NATIONALUM
National Aluminium Company share price & financials
- Price
- ₹339.9
- Market cap
- ₹68.7k Cr
- Sector
- Metals & Mining
- Calls analysed
- 6
National Aluminium Company Limited Q1 FY27
What went well
- Total income grew by 39% YoY to INR 5,400 crores.
- Profit Before Tax (PBT) grew by 88% YoY.
- EBITDA grew by 78% YoY.
What to watch
- 5th Stream refinery commissioning delayed by 2-3 months, now expected to start production from November/December 2026.
- Raw material costs (caustic soda, CP coke, HFO) increased, raising metal production cost by INR 15,000-16,000 per ton.
What National Aluminium Company Limited does
National Aluminium Company (NALCO) is a Navratna CPSE that runs a fully integrated bauxite mining, alumina refining, aluminium smelting and captive power complex, earning by selling alumina (hydrate, special hydrates, calcined alumina) mostly for export and aluminium metal (ingots, T-ingots, billets, wire rods, rolled products) domestically and for export. It also mines captive coal to fuel its thermal power plants and runs a wind power facility, giving it control over its own bauxite, power and (partly) coal inputs. The Government of India holds a 51.28% stake, and the company is expanding its bauxite mining, refinery and smelter capacity through new projects at its existing sites.
Segments
- Chemicals (Alumina)
- Aluminium (Metal)
- Bauxite mining capacity
- 7.5 MTPA
- Alumina refinery capacity
- 2.1 MTPA
- Aluminium smelter capacity
- 0.46 MTPA
- Captive power plant capacity
- 1,200 MW
- Captive coal mine capacity
- 4.0 MTPA
- Wind power capacity
- 198 MW
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 3 delivered 1 missed 15 open- Wire Rod Mill Production Capacity went quiet said Q4 FY26 Promised: Around 60,000 tons of wire rod mill we are going in. It will take around two years. Q1 FY27: Not mentioned in the Q1 call.
- 1MT Alumina Refinery Commissioning delayed said Q4 FY25 Promised: commercial production maybe will be starting in May or June 2026 Q1 FY27: Delayed by 2-3 months. Mechanical completion targeted for Sep-end, production start Nov/Dec 2026.
- Alumina Sales Volume delivered said Q4 FY25 Promised: 12,75,000 turns in the current year Q4 FY26: Achieved ~23 lakh tons for FY26 (25 lakh planned for FY27 is '2 lakhs more than previous year'), significantly exceeding the initial 12.75 lakh target.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 39.3%, net profit up 90.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,001 | 4,662 | 5,268 | 3,807 | 4,292 +7% | 4,731 +1% | 5,013 −5% | 5,302 +39% |
| EBITDA | 1,533 | 2,311 | 2,743 | 1,478 | 1,923 +25% | 2,173 −6% | 2,349 −14% | 2,708 +83% |
| Net profit | 1,046 | 1,566 | 2,067 | 1,049 | 1,430 +37% | 1,595 +2% | 1,722 −17% | 2,003 +91% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +72.6% 1Y
1Y: ₹209.13 on 10 Sept 2025 → ₹361. High ₹441.5 (28 Apr 2026), low ₹200.58 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +5.4%
- 3 Aug
- Q4 FY26
- +2.1%
- 4 May
- Q3 FY26
- −10.1%
- 30 Jan
- Q2 FY26
- +1.8%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 7.8% a year over 3 years, FY23 to FY26. Operating margin widened to 44.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹14.3k Cr | ₹13.1k Cr | ₹16.8k Cr | ₹17.8k Cr |
| Operating profit | ₹2.3k Cr | ₹2.8k Cr | ₹7.5k Cr | ₹7.9k Cr |
| Operating margin | 16.4% | 21.3% | 44.7% | 44.4% |
| Interest | ₹13 Cr | ₹17 Cr | ₹58 Cr | ₹100 Cr |
| Depreciation | ₹716 Cr | ₹750 Cr | ₹728 Cr | ₹745 Cr |
| Net profit | ₹1.4k Cr | ₹2.0k Cr | ₹5.3k Cr | ₹5.8k Cr |
| Net margin | 10.1% | 15.1% | 31.4% | 32.5% |
| ROCE | 14.0% | 17.0% | 44.0% | 40.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹918 Cr | ₹918 Cr | ₹918 Cr | ₹918 Cr | ₹918 Cr | ₹918 Cr |
| Reserves | ₹9.8k Cr | ₹11.6k Cr | ₹12.2k Cr | ₹13.5k Cr | ₹18.9k Cr | ₹20.7k Cr |
| Borrowings | ₹102 Cr | ₹77 Cr | ₹105 Cr | ₹96 Cr | ₹56 Cr | ₹60 Cr |
| Other liabilities | ₹3.9k Cr | ₹4.6k Cr | ₹4.4k Cr | ₹4.8k Cr | ₹5.1k Cr | ₹4.9k Cr |
| Total liabilities | ₹14.7k Cr | ₹17.3k Cr | ₹17.6k Cr | ₹19.2k Cr | ₹25.0k Cr | ₹26.5k Cr |
| Fixed assets | ₹7.7k Cr | ₹7.3k Cr | ₹7.3k Cr | ₹7.4k Cr | ₹7.6k Cr | ₹7.6k Cr |
| Capital work in progress | ₹1.6k Cr | ₹2.2k Cr | ₹3.3k Cr | ₹4.6k Cr | ₹5.4k Cr | ₹6.4k Cr |
| Investments | ₹560 Cr | ₹375 Cr | ₹359 Cr | ₹342 Cr | ₹561 Cr | ₹533 Cr |
| Other assets | ₹4.9k Cr | ₹7.3k Cr | ₹6.7k Cr | ₹6.9k Cr | ₹11.5k Cr | ₹12.1k Cr |
| Total assets | ₹14.7k Cr | ₹17.3k Cr | ₹17.6k Cr | ₹19.2k Cr | ₹25.0k Cr | ₹26.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +6.93 pp while DIIs trimmed −4.54 pp.
- Promoters
- 51.3%
- FIIs
- 22.0%
- DIIs
- 11.2%
- Public
- 15.5%
Since Jun 2025
- FIIs +6.93 pp
- DIIs −4.54 pp
- Public −2.38 pp
How it drifted, 12 quarters
Over this window FIIs went from 13.7% to 22.0% — +8.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.3%, FIIs 13.7%, DIIs 17.5%, Public 17.6%.Dec '23: Promoters 51.3%, FIIs 11.6%, DIIs 18.8%, Public 18.4%.Mar '24: Promoters 51.3%, FIIs 9.0%, DIIs 18.8%, Public 20.9%.Jun '24: Promoters 51.3%, FIIs 10.4%, DIIs 19.1%, Public 19.2%.Sep '24: Promoters 51.3%, FIIs 12.1%, DIIs 19.3%, Public 17.3%.Dec '24: Promoters 51.3%, FIIs 14.1%, DIIs 18.0%, Public 16.6%.Mar '25: Promoters 51.3%, FIIs 15.8%, DIIs 15.7%, Public 17.2%.Jun '25: Promoters 51.3%, FIIs 15.1%, DIIs 15.8%, Public 17.9%.Sep '25: Promoters 51.3%, FIIs 16.2%, DIIs 15.4%, Public 17.1%.Dec '25: Promoters 51.3%, FIIs 19.7%, DIIs 12.3%, Public 16.7%.Mar '26: Promoters 51.3%, FIIs 22.3%, DIIs 10.8%, Public 15.7%.Jun '26: Promoters 51.3%, FIIs 22.0%, DIIs 11.2%, Public 15.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential S&P BSE 500 ETF Mutual fund +0.46 pp 1.63% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of National Aluminium Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 51.28% | unchanged |
| Life Insurance Corporation Of India - P & Gs Fund Insurer | 1.67% | −0.27 pp |
| ICICI Prudential S&P BSE 500 ETF Mutual fund | 1.63% | +0.46 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NATIONALUM
Filings to Aug 2026
0 new, 9 added, 6 trimmed, 0 sold out — net −14.59 L shares (−10.2%).
- Held by funds
- ₹489 Cr
- 17 schemes
- Biggest holder
- SBI PSU Fund
- ₹174 Cr · 2.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI PSU Fund SBI Mutual Fund | ₹174 Cr | −4.50 L | Jul '23 |
| SBI Equity Savings Fund SBI Mutual Fund | ₹85 Cr | held | Feb '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹78 Cr | −3.92 L | Dec '21 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹35 Cr | +0.14 L | Jun '26 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹33 Cr | +0.51 L | Mar '25 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹28 Cr | −8.29 L | Feb '26 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹23 Cr | +0.11 L | Mar '25 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹10 Cr | +0.11 L | Mar '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
9 added, 6 trimmed — net −14.59 L shares (−10.2%)
- Funds are sitting on
- +57%
- vs est. average cost
- Held by funds
- ₹489 Cr
- 17 schemes · ≈ 0.64% of the company
- Biggest holder
- SBI PSU Fund
- ₹174 Cr · 2.6% of that fund
- Longest holder
- Nippon India ETF Nifty Dividend Opportunities 50
- 9y · since Sep '17
Shares held by these funds −76%
Aug '23 1.35 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse National Aluminium Company Limited
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