National Aluminium Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Aluminium: 65.8% • Chemicals: 34.0% • Unallocated Common: 0.2%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has delivered good profit growth of 34.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 34.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.5%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 90.9% YoY, showing strong momentum
CONS
- Working capital days have increased from 123 to 172 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| VAML | 439.30 | 0.00 | 171783.35 | 0.00 | 65970.00 | — | 213930.00 | — | 0.00 | 48.14 |
| NATIONALUM | 371.40 | 10.10 | 68212.50 | 3.10 | 2003.14 | 90.87 | 5302.38 | 39.28 | 39.71 | 51.08 |
| ARFIN | 88.08 | 80.57 | 1486.11 | 0.12 | 4.08 | 276.97 | 212.77 | 95.46 | 14.82 | 4.77 |
| MMP | 447.80 | 22.70 | 1137.53 | 0.45 | 13.70 | 353.19 | 232.60 | 26.89 | 10.57 | 10.17 |
| MAANALU | 110.95 | 871.19 | 665.53 | 0.00 | 3.10 | 13.55 | 231.86 | 9.79 | 10.76 | 2.32 |
| EUROBOND | 145.60 | 13.92 | 356.72 | 0.00 | 47.82 | 735.72 | 1198.13 | 1042.86 | 16.22 | 10.65 |
| MANAKALUCO | 38.04 | 28.17 | 249.29 | 0.13 | 2.85 | 82.76 | 139.59 | 3.85 | 10.52 | 9.60 |
| CENTEXT | 22.83 | 14.75 | 182.64 | 0.00 | 3.77 | 59.75 | 138.36 | 32.85 | 18.64 | 7.70 |
| HINDALUMI | 97.90 | 16.63 | 61.68 | 0.00 | 1.91 | -95.10 | 5.36 | 405.66 | -1.23 | 44.40 |
| GALPOWTEL | 22.52 | 0.00 | 19.96 | 0.00 | -1.44 | -111.76 | 0.00 | — | 5.41 | — |
| SORICH | — | — | — | — | — | — | — | — | 16.21 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,179 | 3,044 | 3,348 | 3,579 | 2,856 | 4,001 | 4,662 | 5,268 | 3,807 | 4,292 | 4,731 | 5,013 | 5,302 | |
| 2,584 | 2,647 | 2,574 | 2,472 | 1,922 | 2,452 | 2,335 | 2,514 | 2,315 | 2,366 | 2,552 | 2,663 | 2,787 | |
| Operating Profit | 595 | 397 | 774 | 1,108 | 934 | 1,549 | 2,328 | 2,754 | 1,492 | 1,926 | 2,179 | 2,349 | 2,516 |
| OPM % | 18.71% | 13.04% | 23.12% | 30.94% | 32.71% | 38.71% | 49.92% | 52.28% | 39.20% | 44.87% | 46.06% | 46.87% | 47.44% |
| 48 | 68 | 50 | 511 | 61 | 72 | 99 | 126 | 124 | 151 | 194 | 197 | 173 | |
| 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 |
| Profit before Tax | 471 | 275 | 668 | 1,369 | 817 | 1,437 | 2,122 | 2,760 | 1,429 | 1,895 | 2,132 | 2,311 | 2,690 |
| Tax % | 25.81% | 24.99% | 26.90% | 25.82% | 26.41% | 26.06% | 25.40% | 24.69% | 25.57% | 24.38% | 24.89% | 25.68% | 25.52% |
| Net Profit | 0 | 0 | 0 | 0 | 588 | 1,046 | 1,566 | 2,067 | 1,049 | 1,430 | 1,595 | 1,722 | 2,003 |
| 1.82 | 1.02 | 2.56 | 5.43 | 3.20 | 5.70 | 8.53 | 11.26 | 5.71 | 7.79 | 8.69 | 9.38 | 10.91 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,543 | 9,509 | 11,499 | 8,472 | 8,956 | 14,215 | 14,257 | 13,149 | 16,788 | 17,843 | 19,338 | |
| 6,471 | 8,115 | 8,612 | 7,984 | 7,438 | 9,666 | 11,816 | 10,374 | 9,232 | 9,914 | 10,368 | |
| Operating Profit | 1,072 | 1,394 | 2,887 | 488 | 1,518 | 4,549 | 2,441 | 2,775 | 7,555 | 7,929 | 8,970 |
| OPM % | 14.21% | 14.66% | 25.10% | 5.76% | 16.95% | 32.00% | 17.12% | 21.11% | 45.00% | 44.44% | 46.39% |
| 376 | 1,127 | 332 | 274 | 411 | 266 | 248 | 775 | 366 | 684 | 716 | |
| Interest | 3 | 2 | 2 | 6 | 7 | 23 | 18 | 17 | 59 | 100 | 101 |
| Depreciation | 480 | 480 | 476 | 530 | 606 | 837 | 716 | 750 | 728 | 745 | 749 |
| Profit before Tax | 964 | 2,039 | 2,741 | 224 | 1,316 | 3,954 | 1,845 | 2,712 | 7,078 | 7,749 | 9,028 |
| Tax % | 30.73% | 34.16% | 36.75% | 39.25% | 1.29% | 25.36% | 22.25% | 26.68% | 25.58% | 25.19% | 25.18% |
| Net Profit | 668 | 1,342 | 1,734 | 136 | 1,299 | 2,951 | 1,435 | 1,988 | 5,268 | 5,797 | 6,755 |
| EPS | 2.97 | 6.94 | 9.07 | 0.73 | 6.97 | 16.07 | 7.81 | 10.83 | 28.68 | 31.56 | — |
| Dividend Payout % | 81.05% | 82.09% | 61.88% | 376.61% | 49.47% | 40.45% | 57.61% | 46.18% | 36.61% | 36.44% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 15%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- 35%
- 3 Years:
- 59%
STOCK PRICE CAGR
- 10 Years:
- 23%
- 5 Years:
- 30%
- 3 Years:
- 56%
- 1 Year:
- 68%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 23%
- 3 Years:
- 26%
- Last Year:
- 29%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 966 | 966 | 933 | 933 | 918 | 918 | 918 | 918 | 918 | 918 |
| 9,239 | 9,537 | 9,552 | 9,054 | 9,761 | 11,634 | 12,208 | 13,470 | 16,887 | 20,685 | |
| 122 | 126 | 163 | 165 | 499 | 516 | 604 | 635 | 659 | 683 | |
| Trade Payables | 844 | 962 | 1,286 | 773 | 940 | 1,457 | 1,263 | 721 | 738 | 797 |
| 3,329 | 3,021 | 3,214 | 3,624 | 2,716 | 3,026 | 2,633 | 3,491 | 3,679 | 3,460 | |
| Total Liabilities | 14,501 | 14,613 | 15,147 | 14,548 | 14,833 | 17,552 | 17,627 | 19,235 | 22,882 | 26,544 |
| 7,144 | 7,139 | 7,286 | 7,485 | 7,660 | 7,343 | 7,303 | 7,383 | 7,748 | 7,648 | |
| Capital Work in Progress | 515 | 826 | 844 | 1,177 | 1,181 | 1,763 | 2,745 | 3,961 | 4,935 | 6,296 |
| 1,260 | 710 | 257 | 331 | 560 | 375 | 359 | 342 | 774 | 533 | |
| 1,156 | 1,194 | 1,210 | 1,697 | 1,476 | 1,646 | 1,840 | 1,831 | 1,909 | 1,835 | |
| 0 | 0 | 0 | 140 | 0 | 0 | 0 | 154 | 186 | 215 | |
| Cash & Bank | 2,287 | 2,769 | 3,496 | 1,981 | 1,750 | 3,706 | 2,118 | 2,575 | 5,427 | 8,408 |
| 2,139 | 1,975 | 2,054 | 1,738 | 2,206 | 2,718 | 3,262 | 2,989 | 1,903 | 1,610 | |
| Total Assets | 14,501 | 14,613 | 15,147 | 14,548 | 14,833 | 17,552 | 17,627 | 19,235 | 22,882 | 26,544 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,654 | 2,073 | 3,430 | -349 | 2,297 | 4,805 | 1,655 | 2,727 | 5,806 | 6,438 | |
| Cash from Investing | 1,550 | -490 | -532 | 873 | -1,404 | -2,736 | -334 | -2,000 | -3,971 | -4,200 |
| Cash from Financing | -3,616 | -1,100 | -1,731 | -677 | -601 | -1,114 | -924 | -747 | -1,758 | -2,206 |
| -630 | 1 | 146 | -153 | 195 | 199 | -350 | -20 | 78 | 32 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - National Aluminium Company Limited has informed the Exchange about Schedule of Investors' Meet.
2026-09-07 - National Aluminium Company Limited has informed the Exchange regarding a press release dated September 07, 2026, titled "NALCO Signs Technology Partnership Agreement with Emirates Global Aluminium.".
2026-08-31 - National Aluminium Company Limited has informed the Exchange regarding a press release dated August 31, 2026, titled "45th AGM OF NALCO: NALCO s Record FY 2025-26 Performance Fuels Ambitious Expansion and Future-Ready Growth".
2026-08-31 - National Aluminium Company Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-31 - National Aluminium Company Limited has informed the Exchange about change in Senior Management
2026-08-31 - National Aluminium Company Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 31, 2026
2026-08-31 - National Aluminium Company Limited has informed the Exchange about Chairman's speech for the 45th Annual General Meeting of the Company scheduled today i.e. Monday, the 31st August, 2026 at 11:00 a.m.
2026-08-26 - National Aluminium Company Limited has informed the Exchange about Imposition of fine by NSE.
2026-08-25 - National Aluminium Company Limited has informed the Exchange about Imposition of fine by BSE
News
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