National Aluminium Company Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 19 Jul 2026 | Non - Ferrous Metals | Market Cap: ₹70.0K Cr
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.
Price
₹394
Market Cap
₹70.0K Cr
P/E Ratio
10.4
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National Aluminium Company Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹5.0K Cr, net profit ₹1.7K Cr.
Full financials →📊 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.
- →Employee cost expected to decline slightly due to retirements and lower average salary scale.
- →Power and fuel cost efficiencies and increased captive coal production to aid cost management.
📈 Profitability & Margins
- →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.
- →The company targets alumina sales of around 12.5 to 13 lakh tons for the full year, with H2 sales around 6-6.5 lakh tons.
- →Aluminium production is planned at around 4.7 lakh tons for the full year, with metal sales expected to match production.
- →Operating efficiencies, including reduced consumption of major inputs like caustic soda, are projected to sustain cost improvements.
- →Employee costs expected to decline due to retirements and hiring at lower salary scales.
- →Power and fuel costs anticipated to moderate further with increased captive coal production and removal of coal cess.
- →Profit growth supported by volume increase, pricing improvements (notably aluminum prices), and cost controls.
- →Overall robust future earnings growth is expected driven by capacity expansions, efficiency gains, and market conditions.
🏗️ 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.
- →Focus on captive coal production ramp-up, targeting 4 million tons annually in FY ’26 (up from 2.6-2.7 million tons last year).
- →Overall strategy: robust expansion with refinery, smelter, and power projects, backed by internal cash generation, reducing dependency on external financing.
💰 Fundraising & Capital Structure
- →As of November 7, 2025, NALCO has no immediate plans for external fundraising through debt or equity.
- →The company has sufficient cash and equivalents (~INR 7,900 crores as of September 2025), with projected cash balance exceeding INR 20,000 crores with ongoing profits.
- →Two models for future capex financing are being evaluated:
- → - EPC mode for smelter and power, requiring an external fund infusion of around INR 5,000-6,000 crores by FY '27-'28 or '28-'29.
- → - EPC on smelter with 50% JV for power, potentially requiring no external financing.
- →Large capex plans for smelter and power (total ~INR 30,000 crores) are planned for 2027 onward, with DPR preparation ongoing in 2025 to enable board approval and tendering by March 2027.
- →Current refinery expansion capped at INR 5,000+ crores is mostly internally funded.
📋 Order Book & Pipeline
Key Metrics
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.