NATIONALUM

National Aluminium Company Limited

State-owned integrated aluminium producer — bauxite mining, alumina, smelting, captive power

Commodities›Metals & Mining›Non - Ferrous Metals›Aluminium

nalcoindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹324.25
Market cap
59,534 Cr
Stock P/E
8.8
P/B
2.76
Dividend yield
3.4%
ROE (FY26)
26.8%
ROCE (FY26)
36.3%
Operating margin (FY26)
40.4%
OCF / EBITDA (FY26)
81.0%
OCF / EBITDA (3Y)
81.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

NALCO (National Aluminium Company) is a Government of India enterprise that mines bauxite, refines alumina and smelts aluminium, selling in India and through dollar-priced export tenders.

Company snapshot

3rdBy market cap

Ranked among 7 companies in Aluminium.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 55.8% of revenue

SegmentRevenue shareRevenuePBTAssets
Aluminium
55.8%
2,601 Cr950 Cr5,959 Cr
Chemicals
54.0%
2,516 Cr1,287 Cr5,385 Cr
Unallocated Common
0.2%
9 Cr0 Cr9,517 Cr

Shares add up to 110% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 32.5% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,043 Cr3,347 Cr3,579 Cr2,856 Cr4,001 Cr4,662 Cr5,268 Cr3,807 Cr4,292 Cr4,731 Cr5,013 Cr5,302 Cr
Operating expenses (approx.)2,647 Cr2,574 Cr2,472 Cr1,922 Cr2,452 Cr2,335 Cr2,514 Cr2,315 Cr2,366 Cr2,552 Cr2,663 Cr2,595 Cr
EBITDA397 Cr773 Cr1,108 Cr934 Cr1,549 Cr2,328 Cr2,754 Cr1,492 Cr1,926 Cr2,179 Cr2,349 Cr2,708 Cr
OPM %13.0%23.1%30.9%32.7%38.7%49.9%52.3%39.2%44.9%46.1%46.9%51.1%
Other income69 Cr51 Cr84 Cr61 Cr72 Cr99 Cr126 Cr124 Cr151 Cr194 Cr197 Cr173 Cr
Interest4 Cr2 Cr9 Cr3 Cr4 Cr19 Cr32 Cr8 Cr8 Cr60 Cr24 Cr10 Cr
Depreciation186 Cr154 Cr240 Cr174 Cr180 Cr286 Cr88 Cr178 Cr174 Cr182 Cr211 Cr182 Cr
Profit before tax256 Cr650 Cr1,350 Cr804 Cr1,420 Cr2,105 Cr2,749 Cr1,415 Cr1,892 Cr2,126 Cr2,316 Cr2,690 Cr
Tax %26.8%27.6%26.2%26.8%26.4%25.6%24.8%25.8%24.4%25.0%25.6%25.5%
Net profit187 Cr471 Cr997 Cr588 Cr1,046 Cr1,566 Cr2,067 Cr1,049 Cr1,430 Cr1,595 Cr1,722 Cr2,003 Cr
EPS (₹)₹1.02₹2.56₹5.43₹3.20₹5.70₹8.53₹11.26₹5.71₹7.79₹8.69₹9.38₹10.91

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,050 Cr9,618 Cr11,499 Cr8,472 Cr8,956 Cr14,181 Cr14,255 Cr13,149 Cr16,788 Cr17,843 CrSign in free for the trailing twelve months
Operating expenses (approx.)6,970 Cr8,221 Cr8,607 Cr7,983 Cr7,173 Cr9,664 Cr11,807 Cr10,276 Cr9,223 Cr9,896 CrSign in free for the trailing twelve months
EBITDA1,080 Cr1,397 Cr2,893 Cr489 Cr1,783 Cr4,517 Cr2,448 Cr2,873 Cr7,565 Cr7,947 CrSign in free for the trailing twelve months
OPM %13.4%14.5%25.2%5.8%19.9%31.9%17.2%21.8%45.1%44.5%Sign in free for the trailing twelve months
Other income408 Cr300 Cr326 Cr273 Cr147 Cr297 Cr236 Cr251 Cr357 Cr666 CrSign in free for the trailing twelve months
Interest3 Cr2 Cr2 Cr6 Cr7 Cr23 Cr13 Cr17 Cr59 Cr100 CrSign in free for the trailing twelve months
Depreciation480 Cr480 Cr476 Cr530 Cr606 Cr837 Cr716 Cr750 Cr728 Cr745 CrSign in free for the trailing twelve months
Profit before tax964 Cr2,039 Cr2,741 Cr224 Cr1,316 Cr3,954 Cr1,845 Cr2,712 Cr7,078 Cr7,749 CrSign in free for the trailing twelve months
Tax %30.7%34.2%36.8%39.2%1.3%25.4%22.2%26.7%25.6%25.2%Sign in free for the trailing twelve months
Net profit668 Cr1,342 Cr1,734 Cr136 Cr1,299 Cr2,951 Cr1,435 Cr1,988 Cr5,268 Cr5,797 CrSign in free for the trailing twelve months
EPS (₹)₹2.97₹6.94₹9.07₹0.73₹6.97₹16.07₹7.81₹10.83₹28.68₹31.56Sign in free for the trailing twelve months
Dividend payout %————35.4%37.3%64.0%36.9%34.9%34.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital966 Cr966 Cr933 Cr933 Cr918 Cr918 Cr918 Cr918 Cr918 Cr918 Cr
Reserves9,239 Cr9,537 Cr9,552 Cr9,054 Cr9,761 Cr11,634 Cr12,208 Cr13,470 Cr16,887 Cr20,685 Cr
Borrowings51 Cr45 Cr67 Cr12 Cr46 Cr21 Cr48 Cr39 Cr124 Cr—
Other liabilities4,245 Cr4,064 Cr4,596 Cr4,549 Cr3,984 Cr4,702 Cr4,452 Cr4,808 Cr4,953 Cr4,941 Cr
Total liabilities14,501 Cr14,613 Cr15,147 Cr14,548 Cr14,709 Cr17,276 Cr17,627 Cr19,235 Cr22,882 Cr26,544 Cr
Fixed assets (net)7,019 Cr7,019 Cr7,109 Cr7,175 Cr7,317 Cr7,002 Cr6,916 Cr7,020 Cr6,799 Cr6,750 Cr
CWIP515 Cr826 Cr844 Cr1,177 Cr1,431 Cr1,763 Cr2,745 Cr3,961 Cr4,935 Cr6,296 Cr
Investments1,260 Cr710 Cr257 Cr331 Cr560 Cr375 Cr359 Cr342 Cr774 Cr533 Cr
Loans & advances——26 Cr40 Cr30 Cr33 Cr29 Cr28 Cr27 Cr27 Cr
Inventories1,156 Cr1,194 Cr1,210 Cr1,697 Cr1,476 Cr1,646 Cr1,840 Cr1,830 Cr1,909 Cr1,835 Cr
Trade receivables184 Cr258 Cr241 Cr140 Cr147 Cr75 Cr91 Cr154 Cr186 Cr215 Cr
Cash & bank25 Cr25 Cr172 Cr18 Cr214 Cr413 Cr63 Cr43 Cr121 Cr153 Cr
Other assets4,343 Cr4,580 Cr5,289 Cr3,970 Cr3,533 Cr5,968 Cr5,583 Cr5,857 Cr8,131 Cr10,735 Cr
Total assets14,501 Cr14,613 Cr15,147 Cr14,548 Cr14,709 Cr17,276 Cr17,627 Cr19,235 Cr22,882 Cr26,544 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,436 Cr1,467 Cr2,409 Cr-349 Cr2,199 Cr3,958 Cr908 Cr2,719 Cr5,806 Cr6,438 Cr
Cash from investing1,550 Cr-366 Cr-532 Cr873 Cr-1,404 Cr-2,619 Cr-334 Cr-2,000 Cr-3,971 Cr-4,200 Cr
Cash from financing-3,616 Cr-1,100 Cr-1,731 Cr-677 Cr-600 Cr-1,140 Cr-923 Cr-739 Cr-1,758 Cr-2,206 Cr
Net cash flow-630 Cr0.52 Cr146 Cr-153 Cr195 Cr199 Cr-350 Cr-20 Cr78 Cr32 Cr
Free cash flow (OCF − Capex)658 Cr629 Cr1,641 Cr-1,206 Cr980 Cr2,675 Cr-626 Cr1,063 Cr4,605 Cr4,400 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.4%19.3%26.0%2.3%12.3%31.6%14.1%18.9%39.8%36.3%
ROE %6.5%12.8%16.5%1.4%12.2%23.5%10.9%13.8%29.6%26.8%
Debtor days81086622444
Inventory days356297229364409304211239337280
Days payable260239244166260269145196130122
Cash conversion cycle10467-7204155376948211163
OCF / EBITDA %133.0%104.9%83.3%-71.2%123.3%87.6%37.1%94.7%76.8%81.0%
OCF / EBITDA % (3 years)——98.9%73.8%82.5%85.6%80.8%77.1%73.2%81.4%
Debt / equity0.00500.00430.00640.00120.00430.00160.00360.00270.0070—
Current ratio2.132.301.931.682.102.091.841.932.613.60
Net debt / EBITDA0.02—-0.04-0.01-0.09-0.09-0.0063-0.00150.0004-0.02