National Aluminium Company

NATIONALUM (₹325.75) exhibits a sharp divergence between monthly momentum and daily weakness. The monthly trend remains bullish with strong conviction (ADX 56.29), but the daily chart is bearish, trading below the Supertrend and key moving averages (50-day EMA, 200-day SMA). Daily trend strength is weak (ADX 16.95), suggesting indecision despite recent volatility. Price is positioned near the upper end of its 20-day range (+81.5%) but has suffered a significant 26.2% drawdown from highs. A moderate upward gap on 2026-10-28 (+5.0%) provided temporary support, but price closed lower than the previous day (-1.6%), indicating selling pressure. Immediate resistance lies at ₹326.63 (0.27% above), while support is found at ₹322.27 (1.07% below). High annualized volatility (+40.8%) and an ATR of 3.55% signal elevated risk.

National Aluminium Company Limited (NALCO) reported strong financial performance for Q2 FY27, with net profit rising 28% year-on-year to ₹1,835 crore and total income increasing 26% to ₹5,419 crore. The company also announced an interim dividend of ₹4.50 per share. Concurrently, NALCO is advancing a Rs 30,000-crore smelter expansion in Odisha aimed at doubling capacity to nearly one million tonnes annually by 2030-31, involving technology licensing from Emirates Global Aluminium and a joint venture with NLC India Limited for captive power. On the analyst front, Prabhudas Lilladher issued a 'Buy' recommendation with a price target of Rs 385 on November 4, citing potential upside.

On 2026-11-06, National Aluminium Co. (NATIONALUM) advanced preparations for a significant capacity expansion in Odisha. The company is accelerating plans for a Rs 30,000-crore aluminium smelter project aimed at doubling annual output to nearly one million tonnes by the 2030-31 period. This growth strategy involves licensing proprietary technology from Emirates Global Aluminium and forming a joint venture with NLC India Limited to develop a captive power plant, while also exploring renewable energy integration.

Market pricing reflects minor volatility against this strategic backdrop. As of the observation date, shares traded at ₹325.75, down from ₹331.00 in the prior snapshot. No directional daily or weekly trends were recorded in the provided data.

National Aluminium Company Limited (NATIONALUM) has announced an interim dividend of ₹4.50 per share for its equity series. The company has set the record date as November 6, 2026, to determine eligibility for this payout. This declaration coincides with the publication of the company's unaudited financial results for the quarter and half-year ended September 30, 2026, in newspapers. For retail investors holding shares prior to the record date, these disclosures signal a return of capital and provide the latest available performance metrics for the first nine months of the fiscal year.

National Aluminium Co. demonstrates strong earnings growth and balance-sheet deleveraging, though recent quarterly profitability faced sequential pressure. For the trailing twelve months (TTM) ending Sep 2026, sales rose 14% to ₹20,466 crore, while net profit surged 35% to ₹7,156 crore, driven by robust operating leverage. Return on Equity remains high at 29% for the last fiscal year, supported by a significant reduction in borrowings from ₹182 crore in Mar 2025 to ₹58 crore in Sep 2026. Cash conversion quality is solid, with CFO/EBITDA at 105% for FY2026, indicating that reported profits are effectively translating into cash.

However, Q2 FY2026-27 (Sep 2026 quarter) showed a sequential decline in both Profit Before Tax (₹2,471 crore vs ₹2,689 crore in Q1) and Net Profit (₹1,835 crore vs ₹2,003 crore), despite revenue increasing sequentially to ₹5,419 crore. This suggests margin compression or higher expenses in the most recent period. Working capital management has improved markedly, with Days Payable falling to 114 days and Inventory Days normalizing to 261 days as of Mar 2026, down from peaks in Mar 2025. Institutional ownership is shifting, with FIIs increasing their stake to 21.98% while DIIs reduced theirs to 11.71% by Sep 2026.

National Aluminium Co. presents a conditional upside case anchored by robust fundamental growth and strategic capacity expansion, despite near-term bearish technical trends. For Q2 FY27, the company delivered strong earnings momentum, with net profit surging 28% year-on-year to ₹1,835 crore and total income rising 26% to ₹5,419 crore. This operational efficiency contributed to a record half-yearly net profit of ₹3,837 crore for H1 FY27, accompanied by an interim dividend of ₹4.50 per share. Concurrently, the company is accelerating a Rs 30,000-crore smelter expansion in Odisha, aiming to double annual capacity to nearly one million tonnes by 2030-31 through proprietary technology licensing and joint ventures for captive power. While daily and weekly technical indicators remain bearish with significant drawdowns, the monthly trend remains bullish, suggesting that if the stock stabilizes above key support levels, the underlying financial strength and long-term capacity growth could drive re-rating.

National Aluminium Co. faces near-term technical headwinds despite strong operational fundamentals. The stock is trading at ₹325.75, down 1.6% in the last day and 3.4% over the past month, with a year-to-date return of just +3.5%. Technical indicators on daily and weekly timeframes are bearish, with the Supertrend signaling downside pressure and the Average Directional Index (ADX) suggesting weak trend strength on the daily chart. The stock has experienced a significant correction from its highs, currently sitting in a -26.2% drawdown from its peak, with a maximum historical drawdown of -33.9%. While monthly trends remain bullish (+8.0% over 10 days), the immediate price action shows resistance at ₹326.63, limiting upside momentum. High annualized volatility of +40.8% indicates substantial price fluctuation risk for investors.