National Aluminium Company Ltd logo

National Aluminium Company Ltd

NATIONALUM NSE

Key Fundamentals

Volatility
High Risk
P/E Ratio
10.89
EBITDA
₹8,613 Cr
Return on Equity
26.83%
Debt to Equity
0
EPS
₹10.5
52W High
₹445.15
52W Low
₹183.86

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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39 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

5
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 34.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.7%
  • Company has been maintaining a healthy dividend payout of 39.7%

Growth Rate

Revenue Growth
7.96% ↗
Net Income Growth
10.04% ↘
Cash Flow Change
10.88% ↗
ROE
-9.33% ↘
ROCE
-8.58% ↘
EBITDA Margin (Avg.)
0.71% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

National Aluminium Company (NALCO) is a nearly debt-free PSU with a market cap of ₹69,636 Cr, trading at a PE of 10.4x with a 3-year ROE of 26%. The stock has delivered a 101% return over the past year while maintaining a dividend yield of 3.02%, though revenue growth at 9% TTM trails profit growth of 18% TTM.

Bull Case 8
  • Company is virtually debt-free, providing significant financial flexibility and resilience during commodity downturns
  • Strong 5-year compounded profit growth of 35% CAGR demonstrates sustained earnings momentum
  • 3-year ROE of 26% and last year ROE of 29% indicate efficient capital utilization well above cost of equity
  • PE of 10.4x is relatively undemanding for a company delivering 18% TTM profit growth, suggesting earnings are not aggressively priced
  • Dividend yield of 3.02% with a healthy payout ratio of 38.7% offers tangible cash returns to shareholders
  • 10-year profit CAGR of 23% shows long-term earnings compounding through multiple commodity cycles
  • 5-year stock CAGR of 32% reflects sustained value creation over a meaningful holding period
  • Price-to-book of 3.24x is supported by near-zero leverage, meaning book value is almost entirely equity with no debt overhang
Bear Case 8
  • TTM sales growth of only 9% versus profit growth of 18% suggests margin expansion is driving earnings rather than volume growth, which may not be sustainable
  • Stock has rallied 101% in one year, significantly outpacing fundamental earnings growth of 18% TTM, raising valuation re-rating risk
  • As a commodity producer, NALCO's profitability is highly sensitive to global aluminium prices which are cyclical and outside management control
  • 10-year sales CAGR of just 10% indicates limited top-line growth capacity constrained by production expansion pace
  • Being a PSU, the company faces potential government-directed capex, dividend extraction, or policy decisions that may not align with minority shareholder interests
  • Price-to-book of 3.24x is elevated for a metals and mining PSU, leaving limited margin of safety if aluminium prices correct
  • 5-year sales CAGR of 15% has decelerated to 8% over 3 years and 9% TTM, indicating a slowing revenue trajectory
  • 52-week high/low data unavailable limits visibility on recent trading range and potential drawdown risk from peak levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • SEBI fine for board non-compliance Jul 29

    NALCO seeking waiver of Rs 5.31 lakh fine imposed by BSE and NSE for non-compliance with Regulation 17(1) of SEBI LODR Regulations for Q4 FY26.

Positives 2
  • Q1FY27 profit surges 88% YoY Aug 1

    Standalone net profit of ₹2,002.38 crore in Q1FY27, up 88% YoY. Board recommended final dividend of Re.1.00 per share for FY25-26.

  • Record revenue and PAT in FY26 Aug 7

    NALCO reported record Revenue of ₹17,843.05 crore and PAT of ₹5,815.76 crore for FY 2025-26, with 45th AGM scheduled for August 31, 2026.

Neutral 4
  • 3.2 MT alumina capacity by FY28 Aug 3

    Multi-year expansion targeting 3.2 million tonne alumina capacity by FY28 with phased capex of ₹1,500-1,800 crore in FY27, rising to ₹2,500 crore in FY28, and ₹4,000-7,000 crore annually at full scale.

  • New smelter and power plant by FY30 Aug 3

    500,000 ton smelter and 1000 MW power plant targeted for FY30 commissioning. Q1 export shipment disruptions fully resolved with no pending shipments.

  • BRSR filed for FY 2025-26 Aug 7

    NALCO submitted its Business Responsibility and Sustainability Report for FY 2025-26 covering ESG disclosures across 9 core BRSR attributes.

  • Q1FY27 earnings call scheduled Jul 28

    Conference call set for August 3, 2026 at 10:30 AM IST, hosted by Systematix Institutional Equities.

TL;DR: NALCO is delivering strong financial performance with record FY26 revenue of ₹17,843 crore and Q1FY27 profit surging 88% YoY to ₹2,002 crore. The company is pursuing aggressive capacity expansion with a new smelter and power plant by FY30. The only notable risk is a minor SEBI compliance issue around board composition. The trend is clearly improving with robust earnings momentum and a well-defined multi-year growth capex roadmap.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,179
3,043
3,348
3,579
2,856
4,001
4,662
5,268
3,807
4,292
4,731
5,013
5,302
Expenses
2,600
2,666
2,592
2,491
1,935
2,469
2,351
2,525
2,329
2,370
2,558
2,663
2,595
Operating Profit
579
378
756
1,088
921
1,533
2,311
2,743
1,478
1,923
2,173
2,349
2,708
OPM %
18%
12%
23%
30%
32%
38%
50%
52%
39%
45%
46%
47%
51%
Other Income
48
69
50
511
61
72
99
126
124
151
194
202
174
Interest
2
4
2
9
3
4
19
32
8
8
60
24
10
Depreciation
170
186
154
240
174
180
286
88
178
174
182
211
182
PBT
455
256
650
1,350
804
1,420
2,105
2,748
1,415
1,892
2,126
2,316
2,690
Tax %
27%
27%
28%
26%
27%
26%
26%
25%
26%
24%
25%
26%
26%
Net Profit
334
187
471
997
588
1,046
1,566
2,067
1,049
1,430
1,595
1,722
2,003
EPS in Rs
1.82
1.02
2.56
5.43
3.2
5.7
8.53
11.26
5.71
7.79
8.69
9.38
10.91
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
7,383
6,817
7,543
9,509
11,499
8,472
8,956
14,181
14,257
13,149
16,788
17,843
19,338
Expenses
5,510
5,858
6,464
8,113
8,607
7,985
7,174
9,665
11,917
10,348
9,280
9,915
10,185
Operating Profit
1,873
959
1,079
1,397
2,893
487
1,782
4,516
2,340
2,801
7,508
7,928
9,153
OPM %
25%
14%
14%
15%
25%
6%
20%
32%
16%
21%
45%
44%
47%
Other Income
821
659
368
1,124
327
273
147
298
234
678
357
666
721
Interest
167
3
3
2
2
6
7
23
13
17
59
100
101
Depreciation
414
426
480
480
476
530
606
837
716
750
728
745
749
PBT
2,113
1,189
964
2,039
2,741
224
1,316
3,954
1,845
2,712
7,078
7,749
9,023
Tax %
37%
34%
31%
34%
37%
39%
1%
25%
22%
27%
26%
25%
—
Net Profit
1,322
787
668
1,342
1,734
136
1,299
2,951
1,435
1,988
5,268
5,797
6,751
EPS in Rs
5.13
3.05
3.45
6.94
9.29
0.73
7.07
16.07
7.81
10.83
28.68
31.56
36.77
Div. Payout %
34%
65%
81%
82%
62%
205%
49%
40%
58%
46%
37%
36%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
1,289
1,289
966
966
933
933
918
918
918
918
918
918
Reserves
11,509
11,906
9,239
9,537
9,552
9,054
9,761
11,634
12,208
13,470
16,887
20,685
Borrowings
0
0
51
45
67
12
102
77
105
96
182
60
Other Liabilities
3,380
3,515
4,245
4,064
4,596
4,549
3,928
4,646
4,396
4,751
4,895
4,881
Total Liabilities
16,178
16,710
14,501
14,613
15,147
14,548
14,709
17,276
17,627
19,235
22,882
26,544
Fixed Assets
6,645
6,596
7,144
7,139
7,286
7,485
7,660
7,343
7,303
7,383
7,651
7,551
CWIP
550
688
566
915
883
1,427
1,575
2,235
3,269
4,573
5,033
6,395
Investments
950
1,011
1,260
710
257
331
560
375
359
342
774
533
Other Assets
8,032
8,416
5,531
5,849
6,722
5,306
4,913
7,322
6,696
6,938
9,424
12,065
Total Assets
16,178
16,710
14,501
14,613
15,147
14,548
14,709
17,276
17,627
19,235
22,882
26,544
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
520
881
1,436
1,590
2,409
-349
2,199
3,958
908
2,719
5,806
6,438
Investing
566
314
1,550
-490
-532
873
-1,404
-2,619
-334
-2,000
-3,971
-4,200
Financing
-506
-544
-3,616
-1,100
-1,731
-677
-601
-1,140
-924
-739
-1,758
-2,206
Net Cash Flow
580
651
-630
1
146
-153
195
199
-350
-20
78
32
Free Cash Flow
217
330
674
765
1,649
-1,195
992
2,685
-617
1,075
4,641
4,413
CFO/OP
54
129
153
148
119
-51
129
104
71
120
100
105
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
6
13
9
10
8
6
6
2
2
4
4
4
Inventory Days
411
352
389
288
231
463
411
324
213
252
353
261
Days Payable
155
213
284
232
245
211
262
287
146
206
137
114
Cash Conversion Cycle
262
151
114
66
-7
258
156
39
69
50
221
152
Working Capital Days
8
10
-24
-11
-28
-9
11
-10
4
6
-7
-6
ROCE %
—
9%
9%
11%
26%
2%
13%
34%
14%
17%
44%
40%

Shareholding Pattern

As of Jun 2026
Promoters 51.28%
FIIs 21.99%
Public 15.52%
DIIs 11.22%
Total 100.01%
  Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
FIIs
13.68%
11.56%
8.99%
10.43%
12.08%
14.13%
15.81%
15.06%
16.22%
19.67%
22.27%
21.99%
DIIs
17.47%
18.80%
18.82%
19.12%
19.29%
17.99%
15.70%
15.76%
15.45%
12.35%
10.75%
11.22%
Public
17.57%
18.38%
20.93%
19.16%
17.34%
16.60%
17.21%
17.90%
17.05%
16.70%
15.69%
15.52%
No. of Shareholders
6,36,856
6,92,122
8,76,645
9,12,729
8,68,800
9,12,049
9,27,096
9,56,168
9,24,942
9,07,497
9,69,058
9,48,915

Documents

Frequently Asked Questions about National Aluminium Company Ltd

What does National Aluminium Company Ltd do?
Incorporated in 1981, National Aluminium Company Limited (NALCO) manufactures and sells Alumina and Aluminium[1]
Where is National Aluminium Company Ltd (NATIONALUM) listed?
National Aluminium Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: NATIONALUM and BSE: 532234. You can view its live share price, financials, and ratios on Tapetide.
Which sector does National Aluminium Company Ltd belong to?
National Aluminium Company Ltd operates in the Metals & Mining sector within the Aluminium industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of National Aluminium Company Ltd?
The Price-to-Earnings (PE) ratio of National Aluminium Company Ltd is 10.89. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of National Aluminium Company Ltd?
Over the past 52 weeks, National Aluminium Company Ltd has traded between a low of ₹183.86 and a high of ₹445.15. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of National Aluminium Company Ltd?
National Aluminium Company Ltd has a Return on Equity (ROE) of 26.83%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research National Aluminium Company Ltd on Tapetide?
On Tapetide, you can view National Aluminium Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1981, National Aluminium Company Limited (NALCO) manufactures and sells Alumina and Aluminium[1]

Website nalcoindia.com
Listed 1999-04-28
Face Value ₹ 5
Issued Size 1,83,66,31,787

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