National Aluminium Company Limited (NATIONALUM)
₹324.25 +1.84% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, National Aluminium's revenue was ₹5,302 Cr (+39.3% year on year, +5.8% on the previous quarter), and net profit ₹2,003 Cr (+90.9% year on year); the operating margin was 51.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,302 | +39.3% | +5.8% |
| Operating profit | ₹2,708 | +81.5% | +15.3% |
| Net profit | ₹2,003 | +90.9% | +16.3% |
| EPS (₹) | 10.91 | +91.1% | +16.3% |
| Operating margin | 51.1% | — | — |
NATIONALUM delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.22% of the NATIONALUM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.8%. That is close to its usual level. In NATIONALUM futures, open interest rose 0.25% while the futures price rose 1.89%: long buildup (new long positions).
Delivery in the last 5 sessions: 62.6% · 56.9% · 49.6% · 40.9% · 45.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
BSE and NSE levied a fine of ₹14,13,340 each (including 18% GST on a basic fine of ₹12,13,000) on National Aluminium Company Limited (NALCO) for non-compliance with board composition norms under SEBI LODR Regulations for the quarter ended June 30, 2026. The Board reviewed the notices in its 371st meeting on September 25, 2026, and submitted that appointment of Independent Directors is vested solely with the Government of India. The company has appealed to both exchanges to condone the non-compliance and waive the penalties. Financially, the fine is negligible against NALCO's TTM net profit of ₹6,750 crore.
- BSE and NSE imposed a fine of ₹14,13,340 each (including 18% GST on ₹12,13,000 basic fine)
- Non-compliance pertains to SEBI LODR Regulations 17(1), 17(2A), 18(1), 19(1)/(2), 20(2)/(2A), and 21(2) for Q1 ended June 30, 2026
- Board formally deliberated the matter at its 371st meeting held on September 25, 2026
- Company requested waiver noting director appointments are exclusively under the Ministry of Mines / President of India
National Aluminium Company Limited (NALCO) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd. confirms that securities received for dematerialisation up to September 30, 2026, were processed and confirmed to depositories within 15 days. This is a standard quarterly regulatory submission with no impact on business operations or financials.
- Regulation 74(5) demat certificate filed for the quarter ended September 30, 2026
- Confirmation issued by RTA Bigshare Services Pvt. Ltd. on October 8, 2026
- Securities processed, mutilated, cancelled, and substituted within statutory timeline of 15 days
NALCO handed over a dividend cheque of ₹1,083.06 crore to the Government of India as part of its total FY 2025-26 dividend payout of ₹2,112.12 crore (230% on face value of ₹5). The total payout represents roughly 36.3% of the company's stated FY26 PAT of ₹5,815.76 crore. Concurrently, NALCO hosted a roadshow for the Angul Aluminium Park, committing to supply 50,000 tonnes per annum of molten hot metal at discounted rates to downstream industrial units.
- Total FY 2025-26 dividend paid reached ₹2,112.12 crore (230%), with GoI receiving ₹1,083.06 crore
- Company reported a Profit After Tax of ₹5,815.76 crore for FY 2025-26
- Offered 50,000 tonnes per annum of hot metal at discounted rates for downstream manufacturers at Angul Aluminium Park
- Over 250 representatives attended the Kolkata investor roadshow organised with IDCO and ASSOCHAM
National Aluminium Company Limited (NALCO) has announced the promotion of five Chief General Managers to the position of Executive Director within senior management. The promoted executives include Shri Srimanta Panda and Shri Sanjay Gupta in Finance, Shri Siddhartha Das in Materials, Shri Pramath Kumar Mohanty in Production, and Shri Pranab Kumar Das in S&P. All promoted officials are long-tenured company executives who joined between 1989 and 2018. This reshuffle represents internal managerial elevation without immediate operational or financial disruptions.
- 5 Chief General Managers promoted to Executive Director (Senior Management)
- Shri Pramath Kumar Mohanty joined NALCO earliest on 20/04/1989 as Graduate Trainee
- Shri Siddhartha Das joined NALCO on 08/12/1990 as Graduate Trainee
- Shri Pranab Kumar Das joined on 16/05/1992 and Shri Srimanta Panda joined on 19/01/1994
- Shri Sanjay Gupta, promoted in Finance, joined NALCO on 23/03/2018 as General Manager
National Aluminium Company Limited (NALCO) informed the exchanges that the Comptroller and Auditor General of India (C&AG) has appointed M/s. B M Chatrath & Co. LLP and M/s. SRB & Associates as Joint Statutory Auditors of the company for FY 2026-27. The appointment was confirmed via a C&AG letter dated September 7, 2026. Both are peer-reviewed Chartered Accountant firms with over 300 staff members each. This is a routine statutory compliance process standard for central public sector enterprises.
- C&AG appointed Joint Statutory Auditors via letter dated 07.09.2026
- Appointed firms are M/s. B M Chatrath & Co. LLP and M/s. SRB & Associates for FY 2026-27
- M/s. B M Chatrath & Co. LLP was founded in 1923 and operates with 17 partners and over 300 audit staff
- M/s. SRB & Associates was founded in 1978 and operates across multiple branches with a workforce of over 300
National Aluminium Company Limited (NALCO) submitted its presentation for the upcoming Institutional Investors' Meet on September 16, 2026. The presentation reviews FY25-26 performance, highlighting record revenues of ₹17,843 crore (+6% YoY), PAT of ₹5,816 crore (+9% YoY), and total capex of ₹2,068 crore. On the growth front, pre-commissioning of the 1.0 MTPA 5th Stream Alumina Refinery began in June 2026, while Pottangi Bauxite Mine (3.5 MTPA capacity, 111 MT reserves) is facing local agitation over approach road work. NALCO also noted pre-project activities for a 0.5 MTPA brownfield smelter expansion and an associated 1,080 MW captive power plant.
- FY25-26 financial performance hit record levels with revenue of ₹17,843 crore, PAT of ₹5,816 crore, and dividend paid of ₹2,020 crore
- Total FY25-26 CAPEX reached ₹2,068 crore (+48% YoY), representing ~10.7% of TTM revenue
- Pre-commissioning of the 1 MTPA Alumina Refinery expansion started in June 2026
- Pottangi Bauxite mine (3.5 MTPA, 111 MT reserve) has an MDO appointed, though approach road work remains pending due to local agitation
- Brownfield expansion of 0.5 MTPA aluminium smelter and 1,080 MW captive power plant are in pre-project stages
National Aluminium Company Limited (NALCO) submitted the approved minutes of its 45th Annual General Meeting held on August 31, 2026. Shareholders formally approved the adoption of FY26 financial statements and declared a final dividend of Re 1.00 per share (20% on face value Rs 5), bringing total FY26 dividend to Rs 11.50 per share including interim payouts. Additionally, the appointment of Shri Neeraj as an Independent Director for a 3-year term received approval with 92.82% votes in favor. Cost auditors' remuneration was also ratified, concluding routine AGM business with all resolutions passing.
- Confirmed total FY26 dividend of Rs 11.50 per share, comprising Re 1.00 final dividend and Rs 10.50 interim dividends.
- Adoption of FY26 audited accounts approved with 96.59% votes cast in favor (1,40,93,78,830 votes).
- Appointment of Shri Neeraj as Independent Director approved via special resolution with 92.82% valid votes in favor.
- Cost audit remuneration approved: Rs 3.50 lakhs for Lead Cost Auditor and Rs 3.00 lakhs for other Cost Auditor.
National Aluminium Company Limited (NALCO) has informed the exchanges about an upcoming physical Investors' Meet scheduled for September 16, 2026, in Mumbai. The meeting is hosted by Antique Stock Broking and will feature 1x1 and group interactions from 10:00 AM to 12:00 PM. Senior leadership, including the Chairman-cum-Managing Director and Director (Finance), will represent the company. NALCO confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during the interactions.
- Investors' Meet scheduled for Wednesday, September 16, 2026, between 10:00 AM and 12:00 PM
- Physical meeting to be held at Salon Pompadour, Sofitel Mumbai BKC
- Format includes 1x1 and group investor interactions hosted by Antique Stock Broking
- Represented by Chairman-cum-Managing Director Shri Brijendra Pratap Singh and Director (Finance) Shri Abhay Kumar Behuria
NALCO has signed a Technology Licensing Agreement with Emirates Global Aluminium (EGA) to deploy EGA's DX+ Ultra smelting technology. The technology will be implemented at NALCO's brownfield smelter expansion project at Anugola, Odisha, adding approximately 0.5 million tonnes per annum (MTPA) of aluminium production capacity. This expansion will effectively double NALCO's existing metal smelting capacity (currently ~0.46 MTPA) towards an aggregate of ~1.0 MTPA.
- Signed technology partnership agreement with Emirates Global Aluminium on September 07, 2026
- Licenses EGA's DX+ Ultra high-amperage smelting technology for brownfield smelter expansion at Anugola, Odisha
- Adds approximately 0.5 MTPA aluminium capacity, taking overall company capacity to ~1.0 MTPA
- EGA will provide licensing, know-how, engineering designs, and end-to-end technical support
NALCO conducted its 45th AGM, highlighting record operational and financial performance for FY 2025-26. Shareholders approved a final dividend of ₹1.00 per share (₹183.66 crore), taking the total FY26 dividend payout to ₹11.50 per share (₹2,112.12 crore, including ₹1,928.46 crore interim dividends). The management reiterated progress on strategic growth initiatives, including the 5th stream Alumina Refinery expansion at Damanjodi, Pottangi bauxite mine operationalization, and captive coal capacity ramp-up.
- Approved final dividend of ₹1.00 per equity share amounting to ₹183.66 crore
- Total FY26 dividend reached ₹11.50 per share (₹2,112.12 crore, including ₹1,928.46 crore interim dividend)
- Reaffirmed execution of 5th Stream Alumina Refinery expansion at Damanjodi and Pottangi Bauxite mine development
- Reported all-time high revenue from operations, PBT, and PAT for FY 2025-26
National Aluminium Company Limited (NALCO) concluded its 45th Annual General Meeting on August 31, 2026, with overall voter turnout of 79.60% of outstanding shares. All ordinary and special resolutions were passed with the requisite majorities. Key approvals included the adoption of FY26 financial statements (96.59% in favor), confirmation of interim and final dividends (99.58% in favor), and appointment of Shri Neeraj as Independent Director (92.82% in favor).
- Overall voter participation reached 79.60% with 1,46,19,46,667 votes polled out of 1,83,66,31,787 total shares
- Confirmation of 1st, 2nd, and 3rd interim dividends and declaration of final dividend passed with 99.58% majority
- Adoption of FY26 audited financial statements passed with 96.59% votes cast in favor
- Special Resolution to appoint Shri Neeraj as Independent Director passed with 92.82% votes in favor
National Aluminium Company Limited (NALCO) informed the stock exchanges of the superannuation of Shri V. S. Rao Amperayani, Executive Director (PF), effective 31.08.2026. The executive held a senior management position one level below the Board of Directors. This represents a routine retirement in accordance with standard CPSE retirement procedures.
- Shri V. S. Rao Amperayani superannuated from the post of Executive Director (PF) on 31.08.2026
- The position is classified as Senior Management (one level below the Board of Directors)
- Filing submitted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
National Aluminium Company Limited (NALCO) concluded its 45th Annual General Meeting on August 31, 2026, via video conferencing. Shareholders approved all agenda items with the requisite majority, including the adoption of FY26 audited financial statements, confirmation of interim dividends, and declaration of the final dividend. Key director appointments were also approved, including Shri Anil Kumar Singh as Director (Commercial) and Shri Neeraj as Independent Director. The meeting noted that Statutory Auditors gave no qualifications, while Secretarial and C&AG audit remarks were read along with management explanations.
- 45th Annual General Meeting held on August 31, 2026, from 11:00 a.m. to 12:50 p.m.
- Shareholders approved adoption of FY26 financial statements and declaration of final dividend
- All 7 resolutions covering ordinary and special business approved with requisite majority
- E-voting cut-off was August 24, 2026, with remote e-voting held between August 28 and August 30, 2026
At its 45th AGM, NALCO highlighted record FY26 financial performance, posting revenue of ₹17,843 crore (+6% YoY) and PAT of ₹5,816 crore (+9% YoY), alongside a total dividend payout of ₹2,112.12 crore. On expansions, trial runs for the 1.0 MTPA 5th stream Alumina refinery began in June 2026, with production stabilization expected in Q4 FY27. The company is advancing raw material security with the 3.5 MTPA Pottangi bauxite mine operationalisation in FY27 and Panchpatmali South Block (3.15 MTPA) scheduled for October 2026. Long-term growth includes a proposed 0.5 MTPA aluminium smelter brownfield expansion supported by a 50:50 JV with NLC India for a 1,080 MW thermal plant.
- Delivered record FY26 revenue of ₹17,843 crore (+6% YoY) and net profit of ₹5,816 crore (+9% YoY)
- Total FY26 dividend payout reached ₹2,112.12 crore (₹11.50 per share, 230% of paid-up share capital)
- 1.0 MTPA Alumina Refinery 5th Stream expansion commenced phase-wise trials in June 2026, targeting stabilization by Q4 FY27
- Developing 3.5 MTPA Pottangi Bauxite Mine for FY27 operationalisation and 3.15 MTPA Panchpatmali South Block crushing system (93% physical progress, commissioning Oct 2026)
- Formed a 50:50 JV with NLC India for a 4x270 MW (1,080 MW) captive power plant to support a planned 0.5 MTPA brownfield smelter expansion
National Aluminium Company Limited (NALCO) received a notice from the National Stock Exchange (NSE) dated August 25, 2026, imposing a fine of ₹14,31,340 (inclusive of 18% GST) for non-compliance with SEBI LODR regulations during the quarter ended June 30, 2026. The violations relate to board and committee composition regulations, including Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2). NALCO stated that it is in the process of representing its position to NSE regarding these matters. Financially, the fine is immaterial against NALCO's TTM revenue of ₹19,339 crore and TTM PAT of ₹6,750 crore.
- NSE imposed a fine of ₹14,31,340 (inclusive of 18% GST) on August 25, 2026
- Non-compliance cited for quarter ended June 30, 2026 under SEBI LODR Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2)
- The financial impact of ₹14.31 lakh represents <0.001% of NALCO's TTM PAT of ₹6,750 crore
- The company is preparing a representation to NSE regarding the identified non-compliances
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 28% YoY to INR 16,787.63 Cr in FY 2024-25. Export turnover increased 29% to INR 5,516.97 Cr, while domestic turnover grew 27% to INR 11,145.24 Cr. This growth was driven by higher LME price realizations and increased sales volumes.
Geographic Revenue Split
Domestic sales contributed 66.9% (INR 11,145.24 Cr) and Export sales contributed 33.1% (INR 5,516.97 Cr) of the total turnover in FY 2024-25.
Profitability Margins
Operating Profit Margin improved significantly from 21.85% to 45.06% (a 106.22% increase) due to higher LME prices and lower input costs. Return on Net Worth rose from 14.14% to 29.51% (up 108.70% YoY).
EBITDA Margin
EBIDTA (excluding exceptional items) for H1 FY 2025-26 was INR 3,693 Cr, representing a 41.17% increase over the previous year's H1 of INR 2,616 Cr. The full-year FY 2024-25 EBIDTA stood at INR 7,922 Cr.
Capital Expenditure
Accumulated expenditure on the 5th Stream Refinery expansion reached INR 4,500 Cr by mid-FY 2025-26, with an additional INR 600-700 Cr planned for the remainder of the year. Total project closure and final 5-10% payments are expected in FY 2026-27.
Credit Rating & Borrowing
The company maintains a zero-debt leverage position with a cash and cash equivalent balance of INR 7,900 Cr as of September 2025. Finance costs increased 242.65% to INR 58.97 Cr in FY 2024-25, primarily due to interest on deferred advance tax and mine closure obligations.
Operational Drivers
Raw Materials
Bauxite, Coal, and Caustic Soda are the primary raw materials. Raw materials accounted for 20% of total expenditure (INR 2,063.32 Cr), while Power & Fuel accounted for 32% (INR 3,165.94 Cr).
Import Sources
Bauxite is sourced from captive mines in Odisha (Panchpatmali and Pottangi). Coal is sourced from captive Utkal Coal Mines (Utkal D & E) and domestic linkages.
Key Suppliers
Captive sources include Utkal Coal Mines and Pottangi Bauxite Mines. External suppliers for Caustic Soda and other consumables are not specifically named in the documents.
Capacity Expansion
Current Alumina capacity is 2.1 MTPA, expanding by 1.0 MTPA via the 5th Stream Refinery project by June 2026. Bauxite capacity is 7.5 MTPA, with the Pottangi mine adding 111 million tonnes of reserves. Metal capacity is 0.46 MTPA.
Raw Material Costs
Raw material costs decreased 26.10% YoY to INR 2,063.32 Cr in FY 2024-25, driven by a 21.42% reduction in prices and a 4.68% reduction in production-linked consumption.
Manufacturing Efficiency
The new refinery stream is expected to be more efficient, requiring less manpower and lower caustic soda consumption compared to the existing four streams. Alumina production in H1 FY 2025-26 increased 31% YoY to 11.61 lakh tonnes.
Logistics & Distribution
The company operates dedicated port facilities for the storage of Alumina and Caustic Soda and ship loading to manage distribution costs.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth will be achieved through the 1 MTPA Alumina refinery expansion (5th stream), operationalizing the Pottangi Bauxite mine (111 MT reserve), and increasing coal evacuation from Utkal Coal Mines (from 20 LMT to 28 LMT). The company is also exploring a smelter expansion and a 50% JV for power to minimize outsource financing.
Products & Services
Alumina Hydrate, Special Hydrates, Calcined Alumina, Standard Aluminium Ingots, T-Ingots, Billets, Wire Rods, and Rolled Products.
Brand Portfolio
NALCO (National Aluminium Company Limited).
New Products/Services
Focus on value-added products like extrusions through smelter capacity additions and specialized hydrates from the refinery expansion.
Market Expansion
Targeting the growing domestic EV and rooftop solar sectors, which are expected to drive primary aluminium demand. Global demand is expected to grow at a 4.8% CAGR.
Market Share & Ranking
NALCO is a Navratna CPSE and a global leader in low-cost bauxite and alumina production.
Strategic Alliances
The company utilizes JVs for power plant expansions and has backstopping support for CCDs issued by one of its JV companies.
External Factors
Industry Trends
The industry is shifting toward green energy (EVs and Solar), with Indian aluminium consumption growing at a 9% CAGR over the last 5 years, outpacing global growth.
Competitive Landscape
Competes with global primary producers and domestic players like Vedanta and Hindalco, particularly in the domestic scrap and import market which grew 10.05% YoY.
Competitive Moat
The primary moat is being the global lowest-cost producer of bauxite and alumina, supported by integrated operations (captive mines and power) and a zero-debt balance sheet.
Macro Economic Sensitivity
Highly sensitive to global GDP growth and Chinese stimulus (15th five-year plan), which impacts global aluminium demand and LME pricing.
Consumer Behavior
Increasing demand for lightweight materials in the automotive sector (EVs) and electrical conductivity in solar power infrastructure.
Geopolitical Risks
Supply curtailments in Mozal (0.24 MTPA) and San Ciprian (0.228 MTPA) due to power issues and disruptions at Novelis impact global supply-demand balances.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations, 2015 and the Companies Act 2013. Operations are subject to mining lease registrations (e.g., Pottangi Bauxite Mine) and environmental monitoring.
Environmental Compliance
Adheres to the 4R Principle and Renewable Power Obligation (RPO). REC prices rose to INR 347 per unit, increasing compliance costs.
Taxation Policy Impact
Effective tax expense for FY 2024-25 was INR 1,810.43 Cr on a PBT of INR 7,135.10 Cr (approx 25.4% tax rate).
Legal Contingencies
The company was fined INR 10,85,600 (including GST) by BSE and NSE on November 28, 2025, for non-compliance with Regulation 17(1) of SEBI LODR regarding board composition.
Risk Analysis
Key Uncertainties
Volatility in LME aluminium prices and input costs (Caustic Soda, Power) could impact margins by over 50% as seen in historical margin swings.
Geographic Concentration Risk
Operations are heavily concentrated in Odisha, India, making the company sensitive to regional regulations and local mining policies.
Third Party Dependencies
Dependency on external Chartered Accountant firms for internal audits and external vendors for ERP (SAP) maintenance.
Technology Obsolescence Risk
The company is mitigating technology risks by upgrading to more efficient 'one-stream' 1 MTPA refinery technology compared to older four-stream systems.
Credit & Counterparty Risk
Trade receivables increased 21% to INR 186.39 Cr in FY 2024-25, but remain low relative to total turnover of INR 16,787 Cr, indicating strong credit quality.
