NALCO
NALCO
Metals & Mining F&OKey Fundamentals
MidcapAluminiumMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
6- Company has reduced debt.
- Company is almost debt free.
- Stock is providing a good dividend yield of 3.43%.
- 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
AI Analysis — Bull vs Bear
National Aluminium Company Ltd (NALCO) is a government-owned, integrated bauxite-alumina-aluminium producer with a market cap of about Rs 66,321 crore. It trades at a P/E of 9.7x and a P/B of 3.04x, with a dividend yield of 3.21%. Profit has grown at a 59% CAGR over 3 years, far faster than sales at 8%, and ROE was 29% last year. The company is almost debt free, but its earnings depend heavily on commodity prices.
- Profit has compounded at 59% CAGR over 3 years and 34.9% over 5 years, and TTM profit growth is still 18%. This points to strong operating leverage from its integrated bauxite-to-aluminium operations.
- ROE was 29% last year, with a 3-year average of 25.7% and a 5-year average of 23%. That is well above its 10-year average of 17%, showing better capital efficiency in recent years.
- The company is almost debt free and has reduced its debt. This gives it balance sheet room to fund expansion capex without much financial risk.
- The dividend yield is 3.21%, backed by a steady payout ratio of 39.7%. This gives shareholders a cash return while still keeping about 60% of earnings to reinvest.
- A P/E of 9.7x is low for a business with a 3-year ROE of 25.7%. This suggests the market is pricing in some of the commodity-cycle risk.
- Owning captive bauxite mines and alumina refining puts NALCO toward the low end of the global cost curve. This helps explain its 5-year profit CAGR of 34.9%, well ahead of its 15% sales CAGR.
- The stock has returned a 23% CAGR over 10 years and 32% over 5 years, which shows the business has built value across more than one commodity cycle.
- Sales grew at only 8% CAGR over 3 years and 9% TTM, while profit grew at 59% over 3 years. Most of the earnings growth came from better prices and margins rather than higher volumes, and that can reverse when aluminium and alumina prices fall.
- The stock is up 79% in 1 year and 57% CAGR over 3 years. Much of the earnings recovery may already be priced in, which raises the risk of sharp drawdowns if commodity prices correct.
- A P/E of 9.7x may be flattering because it rests on near-peak earnings, with last year's ROE of 29% far above the 10-year average of 17%. For cyclical stocks, a low P/E at the top of the cycle often comes before earnings fall.
- A P/B of 3.04x is high for a commodity producer. That multiple only looks reasonable if ROE stays around 25-29% rather than falling back toward its 10-year average of 17%.
- The 10-year sales CAGR is only 10%, which points to limited long-term volume growth. Future growth depends on expanding smelter and mine capacity, which is capital-intensive and could strain the currently near debt-free balance sheet.
- The government is the majority shareholder. PSU ownership brings risks to minority shareholders, including dividend decisions shaped by government needs, possible stake sales (offer-for-sale) that could weigh on the share price, and slower decision-making. This matters even though the 39.7% payout ratio is currently shareholder-friendly.
- Earnings depend heavily on global aluminium and alumina prices, the rupee-dollar exchange rate, and power and coal costs. Any of these could compress margins that currently support a 3-year ROE of 25.7%.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Record ₹1,083 crore dividend to GoI Sep 28
NALCO paid ₹1,083.06 crore to the Government of India, its highest-ever payout. At the same time it pitched investment opportunities at the Angul Aluminium Park.
- AGM approves ₹11.50 FY26 dividend Sep 14
Shareholders at the 45th AGM approved a total dividend of ₹11.50 per share for FY26. They also ratified Shri Neeraj as Independent Director and re-appointed other board members.
- Mumbai investor meet on Sep 16 Sep 8
NALCO hosted an analyst and institutional investor meet in Mumbai on September 16, 2026, organised by Antique Stock Broking. The CMD and Director (Finance) attended.
- Five new Executive Directors appointed Sep 25
Five senior executives were promoted to Executive Director effective September 25, 2026. The roles cover finance, materials, production and strategic planning.
TL;DR: NALCO is showing strong shareholder returns. It paid a record ₹1,083.06 crore dividend to the government, and the FY26 payout was approved at ₹11.50 per share, which points to solid cash generation. None of these articles report specific risks, but they also leave out operating metrics, aluminium price trends and input-cost pressure, so the analysis is incomplete. Overall the trend looks steady to improving, and investors should watch upcoming quarterly results and LME aluminium prices to see if the strong payouts can continue.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view NALCO insights
64 extracted metrics + investor summaries across FY00–FY27.
Documents
Frequently Asked Questions about NALCO
What does National Aluminium Company Ltd do?
Where is National Aluminium Company Ltd (NATIONALUM) listed?
Which sector does National Aluminium Company Ltd belong to?
What is the market capitalisation of National Aluminium Company Ltd?
What is the PE ratio of National Aluminium Company Ltd?
What is the 52-week high and low of National Aluminium Company Ltd?
Does National Aluminium Company Ltd pay dividends?
What is the Return on Equity (ROE) of National Aluminium Company Ltd?
Company Information
Incorporated in 1981, National Aluminium Company Limited (NALCO) manufactures and sells Alumina and Aluminium[1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/NATIONALUM.md for National Aluminium Company Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.