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Maan Aluminium's Q3 FY26 revenue declined 16% to INR152 Cr, primarily from lower trading, but EBITDA grew 16% to INR7 Cr due to a better manufacturing mix. The company is strategically shifting from commodity to high-value aluminum conversion. Pithampur capacity expanded to 24,000 MTPA. The Dewas facility, acquired for INR8.75 Cr, will produce high-margin precision tubing (INR100/kg), targeting INR100+ Cr annual revenue from FY28 with commercial commissioning in ~6 months. Total capex is INR190+ Cr over three years. Management anticipates normalized 8% EBITDA margins medium-term as utilization improves, despite current ramp-up costs and past US order cancellations.