National Aluminium Company Ltd logo

National Aluminium Company Ltd

NATIONALUM NSE

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

AI Verdict: HOLD Confidence: 5%

NATIONALUM trades at a PE of 12x with strong ROE of 29% and is virtually debt-free, but the stock has already rallied 101% in 1 year, leaving limited margin of safety. Sales growth of 6% TTM is tepid relative to profit growth, suggesting margin expansion may be peaking.

Key Fundamentals

MidcapAluminiumMetals & Mining
Market Cap
₹62,032 Cr
Volatility
Moderate
P/E Ratio
10.52
EBITDA
₹7,928 Cr
Return on Equity
10.93%
Debt to Equity
0.01
Book Value
₹117.63
EPS
₹10.5
52W High
₹445.15
52W Low
₹179.93

Technical Indicators

Key Insights

Strengths

6
  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.01%.
  • 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 38.7%

Growth Rate

Revenue Growth
4.07% ↘
Net Income Growth
8.79% ↗
Cash Flow Change
113.51% ↗
ROE
114.11% ↗
ROCE
116.59% ↗
EBITDA Margin (Avg.)
-7.29% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk medium

NATIONALUM trades at a PE of 12x with strong ROE of 29% and is virtually debt-free, but the stock has already rallied 101% in 1 year, leaving limited margin of safety. Sales growth of 6% TTM is tepid relative to profit growth, suggesting margin expansion may be peaking.

Bull Case 8
  • Debt-free balance sheet provides financial resilience through commodity cycles with debt-to-equity near zero
  • Strong ROE of 29% last year and 26% average over 3 years indicates efficient capital deployment for a PSU
  • Attractive PE of 12x is below typical market multiples, offering valuation comfort for a profitable commodity player
  • Compounded profit CAGR of 35% over 5 years demonstrates consistent earnings momentum
  • Healthy dividend yield of 2.78% with 38.7% payout ratio offers reliable income to shareholders
  • 10-year compounded sales growth of 10% shows the company has steadily scaled revenues across cycles
  • Market cap of Rs 66,670 crore gives it large-cap stability and institutional investor comfort
  • Price-to-book of 3.21x is reasonable for a debt-free company generating 29% ROE
Bear Case 8
  • Stock has surged 101% in 1 year and 67% CAGR over 3 years — momentum-driven rally raises mean-reversion risk
  • TTM sales growth of only 6% versus 10% profit growth suggests margin expansion is doing the heavy lifting, which is unsustainable
  • Analyst consensus is bearish with 38.46% recommending Sell versus only 30.77% Buy out of 13 analysts
  • As a PSU, government directives on pricing, capex, and dividend policy can override shareholder value maximization
  • Aluminium prices are globally cyclical and a downturn could compress margins sharply given 5-year sales CAGR of 15% but 10-year of only 10%
  • ROE has fluctuated from 17% over 10 years to 29% last year, highlighting earnings volatility inherent in commodity businesses
  • No listed cons from screener data suggests the market may be overlooking governance or operational risks typical of Navratna PSUs
  • PB ratio of 3.21x means the stock is not cheap on an asset basis for a capital-intensive smelter operation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Exchange fine for LODR non-compliance May 28

    BSE and NSE fined Nalco Rs 5.31 lakh each (total Rs 10.62 lakh) for non-compliance with SEBI LODR Regulation 17(1) in Q4FY26.

Neutral 4
  • Trading window closed for Q1FY27 Jun 22

    Nalco shut its insider trading window from July 1 until 48 hours after Q1FY27 results are declared, per SEBI regulations.

  • Management at investor forum Jun 10

    Nalco management will attend the Systematix Promoters & Founders Forum 2026 in Mumbai on June 16, 2026. No UPSI to be shared.

  • No promoter share encumbrance in FY26 Jun 5

    President of India confirmed zero encumbrance on Nalco promoter shares during FY26, disclosed to BSE and NSE under SEBI norms.

  • Executive Director superannuates May 31

    Shri Sachidananda Jena, Executive Director (S&P), superannuated on May 31, 2026.

TL;DR: Recent newsflow for Nalco is largely routine and governance-related, with no major operational or earnings catalysts. The only headwind is a minor Rs 10.62 lakh regulatory fine for board composition non-compliance in Q4FY26, which is immaterial to financials but signals a governance gap. Investor engagement via conference attendance is a modest positive signal. Overall trend is flat with no clear directional catalyst until Q1FY27 results are out.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,671
3,179
3,043
3,348
3,579
2,856
4,001
4,662
5,268
3,807
4,292
4,731
5,013
Expenses
2,931
2,600
2,666
2,592
2,491
1,935
2,469
2,351
2,525
2,329
2,370
2,558
2,663
Operating Profit
740
579
378
756
1,088
921
1,533
2,311
2,743
1,478
1,923
2,173
2,349
OPM %
20%
18%
12%
23%
30%
32%
38%
50%
52%
39%
45%
46%
47%
Other Income
55
48
69
50
511
61
72
99
126
124
151
194
202
Interest
1
2
4
2
9
3
4
19
32
8
8
60
24
Depreciation
255
170
186
154
240
174
180
286
88
178
174
182
211
PBT
539
455
256
650
1,350
804
1,420
2,105
2,748
1,415
1,892
2,126
2,316
Tax %
8%
27%
27%
28%
26%
27%
26%
26%
25%
26%
24%
25%
26%
Net Profit
495
334
187
471
997
588
1,046
1,566
2,067
1,049
1,430
1,595
1,722
EPS in Rs
2.7
1.82
1.02
2.56
5.43
3.2
5.7
8.53
11.26
5.71
7.79
8.69
9.38
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
1,873
959
1,079
1,397
2,893
487
1,782
4,516
2,340
2,801
7,508
7,928
OPM %
25%
14%
14%
15%
25%
6%
20%
32%
16%
21%
45%
44%
Other Income
821
659
368
1,124
327
273
147
298
234
678
357
666
Interest
167
3
3
2
2
6
7
23
13
17
59
100
Depreciation
414
426
480
480
476
530
606
837
716
750
728
745
PBT
2,113
1,189
964
2,039
2,741
224
1,316
3,954
1,845
2,712
7,078
7,749
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
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
Div. Payout %
34%
65%
81%
82%
62%
205%
49%
40%
58%
46%
37%
33%
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
7,748
7,650
CWIP
550
688
566
915
883
1,427
1,575
2,235
3,269
4,573
4,936
6,296
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
0
ROCE %
—
9%
9%
11%
26%
2%
13%
34%
14%
17%
44%
40%

Shareholding Pattern

As of Mar 2026
Promoters 51.28%
FIIs 22.28%
Public 13.09%
DIIs 10.76%
Others 2.59%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
51.28%
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%
8.98%
10.43%
12.08%
14.12%
15.81%
15.06%
16.22%
19.67%
22.28%
DIIs
9.52%
11.40%
10.32%
10.37%
8.73%
10.11%
12.55%
12.50%
13.30%
15.39%
17.45%
18.80%
18.82%
19.12%
19.29%
18.00%
15.71%
15.76%
15.44%
12.35%
10.76%
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%
0.00%
Public
15.85%
16.49%
16.86%
19.04%
16.28%
16.94%
17.99%
17.59%
16.30%
15.52%
14.61%
14.56%
16.86%
16.35%
14.66%
14.16%
14.47%
15.15%
14.29%
13.71%
13.09%
Others
23.35%
20.83%
21.54%
19.32%
23.72%
21.68%
18.18%
18.63%
19.12%
17.82%
16.66%
3.81%
4.06%
2.82%
2.69%
2.44%
2.74%
2.75%
2.77%
2.99%
2.59%
No. of Shareholders
3,05,882
3,46,735
3,96,084
5,80,874
5,61,842
6,14,835
6,77,784
6,79,547
6,62,340
6,44,039
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

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 Non - Ferrous Metals 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 ₹62032.24 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 10.52. 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 ₹179.93 and a high of ₹445.15. 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 3.01%. 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

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