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 3.19%.
- 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
anthropic claude-opus-4.6 2d agoNational Aluminium Company (NALCO) is a debt-free, government-owned metals & mining company with a market cap of ₹65,017 Cr, trading at a PE of 10.1x with a 29% ROE in the last year. The stock has delivered a 74% return over the past year and a 58% CAGR over 3 years, supported by strong profit growth, though revenue growth at 9% TTM remains moderate relative to profit expansion.
- Virtually debt-free balance sheet provides financial resilience through commodity cycles, with a debt-to-equity ratio near zero
- Strong return on equity of 29% in the last year, with a 3-year average ROE of 26% and 5-year average of 23%, indicating consistent capital efficiency
- Attractive dividend yield of 3.08% backed by a healthy payout ratio of 39.7%, offering income to shareholders even during volatile periods
- Compounded profit growth of 35% CAGR over 5 years and 59% CAGR over 3 years demonstrates significant earnings expansion
- PE ratio of 10.1x is modest for a company delivering 29% ROE and 18% TTM profit growth, suggesting the valuation has not fully stretched relative to earnings
- Price-to-book of 3.16x is reasonable given the sustained ROE above 25%, implying the market is not paying an excessive premium over book value
- Long-term compounded sales growth of 10% over 10 years and 15% over 5 years shows a steady top-line expansion trajectory
- Stock CAGR of 31% over 5 years and 23% over 10 years reflects sustained long-term wealth creation for shareholders
- TTM revenue growth has decelerated to 9% compared to 15% CAGR over 5 years, suggesting slowing top-line momentum
- As a commodity producer, NALCO's earnings are highly sensitive to global aluminium prices set by the LME, which are outside management's control
- The stock's 74% run-up in the past year and 58% 3-year CAGR raise the risk of mean reversion if aluminium prices soften or earnings disappoint
- Being a government-owned PSU, NALCO faces risks of policy-driven decisions on pricing, capex allocation, and dividend mandates that may not always align with minority shareholder interests
- 10-year ROE average of 17% versus last year's 29% highlights the cyclical nature of returns — current profitability may not be sustainable through a downturn
- The gap between profit growth (18% TTM) and sales growth (9% TTM) suggests margin expansion may be driving earnings, which can reverse quickly in a cost-inflation or price-decline scenario
- As a single-commodity focused company primarily in aluminium and alumina, NALCO lacks diversification against sector-specific downturns
- High energy costs — coal and electricity being major input costs for aluminium smelting — expose NALCO to margin compression if domestic energy prices rise
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- NSE fine for LODR breaches Aug 26
NALCO received a penalty of ₹14,31,340 from NSE for non-compliance with SEBI LODR regulations during Q2FY27. The company is representing its position to the exchange.
- BSE fine for regulatory lapses Aug 25
BSE penalised NALCO ₹14,31,340 for SEBI LODR non-compliance during Q2FY27. Combined with the NSE fine, total penalties amount to ~₹28.6 lakh across both exchanges.
- Record FY26 profit and dividend Aug 31
NALCO posted record FY26 PAT of ₹5,816 crore, up 9% YoY. Total dividend declared at ₹11.50 per share, reflecting strong operational performance.
- Investor meet in Mumbai Sep 16 Sep 8
NALCO will host an analyst and institutional investor meet on September 16, 2026 in Mumbai with CMD and Director (Finance) in attendance, hosted by Antique Stock Broking.
- 45th AGM resolutions approved Aug 31
Shareholders approved FY26 financial statements, final dividend declaration, and appointment of new directors at the 45th AGM held August 31, 2026.
- Executive Director Rao superannuates Aug 31
Executive Director (PF) V. S. Rao Amperayani superannuated on August 31, 2026, disclosed per SEBI LODR requirements.
- Neeraj appointed independent director Aug 18
Shri Neeraj, a legal expert with 30+ years experience, was appointed independent director for a three-year term effective August 14, 2026.
TL;DR: NALCO delivered a strong FY26 with record PAT of ₹5,816 crore (+9%) and a healthy ₹11.50/share dividend, signaling robust operational momentum. Minor regulatory penalties totaling ~₹28.6 lakh across NSE and BSE for LODR lapses are a governance flag but financially immaterial. Board refreshment through new director appointments and an upcoming investor meet suggest active engagement with the market. The fundamental trend remains positive, though the company should address compliance gaps to maintain investor confidence.
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
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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?
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What is the PE ratio of National Aluminium Company Ltd?
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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]
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