Transcript of the Earning Conference Call held on 30.04.2026.
NATIONALUM · price
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NALCO reported its best-ever annual performance in FY26 with revenue of Rs.17,843 crore (up 6.28%), EBITDA of Rs.8,613 crore (up 8.72%), and PAT of Rs.5,816 crore (up 9.22%). Production hit record levels across all segments including 4.71 lakh tons of aluminium metal and strong coal output from Utkal mines. The company faces pressure from alumina spot prices falling to $310-320 (from $580 average in FY25) due to Middle East smelter production cuts and Indonesian refinery oversupply. For FY27, management targets ~25 lakh tons alumina production (including 2 lakh tons from new 5th stream refinery commissioning in June) and ~4.73 lakh tons metal production. Key expansion includes a new 0.5 million ton smelter with a 270 MW power plant via a 50:50 JV with Neyveli Lignite, targeted for completion by December 2030. Capex guidance is Rs.4,000-5,000 crore in FY27 rising to Rs.8,000-10,000 crore in FY28-29.
While alumina prices have collapsed ~35% YoY, NALCO's integrated operations and higher aluminium LME prices (~$2,700 vs ~$2,550) provide partial offset. The aggressive expansion capex (Rs.30,000 crore total) will significantly increase future capital outflows but positions the company for volume growth. Near-term margin pressure on alumina segment likely, but overall margins expected to hold due to aluminium revenue mix.