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Revenue
₹5,013 Cr
verified against source
Revenue YoY
6.28%
reported change
EBITDA
₹8,613 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Nalco reported its best-ever financial performance in FY26, with revenue of ₹17,843 crore (+6.3% YoY), EBITDA of ₹8,613 crore (+8.7% YoY), and PAT of ₹5,816 crore (+9.2% YoY). The strong results were driven by record physical output across bauxite, alumina, and aluminium, along with cost efficiencies and higher metal realizations (LME average ~$2,700/tonne vs. $2,550 last year), which offset a sharp decline in alumina prices (from $580 to $370/tonne). Management guided for FY27 alumina production of ~25 lakh tonnes (including 2 lakh tonnes from the new fifth stream refinery commissioning from June) and aluminium production of ~4.73 lakh tonnes. Capex is expected to ramp up to ₹4,000-5,000 crore in FY28 for the new smelter and power plant. Key risk: further weakness in alumina prices (expected ~$310/tonne) could pressure segment profitability, though higher aluminium realizations may provide a buffer.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets alumina production of ~25 lakh tonnes in FY27, including 2 lakh tonnes from the new fifth stream refinery commissioning from June 2026.
- Aluminium production is targeted at ~4.73 lakh tonnes, slightly higher than FY26's 4.71 lakh tonnes, as capacity is near peak.
- Capex for FY27 is expected to be ₹1,800-2,000 crore, primarily for the fifth stream refinery and other projects.
- Capex in FY28 is expected to increase to ₹4,000-5,000 crore as the new smelter and power plant projects commence.
Risks flagged
- Alumina spot prices have fallen to ~$310-320/tonne and are expected to remain under pressure due to excess supply from Indonesia and reduced Middle East smelter demand.
- Costs of caustic soda, CPC, CT pitch, and HFO have increased significantly in Q1 FY27, which could push aluminium production costs above ₹1,60,000/tonne.
- The new refinery commissioning may take 3-4 months, and the optimistic 2 lakh tonne addition target may be missed if stabilization is slower.
- Exports to the Middle East, historically 40-50% of alumina sales, have been disrupted due to war and smelter shutdowns, with uncertain recovery timeline.
Key quotes
- Today is a historic day for Nalco. The board of directors have approved the financial statements for the financial year 2526 registering the best performance in every front.
- We have been able to tap our potential reach to the fullest capacity of our potential with the good improvement in our techno-economic figures.
- If the metal price varies from $3,000 to $3,100 for this fiscal 26-27, we'll be getting $400 more. That is a comfort zone we are expecting.
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