National Aluminium Company Ltd logo

National Aluminium Company Ltd

NATIONALUM NSE

Key Fundamentals

MidcapAluminiumMetals & Mining
Market Cap
₹79,765 Cr
Volatility
Moderate
P/E Ratio
12.7
EBITDA
₹7,922 Cr
Return on Equity
10.93%
Debt to Equity
0.01
Book Value
₹108
EPS
₹10.5
52W High
₹431.5
52W Low
₹144.71

Technical Indicators

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 108% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 46.8%

Growth Rate

Revenue Growth
27.95% ↗
Net Income Growth
164.92% ↗
Cash Flow Change
113.51% ↗
ROE
114.11% ↗
ROCE
116.59% ↗
EBITDA Margin (Avg.)
98.20% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic Claude Opus 4.6 4d ago
HOLD
Risk high

NALCO has delivered exceptional 108% profit CAGR over 5 years and trades at a reasonable PE of 12.3x, but the stock has already surged 191% in the last year, pricing in much of the upside. With mixed analyst sentiment (33% sell ratings) and modest 3-year sales CAGR of just 6%, the risk-reward at current levels favours patience over fresh entry.

Bull Case 8
  • Virtually debt-free balance sheet provides significant financial resilience through aluminium price cycles, reducing bankruptcy risk to near zero
  • Compounded profit CAGR of 108% over 5 years demonstrates strong operating leverage and cost discipline as aluminium prices recovered
  • Last year ROE of 33% is exceptional and well above the 10-year average of 14%, indicating peak-level capital efficiency
  • PE ratio of 12.3x is attractive relative to broader market multiples, offering a margin of safety if earnings sustain
  • Healthy dividend payout ratio of 46.8% with a current yield of 2.55% provides meaningful income support for investors
  • TTM sales growth of 20% signals a strong ongoing demand environment for aluminium and alumina products
  • Being a Navratna PSU with captive bauxite mines and integrated operations gives NALCO a structural cost advantage over private peers
  • 10-year stock CAGR of 26% shows the company has been a consistent long-term wealth creator despite commodity cyclicality
Bear Case 8
  • Stock has surged 191% in just 1 year, significantly increasing the risk of mean reversion or sharp correction from current levels
  • 3-year compounded sales CAGR of only 6% suggests underlying volume and revenue growth is modest, with recent profits driven more by price than demand
  • Price-to-book ratio of 3.82x is elevated for a commodity producer, implying the market is pricing in peak-cycle earnings sustainability
  • 33.33% of analysts (4 out of 12) rate the stock a Sell, reflecting meaningful institutional scepticism at current valuations
  • Aluminium is a deeply cyclical commodity — current 33% ROE is well above the 10-year average of 14%, suggesting earnings are near a cyclical peak
  • As a government-owned enterprise, NALCO faces risks of policy-driven capital allocation, dividend mandates, and slower decision-making versus private peers
  • TTM profit growth of 58% will create a high base effect, making year-over-year comparisons increasingly difficult in FY25-26
  • Global aluminium prices are sensitive to China's demand slowdown and potential oversupply, which could compress margins from current elevated levels

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

AI News Digest

Anthropic anthropic Claude Opus 4.6 4d ago
Headwinds 1
  • SEBI fine for compliance breach Mar 17

    BSE and NSE imposed a Rs 5.42 lakh fine on NALCO for non-compliance with SEBI regulations regarding board composition. The company cited government control over director appointments as the reason.

Positives 1
  • Record production, 1.4MT alumina target Apr 2

    NALCO set an FY26 alumina sales target of 1.4 million tonnes, backed by record-breaking production across bauxite, alumina, and aluminium segments.

Neutral 2
  • SEBI Q4 FY26 compliance filed Apr 8

    NALCO submitted its quarterly compliance certificate under SEBI Depositories Regulations for the quarter ended March 31, 2026, confirming proper dematerialization processes.

  • Four directors exit board Mar 31

    Director Sanjay Lohiya (IAS) stepped down effective April 1, 2026 following a transfer, and three independent directors — Ms. Trupti Patel, Dr. Ajay Narang, and Shri Patel Sanjaykumar — ceased tenure on March 31, 2026.

TL;DR: NALCO is operationally strong, targeting 1.4 million tonnes of alumina sales in FY26 on the back of record production numbers across segments. The key risk is governance — a SEBI fine and the departure of four board members in quick succession point to board instability tied to government-controlled appointments. The production momentum is encouraging, but investors should watch for timely board reconstitution and continued regulatory compliance.

Quarterly Results

  Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Depreciation 15725517018615424017418028688178174182
EPS in Rs 1.42.71.821.022.565.433.25.78.5311.265.717.798.69
Expenses 2,8492,9312,6002,6662,5922,4911,9352,4692,3512,5252,3292,3702,558
Interest 4124293419328860
Net Profit 2564953341874719975881,0461,5662,0671,0491,4301,595
OPM % 14%20%18%12%23%30%32%38%50%52%39%45%46%
Operating Profit 4487405793787561,0889211,5332,3112,7431,4781,9232,173
Other Income 6155486950511617299126124151194
PBT 3475394552566501,3508041,4202,1052,7481,4151,8922,126
Sales 3,2973,6713,1793,0433,3483,5792,8564,0014,6625,2683,8074,2924,731
Tax % 26%8%27%27%28%26%27%26%26%25%26%24%25%

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Depreciation 414426480480476530606837716750728622
Div. Payout % 34%65%81%82%62%205%49%40%58%46%37%—
EPS in Rs 5.133.053.456.949.290.737.0716.077.8110.8328.6833.45
Expenses 5,5105,8586,4648,1138,6077,9857,1749,66511,91710,3489,2809,782
Interest 16733226723131759108
Net Profit 1,3227876681,3421,7341361,2992,9511,4351,9885,2686,142
OPM % 25%14%14%15%25%6%20%32%16%21%45%46%
Operating Profit 1,8739591,0791,3972,8934871,7824,5162,3402,8017,5088,317
Other Income 8216593681,124327273147298234678357595
PBT 2,1131,1899642,0392,7412241,3163,9541,8452,7127,0788,181
Sales 7,3836,8177,5439,50911,4998,4728,95614,18114,25713,14916,78818,098
Tax % 37%34%31%34%37%39%1%25%22%27%26%—

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Borrowings 0051456712102771059618256
CWIP 5506885669158831,4271,5752,2353,2694,5734,9365,374
Equity Capital 1,2891,289966966933933918918918918918918
Fixed Assets 6,6456,5967,1447,1397,2867,4857,6607,3437,3037,3837,7487,592
Investments 9501,0111,260710257331560375359342774561
Other Assets 8,0328,4165,5315,8496,7225,3064,9137,3226,6966,9389,42411,477
Other Liabilities 3,3803,5154,2454,0644,5964,5493,9284,6464,3964,7514,8955,112
Reserves 11,50911,9069,2399,5379,5529,0549,76111,63412,20813,47016,88718,918
Total Assets 16,17816,71014,50114,61315,14714,54814,70917,27617,62719,23522,88225,005
Total Liabilities 16,17816,71014,50114,61315,14714,54814,70917,27617,62719,23522,88225,005

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
CFO/OP 54129153148119-5112910471120100
Financing -506-544-3,616-1,100-1,731-677-601-1,140-924-739-1,758
Investing 5663141,550-490-532873-1,404-2,619-334-2,000-3,971
Operating 5208811,4361,5902,409-3492,1993,9589082,7195,806
Free Cash Flow 2173306747651,649-1,1959922,685-6171,0754,641
Net Cash Flow 580651-6301146-153195199-350-2078

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash Conversion Cycle 26215111466-7258156396950221
Days Payable 155213284232245211262287146206137
Debtor Days 6139108662244
Inventory Days 411352389288231463411324213252353
ROCE % —9%9%11%26%2%13%34%14%17%44%
Working Capital Days 810-24-11-28-911-1046-7

Shareholding Pattern

As of Dec 2025
Promoters 51.28%
FIIs 19.67%
Public 13.71%
DIIs 12.35%
Others 2.99%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
DIIs 9.52% 11.40% ↑1.910.32% ↓1.110.37% ↑0.08.73% ↓1.610.11% ↑1.412.55% ↑2.412.50% ↓0.113.30% ↑0.815.39% ↑2.117.45% ↑2.118.80% ↑1.418.82% ↑0.019.12% ↑0.319.29% ↑0.218.00% ↓1.315.71% ↓2.315.76% ↑0.015.44% ↓0.312.35% ↓3.1
FIIs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.55% ↑11.68.98% ↓2.610.43% ↑1.412.08% ↑1.714.12% ↑2.015.81% ↑1.715.06% ↓0.816.22% ↑1.219.67% ↑3.5
Government 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Others 23.35% 20.83% ↓2.521.54% ↑0.719.32% ↓2.223.72% ↑4.421.68% ↓2.018.18% ↓3.518.63% ↑0.419.12% ↑0.517.82% ↓1.316.66% ↓1.23.81% ↓12.84.06% ↑0.22.82% ↓1.22.69% ↓0.12.44% ↓0.32.74% ↑0.32.75% 2.77% ↑0.02.99% ↑0.2
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% 51.28% 51.28% 51.28% 51.28% 51.28% 51.28% 51.28% 51.28%
Public 15.85% 16.49% ↑0.616.86% ↑0.419.04% ↑2.216.28% ↓2.816.94% ↑0.717.99% ↑1.017.59% ↓0.416.30% ↓1.315.52% ↓0.814.61% ↓0.914.56% ↓0.016.86% ↑2.316.35% ↓0.514.66% ↓1.714.16% ↓0.514.47% ↑0.315.15% ↑0.714.29% ↓0.913.71% ↓0.6
No. of Shareholders 3,05,8823,46,7353,96,0845,80,8745,61,8426,14,8356,77,7846,79,5476,62,3406,44,0396,36,8566,92,1228,76,6459,12,7298,68,8009,12,0499,27,0969,56,1689,24,9429,07,497

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 Commodities sector within the Aluminium industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of National Aluminium Company Ltd?
National Aluminium Company Ltd has a market capitalisation of approximately ₹79764.92 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of National Aluminium Company Ltd?
The Price-to-Earnings (PE) ratio of National Aluminium Company Ltd is 12.70. 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 ₹144.71 and a high of ₹431.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does National Aluminium Company Ltd pay dividends?
Yes, National Aluminium Company Ltd has a dividend yield of 2.01%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of National Aluminium Company Ltd?
National Aluminium Company Ltd has a Return on Equity (ROE) of 10.93%. 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