National Aluminium Company Ltd

₹ 400 -0.89%

18 May 4:01 p.m.

nalcoindia.com BSE: 532234 NSE: NATIONALUM

About

Incorporated in 1981, National Aluminium Company Limited (NALCO) manufactures and sells Alumina and Aluminium^[1]

Key Points

Business Overview^[1]
The company is a Navaratna Central Public Sector Enterprise under the Ministry of Mines. It is one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in India and global leader in producing bauxite and alumina at the lowest cost.

Website BSE NSE

Market Cap ₹ 73,465 Cr.
Current Price ₹ 400
High / Low ₹ 445 / 176
Stock P/E 12.7
Book Value ₹ 119
Dividend Yield 2.63 %
ROCE 39.2 %
ROE 29.2 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 35.0% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.7%
Company has been maintaining a healthy dividend payout of 38.0%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Metals & Mining Non - Ferrous Metals Aluminium

Part of BSE 500 BSE PSU Nifty 500 BSE Metal Nifty Midcap 100 Nifty Metal Nifty 200 Nifty Dividend Opportunities 50 Nifty High Beta 50 Nifty Alpha 50 BSE CPSE BSE Commodities BSE Bharat 22 Index BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index BSE Momentum Index BSE Quality Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty Total Market Nifty500 Shariah Nifty200 Alpha30 Nifty Midcap150 Momentum 50 Nifty500 Value 50 Nifty Midsmallcap400 Momentum Quality 100 Nifty500 Equal Weight Nifty500 Multicap Momentum Quality 50 Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Quality 50 Nifty500 Multifactor MQVLv50 BSE 1000 BSE 500 Quality 50 BSE 500 Momentum 50 BSE 500 Dividend Leaders 50 Nifty Total Market Momentum Quality 50

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	3,671	3,179	3,043	3,348	3,579	2,856	4,001	4,662	5,268	3,807	4,292	4,731	5,013
	2,904	2,584	2,647	2,574	2,472	1,922	2,452	2,335	2,514	2,315	2,366	2,552	2,663
Operating Profit	767	595	397	774	1,108	934	1,549	2,328	2,754	1,492	1,926	2,179	2,349
OPM %	21%	19%	13%	23%	31%	33%	39%	50%	52%	39%	45%	46%	47%
	55	48	69	50	511	61	72	99	126	124	151	194	197
Interest	1	2	4	2	9	3	4	19	32	8	8	60	24
Depreciation	255	170	186	154	240	174	180	286	88	178	174	182	211
Profit before tax	566	471	275	668	1,369	817	1,437	2,122	2,760	1,429	1,895	2,132	2,311
Tax %	8%	26%	25%	27%	26%	26%	26%	25%	25%	26%	24%	25%	26%
	522	349	206	488	1,016	601	1,062	1,583	2,078	1,064	1,433	1,601	1,718
EPS in Rs	2.84	1.90	1.12	2.66	5.53	3.27	5.78	8.62	11.32	5.79	7.80	8.72	9.35
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,383	6,818	7,543	9,509	11,499	8,472	8,956	14,215	14,257	13,149	16,788	17,843
	5,759	5,911	6,463	8,112	8,607	7,983	7,173	9,664	11,807	10,276	9,223	9,896
Operating Profit	1,624	907	1,080	1,397	2,893	489	1,783	4,550	2,450	2,873	7,565	7,947
OPM %	22%	13%	14%	15%	25%	6%	20%	32%	17%	22%	45%	45%
	1,070	711	368	1,124	326	273	147	264	234	678	357	666
Interest	167	3	3	2	2	6	7	23	13	17	59	100
Depreciation	414	426	480	480	476	530	606	837	716	750	728	745
Profit before tax	2,113	1,189	965	2,039	2,740	226	1,317	3,955	1,955	2,784	7,135	7,767
Tax %	37%	34%	31%	34%	37%	39%	1%	25%	21%	26%	25%	25%
	1,322	787	669	1,342	1,732	138	1,300	2,952	1,544	2,060	5,325	5,816
EPS in Rs	5.13	3.05	3.46	6.94	9.29	0.74	7.08	16.07	8.41	11.22	28.99	31.67
Dividend Payout %	34%	65%	81%	82%	62%	202%	49%	40%	54%	45%	36%	33%

Compounded Sales Growth
10 Years:	10%
5 Years:	15%
3 Years:	8%
TTM:	6%

Compounded Profit Growth
10 Years:	23%
5 Years:	35%
3 Years:	56%
TTM:	9%

Stock Price CAGR
10 Years:	26%
5 Years:	40%
3 Years:	71%
1 Year:	128%

Return on Equity
10 Years:	17%
5 Years:	23%
3 Years:	26%
Last Year:	29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,289	1,289	966	966	933	933	918	918	918	918	918	918
Reserves	11,509	11,906	9,239	9,538	9,552	9,055	9,762	11,636	12,320	13,653	17,127	20,944
	0	0	51	45	67	12	46	77	105	96	182	60
	3,380	3,515	4,245	4,064	4,596	4,549	3,984	4,857	4,396	4,751	4,895	4,881
Total Liabilities	16,178	16,710	14,502	14,614	15,147	14,550	14,711	17,489	17,739	19,419	23,122	26,803
	6,645	6,596	7,144	7,139	7,286	7,485	7,660	7,343	7,303	7,383	7,748	7,650
CWIP	550	688	566	915	883	1,427	1,575	2,235	3,269	4,573	4,936	6,296
Investments	951	1,010	1,261	711	257	332	562	377	471	525	1,015	793
	8,031	8,416	5,531	5,849	6,722	5,306	4,913	7,534	6,696	6,938	9,424	12,065
Total Assets	16,178	16,710	14,502	14,614	15,147	14,550	14,711	17,489	17,739	19,419	23,122	26,803

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	520	881	1,436	1,590	2,409	-349	2,199	4,050	908	2,727	5,806	6,438
	566	314	1,550	-490	-532	873	-1,404	-2,736	-334	-2,000	-3,971	-4,200
	-506	-544	-3,616	-1,100	-1,731	-677	-600	-1,114	-924	-747	-1,758	-2,206
Net Cash Flow	580	651	-630	1	146	-153	195	199	-350	-20	78	32
Free Cash Flow	217	330	674	765	1,649	-1,195	992	2,774	-617	1,083	4,641	4,413
CFO/OP	62%	137%	153%	148%	119%	-51%	129%	106%	68%	117%	99%	105%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	6	13	9	10	8	6	6	2	2	4	4	4
Inventory Days	411	352	389	288	231	463	411	324	213	253	353	261
Days Payable	155	213	284	232	245	211	262	287	146	99	137	114
Cash Conversion Cycle	262	151	114	66	-7	258	156	39	69	157	221	152
Working Capital Days	8	10	-24	-11	-28	-9	11	-15	4	4	-7	-0
ROCE %	16%	9%	9%	12%	26%	2%	13%	34%	15%	17%	44%	39%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

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Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Alumina Hydrate Production
MT

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Aluminium Cast Metal Production
MT

Bauxite Production
MT

Net Power Generation
MU

Alumina Refinery Installed Capacity
TPY

Aluminium Smelter Installed Capacity
TPY

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%
	14.95%	13.68%	11.56%	8.99%	10.43%	12.08%	14.13%	15.81%	15.06%	16.22%	19.67%	22.27%
	15.38%	17.47%	18.80%	18.82%	19.12%	19.29%	17.99%	15.70%	15.76%	15.45%	12.35%	10.75%
	18.40%	17.57%	18.38%	20.93%	19.16%	17.34%	16.60%	17.21%	17.90%	17.05%	16.70%	15.69%
No. of Shareholders	6,44,039	6,36,856	6,92,122	8,76,645	9,12,729	8,68,800	9,12,049	9,27,096	9,56,168	9,24,942	9,07,497	9,69,058

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	74.58%	60.20%	52.00%	51.50%	51.28%	51.28%	51.28%	51.28%	51.28%	51.28%
	4.00%	6.41%	11.92%	11.30%	8.38%	18.03%	15.95%	8.99%	15.81%	22.27%
	13.16%	21.21%	19.73%	14.20%	9.64%	8.76%	13.30%	18.82%	15.70%	10.75%
	8.27%	12.17%	16.35%	23.00%	30.70%	21.93%	19.48%	20.93%	17.21%	15.69%
No. of Shareholders	78,949	1,29,367	1,89,936	2,41,492	3,05,882	5,61,842	6,62,340	8,76,645	9,27,096	9,69,058

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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