# National Aluminium Company (NATIONALUM) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/nationalum

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹325.75
- Change: -1.59%
- As of: 2026-11-06
- 1D return: -1.59%
- 5D return: +3.56%
- 1M return: +4.04%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

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.

- Timeframe Divergence: Monthly trend is strongly bullish (ADX 56.29, price above all MAs), whereas daily and weekly trends are bearish (price below Supertrend and major MAs).
- Weak Daily Momentum: Daily ADX is low at 16.95, indicating a lack of strong directional conviction despite recent price gaps and volume spikes.
- Key Levels: Immediate resistance at ₹326.63; immediate support at ₹322.27. A break below ₹322.27 could expose further downside toward ₹318.98.
- Risk Profile: Current drawdown is -26.2% from available highs, with high volatility (+40.8%) requiring wider stop-loss buffers.

- Harami
- Outside Bar
- Inside Bar
- Bullish Engulfing Reversal
- Bearish Engulfing Reversal

### News Context

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.

- Q2 FY27 Net Profit: ₹1,835 crore (+28% YoY); Total Income: ₹5,419 crore (+26% YoY).
- Interim Dividend: ₹4.50 per share declared alongside half-year results showing a 54% jump in H1 net profit to ₹3,837 crore.
- Expansion Project: Rs 30,000-crore smelter expansion in Odisha targeting ~1 million tonnes annual capacity by 2030-31, including a JV with NLC India for power.
- Analyst View: Prabhudas Lilladher assigned a 'Buy' rating with a Rs 385 target on Nov 4.

- [NALCO’s Rs 30,000-crore Smelter Expansion In Odisha Gains Pace](https://www.deccanchronicle.com/business/companies/nalcos-rs-30000-crore-smelter-expansion-in-odisha-gains-pace-2001981)
- [Top stocks to watch today: Bharti Airtel, LIC, Nykaa, Torrent Power shares in focus on Thursday, 5 Nov | Full list](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-bharti-airtel-lic-nykaa-torrent-power-shares-in-focus-on-thursday-5-nov-full-list-11793843425775.html)
- [Stocks in focus, Nov 5: Alembic Pharma, Northern Arc, V2 Retail, Cupid, NALCO, Bright Outdoor, Som Distilleries, Manipal Health](https://www.thehindubusinessline.com/markets/stocks-in-focus-nov-5-alembic-pharma-northern-arc-v2-retail-cupid-nalco-bright-outdoor-som-distilleries-manipal-health/article71668405.ece)
- [Buy National Aluminium Co; target of Rs 385: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-national-aluminium-co-target-of-rs-385-prabhudas-lilladher-14068860.html)
- [NALCO Q2 FY27 Results Deliver Strong Earnings Growth, Net Profit Surges 28% To ₹1,835 Crore As Total Income Climbs 26% To ₹5,419 Crore](https://www.freepressjournal.in/business/nalco-q2-fy27-results-deliver-strong-earnings-growth-net-profit-surges-28-to-1835-crore-as-total-income-climbs-26-to-5419-crore)

### What Changed

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.

- Strategic Expansion: Accelerating a Rs 30,000-crore smelter project in Odisha to double capacity to ~1 million tonnes annually by 2030-31.
- Partnerships & Technology: Licensing technology from Emirates Global Aluminium and establishing a joint venture with NLC India Limited for captive power generation.
- Price Snapshot: Last reported price was ₹325.75 on 2026-11-06, compared to a previous level of ₹331.00.
- Trend Status: No daily or weekly price trends were identified in the current technical data.

- [NALCO’s Rs 30,000-crore Smelter Expansion In Odisha Gains Pace](https://www.deccanchronicle.com/business/companies/nalcos-rs-30000-crore-smelter-expansion-in-odisha-gains-pace-2001981)

### Official Filings

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.

- Interim Dividend: ₹4.50 per share declared for NATIONALUM equity.
- Record Date: November 6, 2026; shareholders on the register by this date are eligible.
- Financial Reporting: Unaudited standalone and consolidated results for Q2 and H1 FY2027 (ended Sept 30, 2026) have been published.

- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [National Aluminium Company Limited has informed the Exchange about Newspaper publications regarding Unaudited Financial Results (Standalone & consolidated) for the quarter and half- year ended 30.09.2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/bharatsahu_04112026171730_SELetterNewspaper.pdf)

### Fundamentals

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.

- Earnings Growth: TTM net profit grew 35% to ₹7,156 crore against TTM sales of ₹20,466 crore; ROE stood at 29% for FY2026.
- Deleveraging: Borrowings fell sharply to ₹58 crore (Sep 2026) from ₹182 crore (Mar 2025); equity base expanded to ₹24,894 crore.
- Quarterly Margin Pressure: Q2 FY2026-27 saw sequential declines in PBT and Net Profit despite sequential revenue growth to ₹5,419 crore.
- Cash & Liquidity: Strong cash generation with CFO/EBITDA at 105%; cash reserves increased slightly to ₹101 crore.

### Bull Case

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.

- Q2 FY27 net profit grew 28% YoY to ₹1,835 crore, with total income up 26% to ₹5,419 crore, driven by operational efficiency.
- H1 FY27 net profit reached a record ₹3,837 crore (up 54%), supported by an interim dividend of ₹4.50 per share.
- A Rs 30,000-crore smelter expansion aims to double capacity to ~1 million tonnes annually by 2030-31 via new technology and power partnerships.
- Monthly technical trend remains bullish, contrasting with bearish daily/weekly signals, indicating potential medium-term resilience.

- [NALCO’s Rs 30,000-crore Smelter Expansion In Odisha Gains Pace](https://www.deccanchronicle.com/business/companies/nalcos-rs-30000-crore-smelter-expansion-in-odisha-gains-pace-2001981)
- [Top stocks to watch today: Bharti Airtel, LIC, Nykaa, Torrent Power shares in focus on Thursday, 5 Nov | Full list](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-bharti-airtel-lic-nykaa-torrent-power-shares-in-focus-on-thursday-5-nov-full-list-11793843425775.html)
- [Stocks in focus, Nov 5: Alembic Pharma, Northern Arc, V2 Retail, Cupid, NALCO, Bright Outdoor, Som Distilleries, Manipal Health](https://www.thehindubusinessline.com/markets/stocks-in-focus-nov-5-alembic-pharma-northern-arc-v2-retail-cupid-nalco-bright-outdoor-som-distilleries-manipal-health/article71668405.ece)
- [Buy National Aluminium Co; target of Rs 385: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-national-aluminium-co-target-of-rs-385-prabhudas-lilladher-14068860.html)
- [NALCO Q2 FY27 Results Deliver Strong Earnings Growth, Net Profit Surges 28% To ₹1,835 Crore As Total Income Climbs 26% To ₹5,419 Crore](https://www.freepressjournal.in/business/nalco-q2-fy27-results-deliver-strong-earnings-growth-net-profit-surges-28-to-1835-crore-as-total-income-climbs-26-to-5419-crore)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [National Aluminium Company Limited has informed the Exchange about Newspaper publications regarding Unaudited Financial Results (Standalone & consolidated) for the quarter and half- year ended 30.09.2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/bharatsahu_04112026171730_SELetterNewspaper.pdf)

### Bear Case

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.

- Technical weakness: Daily and weekly Supertrends are bearish; ADX values (16.95 daily, 21.3 weekly) suggest lack of strong directional conviction.
- Drawdown risk: Current price reflects a -26.2% drawdown from recent peaks, with high annualized volatility (+40.8%) increasing short-term uncertainty.
- Price stagnation: Year-to-date return is modest at +3.5%, with recent monthly performance negative (-3.4%), contrasting with stronger 1-year (+41.3%) gains.
- Resistance proximity: Immediate resistance at ₹326.63 (0.27% above current close) may cap upward movement if buying interest does not intensify.

- [NALCO’s Rs 30,000-crore Smelter Expansion In Odisha Gains Pace](https://www.deccanchronicle.com/business/companies/nalcos-rs-30000-crore-smelter-expansion-in-odisha-gains-pace-2001981)
- [Top stocks to watch today: Bharti Airtel, LIC, Nykaa, Torrent Power shares in focus on Thursday, 5 Nov | Full list](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-bharti-airtel-lic-nykaa-torrent-power-shares-in-focus-on-thursday-5-nov-full-list-11793843425775.html)
- [Stocks in focus, Nov 5: Alembic Pharma, Northern Arc, V2 Retail, Cupid, NALCO, Bright Outdoor, Som Distilleries, Manipal Health](https://www.thehindubusinessline.com/markets/stocks-in-focus-nov-5-alembic-pharma-northern-arc-v2-retail-cupid-nalco-bright-outdoor-som-distilleries-manipal-health/article71668405.ece)
- [Buy National Aluminium Co; target of Rs 385: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-national-aluminium-co-target-of-rs-385-prabhudas-lilladher-14068860.html)
- [NALCO Q2 FY27 Results Deliver Strong Earnings Growth, Net Profit Surges 28% To ₹1,835 Crore As Total Income Climbs 26% To ₹5,419 Crore](https://www.freepressjournal.in/business/nalco-q2-fy27-results-deliver-strong-earnings-growth-net-profit-surges-28-to-1835-crore-as-total-income-climbs-26-to-5419-crore)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [National Aluminium Company Limited has informed the Exchange about Newspaper publications regarding Unaudited Financial Results (Standalone & consolidated) for the quarter and half- year ended 30.09.2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/bharatsahu_04112026171730_SELetterNewspaper.pdf)

### FAQs

**What are the key financial results and dividend announcement for National Aluminium Co?**

For Q2 FY27, NALCO reported a 28% year-on-year increase in net profit to ₹1,835 crore and a 26% rise in total income to ₹5,419 crore. The company also announced an interim dividend of ₹4.50 per share with a record date of 06-Nov-2026.

**What major expansion project is NALCO undertaking?**

NALCO is accelerating preparations for a Rs 30,000-crore aluminium smelter expansion in Odisha. The project aims to double capacity to nearly one million tonnes annually by 2030-31, involving proprietary technology licensing from Emirates Global Aluminium and a joint venture with NLC India Limited for a captive power plant.

**How has the stock performed technically over different timeframes?**

As of 06-Nov-2026, the monthly trend is bullish (Supertrend: bullish), while the daily and weekly trends are bearish. The stock closed at ₹325.75, showing a +41.3% return over 1 year but a -19.9% return over 6 months. Current resistance levels are noted at ₹326.63 and ₹329.92.

- [NALCO’s Rs 30,000-crore Smelter Expansion In Odisha Gains Pace](https://www.deccanchronicle.com/business/companies/nalcos-rs-30000-crore-smelter-expansion-in-odisha-gains-pace-2001981)
- [Top stocks to watch today: Bharti Airtel, LIC, Nykaa, Torrent Power shares in focus on Thursday, 5 Nov | Full list](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-bharti-airtel-lic-nykaa-torrent-power-shares-in-focus-on-thursday-5-nov-full-list-11793843425775.html)
- [Stocks in focus, Nov 5: Alembic Pharma, Northern Arc, V2 Retail, Cupid, NALCO, Bright Outdoor, Som Distilleries, Manipal Health](https://www.thehindubusinessline.com/markets/stocks-in-focus-nov-5-alembic-pharma-northern-arc-v2-retail-cupid-nalco-bright-outdoor-som-distilleries-manipal-health/article71668405.ece)
- [Buy National Aluminium Co; target of Rs 385: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-national-aluminium-co-target-of-rs-385-prabhudas-lilladher-14068860.html)
- [NALCO Q2 FY27 Results Deliver Strong Earnings Growth, Net Profit Surges 28% To ₹1,835 Crore As Total Income Climbs 26% To ₹5,419 Crore](https://www.freepressjournal.in/business/nalco-q2-fy27-results-deliver-strong-earnings-growth-net-profit-surges-28-to-1835-crore-as-total-income-climbs-26-to-5419-crore)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RS 4.50 PER SHARE |FACE VALUE:5 |RECORD DATE:06-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [National Aluminium Company Limited has informed the Exchange about Newspaper publications regarding Unaudited Financial Results (Standalone & consolidated) for the quarter and half- year ended 30.09.2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/bharatsahu_04112026171730_SELetterNewspaper.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹329.92
- Risk regime: Price Risk Requires Attention

### Support levels
- 309.9
- 293
- 259.3

### Resistance levels
- 349.90078125
- 372.621875
- 379.7

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.59% |
| return_10 | +7.95% |
| return_1m | -3.41% |
| return_1y | +41.27% |
| return_20 | +4.04% |
| return_3m | -14.50% |
| return_5 | +3.56% |
| return_6m | -19.87% |
| return_since_start | +52.13% |
| return_ytd | +3.54% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -33.86% |
| annualized_volatility | +40.83% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# National Aluminium Company Limited Q2 FY2026-27: Revenue rises, profit falls sequentially

NALCO’s consolidated revenue from operations increased 2.2% quarter-on-quarter to ₹5,419 crore in Q2 FY2026-27, while expenses rose 14.7% to ₹3,196 crore. Profit before tax declined 8.1% and profit for the period fell 8.4% from Q1, although both remained well above their year-earlier levels.

## Revenue growth continued, but costs rose faster

Revenue from operations increased from ₹5,302 crore in Q1 FY2026-27 to ₹5,419 crore in Q2. Total income rose 3.5% to ₹5,668 crore, including ₹248 crore of other income. Revenue has increased in each of the past four quarters, though the latest sequential gain was smaller than the increases in the preceding quarters.

Expenses climbed by ₹409 crore quarter-on-quarter, substantially more than the ₹117 crore increase in revenue from operations. Profit before tax consequently declined to ₹2,471 crore from ₹2,689 crore. Tax expense eased to ₹636 crore from ₹687 crore, while profit for the period decreased to ₹1,835 crore from ₹2,003 crore. Earnings per share was ₹9.99.

Year-on-year, Q2 revenue from operations was up 26.3%, expenses increased 25.4%, profit before tax rose 30.4% and profit for the period advanced 28.3%.

## Balance sheet expanded; cash balance declined

At 30 September 2026, total assets stood at ₹30,273 crore, up from ₹26,544 crore at 31 March 2026. Equity increased to ₹24,894 crore from ₹21,604 crore over the same dates. Property, plant and equipment rose to ₹6,977 crore from ₹6,750 crore.

Cash and cash equivalents were ₹101 crore at 30 September 2026, compared with ₹153 crore at 31 March 2026. Current liabilities were ₹3,677 crore at the September quarter-end.

## Key Takeaway

NALCO delivered strong year-on-year growth in revenue and profit, but the quarter-on-quarter earnings direction weakened as expenses rose much faster than revenue. The expanding balance sheet and higher equity provide context for the quarter, while the decline in the cash balance is also notable.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +51.28%
- FII holding: +21.98%
- DII holding: +11.71%
- Mutual fund holding: +6.64%
- Retail holding: +10.61%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +51.28%
- ICICI PRUDENTIAL S&P BSE 500 ETF — +1.95%
- LIFE INSURANCE CORPORATION OF INDIA P&GS Fund — +1.51%
- SBI LIFE INSURANCE CO LTD — +1.09%

## Official filings

- 2026-11-06 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-06 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-06 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-05 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-05 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-05 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Corporate Action Notice: National Aluminium Company Limited - Ex-Date: 06-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_04112026171730_SELetterNewspaper.pdf)
- 2026-11-04 — Press Release: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_04112026210604_SELETTER.pdf)
- 2026-11-03 — Press Release: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_03112026080806_SELETTER.pdf)
- 2026-11-03 — Earnings Presentation: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_03112026091238_PresentationEarningCall03112026.pdf)
- 2026-11-03 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_03112026104832_LetterNewspaperDividend.pdf)
- 2026-11-03 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_03112026152213_Letter_Audio_EarningCall03112026.pdf)
- 2026-11-02 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_02112026213030_BM_OUTCOME.pdf)
- 2026-11-02 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_02112026213537_BM_OUTCOME.pdf)
- 2026-11-02 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_02112026213737_BM_OUTCOME.pdf)
- 2026-11-02 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_1789_WebXMLFile_20261102_215033821.xml)
- 2026-11-02 — Financial Results Filing: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751542_02112026095306_WEB.xml)
- 2026-11-02 — Financial Results Filing: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751543_02112026095349_WEB.xml)
- 2026-10-28 — Generic Announcement: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_28102026151353_SELETTERINVMEETINTIMATION.pdf)
- 2026-10-22 — Board Meeting Notice: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1789_WebXMLFile_20261022_162838390.xml)
- 2026-10-22 — Board Meeting Notice: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/bharatsahu_22102026162628_LetterBoardMeetingIntimation_Accounts_Dividend.pdf)
- 2026-10-22 — Board Meeting Notice: National Aluminium Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1789_WebXMLFile_20261022_162819349.xml)

## News and market events

- 2026-11-05 — DECCANCHRONICLE.COM: **NALCO’s Rs 30,000-crore Smelter Expansion In Odisha Gains Pace** — National Aluminium Company Limited (NALCO) is accelerating preparations for a Rs 30,000-crore aluminium smelter expansion in Odisha, aiming to double its capacity to nearly one million tonnes annually by 2030-31. The project involves licensing proprietary technology from Emirates Global Aluminium and establishing a joint venture with NLC India Limited to develop a captive power plant, alongside exploring renewable energy integration. — [Source](https://www.deccanchronicle.com/business/companies/nalcos-rs-30000-crore-smelter-expansion-in-odisha-gains-pace-2001981)
- 2026-11-05 — Mint: **Top stocks to watch today: Bharti Airtel, LIC, Nykaa, Torrent Power shares in focus on Thursday, 5 Nov | Full list** — Adani Power has entered into a 25-year Power Supply Agreement with Uttarakhand Power Corporation Limited to supply 1,234 MW of ex-bus net thermal power, backed by an installed generation capacity of 1,320 MW. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-bharti-airtel-lic-nykaa-torrent-power-shares-in-focus-on-thursday-5-nov-full-list-11793843425775.html)
- 2026-11-05 — The Hindu: **Stocks in focus, Nov 5: Alembic Pharma, Northern Arc, V2 Retail, Cupid, NALCO, Bright Outdoor, Som Distilleries, Manipal Health** — Multiple listed companies reported concrete operational developments including expanded collaborations, fund closures, retail partnerships, project expansions, and listing migrations. These events represent specific corporate actions affecting individual stock fundamentals and market listings rather than broad macroeconomic shifts. — [Source](https://www.thehindubusinessline.com/markets/stocks-in-focus-nov-5-alembic-pharma-northern-arc-v2-retail-cupid-nalco-bright-outdoor-som-distilleries-manipal-health/article71668405.ece)
- 2026-11-04 — MONEYCONTROL: **Buy National Aluminium Co; target of Rs 385: Prabhudas Lilladher** — Prabhudas Lilladher has issued a 'Buy' recommendation for National Aluminium Co, setting a price target of Rs 385. The brokerage's note suggests potential upside for investors in the company. — [Source](https://www.moneycontrol.com/news/business/earnings/buy-national-aluminium-co-target-of-rs-385-prabhudas-lilladher-14068860.html)
- 2026-11-03 — FREEPRESSJOURNAL.IN: **NALCO Q2 FY27 Results Deliver Strong Earnings Growth, Net Profit Surges 28% To ₹1,835 Crore As Total Income Climbs 26% To ₹5,419 Crore** — National Aluminium Company Limited (NALCO) reported a 28% year-on-year increase in net profit to ₹1,835 crore and a 26% rise in total income to ₹5,419 crore for Q2 FY27, driven by operational efficiency and favorable market conditions. The state-owned producer also achieved record half-yearly financial performance with a 54% jump in H1 net profit to ₹3,837 crore and announced an interim dividend of ₹4.50 per share. — [Source](https://www.freepressjournal.in/business/nalco-q2-fy27-results-deliver-strong-earnings-growth-net-profit-surges-28-to-1835-crore-as-total-income-climbs-26-to-5419-crore)
- 2026-11-03 — Mint: **Top stocks to watch today: SBI, NSE, ITC, Sun Pharma, IDBI Bank shares in focus on Tuesday, 3 Nov | Full list** — Indian equity markets are poised for a gap-up opening following a three-session winning streak, with benchmark indices reaching their highest levels in over five weeks. Several stocks including SBI, NSE, ITC, and IDBI Bank remain in focus due to Q2FY27 earnings releases, corporate developments such as NALCO's interim dividend approval, and operational updates from Sun Pharma and PTC India. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-sbi-nse-itc-sun-pharma-idbi-bank-shares-in-focus-on-tuesday-3-nov-full-list-11793668822019.html)
- 2026-11-03 — Economic Times: **Stocks in news: ITC, Marico, SBI, Yatra Online, NSE, Container Corp and Sun Pharma** — Indian equity benchmarks extended gains with the Nifty nearing 23,500 resistance as investors tracked corporate developments including Q2 earnings and operational updates. Key results showed Marico posting a 31% rise in net profit and expanding margins, while ITC saw an 18.5% decline in consolidated net profit due to weakness in its cigarette business despite revenue growth. Other notable movements included Container Corporation of India reporting a slight profit decline, Sun Pharma clarifying that a production halt order related to past events rather than new lapses, and Yatra Online disclosi — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-itc-marico-sbi-yatra-online-nse-container-corp-and-sun-pharma/articleshow/135474354.cms)
- 2026-11-02 — FEEDS: **Stock Market Today: Sensex, Nifty Open Higher; ITC Q2, October Manufacturing PMI Eyed** — As many as 203 companies are scheduled to announce their September quarter (Q2 FY27) results on Monday, November 2, including key firms such as ITC, Marico, National Aluminium Company, and UPL. — [Source](https://www.ndtvprofit.com/markets/stock-market-live-updates-november-2-sensex-today-nifty-open-higher-itc-q2-earnings-nalco-october-auto-sales-manufacturing-pmi-eyed-12269280)
- 2026-11-02 — The Hindu: **Q2 Results Today Live: ITC, Marico, UPL, Petronet LNG, NLC, DOMS, Escorts Kubota, NALCO, MobiKwik, Wockhardt, Granules to announce Q2 results, Reliance, Jio Platforms, NTPC shares in focus** — Multiple listed Indian companies including ITC, Marico, UPL, Petronet LNG, NLC India, DOMS Industries, Escorts Kubota, National Aluminium Company, One Mobikwik Systems, and Wockhardt are scheduled to announce their Q2 fiscal year 2026 financial results on November 2, 2026. Shares of Reliance, Jio Platforms, and NTPC are also noted as being in focus during this period. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-itc-marico-upl-upl-petronet-lng-nlc-india-mobikwik-wockhardt-nalco-doms-ind-bosch-escorts-kubota-granules-lloyds-ril-jio-company-results-02-november-2026/article71652562.ece)
- 2026-10-16 — BUSINESSTODAY: **Vedanta Aluminium, Nalco, Hindalco shares: Aluminium price falls but Emkay sees up to 53% upside** — Vedanta Aluminium share price, Nalco share price, Hindalco share price, VAML share price, Vedanta Aluminium Metal share price today — [Source](https://www.businesstoday.in/markets/stocks/story/vedanta-aluminium-nalco-hindalco-shares-aluminium-price-falls-but-emkay-sees-up-to-53-upside-561954-2026-10-16)
- 2026-10-12 — BUSINESSTODAY: **Festive sale slowdown: Ecommerce sales fall nearly 10% as smartphone prices rise** — Amazon festive sales, Flipkart festive sales, festive sale, festive sale slowdown, India festive sale, electronics deals India, smartphone prices India, quick-commerce demand, premium smartphone sales, Indian festive market — [Source](https://www.businesstoday.in/technology/news/story/festive-sale-slowdown-ecommerce-sales-fall-nearly-10-as-smartphone-prices-rise-560954-2026-10-12)
- 2026-10-12 — BUSINESSTODAY: **SAIL, HZL, Jindal Steel, Tata Steel, Nalco, Hindalco shares jump up to 3%; top stock pick** — SAIL share price, HZL share price, Hindustan Zinc share price, Jindal Steel share price, Tata Steel share price, JSW Steel share price, metal stocks, draft steel policy — [Source](https://www.businesstoday.in/markets/stocks/story/sail-hindustan-zinc-jindal-steel-tata-steel-nalco-hindalco-shares-jump-up-to-3-top-stock-pick-560941-2026-10-12)
- 2026-10-08 — BUSINESS: **Indian Hotels, NALCO among Ajit Mishra's 3 stock recommendations for today** — Nifty fell 0.76 per cent as RBI's rate hike, higher inflation outlook and global macro risks weighed on sentiment. — [Source](https://www.business-standard.com/markets/news/ajit-mishra-s-3-stock-recommendation-buy-indian-hotels-nuvama-sell-nalco-126100800117_1.html)
- 2026-10-07 — MONEYCONTROL: **RBI rate hike impact: Metal, real estate stocks fall up to 4%; NALCO, Brigade Enterprises lead losses** — stock — [Source](https://www.moneycontrol.com/news/business/markets/rbi-rate-hike-impact-metal-real-estate-stocks-fall-up-to-4-nalco-brigade-enterprises-lead-losses-14046618.html)
- 2026-09-29 — Mint: **Nifty Metal slips 5% in September post 29% 1 yr rally, October comeback ahead? Hindustan Zinc, NMDC, NALCO may shine** — Nifty Metal has dropped nearly 5% in the past month, with notable declines from companies like NALCO and Vedanta. Experts suggest October may be more stock-specific rather than a broad rally — [Source](https://www.livemint.com/market/stock-market-news/nifty-metal-slips-5-in-september-post-29-1-yr-rally-october-comeback-ahead-hindustan-zinc-nmdc-nalco-may-shine-11790662544556.html)
- 2026-09-29 — DECCANCHRONICLE.COM: **NALCO Contemplating New 0.5 Million Tonne Aluminium Smelter in AP** — State-owned NALCO is contemplating a new 0.5 million tonne smelter in Andhra Pradesh to convert all of its expanded alumina capacity into aluminium. — [Source](https://www.deccanchronicle.com/southern-states/andhra-pradesh/nalco-contemplating-new-05-million-tonne-aluminium-smelter-in-ap-1991473)
- 2026-09-29 — Orissa POST: **Odisha woos aluminium downstream firms - OrissaPOST** — Bhubaneswar: Odisha government has invited aluminium downstream manufacturers to invest in the Anugola Aluminium Park, highlighting the availability of raw materials, industry-ready infrastructure and investment incentives to attract industries engaged in value-added manufacturing. The investment pitch was made at a roadshow held in Kolkata Monday, organised by the National Aluminium Company Limited (NALCO) in association […] — [Source](https://www.orissapost.com/odisha-woos-aluminium-downstream-firms/)
- 2026-09-28 — DECCANCHRONICLE.COM: **Navratna PSU NALCO pays record Rs 1,083 crore dividend to Centre for FY26** — Aluminium producer’s highest-ever payout follows strong FY26 profit of Rs 5,816 crore — [Source](https://www.deccanchronicle.com/nation/navratna-psu-nalco-pays-record-rs-1083-crore-dividend-to-centre-for-fy26-1991406)
- 2026-09-28 — Mint: **Explained: Vedanta, Hindustan Zinc, Hindalco to Nalco - Why metal stocks are falling today** — Nalco share price emerged as the biggest laggard, as the stock fell as much as 3.89% to ₹344.65 per share. Meanwhile, Vedanta and Hindalco shares fell over 3% during the intraday session. — [Source](https://www.livemint.com/market/stock-market-news/explained-vedanta-hindustan-zinc-hindalco-to-nalco-why-metal-stocks-are-falling-today-11790571061144.html)
- 2026-09-24 — BUSINESS: **Nifty below 23,250; metal shares lose sheen** — At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 687.83 points or 0.92% to 74,155.56. The Nifty 50 index lost 231.90 points or 0.99% to 23,215.20. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-below-23-250-metal-shares-lose-sheen-126092400395_1.html)
- 2026-09-23 — BUSINESS: **Quick Wrap: Nifty Metal Index gains 2.40%** — Powered by Capital Market - Live News — [Source](https://www.business-standard.com/markets/capital-market-news/quick-wrap-nifty-metal-index-gains-2-40-126092300907_1.html)
- 2026-09-21 — BUSINESSTODAY: **SAIL likely to hike steel prices again, say sources** — SAIL, Steel Authority of India, steel prices, steel price hike, steel stocks, Nifty Metal, flat steel, long steel, Tata Steel, JSW Steel, Vedanta, Hindalco Industries, Jindal Stainless, APL Apollo Tubes, Nalco — [Source](https://www.businesstoday.in/markets/stocks/story/sail-likely-to-hike-steel-prices-again-say-sources-556783-2026-09-21)
- 2026-09-17 — BUSINESSTODAY: **Nalco shares: Buy, hold or sell? Target price after 14% rise this year** — Nalco share price today, Nalco share price, Nalco share, Nalco shares — [Source](https://www.businesstoday.in/markets/stocks/story/nalco-shares-buy-hold-or-sell-target-price-after-14-rise-this-year-556213-2026-09-17)
- 2026-09-15 — Mint: **Hindustan Zinc, GMDC, NMDC to Vedanta | 6 stocks that could strike 'gold' in India’s big critical minerals push** — Hindustan Copper, Hindustan Zinc, GMDC, and Vedanta are among key metal stocks poised to benefit from India's critical mineral push As demand for EVs and renewables rises, these companies are strategically positioned in the market. — [Source](https://www.livemint.com/market/stock-market-news/hindustan-zinc-gmdc-nmdc-to-vedanta-6-stocks-that-could-strike-gold-in-india-s-big-critical-minerals-push-11789471241301.html)
- 2026-09-11 — CNBC-TV18: **Sensex ends in red, Nifty Bank rebounds over 900 points: 6 reasons behind today’s move** — The Sensex slipped 121 points to 74,782, while the Nifty fell 80 points to 23,398. The Nifty Bank ended 135 points higher at 56,607, while the Nifty Midcap index declined 160 points to 62,197. — [Source](https://www.cnbctv18.com/market/sensex-ends-in-red-nifty-bank-rebounds-over-900-points-6-reasons-behind-todays-move-19989425.htm)

## Business profile

**Strategic vision:** Mines, refines, smelts, and casts aluminium and produces power.

### Business segments
- **Mining and Refinery (M&R) Complex:** This segment encompasses bauxite mining and alumina refining operations, forming a crucial part of NALCO's integrated value chain.
- **Smelter and Power (S&P) Complex:** This segment includes aluminium smelting, casting, and captive power generation facilities, supporting the company's energy needs and production.
- **Rolled Products:** NALCO produces various rolled aluminium products, including aluminium rolled products and aluminium chequered sheets.
- **Alumina and Hydrate:** The company manufactures calcined alumina and alumina hydrate.

### Competitive strengths
- Integrated operations from captive mines to finished products
- Cost-efficient production model
- Captive power generation capacity

## Related stocks

- [APL Apollo Tubes Limited (Metals)](https://faxioms.com/stocks/aplapollo) — -0.41%
- [Hindustan Copper Limited (Metals)](https://faxioms.com/stocks/hindcopper) — -0.67%
- [JINDAL STEEL LIMITED (Metals)](https://faxioms.com/stocks/jindalstel) — +1.31%
- [Jindal Stainless Limited (Metals)](https://faxioms.com/stocks/jsl) — +2.06%
- [Lloyds Metals And Energy Limited (Metals)](https://faxioms.com/stocks/lloydsme) — -1.41%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/nationalum
Markdown representation: https://faxioms.com/stocks/nationalum?render=md