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Alumina price weakness
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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).
bullish
high
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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.
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Bauxite production growth
6%
+6% YoY
Bauxite excavation grew 6% YoY, supporting record alumina output.
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.
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Guidance and risk preview
Management targets alumina production of ~25 lakh tonnes in FY27, including 2 lakh tonnes from the new fifth stream refinery commissioning from Jun...
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...
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