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NALCO

National Aluminium Company Ltd

NATIONALUM NSE
₹326.25 No trade today
P/E
8.87
View as Markdown
MCP
Close 4 Nov 2026 ₹326.25 +95.66 +41.5% 1Y
Start ₹230.59

Key Fundamentals

MidcapNon - Ferrous MetalsMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
39.60%
Debt to Equity
0.00
EPS (TTM)
₹36.77
Book Value
₹135.54
Market Cap
—
P/E (TTM)
8.87
P/B
2.41
ROE
29.40%
Dividend Yield
1.42%
EBITDA
₹8,613 Cr
52W High
₹445.15
52W Low
₹228.00
Volume
0

Tapetide Score

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

Overall score

64 Good

Data confidence 100/100

Category scores

Quality
76
Strong
Returns, margins, earnings quality 22% weight
Valuation
87
Strong
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
85
Strong
Solvency, leverage, coverage 9% weight
Momentum
15
Poor
Trend strength, vol-adjusted 12% weight
Ownership
59
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

6
  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.38%.
  • 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%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish946
OscillatorsBearish342
Moving AveragesStrong Bearish604

Key readings

RSI (14)
49.68
Neutral
MACD (12,26,9)
−6.19
Bullish
SMA (50)
345.93
Bearish
SMA (200)
372.24
Bearish

As of

Analyst Rating

Based on 14 analysts
BUY57%

8 of 14 analysts rate Buy, 2 Hold, 4 Sell.

As of

BUY
8
57%
HOLD
2
14%
SELL
4
29%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.10%
5Y+14.78%
3Y+7.77%
1Y+6.28%
TTM+9.02%

Net profit

Net profit growth by window
10Y+22.10%
5Y+34.87%
3Y+59.26%
1Y+10.04%
TTM+17.84%

Operating cash flow

Operating cash flow growth by window
10Y+22.00%
5Y+23.97%
3Y+92.11%
1Y+10.89%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+30.36 pp
5Y+24.53 pp
3Y+28.02 pp
1Y−0.29 pp
TTM+1.86 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹7,543 Cr
Mar 2018₹9,509 Cr
Mar 2019₹11,499 Cr
Mar 2020₹8,472 Cr
Mar 2021₹8,956 Cr
Mar 2022₹14,181 Cr
Mar 2023₹14,257 Cr
Mar 2024₹13,149 Cr
Mar 2025₹16,788 Cr
Mar 2026₹17,843 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹668 Cr
Mar 2018₹1,342 Cr
Mar 2019₹1,734 Cr
Mar 2020₹136 Cr
Mar 2021₹1,299 Cr
Mar 2022₹2,951 Cr
Mar 2023₹1,435 Cr
Mar 2024₹1,988 Cr
Mar 2025₹5,268 Cr
Mar 2026₹5,797 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,284 Cr −14.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

National Aluminium Company Ltd trades at ₹326.25 as of 2026-11-04 with a market cap of ₹58,359 Cr and a PE of 8.87x. The company is virtually debt-free with a strong 5-year profit CAGR of 35% and 3-year ROE of 26%, though the stock sits 26.7% below its 52-week high of ₹445.15.

Bull Case 8
  • PE ratio of 8.87x on TTM EPS of ₹36.77 is low relative to broader market multiples, suggesting the stock is not pricing in aggressive growth expectations
  • Company is virtually debt-free with a debt-to-equity ratio of 0, providing significant financial resilience through commodity cycles
  • Compounded profit growth of 35% over 5 years and 23% over 10 years reflects a sustained earnings expansion trend
  • 3-year ROE of 26% and last-year ROE of 29% indicate efficient capital deployment well above cost of equity for most industrial firms
  • Dividend yield of 1.42% at current price is supported by a healthy payout ratio of 39.7%, indicating shareholder-friendly capital allocation
  • Stock has delivered a 1-year price CAGR of 57% and 5-year CAGR of 29%, demonstrating strong long-term wealth creation
  • 10-year compounded sales growth of 10% alongside 10-year profit growth of 23% shows improving operating leverage and margin expansion over a full commodity cycle
  • Current price of ₹326.25 is 43.1% above the 52-week low of ₹228, indicating the stock has recovered from its lows and holds buyer support at lower levels
Bear Case 8
  • Stock trades 26.7% below its 52-week high of ₹445.15, suggesting momentum has faded and overhead resistance remains significant
  • TTM profit growth has decelerated to 18% compared to the 3-year CAGR of 59%, indicating a slowdown in the earnings growth trajectory
  • As a state-owned aluminium producer, earnings are heavily exposed to global aluminium and alumina price cycles, which are inherently volatile and largely outside management control
  • TTM revenue growth of 9% trails the 5-year compounded sales growth of 15%, pointing to a moderation in topline momentum
  • Price-to-book ratio of 2.41x means the stock trades at a meaningful premium to book value, which can compress sharply in a commodity downturn
  • Being a government-owned enterprise, capital allocation decisions including dividends and capex may be influenced by policy priorities rather than purely shareholder value maximisation
  • Aluminium smelting is highly energy-intensive, and any increase in coal or power costs can erode margins quickly given the company's captive power dependence
  • The 10-year stock CAGR of 21% lags the 10-year profit CAGR of 23%, suggesting the market has historically been reluctant to assign higher multiples to commodity-linked earnings

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

AI News Digest

9h ago

TL;DR: NALCO is delivering strong financial performance, with record H1FY27 profits up 54% YoY and robust revenue growth led by the aluminium segment. Shareholder returns are healthy with a ₹4.50 interim dividend. Risks are modest — chemicals segment weakness and minor regulatory friction around governance norms. The earnings trend is clearly improving, and the outlook remains positive as long as aluminium prices and volumes hold.

Headwinds 2
  • Chemicals segment profitability declined Nov 3

    While aluminium drove Q2FY27 growth, the chemicals segment saw a decline in profitability, indicating uneven performance across business lines.

  • SEBI governance penalty dispute Oct 13

    NALCO is seeking a waiver of a ₹14.13 lakh SEBI fine for governance non-compliance related to director appointments, highlighting ongoing regulatory friction due to government control.

Positives 3
  • Record H1FY27 net profit Nov 3

    H1FY27 net profit hit an all-time high of ₹3,837 crore, up 54% YoY, with Q2FY27 net profit rising 28.04% YoY to ₹1,835.09 crore.

  • Strong revenue growth in Q2 Nov 3

    Revenue from operations grew 26.26% YoY to ₹5,419.44 crore in Q2FY27, driven by the aluminium segment.

  • Interim dividend of ₹4.50/share Nov 3

    An interim dividend of ₹4.50 per share was declared with a record date of November 6, 2026, signaling confidence in cash flows.

Neutral 1
  • Govt controls director appointments Oct 13

    NALCO cited government control over director appointments as the reason for governance non-compliance, a structural feature of its PSU status unlikely to change near-term.

Quarterly Results

₹ Cr
NATIONALUM quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
5,419
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
3,009
Operating Profit
579
378
756
1,088
921
1,533
2,311
2,743
1,478
1,923
2,173
2,349
2,708
2,411
OPM %
18%
12%
23%
30%
32%
38%
50%
52%
39%
45%
46%
47%
51%
44%
Other Income
48
69
50
511
61
72
99
126
124
151
194
197
174
248
Interest
2
4
2
9
3
4
19
32
8
8
60
24
10
10
Depreciation
170
186
154
240
174
180
286
88
178
174
182
211
182
178
PBT
455
256
650
1,350
804
1,420
2,105
2,748
1,415
1,892
2,126
2,311
2,690
2,471
Tax %
27%
27%
28%
26%
27%
26%
26%
25%
26%
24%
25%
26%
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
1,835
EPS (₹)
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
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
NATIONALUM profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
NATIONALUM balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
NATIONALUM cash flow, annual, ₹ crore
Particulars 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

Ratios

NATIONALUM financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view NALCO insights

64 extracted metrics across FY01–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.28%
  • FIIs 21.97%
  • Public 12.52%
  • DIIs 11.71%
  • Others 2.53%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about NALCO

What does National Aluminium Company Ltd do?
Incorporated in 1981, National Aluminium Company Limited (NALCO) manufactures and sells Alumina and Aluminium
Where is National Aluminium Company Ltd (NATIONALUM) listed?
National Aluminium Company Ltd trades as NATIONALUM on the NSE and under code 532234 on the BSE.
Which sector does National Aluminium Company Ltd belong to?
National Aluminium Company Ltd is classified under the Metals & Mining sector, in the Aluminium industry.
What is the PE ratio of National Aluminium Company Ltd?
National Aluminium Company Ltd trades at a PE ratio of 8.87 as of 4 Nov 2026, on earnings per share of ₹36.77, against a book value of ₹135.54 per share.
What is the 52-week high and low of National Aluminium Company Ltd?
Over the last 52 weeks National Aluminium Company Ltd has traded between ₹228 and ₹445.15 as of 4 Nov 2026.
Does National Aluminium Company Ltd pay dividends?
National Aluminium Company Ltd has a dividend yield of 1.42%.
What is the Return on Equity (ROE) of National Aluminium Company Ltd?
National Aluminium Company Ltd reported a return on equity of 29.40%. Its debt-to-equity ratio is 0.00.

Company Information

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

Website nalcoindia.com
Listed 28 Apr 1999
Face Value ₹5

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