NATIONALUM

Q1 FY27

NATIONALUM Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹366

Market cap₹68.7K Cr

P/E10.2

Updated8 Sept 2026

Read4 min read

What the Q1 FY27 call signalled

3 of 4 strong

RevenueRank 2

MarginRank 3

CapexYes

FundraiseYes

Not discussed on this call: order book.

The short version

Alumina capacity is expected to increase from current 2.1 million tons to around 3.1 million tons after expansion, targeting 3.2 - 3.3 million tons production by FY27-28. Alumina production capacity is expected to increase from 2.1 million tons to 3.1 million tons by FY28, targeting 3.2-3.3 million tons output, indicating growth in earnings potential (Page 17).

From NATIONALUM's Q1 FY27 earnings-call transcript · updated 8 Sept 2026.

Revenue & Sales Performance

Rank 2

Alumina capacity is expected to increase from current 2.1 million tons to around 3.1 million tons after expansion, targeting 3.2 - 3.3 million tons production by FY27-28.
Alumina sales volume is planned to rise from 14 lakh tons last year to 16 lakh tons in FY27.
Aluminum smelter capacity currently at 4.6 lakh tons, with production exceeding capacity (4.72 lakh tons last year, expected 4.75 lakh tons this year).
Brownfield growth in aluminum production is possible, slightly above 4.6 lakh tons.
Captive coal production targeted at 4.8 million tons for FY27, supporting power and smelter operations.
Expected capex: INR 1,500 crores for FY26-27, rising to around INR 2,500 crores for FY27-28, with major expansions in smelter and power plant.
Revenue growth supported by capacity expansions with internal accrual funding, no major borrowing planned for smelter expansion.

Profitability & Margins

- Alumina production capacity is expected to increase from 2.1 million tons to 3.1 million tons by FY28, targeting 3.2-3.3 million tons output, indicating growth in earnings potential (Page 17). - Aluminum production is expected to slightly increase from a capacity of 4.6 lakh tons to realized production of around 4.75 lakh tons (Page 21). - Alumina sales volume target for FY27 is 1.6 million tons, up from 1.4 million tons last year, supporting revenue growth (Page 17). - Expansion projects including a 0.5 million ton smelter and 1000 MW power plant expected to start capex mainly from FY27-FY31 with planned capex around INR 24,000-25,000 crores, supporting long-term earnings growth (Pages 8, 21). - Cost efficiencies in new alumina refinery lines expected to reduce costs by INR 1,000-1,500 per ton, potentially improving margins (Page 16). - Premiums on aluminum have increased recently but may moderate given easing geopolitical tensions, impacting realizations (Pages 10, 16). Overall, growth in capacity, production, and strategic expansions indicate positive operating earnings and profit growth trajectory.

See what NATIONALUM said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Smelter expansion capex planned around INR4,000-5,000 crores per annum starting FY28, peaking in FY29-FY31.
Power plant (1080 MW) being developed via 50:50 JV with NLC, total cost ~INR12,000 crores; NALCO equity share ~INR3,500 crores funded through 30:70 debt-equity.
New 0.5 million ton smelter plant with associated 1,000 MW power plant targeted for completion by Dec 2030; overall capex ~INR25,000 crores starting FY27-28.
Alumina refinery 5th stream expansion (~1 million ton) capex ~INR5,600 crores funded through internal accruals, no interest burden.
Regular annual capex around INR1,500-1,800 crores for maintenance and smaller projects in FY27.
Technology license agreement for smelter plant being finalized; DPR and Board approval expected by late 2026.
Coal mine expansion at captive mines ongoing with EC expected soon for 4.8 million ton target.

Fundraising & Capital Structure

No current fundraising through debt or equity is planned for smelter expansion; it will be funded through internal accruals and cash reserves.
Power plant funding will be via a JV (50-50 between NALCO and NLC). The power plant will have a debt/equity ratio of 70:30, with the equity part financed by NALCO and NLC, and the debt financed through banks, guaranteed by NALCO.
NALCO is maintaining a strong cash reserve (~INR10,500 crores as of Q1), expecting to add INR3,500+ crores annually from profitability after dividend and capex payments, which is sufficient to meet funding requirements.
Overall, no external market borrowing is anticipated; internal cash flows and JV structures will finance expansions and projects through at least 2030-31.

See what NATIONALUM said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript from the provided pages of the NALCO earnings call does not explicitly mention details about the current or expected order book or pending orders for National Aluminium Company Limited. The discussion primarily focuses on: - Production capacities and expansions (alumina, aluminum, coal) - Capital expenditure plans and timelines - Cost of production and price realizations for alumina and aluminum - Coal sourcing and inventory management - Joint ventures and technology partnerships for new projects If you need specific details on order book or pending orders, they are not covered in this excerpt of the document. Please provide other sections or ask for information on related topics covered here.

NATIONALUM — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹5.0K Cr, net profit ₹1.7K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What National Aluminium Company Ltd's management said in earlier quarters

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Bhagyanagar India Ltd (Q1 FY27)
Plan to increase value-added product share gradually from ~63% to 68-69% over 3-4 years. Key concall takeaways from Bhagyanagar Ind's Q1 FY27 earnings call…
Maan Aluminium Ltd (Q1 FY27)
Manufacturing revenue was around INR70+ crores in Q1 FY27, with 40% export share; top line is likely to grow moderately but not drastically in the immediate…

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Frequently Asked Questions

What were NATIONALUM Q1 FY27 results?

What is NATIONALUM share price analysis?

NATIONALUM currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 10.2 with a market cap of ₹68,708 Cr. Investors should review the full earnings analysis for detailed insights.

Is NATIONALUM planning capital expenditure?

Smelter expansion capex planned around INR4,000-5,000 crores per annum starting FY28, peaking in FY29-FY31.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.