# Aluminium Products — company-by-company sector analysis

> Aluminium Products: Manaksia Coated Metals & Industries Ltd owns the largest revenue base; MMP Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Aluminium Products has outperformed NIFTY 500 by 29.1% over 52 weeks and 0% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Manaksia Coated Metals & Industries Ltd leads with revenue of ₹896 crore, based on 3 of 4 comparable companies through Jun 2026.

## Sector relative strength

Aluminium Products has outperformed NIFTY 500 by 29.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 0%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Arfin India Ltd is the strongest against the sector itself at +13.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -0.0%
52-week sector return versus NIFTY 500: 29%
Stocks leading NIFTY: 2/4
Stocks leading sector: 1/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹4.3K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Arfin India Ltd (ARFIN): 63/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 26.0/35 | Capital efficiency 12.8/25 | Valuation 10.0/20 | Relative strength 14.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 26 + 12.8 + 10 + 14 = 62.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. MMP Industries Ltd (MMP): 48/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 15.9/35 | Capital efficiency 9.6/25 | Valuation 8.2/20 | Relative strength 14.2/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 15.9 + 9.6 + 8.2 + 14.2 = 47.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): 47/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 18.2/35 | Capital efficiency 16.1/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 18.2 + 16.1 + 10 + 3 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Maan Aluminium Ltd (MAANALU): 37/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 15.6/35 | Capital efficiency 6.3/25 | Valuation 10.0/20 | Relative strength 4.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 15.6 + 6.3 + 10 + 4.6 = 36.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Arfin India Ltd has the strongest one-year price move in Aluminium Products at +165.5%. It also leads on Mansfield relative strength against NIFTY at +24.4%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Arfin India Ltd (ARFIN): 166%
2. MMP Industries Ltd (MMP): 7.3%
3. Maan Aluminium Ltd (MAANALU): 2.3%
4. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): -25%

### Strongest relative strength versus NIFTY 500
1. Arfin India Ltd (ARFIN): 24%
2. MMP Industries Ltd (MMP): 11%
3. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): -6.4%
4. Maan Aluminium Ltd (MAANALU): -9.9%

## Revenue Scale & Growth Durability

What the numbers say: Manaksia Coated Metals & Industries Ltd is the scale leader at ₹896 crore, 8.7% ahead of MMP Industries Ltd. MMP Industries Ltd's growth is 19.1% from a ₹824 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Manaksia Coated Metals & Industries Ltd is the scale benchmark; MMP Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Manaksia Coated Metals & Industries Ltd's growth falls below MMP Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Manaksia Coated Metals & Industries Ltd · ₹896 crore | 8.7% versus #2 · MMP Industries Ltd | 6/8 recent comparable periods | 3/4 companies · 44 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): ₹896 Cr
2. MMP Industries Ltd (MMP): ₹824 Cr
3. Arfin India Ltd (ARFIN): ₹618 Cr

### Revenue growth — fastest growers
1. MMP Industries Ltd (MMP): 19%
2. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): 6.9%
3. Arfin India Ltd (ARFIN): 0.4%

### 20-quarter Revenue history
- ARFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹120 Cr | Mar 2023 ₹152 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹180 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹193 Cr | Jun 2026 —
- MANAKCOAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹177 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹195 Cr | Dec 2023 ₹191 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹175 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹208 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹227 Cr | Jun 2026 ₹262 Cr
- MMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹119 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹223 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹250 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ARFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.0% | Mar 2024 -9.9% | Jun 2024 -11% | Sep 2024 11% | Dec 2024 56% | Mar 2025 12% | Jun 2025 -18% | Sep 2025 -14% | Dec 2025 4.2% | Mar 2026 26% | Jun 2026 —
- MANAKCOAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.0% | Mar 2024 -2.1% | Jun 2024 13% | Sep 2024 -10% | Dec 2024 7.3% | Mar 2025 14% | Jun 2025 29% | Sep 2025 26% | Dec 2025 -8.8% | Mar 2026 9.1% | Jun 2026 4.8%
- MMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.0% | Dec 2023 10% | Mar 2024 11% | Jun 2024 3.3% | Sep 2024 15% | Dec 2024 19% | Mar 2025 39% | Jun 2025 17% | Sep 2025 30% | Dec 2025 21% | Mar 2026 12% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Manaksia Coated Metals & Industries Ltd leads opm at 11%; Arfin India Ltd leads margin change at +4.2 percentage points.

Investor read: Manaksia Coated Metals & Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Manaksia Coated Metals & Industries Ltd · 11% | 22.2% versus #2 · MMP Industries Ltd | 5/8 recent comparable periods | 4/4 companies · 77 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): 11%
2. MMP Industries Ltd (MMP): 9.0%
3. Arfin India Ltd (ARFIN): 8.5%
4. Maan Aluminium Ltd (MAANALU): 0.6%

### Margin change — fastest expanders
1. Arfin India Ltd (ARFIN): +4.2 pp
2. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): +1.0 pp
3. MMP Industries Ltd (MMP): +1.0 pp
4. Maan Aluminium Ltd (MAANALU): −2.5 pp

### 20-quarter OPM history
- ARFIN: Sep 2021 4.7% | Dec 2021 4.6% | Mar 2022 4.1% | Jun 2022 4.4% | Sep 2022 5.3% | Dec 2022 5.4% | Mar 2023 4.5% | Jun 2023 5.1% | Sep 2023 5.3% | Dec 2023 6.3% | Mar 2024 6.1% | Jun 2024 6.8% | Sep 2024 6.5% | Dec 2024 6.1% | Mar 2025 4.3% | Jun 2025 6.1% | Sep 2025 7.3% | Dec 2025 7.4% | Mar 2026 8.5% | Jun 2026 —
- MANAKCOAT: Sep 2021 4.1% | Dec 2021 6.6% | Mar 2022 6.8% | Jun 2022 5.2% | Sep 2022 5.0% | Dec 2022 5.0% | Mar 2023 4.9% | Jun 2023 4.4% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 8.0% | Jun 2024 7.0% | Sep 2024 6.0% | Dec 2024 7.0% | Mar 2025 7.0% | Jun 2025 10% | Sep 2025 12% | Dec 2025 8.0% | Mar 2026 6.0% | Jun 2026 11%
- MMP: Sep 2021 11% | Dec 2021 8.3% | Mar 2022 9.2% | Jun 2022 4.8% | Sep 2022 6.0% | Dec 2022 8.0% | Mar 2023 8.0% | Jun 2023 8.0% | Sep 2023 6.0% | Dec 2023 9.0% | Mar 2024 9.0% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 10% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- MAANALU: Sep 2021 4.7% | Dec 2021 4.1% | Mar 2022 8.7% | Jun 2022 7.1% | Sep 2022 9.9% | Dec 2022 10% | Mar 2023 7.9% | Jun 2023 6.5% | Sep 2023 3.8% | Dec 2023 5.1% | Mar 2024 3.9% | Jun 2024 2.8% | Sep 2024 3.7% | Dec 2024 2.7% | Mar 2025 3.1% | Jun 2025 2.3% | Sep 2025 4.2% | Dec 2025 3.7% | Mar 2026 0.6% | Jun 2026 —

### 20-quarter Margin change history
- ARFIN: Sep 2021 −1.4 pp | Dec 2021 −0.2 pp | Mar 2022 −0.5 pp | Jun 2022 −0.6 pp | Sep 2022 +0.6 pp | Dec 2022 +0.8 pp | Mar 2023 +0.4 pp | Jun 2023 +0.7 pp | Sep 2023 +0.0 pp | Dec 2023 +0.9 pp | Mar 2024 +1.6 pp | Jun 2024 +1.7 pp | Sep 2024 +1.2 pp | Dec 2024 −0.2 pp | Mar 2025 −1.8 pp | Jun 2025 −0.8 pp | Sep 2025 +0.8 pp | Dec 2025 +1.3 pp | Mar 2026 +4.2 pp | Jun 2026 —
- MANAKCOAT: Sep 2021 −2.7 pp | Dec 2021 −0.1 pp | Mar 2022 −0.7 pp | Jun 2022 +0.5 pp | Sep 2022 +0.9 pp | Dec 2022 −1.6 pp | Mar 2023 −2.0 pp | Jun 2023 −0.8 pp | Sep 2023 +1.0 pp | Dec 2023 +1.0 pp | Mar 2024 +3.2 pp | Jun 2024 +2.6 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +6.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 +1.0 pp
- MMP: Sep 2021 −0.9 pp | Dec 2021 −3.6 pp | Mar 2022 −2.0 pp | Jun 2022 −4.7 pp | Sep 2022 −4.9 pp | Dec 2022 −0.3 pp | Mar 2023 −1.2 pp | Jun 2023 +3.3 pp | Sep 2023 −0.0 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −4.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MAANALU: Sep 2021 −1.3 pp | Dec 2021 −3.6 pp | Mar 2022 +3.5 pp | Jun 2022 +0.8 pp | Sep 2022 +5.3 pp | Dec 2022 +6.3 pp | Mar 2023 −0.8 pp | Jun 2023 −0.6 pp | Sep 2023 −6.2 pp | Dec 2023 −5.2 pp | Mar 2024 −4.0 pp | Jun 2024 −3.7 pp | Sep 2024 −0.1 pp | Dec 2024 −2.5 pp | Mar 2025 −0.8 pp | Jun 2025 −0.5 pp | Sep 2025 +0.5 pp | Dec 2025 +1.0 pp | Mar 2026 −2.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Manaksia Coated Metals & Industries Ltd leads with ₹40 crore of TTM profit, 29% above MMP Industries Ltd. Arfin India Ltd shows 68.7% growth from a ₹15 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Manaksia Coated Metals & Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Manaksia Coated Metals & Industries Ltd · ₹40 crore | 29% versus #2 · MMP Industries Ltd | 4/8 recent comparable periods | 3/4 companies · 44 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): ₹40 Cr
2. MMP Industries Ltd (MMP): ₹31 Cr
3. Arfin India Ltd (ARFIN): ₹15 Cr

### Profit growth — fastest growers
1. Arfin India Ltd (ARFIN): 69%
2. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): 54%
3. MMP Industries Ltd (MMP): -21%

### 20-quarter Net profit history
- ARFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- MANAKCOAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹14 Cr
- MMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹18 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ARFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -16% | Mar 2024 -16% | Jun 2024 30% | Sep 2024 48% | Dec 2024 52% | Mar 2025 -76% | Jun 2025 -64% | Sep 2025 -5.0% | Dec 2025 68% | Mar 2026 1,187% | Jun 2026 —
- MANAKCOAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,805% | Mar 2024 -35% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 25% | Mar 2025 0.0% | Jun 2025 367% | Sep 2025 600% | Dec 2025 40% | Mar 2026 0.0% | Jun 2026 0.0%
- MMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 91% | Dec 2023 50% | Mar 2024 43% | Jun 2024 38% | Sep 2024 20% | Dec 2024 22% | Mar 2025 10% | Jun 2025 -145% | Sep 2025 17% | Dec 2025 0.0% | Mar 2026 64% | Jun 2026 —

## Return On Capital Employed

What the numbers say: Manaksia Coated Metals & Industries Ltd leads ROCE at 19.9%, 5.1 percentage points above Arfin India Ltd. Arfin India Ltd has the strongest latest improvement at +3.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Manaksia Coated Metals & Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Manaksia Coated Metals & Industries Ltd · 19.9% | 34.5% versus #2 · Arfin India Ltd | 5/8 recent comparable periods | 4/4 companies · 57 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): 20%
2. Arfin India Ltd (ARFIN): 15%
3. MMP Industries Ltd (MMP): 13%
4. Maan Aluminium Ltd (MAANALU): 4.4%

### ROCE change — fastest improvers
1. Arfin India Ltd (ARFIN): +3.7 pp
2. MMP Industries Ltd (MMP): −1.4 pp
3. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): −3.0 pp
4. Maan Aluminium Ltd (MAANALU): −5.7 pp

### 20-quarter ROCE history
- ARFIN: Sep 2021 17% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 20% | Dec 2023 23% | Mar 2024 21% | Jun 2024 23% | Sep 2024 16% | Dec 2024 22% | Mar 2025 17% | Jun 2025 21% | Sep 2025 16% | Dec 2025 19% | Mar 2026 21% | Jun 2026 —
- MANAKCOAT: Sep 2021 12% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 13% | Dec 2023 21% | Mar 2024 18% | Jun 2024 22% | Sep 2024 19% | Dec 2024 24% | Mar 2025 14% | Jun 2025 25% | Sep 2025 17% | Dec 2025 26% | Mar 2026 16% | Jun 2026 22%
- MMP: Sep 2021 13% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 13% | Sep 2023 12% | Dec 2023 15% | Mar 2024 12% | Jun 2024 18% | Sep 2024 14% | Dec 2024 19% | Mar 2025 14% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- MAANALU: Sep 2021 34% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 40% | Dec 2022 — | Mar 2023 50% | Jun 2023 — | Sep 2023 40% | Dec 2023 — | Mar 2024 24% | Jun 2024 — | Sep 2024 16% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 9.3% | Dec 2025 — | Mar 2026 4.4% | Jun 2026 —

### 20-quarter ROCE change history
- ARFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 — | Mar 2023 +0.8 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +2.6 pp | Jun 2024 — | Sep 2024 −3.1 pp | Dec 2024 −0.9 pp | Mar 2025 −3.4 pp | Jun 2025 −2.8 pp | Sep 2025 −0.4 pp | Dec 2025 −3.5 pp | Mar 2026 +3.7 pp | Jun 2026 —
- MANAKCOAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 — | Mar 2023 −1.5 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 — | Sep 2024 +5.9 pp | Dec 2024 +2.1 pp | Mar 2025 −3.2 pp | Jun 2025 +2.7 pp | Sep 2025 −2.1 pp | Dec 2025 +2.8 pp | Mar 2026 +1.7 pp | Jun 2026 −3.0 pp
- MMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 — | Mar 2023 −3.6 pp | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 — | Mar 2024 +1.6 pp | Jun 2024 +4.4 pp | Sep 2024 +2.6 pp | Dec 2024 +4.0 pp | Mar 2025 +2.3 pp | Jun 2025 −6.3 pp | Sep 2025 −0.9 pp | Dec 2025 −7.5 pp | Mar 2026 −1.4 pp | Jun 2026 —
- MAANALU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.7 pp | Dec 2022 — | Mar 2023 +17.3 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 −25.6 pp | Jun 2024 — | Sep 2024 −23.6 pp | Dec 2024 — | Mar 2025 −13.8 pp | Jun 2025 — | Sep 2025 −6.6 pp | Dec 2025 — | Mar 2026 −5.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG

### P/E — lowest P/E
1. MMP Industries Ltd (MMP): 19.3
2. Manaksia Coated Metals & Industries Ltd (MANAKCOAT): 31.4
3. Arfin India Ltd (ARFIN): 98.0
4. Maan Aluminium Ltd (MAANALU): 968.0

### 20-quarter PEG history

### 20-quarter P/E history
- ARFIN: Sep 2021 16.2 | Dec 2021 25.3 | Mar 2022 27.7 | Jun 2022 21.1 | Sep 2022 30.9 | Dec 2022 36.2 | Mar 2023 30.9 | Jun 2023 51.2 | Sep 2023 69.2 | Dec 2023 94.3 | Mar 2024 99.0 | Jun 2024 81.7 | Sep 2024 64.7 | Dec 2024 55.5 | Mar 2025 50.3 | Jun 2025 48.8 | Sep 2025 87.0 | Dec 2025 165.6 | Mar 2026 139.2 | Jun 2026 —
- MANAKCOAT: Sep 2021 13.5 | Dec 2021 34.0 | Mar 2022 26.5 | Jun 2022 14.7 | Sep 2022 16.3 | Dec 2022 20.7 | Mar 2023 18.7 | Jun 2023 21.0 | Sep 2023 33.0 | Dec 2023 30.3 | Mar 2024 19.9 | Jun 2024 38.0 | Sep 2024 33.0 | Dec 2024 58.9 | Mar 2025 40.0 | Jun 2025 68.7 | Sep 2025 46.2 | Dec 2025 32.9 | Mar 2026 25.0 | Jun 2026 27.2
- MMP: Sep 2021 17.2 | Dec 2021 15.0 | Mar 2022 18.9 | Jun 2022 13.5 | Sep 2022 14.9 | Dec 2022 13.4 | Mar 2023 12.1 | Jun 2023 23.8 | Sep 2023 25.6 | Dec 2023 20.4 | Mar 2024 22.7 | Jun 2024 21.9 | Sep 2024 28.0 | Dec 2024 23.6 | Mar 2025 17.3 | Jun 2025 18.6 | Sep 2025 18.0 | Dec 2025 15.8 | Mar 2026 12.4 | Jun 2026 —
- MAANALU: Sep 2021 8.4 | Dec 2021 8.4 | Mar 2022 8.3 | Jun 2022 6.3 | Sep 2022 6.6 | Dec 2022 5.2 | Mar 2023 4.7 | Jun 2023 8.8 | Sep 2023 10.0 | Dec 2023 19.3 | Mar 2024 22.6 | Jun 2024 30.0 | Sep 2024 39.9 | Dec 2024 35.6 | Mar 2025 26.6 | Jun 2025 44.7 | Sep 2025 38.4 | Dec 2025 57.2 | Mar 2026 55.5 | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Arfin India Ltd (ARFIN) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Manaksia Coated Metals & Industries Ltd (MANAKCOAT) — market value ₹1.3K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- MMP Industries Ltd (MMP) — market value ₹743 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Maan Aluminium Ltd (MAANALU) — market value ₹736 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 0. Unverified: 4. Withheld: 0. Graded companies: 4.

4 of 4 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | ARFIN | Arfin India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MANAKCOAT | Manaksia Coated Metals & Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MMP | MMP Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MAANALU | Maan Aluminium Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Aluminium Products sector outperforming NIFTY 500?

Aluminium Products has outperformed NIFTY 500 by 29.1% over 52 weeks and 0% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Aluminium Products company is largest by revenue?

Manaksia Coated Metals & Industries Ltd leads with revenue of ₹896 crore, based on 3 of 4 comparable companies through Jun 2026.

### Which Aluminium Products company is growing fastest?

MMP Industries Ltd has the fastest current revenue growth at 19.1%, across 3 of 4 comparable companies.

### Which Aluminium Products company has the strongest 4-Factor Sector Score?

Arfin India Ltd ranks first at 62.8/100 with 72.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Aluminium Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty Aluminium Products index?

The Nifty Aluminium Products index tracks India's listed Aluminium Products companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Aluminium Products sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Aluminium Products stocks in India?

Ranked by this page's four-factor score, Arfin India Ltd places first among 4 listed Aluminium Products companies, followed by MMP Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Aluminium Products stocks are listed in India?

This comparison covers 4 listed Aluminium Products companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Aluminium Products company is the biggest?

Manaksia Coated Metals & Industries Ltd is the largest, with trailing-twelve-month revenue of ₹896 crore, ahead of MMP Industries Ltd at ₹824 crore. That covers 3 of 4 companies with comparable reporting through Jun 2026.

### Which Aluminium Products company has the best profit margins?

Manaksia Coated Metals & Industries Ltd has the highest operating margin at 11%, from 4 of 4 comparable companies. Arfin India Ltd shows the biggest recent improvement, at +4.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Aluminium Products company makes the most profit?

Manaksia Coated Metals & Industries Ltd earns the most, at ₹40 crore of trailing-twelve-month net profit, from 3 of 4 comparable companies. Arfin India Ltd has the fastest profit growth at 68.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Aluminium Products company earns the highest return on capital?

Manaksia Coated Metals & Industries Ltd leads on return on capital employed at 19.9%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Is the Aluminium Products sector beating the market?

Aluminium Products has outperformed NIFTY 500 by 29.1% over the last 52 weeks and 0% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Aluminium Products stock has the strongest price momentum?

Arfin India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Aluminium Products company scores highest for research priority?

Arfin India Ltd scores 62.8 out of 100 with 72.8% evidence confidence, from 26 points on growth and earnings, 12.8 on capital efficiency, 10 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Aluminium Products companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Aluminium Products sector?

The 4 Aluminium Products companies on this page carry ₹4,273 crore of combined market value. Arfin India Ltd is the largest at ₹1,515 crore, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the Aluminium Products sector performing?

2 of the 4 covered Aluminium Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 29.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.