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National Aluminium Company Q2 FY27 results: net profit up 28.3% to ₹1,835 crore, revenue up 26.3%
National Aluminium Company Limited reported consolidated Q2 FY27 revenue of ₹5,419 crore and profit after tax of ₹1,835 crore, up 26.3% and 28.3% from Q2 FY26. EBITDA rose 25.2% to ₹2,411 crore, while margin eased to 44.5% from 44.9% and profit declined from the previous quarter.
Key points
- Consolidated Q2 FY27 revenue was ₹5,419 crore, up ₹1,127 crore or 26.3% from Q2 FY26.
- EBITDA was ₹2,411 crore, up ₹484.69 crore or 25.2% year on year, with margin at 44.5%.
- Profit after tax was ₹1,835 crore, up ₹405.11 crore or 28.3%, and basic EPS was ₹9.99.
- Against Q1 FY27, revenue rose 2.2%, while EBITDA fell 11.0% and profit after tax fell 8.4%.
- The board approved an interim dividend of Rs.4.50 per share for FY2026-27.
How did National Aluminium Company perform in Q2 FY27?
National Aluminium Company reported consolidated Q2 FY27 revenue of ₹5,419 crore, up ₹1,127 crore or 26.3% from ₹4,292 crore in Q2 FY26. EBITDA rose ₹484.69 crore or 25.2% to ₹2,411 crore, while margin declined 0.4 percentage points to 44.5%. Profit after tax increased ₹405.11 crore or 28.3% to ₹1,835 crore, and basic EPS rose ₹2.20 or 28.2% to ₹9.99.
Against Q1 FY27, revenue increased ₹117.06 crore or 2.2% to ₹5,419 crore. EBITDA fell ₹296.94 crore or 11.0% to ₹2,411 crore, margin fell 6.6 percentage points to 44.5%, and profit after tax declined ₹168.09 crore or 8.4% to ₹1,835 crore. Basic EPS fell ₹0.92 or 8.4% to ₹9.99.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,419 | 5,302 | 4,292 | +26.3% | +2.2% |
| Other income | 248.08 | 173.30 | 151.47 | +63.8% | +43.2% |
| Total expenses | 3,196 | 2,787 | 2,549 | +25.4% | +14.7% |
| EBITDA | 2,411 | 2,708 | 1,926 | +25.2% | −11.0% |
| EBITDA margin | 44.5% | 51.1% | 44.9% | −0.4 pp | −6.6 pp |
| Profit before tax | 2,471 | 2,689 | 1,895 | +30.4% | −8.1% |
| Tax | 636.25 | 686.52 | 462.06 | +37.7% | −7.3% |
| Net profit | 1,835 | 2,003 | 1,430 | +28.3% | −8.4% |
| EPS (₹) | 9.99 | 10.91 | 7.79 | +28.2% | −8.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in National Aluminium Company's costs and profit?
Total expenses rose ₹647.60 crore or 25.4% to ₹3,196 crore from Q2 FY26. Cost of materials increased ₹243.45 crore or 43.1% to ₹808.36 crore, other expenses rose ₹398.29 crore or 29.8% to ₹1,735 crore, and depreciation increased ₹3.99 crore to ₹177.74 crore. Employee cost fell ₹32.50 crore or 7.4% to ₹407.85 crore, while finance costs rose ₹1.20 crore to ₹9.56 crore.
Other income increased ₹96.61 crore or 63.8% to ₹248.08 crore from Q2 FY26. Profit before tax rose ₹576.11 crore or 30.4% to ₹2,471 crore, while tax expense increased ₹174.19 crore or 37.7% to ₹636.25 crore. There was no exceptional item in either period.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 808.36 | 564.91 | +243.45 | +43.1% |
| Employee cost | 407.85 | 440.35 | −32.50 | −7.4% |
| Finance costs | 9.56 | 8.36 | +1.20 | +14.4% |
| Depreciation | 177.74 | 173.75 | +3.99 | +2.3% |
| Other expenses | 1,735 | 1,337 | +398.29 | +29.8% |
| Total expenses | 3,196 | 2,549 | +647.60 | +25.4% |
| Other income | 248.08 | 151.47 | +96.61 | +63.8% |
| Tax | 636.25 | 462.06 | +174.19 | +37.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose ₹2,622.54 crore or 32.4% to ₹10,721.82 crore from H1 FY26. Total income increased ₹2,768.94 crore or 33.1% to ₹11,143.20 crore, while profit before tax rose ₹1,835.74 crore or 55.2% to ₹5,160.24 crore.
Profit after tax for H1 FY27 was ₹3,838.19 crore, up ₹1,358.77 crore or 54.8% from ₹2,479.42 crore in H1 FY26. Basic EPS increased ₹7.4 or 54.8% to ₹20.9 from ₹13.5.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 10,722 | 8,099 | +32.4% |
| Profit before tax | 5,160 | 3,324 | +55.2% |
| Net profit | 3,838 | 2,479 | +54.8% |
| EPS (₹) | 20.90 | 13.50 | +54.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹30,272.97 crore against ₹26,544.40 crore at 31 March 2026, and total equity was ₹24,894.09 crore against ₹21,603.71 crore. The company reported no borrowings at either date, while cash declined from ₹153.45 crore to ₹101.03 crore. Inventories rose from ₹1,834.90 crore to ₹1,863.68 crore, trade receivables fell from ₹214.68 crore to ₹14.43 crore, and trade payables fell from ₹797.28 crore to ₹608.17 crore.
H1 FY27 operating cash flow was ₹4,371.39 crore, compared with ₹2,720.94 crore in H1 FY26. Investing cash flow was negative ₹3,868.33 crore against negative ₹2,618.22 crore, financing cash flow was negative ₹555.48 crore against negative ₹128.76 crore, and capital expenditure was ₹646.08 crore against ₹895.99 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 30,273 | 26,544 |
| Total equity | 24,894 | 21,604 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 101.03 | 153.45 |
| Inventories | 1,864 | 1,835 |
| Trade receivables | 14.43 | 214.68 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 4,371 | 2,721 |
| Cash from investing | −3,868 | −2,618 |
| Cash from financing | −555.48 | −128.76 |
| Capital expenditure | 646.08 | 895.99 |
Source: Company's results filing (XBRL).
How has National Aluminium Company done over the last 8 quarters?
Revenue reached its highest level of the reported series in Q2 FY27 at ₹5,419 crore, after ₹5,302 crore in Q1 FY27. The lowest was ₹3,806.94 crore in Q1 FY26, and revenue has risen year on year in each of the last 2 quarters. Profit after tax peaked at ₹2,003.14 crore in Q1 FY27 and fell to ₹1,835 crore in Q2 FY27.
EBITDA margin peaked at 52.3% in Q4 FY25 and bottomed at 39.2% in Q1 FY26. It recovered to 51.1% in Q1 FY27 before easing to 44.5% in Q2 FY27. Profit after tax also peaked at ₹2,067.23 crore in Q4 FY25 and bottomed at ₹1,049.48 crore in Q1 FY26 before recovering through the latest quarter.
Which businesses drove the quarter?
Aluminium revenue rose 44.6% to ₹4,164.54 crore from ₹2,880.35 crore in Q2 FY26. Segment EBIT increased from ₹1,189.37 crore to ₹2,058.15 crore, with an EBIT margin of 49.4%.
Chemicals revenue fell 7.7% to ₹1,692.57 crore from ₹1,834.05 crore, while segment EBIT declined from ₹623.68 crore to ₹281.90 crore. The segment reported an EBIT margin of 16.7%. Unallocated Common revenue rose 63.9% to ₹22.67 crore, with no EBIT reported.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Chemicals | 1,693 | −7.7% | 281.90 | 16.7% |
| Aluminium | 4,165 | +44.6% | 2,058 | 49.4% |
| Unallocated Common | 22.67 | +63.9% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board took on record the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It approved an interim dividend of Rs.4.50 per share, equal to 90% of the face value of Rs.5 each, on paid-up equity share capital of Rs.918.32 crore for FY2026-27.
The company fixed 6 November 2026 as the record date for the interim dividend and said payment would be made on or before 1 December 2026 to eligible shareholders. The same-day filings did not report a fund raise or any appointment.
What did the auditors point out?
The independent auditors highlighted the non-recognition of revenue from two wind power plants pending execution of a power purchase agreement with the State Government of Rajasthan, with the matter sub-judice before the Hon’ble High Court of Rajasthan. They said their conclusion on the statement was not modified in respect of this matter.
For the consolidated results, the auditors also stated that they did not review the interim financial results of 3 jointly controlled entities, which reflected the company’s share of net profit or loss after tax of V (2.53) crores and total comprehensive income or loss, as set out in the excerpt. No going-concern warning or qualified audit opinion was stated in the excerpts.
How did National Aluminium Company shares react?
After the filing, the stock fell 1.2% in the first 5 minutes, 1.7% after 15 minutes and 0.9% after 30 minutes. On the reaction day, it closed 2.9% below the previous close of ₹327.30; by the next day’s close, it was down 0.9% from that pre-results close.
The aluminium industry’s median move was 0.2% on the reaction day and 2.4% by the next day’s close. National Aluminium Company therefore underperformed the industry median by 3.2 percentage points on the reaction day and 3.3 percentage points by the next day’s close. Earlier results-day moves included 4.3% on 31 July 2026, negative 8.7% on 30 April 2026 and 9.7% on 7 November 2025.
| After the filing | Stock | Aluminium median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.7% | |
| 30 minutes | −0.9% | |
| Reaction day | −2.9% | +0.2% |
| Next day | −0.9% | +2.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2026 | +4.3% |
| 30 April 2026 | −8.7% |
| 30 January 2026 | −10.6% |
| 7 November 2025 | +9.7% |
| 7 August 2025 | +0.1% |
| 21 May 2025 | +1.8% |
| 10 February 2025 | −3.6% |
| 13 November 2024 | +0.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was National Aluminium Company's revenue in Q2 FY27?
Revenue from operations was ₹5,419 crore, up 26.3% from ₹4,292 crore in Q2 FY26 (consolidated).
Did National Aluminium Company make a profit in Q2 FY27?
Yes. Net profit was ₹1,835 crore, against a net profit of ₹1,430 crore in Q2 FY26.
What was National Aluminium Company's EPS in Q2 FY27?
Basic earnings per share were ₹9.99, against ₹7.79 in Q2 FY26.
How did National Aluminium Company shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.9% from the previous close; the median Aluminium stock moved +0.2%.
When did National Aluminium Company announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Inter-Alia Consideration Of Unaudited (Standalone & Consolidated) Financial Results For The Quarter And Half Year Ended 30.09.2026 And Interim Dividend For FY 2026-27. (BSE, 22 October 2026) · PDF
- Unaudited Financial Results (Standalone & Consolidated) For The 2Nd Quarter And Half Year Ended 30Th September, 2026. (BSE, 2 November 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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