National Aluminium Company Q2 FY27: PAT ₹780 Cr & Rev ₹5,400 Cr

Investor Takeaways

Revenue reached ₹5,400 crores, up 39% YoY.

Net profit increased to ₹780 crores, reflecting 88% YoY growth.

EBITDA growth was 78% YoY.

Employee costs reduced by INR70-80 crores annually.

Alumina sales volume guidance raised to 16 lakh tons for FY27.

Alumina realization improved to $370 per ton.

Capacity expansion planned to 3.1-3.3 million tons by FY28.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹5,400 Cr	39%
Net Profit	₹780 Cr	88%
EBITDA	Not available	78%
EPS	Not available
OPM	Not available

What Changed

The filing indicates a significant improvement in financial performance for Q1 FY27. Revenue growth of 39% YoY was driven by higher alumina prices and increased sales volume. Net profit growth outpaced revenue growth, rising 88% YoY to ₹780 crores, suggesting improved cost management and operational efficiency. A reduction in employee costs by INR70-80 crores annually contributes to margin expansion. The company raised its alumina sales volume target to 16 lakh tons for FY27, up from previous guidance, reflecting stronger demand expectations. Alumina realization increased to $370 per ton, supporting top-line growth. Additionally, the company outlined plans to expand alumina capacity to 3.1-3.3 million tons by FY28, with a new refinery adding 1 million ton capacity. These developments point to a strategic focus on scaling operations and improving profitability through volume growth and cost optimization.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
NATIONALUM	17.66	Not available	Not available	74,126.46
ADANIENT	34.61	11.54%	9.63%	3,50,878.2
JSWSTEEL	41.9	9.37%	10.23%	3,12,724.65
TATASTEEL	29.46	10.06%	10.86%	2,70,692.8

NATIONALUM trades at a lower P/E multiple compared to its peers, suggesting potential undervaluation relative to earnings. However, peer companies report higher ROE and ROCE, indicating stronger returns on equity and capital. The company’s market capitalization is substantial but significantly lower than the largest peers.

Risks & Concerns

No specific risks were identified in the filing.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	4,662.22	1,566.32	49.92
Q2FY25	4,001.48	1,045.97	38.71
Q1FY25	2,856.1	588.42	32.71
Q4FY24	3,579.05	996.74	30.94

The company’s revenue and profit have shown an upward trend over the last four quarters, with OPM improving from 30.94% in Q4FY24 to 49.92% in Q3FY25. This indicates rising operational efficiency and margin expansion over time.

Investor Takeaway

The company demonstrated strong top-line and bottom-line growth in Q1 FY27, supported by volume growth, higher realization, and cost reduction. Expansion of alumina capacity and improved operational efficiency position the company for sustained margin improvement. The valuation appears attractive relative to peers, though peer companies exhibit stronger returns on capital. No risks were highlighted in the filing. Future performance will depend on execution of capacity expansion and maintenance of favorable alumina pricing.

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About National Aluminium Company Limited (NATIONALUM)

Metals & Mining · Non Ferrous Metals · Listed on NSE

Market Cap: ₹69,883.84 Cr P/E: 10.3 ROE: 31.3% ROCE: 42.2% Div Yield: 2.76%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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