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National Aluminium Co. Ltd.
(NATIONALUM)
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Rating:83Outperform
Price Target:
₹392.00
▲(18.70% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial fundamentals—especially the exceptionally low leverage and solid cash generation—combined with attractive valuation (low P/E and healthy dividend yield). Technicals are supportive with positive momentum, but mixed moving-average positioning and elevated stochastic readings temper the score due to potential short-term stretch.
Positive Factors
Integrated production platform
National Aluminium’s vertically integrated chain connects captive bauxite mining with refining, smelting and downstream production. Captive power also supports the energy-intensive smelting process, helping coordinate operations and reduce exposure to externally purchased inputs over the medium term.
Negative Factors
Cyclical revenue profile
Revenue volatility, including the latest-year decline after strong prior growth, indicates that demand and realizations can vary materially across the aluminium cycle. This makes future earnings less predictable and places continued emphasis on pricing discipline and cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated production platform
National Aluminium’s vertically integrated chain connects captive bauxite mining with refining, smelting and downstream production. Captive power also supports the energy-intensive smelting process, helping coordinate operations and reduce exposure to externally purchased inputs over the medium term.
Read all positive factors
National Aluminium Co. Ltd. (NATIONALUM) vs. iShares MSCI India ETF (INDA)
Market Cap
₹622.34B
Dividend Yield3.41%
Average Volume (3M)237.02K
Price to Earnings (P/E)9.2
Beta (1Y)0.92
Revenue Growth9.02%
EPS Growth17.83%
CountryIN
Employees4,864
SectorGeneral
Sector StrengthN/A
IndustryAluminum
Share Statistics
EPS (TTM)36.77
Shares Outstanding1,836,631,800
10 Day Avg. Volume164,349
30 Day Avg. Volume237,020
Financial Highlights & Ratios
PEG Ratio1.22
Price to Book (P/B)3.28
Price to Sales (P/S)3.97
P/FCF Ratio14.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)39.71
Revenue Forecast (FY)₹205.26B
National Aluminium Co. Ltd. Business Overview & Revenue Model
Company Description
National Aluminium Company Limited (NALCO) is an Indian enterprise engaged in the domestic and international production and distribution of alumina and aluminum commodities. Its operations are organized into two primary segments: Chemicals and Alu...
How the Company Makes Money
NATIONALUM primarily makes money by converting mined bauxite into alumina and then into primary aluminium and related products, and selling these outputs to domestic and international customers. Key revenue streams typically include: (1) Sale of a...
National Aluminium Co. Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 193.38B | 178.43B | 167.88B | 131.49B | 142.57B | 142.15B |
| Gross Profit | 124.18B | 100.81B | 117.64B | 70.93B | 64.77B | 90.94B |
| EBITDA | 97.11B | 86.00B | 75.49B | 28.58B | 24.52B | 45.50B |
| Net Income | 67.51B | 57.97B | 52.68B | 19.88B | 14.35B | 29.51B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 265.44B | 228.82B | 192.35B | 176.27B | 172.76B |
| Cash, Cash Equivalents and Short-Term Investments | 87.01B | 87.01B | 59.42B | 27.14B | 21.62B | 36.55B |
| Total Debt | 0.00 | 598.30M | 1.82B | 963.80M | 1.05B | 771.00M |
| Total Liabilities | -216.04B | 49.41B | 50.77B | 48.47B | 45.00B | 47.23B |
| Stockholders Equity | 216.04B | 216.04B | 178.05B | 143.88B | 131.26B | 125.52B |
Cash Flow | ||||||
| Free Cash Flow | 18.25B | 48.58B | 46.31B | 11.67B | -6.26B | 27.65B |
| Operating Cash Flow | 27.21B | 68.94B | 58.06B | 27.19B | 9.08B | 40.50B |
| Investing Cash Flow | -26.18B | -46.55B | -39.71B | -20.00B | -3.34B | -27.36B |
| Financing Cash Flow | -1.29B | -22.06B | -17.58B | -7.39B | -9.23B | -11.14B |
National Aluminium Co. Ltd. Technical Analysis
Negative
330.25
Price Trends
368.98
Negative
371.34
Negative
368.74
Negative
Market Momentum
-9.26
Positive
35.87
Neutral
20.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NATIONALUM, the sentiment is Negative. The current price of 330.25 is below the 20-day moving average (MA) of 354.97, below the 50-day MA of 368.98, and below the 200-day MA of 368.74, indicating a bearish trend. The MACD of -9.26 indicates Positive momentum. The RSI at 35.87 is Neutral, neither overbought nor oversold. The STOCH value of 20.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NATIONALUM.
National Aluminium Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹622.34B | 9.17 | ― | 3.41% | 9.02% | 17.83% | |
67 Neutral | ₹997.15B | 5.27 | ― | 4.79% | -27.72% | 34.66% | |
66 Neutral | ₹2.11T | 12.73 | ― | 0.53% | 20.28% | -3.12% | |
56 Neutral | ₹105.07B | 27.89 | ― | 0.45% | 17.48% | 12.57% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹2.20B | 24.62 | ― | 0.15% | 1.29% | 28.42% | |
48 Neutral | ₹6.29B | 42.87 | ― | 1.45% | -1.80% | -10.89% |
* General Sector Average
IN:NATIONALUM
National Aluminium Co. Ltd.
336.80
127.16
60.65%
IN:GRAVITA
Gravita India Limited
1,500.75
-63.45
-4.06%
IN:HINDALCO
Hindalco Industries Limited
939.90
176.38
23.10%
IN:MAANALU
Maan Aluminium Limited
105.05
-5.00
-4.54%
IN:MANAKALUCO
Manaksia Aluminium Company Ltd
33.21
4.37
15.15%
IN:VEDL
Vedanta Limited
266.55
92.25
52.93%
National Aluminium Co. Ltd. Corporate Events
NALCO Elevates Senior Executives to Bolster Operational Leadership
Sep 25, 2026
National Aluminium Company Limited has announced multiple senior management promotions to the rank of Executive Director, signalling a broad strengthening of its leadership bench. The promoted executives oversee key functions including finance, ma...
NALCO files minutes of 45th AGM held via video conferencing
Sep 14, 2026
National Aluminium Company Limited convened its 45th Annual General Meeting on August 31, 2026, via video conferencing and other audio-visual means, in line with Ministry of Corporate Affairs and SEBI guidelines. The meeting was formally called to...
NALCO to Present at Investors’ Meet 2026, Emphasises Regulatory Compliance
Sep 14, 2026
National Aluminium Company Limited has notified the stock exchanges that it will deliver an investor presentation at the Investors’ Meet 2026, hosted by Antique Stock Broking on 16 September 2026. The company clarified that the presentation,...
Nalco Appoints Joint Statutory Auditors for FY 2026-27
Sep 14, 2026
National Aluminium Company Limited has announced the appointment of M/s B M Chatrath Co and M/s SRB Associates as joint statutory auditors for the financial year 2026-27. The peer-reviewed chartered accountancy firms were appointed by the Comptr...
NALCO leadership to attend Mumbai investors’ meet on 16 September
Sep 8, 2026
National Aluminium Company Limited has announced that its Chairman-cum-Managing Director and Director (Finance) will attend an analyst and institutional investors’ meet in Mumbai on 16 September 2026, hosted by Antique Stock Broking. The com...
NALCO Posts Record FY 2025–26 Results and Boosts Payouts as It Maps Future Growth
Aug 31, 2026
National Aluminium Company Limited reported record operational and financial performance in fiscal 2025–26, with its highest-ever output and peak sales in key segments such as domestic alumina and aluminium metal. The company also delivered ...
NALCO Adds Veteran Legal Professional Shri Neeraj as Independent Director
Aug 18, 2026
National Aluminium Company Limited has appointed senior legal professional Shri Neeraj as a part-time non-official independent director on its board, effective August 14, 2026, for a term of three years or until further orders. With over three dec...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.