National Aluminium Company earnings calls.

NALCO reported record Q3 FY26 and nine-month performance driven by exceptional volume growth. Nine-month revenue increased 13Current reported value: 13. No comparable prior figure is available in the source record.% YoY to INR 2,000 crore incremental, with EBITDA margin expanding ~200bps. Alumina production surged 20% and sales jumped 45%, partially offsetting a $177/ton decline in alumina prices ($562 to $385). Metal production rose 3.5% with LME prices improving $329/ton ($2,538 to $2,867), delivering 25Current reported value: 25. No comparable prior figure is available in the source record.% PBT growth. Cost discipline was notable—caustic soda consumption improved 18% (121kg to 99kg), saving INR 129 crore despite price inflation. Employee costs declined INR 118 crore via superannuation. Forward guidance remains constructive with LME expected at $2,900-3,000 for FY27 and alumina spot pricing around $310-320. New 1MT refinery commissioning begins June 2026 with 300KT production target. Major risk is alumina oversupply from Indonesia/China capacity cap keeping prices depressed, while Middle East tensions disrupted January exports.