National Aluminium Company Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 14 Jun 2026 | Non - Ferrous Metals | Market Cap: ₹70.0K Cr

FY '27 alumina production targeted at around 25 lakh tons, a 2 lakh ton increase with the 5th stream refinery commissioning starting June, expected to ramp up over months. FY '26 saw record financial performance with PAT growth of ~9.22% to Rs.5,816 crores.

From National Aluminium Company Ltd's Q4 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

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.

Full financials →

📊 Revenue & Sales Performance

→FY '27 alumina production targeted at around 25 lakh tons, a 2 lakh ton increase with the 5th stream refinery commissioning starting June, expected to ramp up over months.
→Aluminium metal production targeted at 4.73 lakh tons in FY '27, slightly above previous year’s 4.71 lakh tons.
→Alumina sales volume targeted for 2.5 to 3 lakh tons in the domestic market, increasing presence and long-term engagement with smelters.
→Alumina export, previously 40-50% to Middle East, impacted by regional disruptions; diversification to other markets ongoing.
→Overall growth in volumes aligned with capacity expansions, including alumina refinery and metal production.
→Capex plans: Rs.2,000 crore in FY '27 for expansions, rising to Rs.4,000-5,000 crore in FY '28 and up to Rs.7,000-8,000 crore subsequently.
→Improvement in techno-economic parameters expected, supporting profitability despite price fluctuations.

📈 Profitability & Margins

→FY '26 saw record financial performance with PAT growth of ~9.22% to Rs.5,816 crores.
→FY '27 capex planned around Rs.2,000 crores for expansions, increasing to Rs.4,000-5,000 crores in FY '28 and peaking at Rs.7,000-8,000 crores subsequently.
→Aluminium production targeted at 4.73 lakh tons in FY '27, slightly higher than FY '26.
→Alumina production expected to increase by 2 lakh tons in FY '27 (total ~25 lakh tons), backed by the new refinery.
→Employee cost impact of pay revision estimated at 10-15% increase from Jan 2027 but offset by volume growth improving per ton cost.
→GNAL JV expected to turn profitable, reducing losses.
→Power costs are significant (~31% of aluminium cost), managed with captive coal mines to stabilize input costs.
→Aluminium price average expected around Rs.3,000-3,100 per ton in FY '27, normalizing from inflated war-driven highs.
→Overall volume growth and cost efficiencies to sustain profit growth in coming years.

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

🏗️ Capital Expenditure Plans

→FY '26-'27 capex target: ~Rs.2,000 crores.
→FY '27-'28 capex expected: Rs.4,000 - Rs.5,000 crores.
→Peak capex years: FY '28-'29 and FY '29-'30, Rs.7,000 - Rs.10,000 crores annually.
→Total investment for aluminum smelter and power plant: ~Rs.30,000 crores.
→JV with Neyveli Lignite Corporation for power plant with 50-50 partnership to ensure coal security; capex shared.
→5th stream alumina expansion (Rs.5,500 crores approx.) expected to be 100% capitalized in this year.
→New 0.5 million ton aluminum smelter: DPR under preparation, ordering expected by April/May '27, commissioning by Dec 2030/early 2031.
→Capex for 0.5 million ton smelter and power plant: ~Rs.18,000 crores, Rs.4,000-5,000 crores in FY '27-'28.
→Strategic projects: rare earths and gallium recovery pilot plants in development, expected in 2-3 years.

💰 Fundraising & Capital Structure

→There is no explicit mention of new fundraising through debt or equity in the provided excerpts.
→The company has significant ongoing and planned capex, including:
→ - Rs.2,000 crores targeted for FY '26-'27.
→ - Rs.4,000 - Rs.5,000 crores for FY '27-'28.
→ - Peak capex of Rs.7,000 - Rs.10,000 crores expected in subsequent years, mainly for smelter and power projects.
→Power plant investments are planned as a JV, implying shared funding; company’s share expected around Rs.5,000 to Rs.6,000 crores.
→No details provided on fund-raising methods (debt or equity).
→The capex for a new 0.5 million ton aluminium smelter (~Rs.18,000 crores) will begin in FY '27 with a capex of Rs.4,000-5,000 crores and peak later.
→The company may rely on internal accruals and joint ventures for funding; no direct mention of fresh debt or equity issuance.

See what National Aluminium Company Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

The provided pages of the National Aluminium Company Limited report do not contain specific information about the current or expected orderbook or pending orders. The discussion mainly revolves around: - Production volumes and capacity utilization for alumina and aluminum. - Pricing trends for alumina, aluminum, coal, and caustic soda. - Expansion plans including the 5th stream alumina refinery and wire rod mill. - Coal sourcing and costs. - Financial performance and margins. - Cancellation of Utkarsh JV and future product strategy. No explicit details or figures related to the current or expected order backlog or pending orders are mentioned in these excerpts.

Key Metrics

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

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Frequently Asked Questions

What were National Aluminium Company Ltd Q4 FY26 results?

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?

FY '26-'27 capex target: ~Rs.2,000 crores.

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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.