Bauxite production growth
6%
+6% YoY
Bauxite excavation grew 6% YoY, supporting record alumina output.
NATIONALALUMINIUM
Diversified
13 May 2026
National Aluminium Co Ltd — Q4 FY26
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).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Alumina production growth
11.5%
+11.5% YoY
Hydrate and calcined alumina production increased 11.5% YoY to ~23 lakh tonnes.
Coal production from Utkal block
4 million tonnes
+41.84% YoY
Captive coal production rose 41.84% YoY, reducing reliance on e-auction coal.
Alumina domestic sales volume
1.37 lakh tonnes
+242% YoY
Domestic alumina sales surged from 40,000 tonnes to 1.37 lakh tonnes, diversifying market exposure.
Management Guidance
FY27 alumina production target of ~25 lakh tonnes
Management targets alumina production of ~25 lakh tonnes in FY27, including 2 lakh tonnes from the new fifth stream refinery commissioning from June 2026.
Management guidance growthFY27 aluminium production target of ~4.73 lakh tonnes
Aluminium production is targeted at ~4.73 lakh tonnes, slightly higher than FY26's 4.71 lakh tonnes, as capacity is near peak.
Management guidance growthFY27 capex guidance of ₹1,800-2,000 crore
Capex for FY27 is expected to be ₹1,800-2,000 crore, primarily for the fifth stream refinery and other projects.
Management guidance capexFY28 capex to rise to ₹4,000-5,000 crore
Capex in FY28 is expected to increase to ₹4,000-5,000 crore as the new smelter and power plant projects commence.
Management guidance capexKey Risks
Alumina price weakness
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.
high · management_commentaryRising input costs
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.
medium · analyst_questionDelay in fifth stream refinery ramp-up
The new refinery commissioning may take 3-4 months, and the optimistic 2 lakh tonne addition target may be missed if stabilization is slower.
medium · management_commentaryGeopolitical disruption in Middle East exports
Exports to the Middle East, historically 40-50% of alumina sales, have been disrupted due to war and smelter shutdowns, with uncertain recovery timeline.
high · analyst_questionNotable 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.
Frequently Asked Questions
What was National Aluminium's revenue in Q4 FY26?
National Aluminium reported revenue of ₹17,843 Cr in Q4 FY26, representing a +6.28% change compared to the same quarter last year.
What guidance did National Aluminium management give for FY27?
FY27 alumina production target of ~25 lakh tonnes: Management targets alumina production of ~25 lakh tonnes in FY27, including 2 lakh tonnes from the new fifth stream refinery commissioning from June 2026. FY27 aluminium production target of ~4.73 lakh tonnes: Aluminium production is targeted at ~4.73 lakh tonnes, slightly higher than FY26's 4.71 lakh tonnes, as capacity is near peak. FY27 capex guidance of ₹1,800-2,000 crore: Capex for FY27 is expected to be ₹1,800-2,000 crore, primarily for the fifth stream refinery and other projects. FY28 capex to rise to ₹4,000-5,000 crore: Capex in FY28 is expected to increase to ₹4,000-5,000 crore as the new smelter and power plant projects commence.
What are the key risks for National Aluminium in FY27?
Key risks include Alumina price weakness — 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.; Rising input costs — 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.; Delay in fifth stream refinery ramp-up — The new refinery commissioning may take 3-4 months, and the optimistic 2 lakh tonne addition target may be missed if stabilization is slower.; Geopolitical disruption in Middle East exports — Exports to the Middle East, historically 40-50% of alumina sales, have been disrupted due to war and smelter shutdowns, with uncertain recovery timeline..
Did National Aluminium meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full National Aluminium Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.