorry. There is no confusion. You have heard it wrong. Basically 340 was in terms of dollar per ton.

Okay, $340. Okay, now it makes perfect sense. And sir, how should we look at this number once the volume picks up? Can this improve to $500, $600 with value added product and volume increasing? What is our aspiration as a management to take this to?

Yeah, yeah. So, I think about numbers, it will become tough, but definitely. You know, EBITDA, POTAN, margin, depending on what we do, value add, no, will increase substantially. And what we also work on is the value addition in terms of, you know, a mill finish which is getting machined, anodized, or a mill finish which gets drawn and then anodized. That will have a coupling effect on increasing the margin. So that's where we work on. Again, I'm reframing from giving you numbers and, you know, percentages. It is, but You know, our improvement in profitability as utilization increase across extrusion, anodizing, fabrication, and tubing business will have a significant increase, not this year, but next year, next to next year.

Got it. Sir, that was from my end. Thank you so much and all the best.

Thank you.

Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question analysis session. I now hand the conference over to the management for closing comments.

Yeah, so I obviously, you know, first I would like to say that, you know, I think the year ahead, the 26th was not great. Actually, maybe the end of 26th was not great. You know, I don't want to. Give any, you know, false hopes or anything, but, you know, we are, you know, we are working very strong in terms of the management, our commitment to investment in the right way, you know, get maximum value out of our investments, and, you know, ensure that we reach our maximum utilization is our priority, which we are focused on this year. But, you know, we've had, unfortunately, we've had market conditions and dynamics that have not helped us. But I think, and needless to say, it has not helped a lot of people in the industry. So, you know, our focus remains the same. You know, we are quite committed that the investments that we've made in the last two years will create meaningful shareholder value over the, you know, medium to long term. And we request, you know, everybody to be patient and hopeful. And, you know, surely but steadily we will achieve whatever we have set out to be. And, you know, we thank most of the investors for their support. And, yeah, that's about it. Thank you so much.

Thank you. On behalf of Maan Aluminium Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.