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National Aluminium Co Ltd.
NSE: NATIONALUMBasic MaterialsAluminum
- Last close
- ₹301.75
- Day change
- −₹9.15 (−2.94%)vs
- Market cap
- ₹57,083 crIndian rupees
- Research updated
- 2 reports
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About National Aluminium Co
National Aluminium Company Limited is a leading public sector enterprise in India specializing in the production and supply of aluminium and related products. As one of the largest integrated producers of bauxite, alumina, and aluminium, its primary function is to cater to domestic and international markets with high-quality aluminium products. The company operates across various segments, including mining, refining, smelting, and power generation, contributing significantly to sectors such as aerospace, automotive, and construction. Its strategic importance lies in its contribution to India's industrial growth and its role in ensuring the availability of essential raw materials for various industries. National Aluminium Co Ltd. plays a vital role in driving innovation and sustainability within the aluminium sector, aligning its operations with global standards and environmental compliance.
- Sector
- Basic Materials
- Industry
- Aluminum
- Listing
- NSE: NATIONALUM
- Next results
- Employees
- 4,864
- Headquarters
- Bhubaneswar, India
- ISIN
- INE139A01034
- Website
- nalcoindia.com
Public research · Report of
Business model & financial foundation
NALCO (NSE: NATIONALUM), Integrated aluminium: bauxite, alumina, primary aluminium, captive power and coal: revenue of ₹17,843 crore in FY26 (+6.3% on FY25), an EBITDA margin of 44.5%, net profit of ₹5,797 crore and net cash of ₹8,492 crore.
- Revenue, FY26 (₹ crore)
- 17,843
- consolidated
- Revenue growth, FY26
- +6.3%
- on FY25
- EBITDA margin, FY26
- 44.5%
- EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 5,797
- to owners
- Return on equity, FY26
- 29.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -8,492
- Net debt including liquid deposits and mutual funds
- Market capitalisation (₹ crore)
- 57,083
- at the close of 13 Oct 2026
Company profile
NALCO is a Navratna CPSE under the Ministry of Mines. It mines bauxite at Panchpatmali (68.25 lakh tpa) and refines alumina at Damanjodi (2.1-2.275 Mtpa, with a 1 Mtpa 5th stream being commissioned). It smelts 0.46 Mtpa of aluminium at Angul on a 1,200 MW captive power plant fed by its Utkal D&E coal mines. It exports surplus alumina and sells metal mostly in India. It is among the world's lowest-cost bauxite and alumina producers and is debt-free.
| Item | Value |
|---|---|
| Legal name | National Aluminium Company Limited |
| Exchange and ticker | NSE: NATIONALUM; BSE: 532234 |
| ISIN | INE139A01034 |
| CIN | L27203OR1981GOI000920 |
| Sector | Metals & Mining |
| Industry | Integrated aluminium: bauxite, alumina, primary aluminium, captive power and coal |
| Headquarters | Bhubaneswar, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B M Chatrath & Co LLP and S R B & Associates (joint, appointed by C&AG) (since FY26) |
| Market capitalisation | ₹57,083 crore (13 Oct 2026) |
| Shares outstanding | 183.66 crore shares (FY26) |
| Price | ₹310.8 (close, 13 Oct 2026) |
| 52-week range | ₹221.4 - ₹445.1 (to 13 Oct 2026) |
| Website | https://nalcoindia.com |
Corporate structure and shareholding
Parent: Government of India (President of India, 51.28%).
| Entity | Holding | Business |
|---|---|---|
| Utkarsha Aluminium Dhatu Nigam Ltd (JV with MIDHANI) | 50% | Proposed high-end aluminium alloys; winding-up proposed |
| Khanij Bidesh India Ltd (JV with HCL, MECL) | 40% | Overseas critical-mineral acquisition |
| Angul Aluminium Park Pvt Ltd (JV with IDCO) | 49% | Downstream aluminium park at Angul |
| GACL-NALCO Alkalies & Chemicals Pvt Ltd (JV with GACL) | 40% | Caustic soda plant at Dahej supplying NALCO's refinery |
No subsidiaries at 31 Mar 2026 (S12). A 50:50 JV with NLC India for the 1,080 MW captive power plant is being formed.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.28% | 51.28% | 51.28% | 51.28% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.22% | 19.67% | 22.28% | 21.99% |
| Domestic institutions | 15.44% | 12.35% | 10.76% | 11.22% |
| of which mutual funds | 9.47% | 7.05% | 6.24% | 6.68% |
| Retail | 11.90% | 11.30% | 10.86% | 10.87% |
| Other | 5.16% | 5.40% | 4.82% | 4.64% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
NALCO is a state-controlled (GoI 51.28%) integrated producer: bauxite from Panchpatmali, alumina from Damanjodi and 0.46 Mtpa aluminium at Angul, powered by captive coal/power. Revenue is aluminium metal, mainly domestic LME-plus-premium sales, and external alumina/hydrate, mainly export sales. FY26 consolidated revenue was ₹17,843 crore, EBITDA (before other income) ₹7,947 crore, PAT ₹5,797 crore and EPS ₹31.56. It controls bauxite, most coal and power, but not LME, alumina index prices, INR/USD, caustic, coke or pitch.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Chemicals: alumina/hydrate, captive bauxite | 6,694 | 34.0% | 2,034 | 26.8% | 10,895 | 41.0% |
| Aluminium | 12,945 | 65.8% | 5,564 | 73.2% | 5,882 | 22.2% |
| Unallocated common | 33.2 | 0.2% | 9,767 | 36.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindalco Industries (HINDALCO) | India's largest integrated aluminium producer (with Novelis); the closest domestic aluminium comparator |
| Vedanta (VEDL) | Largest Indian primary aluminium smelter base (~2.4 Mtpa) with Lanjigarh alumina; diversified |
| Hindustan Zinc (HINDZINC) | |
| Hindustan Copper (HINDCOPPER) | State-owned non-ferrous producer under the Ministry of Mines; same ownership and governance regime |
| NMDC (NMDC) | State-owned mining CPSE with a net-cash balance sheet and a high-payout policy |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating income | 14,215 | 14,171 | 13,149 | 16,788 | 17,843 |
| Cost of revenue (vendor classification) * | 2,691 | 4,969 | 4,611 | 7,184 | 7,778 |
| Other operating costs (vendor classification) * | 5,780 | 5,595 | 4,452 | 936.9 | 1,119 |
| EBITDA (vendor classification) * | 4,814 | 2,677 | 3,044 | 7,886 | 8,579 |
| Operating EBIT excluding other income and exceptional items | 3,977 | 1,849 | 2,123 | 6,837 | 7,201 |
| Total finance costs including unwinding and settlement | 23.1 | 4.08 | 17.2 | 59.0 | 99.8 |
| Reported consolidated PBT including JV share | 3,954 | 1,845 | 2,712 | 7,078 | 7,749 |
| Total tax expense in profit and loss | 1,003 | 410.5 | 723.6 | 1,810 | 1,952 |
| Total consolidated profit for the year | 2,951 | 1,435 | 1,988 | 5,268 | 5,797 |
| Diluted earnings per share (₹) | 16.07 | 7.81 | 10.83 | 28.68 | 31.56 |
| Materials consumed plus signed finished goods/WIP change | 2,646 | 1,973 | 2,561 | ||
| Employee benefits expense | 2,035 | 1,786 | 1,721 | ||
| Other expenses (excluding power and fuel), as reported | 2,048 | 2,297 | 2,885 | ||
| Operating EBITDA excluding other income and exceptional items | 2,873 | 7,565 | 7,947 | ||
| Other income | 250.7 | 357.0 | 665.8 | ||
| Depreciation, amortisation and signed impairment | 749.7 | 727.6 | 745.4 | ||
| Exceptional income/(expense), income positive | 426.8 | 0.00 | 0.00 | ||
| Share of profit/(loss) of equity-accounted joint ventures | -71.5 | -56.7 | -18.8 | ||
| Profit attributable to owners | 1,988 | 5,268 | 5,797 | ||
| Non-controlling interest share of profit | 0.00 | 0.00 | 0.00 | ||
| Basic earnings per share (₹) | 10.83 | 28.68 | 31.56 | ||
| Purchased-source raw materials consumed | 2,792 | 2,063 | 2,388 | ||
| Signed change in finished goods and WIP inventories | -146.1 | -90.2 | 173.7 | ||
| Power and fuel consumed, purchased source | 3,548 | 3,166 | 2,729 | ||
| Property plant and equipment depreciation | 728.7 | 650.0 | 697.5 | ||
| PPE impairment expense/(reversal), signed | -11.6 | 28.5 | -5.70 | ||
| Intangible asset amortisation | 32.6 | 49.1 | 53.6 | ||
| Current tax including adjustments for earlier years | 839.7 | 1,861 | 2,018 | ||
| Deferred tax expense/(credit), signed | -116.1 | -50.3 | -65.9 | ||
| Revenue, aluminium segment (external) | 9,557 | 11,113 | 12,945 | ||
| Revenue, chemicals segment net of inter-segment (external) | 3,585 | 5,653 | 4,865 | ||
| Revenue, unallocated/common segment (external) | 7.75 | 21.4 | 33.2 | ||
| Power & fuel plus other expenses (combined) | 5,596 | 5,463 | 5,614 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 12,552 | 13,126 | 14,388 | 17,805 | 21,604 |
| Debt including leases and GNAL CCD put obligation | 77.1 | 104.6 | 96.4 | 311.1 | 202.1 |
| Cash and cash equivalents | 412.8 | 63.3 | 43.5 | 121.4 | 153.5 |
| Net current and non-current trade receivables | 75.3 | 91.3 | 153.5 | 186.4 | 214.7 |
| Inventories | 1,646 | 1,840 | 1,831 | 1,909 | 1,835 |
| Total current and non-current trade payables | 1,457 | 779.5 | 739.3 | 749.2 | 813.4 |
| Net PPE excluding intangibles | 876.5 | 7,397 | 7,020 | 6,799 | 6,750 |
| Tangible capital work in progress | 1,812 | 2,834 | 3,961 | 4,935 | 6,296 |
| Total consolidated assets | 17,276 | 17,627 | 19,235 | 22,882 | 26,544 |
| Net debt including liquid deposits and mutual funds | -2,647 | -5,624 | -8,492 | ||
| Bank borrowings and discounted bills | 39.2 | 124.2 | 0.00 | ||
| Unrestricted term deposits including accrued interest | 2,527 | 5,298 | 8,248 | ||
| Equity-accounted JV stakes excluded from liquidity | 168.7 | 259.3 | 240.5 | ||
| Earmarked bank balances excluded from liquidity | 4.25 | 6.87 | 6.40 | ||
| Recognised GNAL CCD mandatory-put obligation | 0.00 | 129.4 | 142.3 | ||
| GNAL financial-guarantee liability disclosed separately | 0.00 | 21.7 | 17.9 | ||
| Net intangible assets | 362.5 | 949.2 | 897.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income tax | 2,787 | 704.3 | 2,727 | 5,806 | 6,438 |
| Free cash flow (vendor definition) * | 2,765 | -625.8 | 1,063 | 4,605 | 4,400 |
| Dividends paid, signed cash outflow | -1,102 | -918.3 | -734.7 | -1,837 | -2,020 |
| Gross cash capex including capital advances and intangibles | -1,170 | -1,296 | 1,656 | 1,201 | 2,038 |
| Cash from operations minus gross cash capex | 1,071 | 4,605 | 4,400 | ||
| PPE cash payments including capital advances, signed outflow | -1,560 | -1,176 | -2,035 | ||
| Intangible asset cash payments, signed outflow | -96.3 | -25.7 | -3.29 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid shares outstanding | 183.66 | 183.66 | 183.66 | 183.66 | 183.66 |
| Weighted average shares for basic and diluted EPS | 183.66 | 183.66 | 183.66 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,001 | 4,662 | 5,268 | 3,807 | 4,292 | 4,731 | 5,013 | 5,302 |
| Operating EBIT excluding other income and JV share | 1,369 | 2,042 | 2,666 | 1,314 | 1,752 | 1,997 | 2,138 | 2,525 |
| Finance costs | 4.43 | 19.1 | 32.1 | 8.04 | 8.36 | 59.6 | 23.8 | 9.55 |
| Reported PBT including equity-accounted joint ventures | 1,420 | 2,105 | 2,749 | 1,415 | 1,892 | 2,126 | 2,316 | 2,690 |
| Total income tax expense including deferred tax | 374.4 | 539.0 | 681.3 | 365.4 | 462.1 | 530.6 | 593.6 | 686.5 |
| Consolidated profit for period including JV share | 1,046 | 1,566 | 2,067 | 1,049 | 1,430 | 1,595 | 1,722 | 2,003 |
| Diluted EPS, reported and not annualised (₹) | 5.70 | 8.53 | 11.26 | 5.71 | 7.79 | 8.69 | 9.38 | 10.91 |
| Raw materials plus inventory changes (excludes power) | 645.3 | 526.3 | 607.5 | 433.8 | 589.0 | 796.4 | 742.3 | 580.2 |
| Raw materials consumed | 491.3 | 506.3 | 578.5 | 551.8 | 564.9 | 604.6 | 666.5 | 728.5 |
| Changes in finished goods and WIP inventories | 154.0 | 19.9 | 29.0 | -118.0 | 24.1 | 191.8 | 75.8 | -148.4 |
| Employee benefits expense | 476.4 | 429.8 | 413.6 | 445.4 | 440.4 | 369.1 | 466.3 | 395.5 |
| Power and fuel consumed, separately disclosed | 810.2 | 827.3 | 842.7 | 728.1 | 732.9 | 663.6 | 604.0 | 960.1 |
| Other expenses excluding separately disclosed power | 520.6 | 551.4 | 650.1 | 707.5 | 604.2 | 722.6 | 850.8 | 659.2 |
| EBITDA excluding other income and JV share | 1,549 | 2,328 | 2,754 | 1,492 | 1,926 | 2,179 | 2,349 | 2,708 |
| Other income | 71.8 | 99.1 | 125.6 | 123.5 | 151.5 | 194.1 | 196.8 | 173.3 |
| Depreciation amortisation and impairment, combined | 179.8 | 285.7 | 87.8 | 178.3 | 173.8 | 182.1 | 211.2 | 182.4 |
| Exceptional income positive / expense negative | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of equity-accounted joint ventures | -16.2 | -16.6 | -11.1 | -14.4 | -3.23 | -5.87 | 4.73 | 0.76 |
| Profit attributable to owners (no consolidated subsidiaries) | 1,046 | 1,566 | 2,067 | 1,049 | 1,430 | 1,595 | 1,722 | 2,003 |
| Minority interest, not applicable for equity-accounted JVs | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Depreciation and amortisation excluding impairment | 180.4 | 180.1 | 163.7 | 178.9 | 180.9 | 185.1 | 206.1 | n.d. |
| Impairment expense positive / reversal negative | -0.60 | 105.6 | -75.9 | -0.59 | -7.14 | -3.03 | 5.06 | n.d. |
| Revenue, aluminium segment (external) | 2,727 | 2,601 | 3,250 | 2,708 | 2,880 | 3,462 | 3,895 | 4,189 |
| Revenue, chemicals segment net of inter-segment (external) | 1,266 | 2,051 | 2,013 | 1,089 | 1,398 | 1,265 | 1,112 | 1,085 |
| Revenue, unallocated/common segment (external) | 9.19 | 9.38 | 4.47 | 9.16 | 13.8 | 4.24 | 5.97 | 29.0 |
| Power & fuel plus other expenses (combined) | 1,331 | 1,379 | 1,493 | 1,436 | 1,337 | 1,386 | 1,455 | 1,619 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 60.3% | -0.3% | -7.2% | 27.7% | 6.3% |
| EBITDA margin | 21.8% | 45.1% | 44.5% | ||
| Net margin | 15.1% | 31.4% | 32.5% | ||
| Return on equity | 14.5% | 32.7% | 29.4% | ||
| Return on capital employed | 34.0% | 14.3% | 15.3% | 41.9% | 36.1% |
| Return on assets | 10.8% | 25.0% | 23.5% | ||
| Net debt (₹ crore) | -2,647 | -5,624 | -8,492 | ||
| Net debt / EBITDA | -0.92x | -0.74x | -1.07x | ||
| Interest cover | 172.0x | 453.2x | 123.4x | 115.9x | 72.2x |
| Asset turnover | 0.89x | 0.81x | 0.71x | 0.80x | 0.72x |
| Receivable days | 2 | 2 | 4 | 4 | 4 |
| Inventory days (on revenue) | 42 | 47 | 51 | 42 | 38 |
| Payable days (on revenue) | 37 | 20 | 21 | 16 | 17 |
| Cash conversion | 1.37x | 1.10x | 1.11x | ||
| Capex intensity | 8.2% | 9.1% | 12.6% | 7.2% | 11.4% |
| Free cash flow (₹ crore) | 1,618 | -591.9 | 1,071 | 4,605 | 4,400 |
| Dividend payout | 36.9% | 34.9% | 34.9% | ||
| EPS, diluted (₹) | 16.07 | 7.81 | 10.83 | 28.68 | 31.56 |
| Book value per share (₹) | 68.35 | 71.47 | 78.34 | 96.95 | 117.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid deposits and mutual funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on National Aluminium Co
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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