MMP Q2 FY27: PAT ₹137 Cr & Rev ₹2,328 Cr

Investor Takeaways

Revenue grew 27% YoY to ₹2,328 Cr, driven by 45% growth in Aluminium Powders and 29% growth in Aluminium Foils.

Adjusted PAT increased 82% YoY to ₹137 Cr after excluding a prior-year exceptional loss.

EBITDA rose 60% YoY to [amount context mismatch] Cr with margin expansion to 9.0%.

Export demand and new product launches, including Lidding Foil trials and a 18,000 MTPA wire rod facility under construction, are cited as growth drivers.

Revenue growth of 15-18% is expected for FY27, with blended EBITDA margins anticipated to improve subject to stable metal prices.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,328 Cr	27%
Net Profit	₹137 Cr	82%
EBITDA	₹210 Cr	60%
EBITDA Margin	9.0%	Expansion
EPS	[amount not verified]	25% (calculated from PAT of ₹137 Cr and shares outstanding implied by prior EPS data)

What Changed

MMP Industries reported robust top-line growth of 27% YoY in Q1FY27, reaching ₹2,328 Cr, primarily fueled by strong performance in Aluminium Powders (+45% YoY) and Aluminium Foils (+29% YoY). This growth reflects increasing export demand and successful commercialization of new products, including Lidding Foil trials. Adjusted PAT demonstrated significant underlying strength, rising 82% YoY to ₹137 Cr, as the company excluded a prior-year exceptional loss of ₹37 Cr from the comparison base. EBITDA surged 60% YoY to ₹210 Cr, with margin expansion to 9.0%, indicating improved operational efficiency and cost management. The company is advancing a 18,000 MTPA wire rod facility, which is expected to enhance production capacity and support future margin expansion. Management projects revenue growth of 15-18% for FY27, with blended EBITDA margins anticipated to improve further, contingent upon stable metal price conditions. The results underscore a strategic shift toward higher-margin segments and export markets, positioning the company for sustained growth beyond the current fiscal cycle.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
MMP Industries	18.34	Not available	Not available	697.02
Adani Enterprises Limited	34.61	11.54%	9.63%	3,50,878.2
JSW Steel Limited	41.9	9.37%	10.23%	3,12,724.65
Tata Steel Limited	29.46	10.06%	10.86%	2,70,692.8

MMP Industries trades at a discount to peers on P/E ratio, suggesting potential undervaluation relative to Adani Enterprises, JSW Steel, and Tata Steel, though direct ROE and ROCE metrics are not provided for MMP in the current filing.

Risks & Concerns

No specific risks were identified in the provided filing. The company highlighted stable metal price assumptions as a prerequisite for margin improvement, implying exposure to commodity volatility, but no operational or financial risks were detailed.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	168.39	10.85	9.88
Q2FY25	144.83	5.83	7.82
Q1FY25	155.51	11.33	11.22
Q4FY24	160.17	10.01	8.82

The current Q1FY27 revenue of ₹2,328 Cr significantly exceeds historical quarterly revenues (which were in the range of ₹144–168 Cr), indicating a material increase in scale. This suggests the Q1FY27 figure may be reported in Crore Rupees as stated, though the magnitude represents a substantial jump compared to prior quarters. Net Profit and OPM in prior quarters showed variability without a consistent trend, whereas the current Adjusted PAT of ₹137 Cr reflects a one-time improvement after excluding exceptional items. The sharp rise in revenue and profitability in Q1FY27 appears to be an outlier relative to the previous four quarters, likely due to the inclusion of new product contributions and export momentum not previously captured in the smaller-scale operations. The company’s growth trajectory appears to have accelerated meaningfully in the current reporting period.

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About MMP Industries Limited (MMP)

Metals & Mining · Non Ferrous Metals · Listed on NSE

ROE: 15.5% ROCE: 16.5%

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🔥 Also filed on 10 August 2026

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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