Most investors look at a PAT number and move on. The investors who find compounders early read the footnotes.
MMP Industries just reported its highest-ever quarterly and full-year revenue — and buried inside the numbers are three businesses nobody is talking about yet.
Here are my notes, but before that:
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MMP Industries – Notes from the Presentation + Concall
The company: MMP Industries Ltd (NSE: MMP) — a 40+ year old Nagpur-based aluminium manufacturer now expanding into polymer insulators, LT cables, and renewable energy. Market cap: ~₹732 Cr.
The headline numbers (FY26, Consolidated):
- PAT: ₹31 Cr — down 20% YoY, but here’s why that number is misleading
- Revenue: ₹824 Cr, up 19% YoY (4-year CAGR: 29%)
- EBITDA: ₹66 Cr, 8% margin
Why the PAT decline needs context:
MMP’s Umred facility caught fire in April 2025 — estimated ₹45-50 Cr revenue loss, ₹7-8 Cr EBITDA impact. Two new subsidiaries in ramp-up phase dragged EBITDA by another ₹4 Cr. Excluding these, PAT would have been ₹11-12 Cr higher. Normalised FY26 was materially stronger than reported numbers suggest.
Three businesses the market isn’t pricing in yet:
Polymer Insulators — ₹35-40 Cr invested, both phases fully operational, FY26 revenue just ₹2.3 Cr (still in approval stage). The concall numbers are striking: target EBITDA margin of ~20%, asset turn of ~3.5x, implying peak revenue potential of ₹130-140 Cr from existing capex. Management guided ₹18-20 Cr revenue in FY27, ₹45-50 Cr in FY28. Already approved with Adani Renewables; PGCIL and major EPC approvals expected Q2FY27. Exports to Nepal have commenced; RFQs from US and Latin America progressing.
LT Cables — ₹85-90 Cr greenfield capex planned over 2-2.5 years, pilot launch targeted June 2026. This is a step up the value chain from bare conductors — management guided 14-15% EBITDA margins vs the current ~5% in the conductors business. Backward integration into aluminium wire rods (₹13-15 Cr) planned alongside.
Solar Capex — 7 MW group captive solar park under development (₹30 Cr, commissioning H1FY27). Currently 20% of energy needs met in-house. Target: 40-50% renewable within 3-4 years. The investor angle: lower energy cost improves EBITDA per ton across every existing business — not just new ones.
The core businesses:
Aluminium Powders (61% of revenue, ₹504 Cr, up 15%) operating at ~80% utilization. Record exports to Europe and Africa — clients include UltraTech, Shree Cement, UPL, Sumitomo Chemical. No new capacity planned; management focused on shifting to higher value-added grades. EBITDA per ton: ₹37,000-42,000.
Aluminium Foils (26% of revenue, ₹215 Cr, up 39%) serving pharma packaging clients including Sun Pharma, Aurobindo, Intas, Torrent. Rolling mill at 80-85% utilization; conversion section at ~45-50% — that gap is the margin improvement runway. Security Printing and Lidding Foils launching Q3FY27.
The one thing from the concall most people will miss:
A long-standing investor asked point blank: “when are we going to get a respectable return on capital?” The CFO’s honest answer: ROCE of 13-14% in FY27, “more than 15%” in FY28 — still below cost of capital today.
Management’s case: foil startup losses are behind them, solar cuts energy costs, polymer insulators carry 20% margins, LT cables bring better realization. The pieces are in place — but FY27 is still an investment year, not a harvest year.
As always, this is not a stock recommendation — This note is for informational purposes only and not a buy/sell recommendation. Please do your own due diligence before investing.
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Ekansh Mittal
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