National Aluminium Company Limited (NATIONALUM)
🎯 Key Takeaways
- National Aluminium Company Limited (NATIONALUM) is transitioning from a mature, cash-generating enterprise into a growth phase driven by strategic capacity expansion and vertical integration. Management is actively investing in new smelter capacity and downstream upgrades while maintaining strong profitability and export orientation.
- Revenue grew 16.5% QoQ to ₹4,662 in Q3FY25.
- ⚠️ Alumina price volatility remains a key risk, as management expects prices to decline to $300-$310 from $376, which could pressure realizations despite
📖 The Story
National Aluminium Company Limited (NATIONALUM) is transitioning from a mature, cash-generating enterprise into a growth phase driven by strategic capacity expansion and vertical integration. Management is actively investing in new smelter capacity and downstream upgrades while maintaining strong profitability and export orientation. The company is leveraging stable LME-linked pricing and rising alumina volumes to fund long-term projects, signaling a deliberate shift toward scaling production and margin resilience.
📰 What's Happening
In FY26, NATIONALUM reported robust financial performance with revenue of ₹17,843 crores (+6.28% YoY), EBITDA of ₹8,613 crores (+8.72%), and PAT of ₹5,816 crores (+9.22%). Alumina sales surged 30.74% to 13.09 lakh tons, and record production was achieved across bauxite, alumina, calcined alumina, metal, power, and wind generation. Management highlighted export focus (85-90% of sales) and plans for a 5th alumina stream (2-3.5 lakh tons capacity) and wire rod mill upgrades. Capex of Rs 18,000 crores is slated for a new 0.5 MT smelter starting FY27, with peak spending expected in FY28-FY30. Employee costs declined 18% YoY to ₹1,721 crores in FY26 due to retirements, with a projected Rs 2,000 crore estimate for FY28 despite anticipated pay commission revisions. Alumina prices are expected to average $300-$310, down from $376, but margins are projected to remain stable or improve due to cost efficiencies and volume growth.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,671 | 3,178 | 3,043 | 3,347 | 3,579 | 2,856 | 4,001 | 4,662 |
| Operating Profit | 822 | 643 | 465 | 824 | 1,618 | 995 | 1,621 | 2,427 |
| OPM % | 20.9% | 18.7% | 13.0% | 23.1% | 30.9% | 32.7% | 38.7% | 49.9% |
| Net Profit | 495 | 334 | 187 | 471 | 997 | 588 | 1,046 | 1,566 |
| EPS | ₹2.70 | ₹1.82 | ₹1.02 | ₹2.56 | ₹5.43 | ₹3.20 | ₹5.70 | ₹8.53 |
The company has demonstrated consistent top-line and bottom-line growth across quarters, with operating margins expanding significantly from 13% in Q2FY24 to 49.9% in Q3FY25, reflecting improved utilization and cost control. Sequential revenue and profitability trends align with management’s narrative of volume-driven growth and operational excellence, particularly in alumina and power segments. The sharp rise in OPM and EPS in recent quarters underscores the positive impact of scale and efficiency gains, supporting the outlook for sustained margin stability despite anticipated alumina price softness.
🔮 Management Outlook & What's Next
Management expects alumina prices to average $300-$310 in the near term, down from $376, but remains confident that margins will remain stable or improve due to cost efficiencies and volume growth. Capex of Rs 18,000 crores is planned for a new 0.5 MT smelter starting FY27, with peak spending in FY28-FY30. The 5th alumina stream is set to be commissioned in June with 2-3.5 lakh tons capacity, and wire rod mill and rolling plant upgrades are underway. Export share is expected to remain stable at 85-90% of sales, underpinning revenue visibility and pricing resilience.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Non - Ferrous Metals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Hindustan Zinc Limited | 2.69 L Cr | 28.7 | — | — | — |
| Hindalco Industries Limited | 2.40 L Cr | 14.7 | 13.4% | 13.0% | 0.50 |
| National Aluminium Company Limited | 74,126 | 17.7 | — | — | — |
| Hindustan Copper Limited | 55,145 | 137.1 | — | — | — |
| Deccan Gold Mines Limited | 2,428 | — | — | — | — |
| Arfin India Limited | 1,543 | 99.9 | — | — | — |
| Bhagyanagar India Limited | 866 | 72.7 | — | — | — |
| Maan Aluminium Limited | 836 | 54.8 | — | — | — |
| MMP Industries Limited | 697 | 18.3 | — | — | — |
| Manaksia Aluminium Company Limited | 225 | 29.8 | — | — | — |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Alumina price volatility remains a key risk, as management expects prices to decline to $300-$310 from $376, which could pressure realizations despite volume growth. 2. Execution risk around the 5th alumina stream and new smelter project — delays or cost overruns could impact capex timelines and ROI. 3. Rising employee costs in FY28 due to pay commission revisions may compress margins if not offset by productivity gains. 4. Dependence on export markets (85-90% of sales) exposes the company to global demand slowdowns or trade policy shifts.
📋 Recent Filings
-
Announcement 8 July 2026National Aluminium Company Limited announced a joint venture with NLC India Limited to build a 1,080 MW thermal captive power plant in Angul, Odisha, ...
-
Announcement 8 July 2026National Aluminium Company Limited announced that it and NLC India Limited signed a joint venture agreement to develop a 1,080 MW captive power plant ...
-
Announcement 7 July 2026National Aluminium Company Limited confirmed its share capital remains unchanged at 1,83,66,31,787 paid-up shares for the quarter ended 30.06.2026, wi...
-
Financial Results 22 June 2026National Aluminium Company Limited announced that its trading window for insider transactions will close on 1 July 2026 and remain shut until 48 hours...
-
Announcement 10 June 2026National Aluminium Company Limited announced it will attend an investor conference hosted by Systematix Group on June 16, 2026 in Mumbai, with no unpu...
-
🔴 Announcement 3 June 2026No summary available
-
🟡 Board Meeting 31 May 2026National Aluminium Company Limited announced the superannuation of Executive Director Shri Sachidananda Jena effective 31 May 2026, as required under ...
-
🔴 Financial Results 4 May 2026National Aluminium Company Limited reported robust FY26 growth with revenue of **₹17,843 crores** (+6.28% YoY), EBITDA of **₹8,613 crores** (+8.72%), ...
-
🔴 Announcement 4 May 2026National Aluminium Company Limited announced the appointment of Dr. Veena Kumari Dermal, IPoS (DIN: 08890469), as Part-time Official Director on its B...
-
🔴 Corporate Action 30 April 2026NATIONALUM approved a third interim dividend of Rs. 2 per share (40% on Rs. 5 face value) for FY2025-26, payable by 30.05.2026 to shareholders on reco...
🧠 Analyst's Read
NATIONALUM is executing a clear growth strategy anchored in capacity expansion and operational efficiency, supported by strong cash flows and export demand. Investors should monitor the progress of the smelter project and alumina price trends, as these will be critical to sustaining margin momentum. The company’s ability to grow volumes while managing costs positions it well for long-term value creation, though near-term execution and commodity cycles will be key drivers of performance.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.
📡 Get AI alerts when NATIONALUM files new disclosures
Track NATIONALUM filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track NATIONALUM — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research