NSE: NATIONALUM · BSE: 532234
NATIONAL ALUMINIUM CO LTD
Produces primary aluminium metal and alumina through a fully integrated chain stretching from its own bauxite mines to alumina refining, aluminium smelting and captive power generation, with FY26 segment revenue of ₹12,944.71 cr from aluminium (65.8% of segment revenue, EBIT ₹5,564.28 cr) and ₹6,694.25 cr from chemicals (34.0%, EBIT ₹2,034.16 cr). Aluminium metal output reached 4.71 lakh tonnes in FY26 with a FY27 target of 4.73 lakh tonnes; Q1 FY27 also saw record bauxite excavation of 19.52 lakh tonnes and calcined alumina production of 5.77 lakh tonnes. Domestic alumina sales grew from 40,000 tonnes in FY24 to 140,000 tonnes in FY26, with FY27 guidance of 250,000-300,000 tonnes, alongside total alumina production target of 25 lakh tonnes for FY27. Its largest cost buckets are other operating expenses at 31.5% of FY26 revenue and materials at 13.4%, with caustic soda, CP coke and furnace oil being key inputs; the company runs captive power plants and a coal mine at Utkal to feed the smelter. In July 2026 a 50:50 JV with NLC India was signed for a 1,080 MW (4x270 MW) captive thermal power plant at Angul, Odisha under a 25-year PPA, with coal supplied at Coal India prices. This JV will support a 0.5 MTPA aluminium smelter expansion targeted for December 2030 / early 2031, part of a ₹23,000-24,000 crore capex programme, and a 5th Stream alumina refinery is scheduled to start commissioning in June 2026. The company is a central public sector enterprise owned through the Ministry of Mines, Government of India. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium (66%), Chemicals (34%). Integrated, asset-heavy bauxite-to-aluminium producer with captive power and a chemicals side-stream
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,181 | 14,255 | 13,149 | 16,788 | 17,843 |
| EBITDA (ex other income) | 4,517 | 2,448 | 3,300 | 7,565 | 7,947 |
| margin % | 31.9 | 17.2 | 25.1 | 45.1 | 44.5 |
| Owners' profit | 2,951 | 1,435 | 0 | 0 | 5,797 |
| EPS, as reported (₹) | 16.07 | 7.81 | 10.83 | 28.68 | 31.56 |
| ROE % · ROCE % | 23.5 · 28.1 | 10.9 · 13.3 | 13.8 · 17.4 | 29.6 · 37.1 | 26.8 · 33.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Cash from operations | 3,958 | 908 | 2,719 | 5,806 | 6,438 |
| Capex | (927) | (1,305) | (1,561) | (1,176) | (2,035) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,001 | 4,662 | 5,268 | 3,807 | 4,292 | 4,731 | 5,013 | 5,302 |
| Profit before tax | 1,437 | 2,122 | 2,760 | 1,429 | 1,895 | 2,132 | 2,311 | 2,689 |
| Net profit | 1,046 | 1,566 | 2,067 | 1,049 | 1,430 | 1,595 | 1,722 | 2,003 |
| EPS (₹) | 5.70 | 8.53 | 11.26 | 5.71 | 7.79 | 8.69 | 9.38 | 10.91 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chemicals | 6,694 | 34.0 |
| Aluminium | 12,945 | 65.8 |
| Unallocated Common | 6 | 0.0 |
| Unallocated common | 18 | 0.1 |
| Unallocated Commom | 9 | 0.0 |
| Total, before eliminations | 19,672 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD | 1,98,413 | 12.1 | 1.45 | 9.1 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD ◆ | 59,415 | 8.8 | 2.75 | 6.9 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED | 1,468 | 79.8 | 8.62 | 33.9 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,143 | 22.8 | 3.30 | 23.4 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED | 539 | 35.9 | 1.96 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited | 518 | 24.4 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 212 | — | 0.64 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 184 | 20.9 | 1.29 | — | 5.3 | 4.6 | — | 9.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.8 | 15.9 | 1 of 14 | 100% |
| P/B | 2.8 | 1.9 | 9 of 12 | 27% |
| ROCE | 33.3 | 8.0 | 1 of 15 | 100% |
| ROE | 26.8 | 7.6 | 2 of 12 | 91% |
| Debt / Equity | 0.0 | 0.6 | 1 of 12 | 100% |
| EBITDA margin | 54.3 | 6.0 | 1 of 12 | 100% |
| Revenue growth | 39.3 | 9.8 | 2 of 13 | 92% |
| Profit growth | 90.9 | 55.9 | 4 of 12 | 73% |
| Market cap | 59415 | 184 | 2 of 15 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · National Aluminium Co schedules Q2 FY27 earnings call for 3 November 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · NALCO board to consider Q2 results and interim dividend on Nov 2 | results | low | — | — |
| 13 Oct 2026 · Board seeks waiver of fine by BSE, NSE for director shortfall | regulatory legal | high | — | — |
| 8 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · NALCO: Senior Management change as ED (Materials) retires | management changes | medium | — | — |
| 28 Sept 2026 · NALCO pays record dividend, hosts roadshow for Angul Aluminium Park | compliance | low | — | — |
| 25 Sept 2026 · NALCO promotes 5 executives to Senior Management | management changes | high | — | — |
| 23 Sept 2026 · Nalco trading window closure from Oct 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 14 Sept 2026 · Appointment of Joint Statutory Auditors for FY 2026-27 | management changes | medium | — | — |
| 14 Sept 2026 · NALCO files investor presentation for analyst meet on 16 Sep 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.