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National Aluminium Company Ltd

Q2 FY26Non - Ferrous Metals

National Aluminium Company Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹394
Market cap₹70.0K Cr
P/E10.4
Updated23 Aug 2026
Read5 min read

National Aluminium Company Ltd Q2 FY26 key numbers

Revenue
Refinery expansion of 1 million tons planned for commissioning by June 2026, targeting incremental 5 lakh tons of alumina sales in FY27 with full ramp-up in FY28.

As stated in National Aluminium Company Ltd's Q2 FY26 earnings call transcript · published 19 Jul 2026. Reported figures, not investment advice.

The short version

Alumina sales guidance for full year is around 12.5 to 13 lakh tons, with 7 lakh tons done in H1 and 6 to 6.5 lakh tons planned for H2. NALCO expects continued volume growth with alumina production increased by 31% in H1 FY26 and plans to commission a 1 million ton refinery expansion by June 2026, raising total capacity to 3.1 million tons.

From National Aluminium Company Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Alumina sales guidance for full year is around 12.5 to 13 lakh tons, with 7 lakh tons done in H1 and 6 to 6.5 lakh tons planned for H2.
  • Alumina production increased by 31% in H1 versus last year, aiding sales growth.
  • Metal production expected around 4.7 lakh tons for full year, with sales matching production (~2.26 lakh tons in H1).
  • Refinery expansion of 1 million tons planned for commissioning by June 2026, targeting incremental 5 lakh tons of alumina sales in FY27 with full ramp-up in FY28.
  • Smelter expansion planned to add 5 lakh tons capacity by 2030.
  • Revenue growth driven by volume increases and improved pricing, e.g., aluminum realizations increased by INR18,000 per ton in Q2.

2 more points from National Aluminium Company Ltd's call on revenue

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Profitability & Margins

See what National Aluminium Company Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Alumina refinery expansion: INR 4,500 crores spent till date; project 80% physically complete; commissioning expected by June 2026; total capex around INR 5,000-5,300 crores; balance INR 600-700 crores expected in H2 FY ’26 and FY ’27 to close the project.
  • Smelter and power expansion plan: DPR preparation ongoing, targeted completion by June-July 2026; tendering to complete by March 2027; commissioning expected around end of 2030; total combined capex estimated at INR 30,000 crores (smelter INR 17,000-20,000 crores, power INR 10,000-11,000 crores).
  • Bauxite mine expansion: Pottangi mine MDO appointment ongoing, targeted production start by June 2026; alternate bauxite sourcing conveyor (30 lakh tons/year capacity) to commission by April-May 2026 as backup.

2 more points from National Aluminium Company Ltd's call on capex

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Top-ranked in Non - Ferrous Metals

Ranked on what management guided this quarter

Guidance-ranked
1Dec.Gold Mines
Rev 2Mar 2
2Hindustan Zinc Ltd
Rev 2Mar 3
3
Rev 2Mar 3
4
Rev 2Mar 3
5
Rev 3Mar 1
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

The discussion primarily revolves around operational metrics such as alumina production and sales, employee costs, refinery expansion status, captive power usage, coal procurement, and project timelines. Therefore, based on the provided content: - Focus is on production volumes, sales guidance, cost management, and project execution updates. - Key ongoing projects include refinery expansion (targeted commissioning June 2026) and Pottangi bauxite mine development (targeted start June 2026). - Emphasis on alumina and aluminum sales projections and inventory status. For precise orderbook details, further sections or official company reports beyond this excerpt would be required.

National Aluminium Company Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹5.0K Cr, net profit ₹1.7K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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

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Frequently Asked Questions

What were National Aluminium Company Ltd Q2 FY26 results?

Alumina sales guidance for full year is around 12.5 to 13 lakh tons, with 7 lakh tons done in H1 and 6 to 6.5 lakh tons planned for H2. NALCO expects continued volume growth with alumina production increased by 31% in H1 FY26 and plans to commission a 1 million ton refinery expansion by June 2026, raising total capacity to 3.1 million tons.

What is National Aluminium Company Ltd share price analysis?

National Aluminium Company Ltd currently shows a neutral. The stock trades at a P/E of 10.4 with a market cap of ₹69,976 Cr. Investors should review the full earnings analysis for detailed insights.

Is National Aluminium Company Ltd planning capital expenditure?

Alumina refinery expansion: INR 4,500 crores spent till date; project 80% physically complete; commissioning expected by June 2026; total capex around INR 5,000-5,300 crores; balance INR 600-700 crores expected in H2 FY ’26 and FY ’27 to close the project.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.