State-owned National Aluminium Company (NALCO) said net profit rose 28% from a year earlier to Rs 1,835 crore in the July-September quarter. Revenue from operations rose 26% to Rs 5,419 crore, and the company posted its best half-year since its founding.
At a glance
- EBITDA, a measure of operating profit, rose 28% to Rs 2,659 crore from Rs 2,077 crore.
- First-half profit rose 54% to Rs 3,837 crore, the highest half-yearly result in the company's history.
- The board declared an interim dividend of Rs 4.50 a share, a total payout of Rs 826.48 crore.
Background
NALCO is a state-owned company that mines bauxite, refines it into alumina and smelts aluminium in Odisha. It sells aluminium in India and exports alumina. Its earnings follow aluminium prices on the London Metal Exchange (LME), the global benchmark. EBITDA means earnings before interest, taxes, depreciation and amortisation.
What happened
NALCO's net profit rose 28% to Rs 1,835 crore in the quarter to September 30, from Rs 1,433 crore a year earlier. The board approved the results on November 2, according to the company's regulatory filing.
Revenue from operations rose 26% to Rs 5,419 crore, and EBITDA rose 28% to Rs 2,659 crore. First-half profit rose 54% to Rs 3,837 crore, NALCO's best half-year since it was founded.
Why profit rose
Chairman and managing director Brijendra Pratap Singh said efficient operations, strong production and favourable market conditions drove the results.
Domestic aluminium sales rose 6.3% to 119,000 tonnes, while metal output held steady at 120,000 tonnes, Shanghai Metals Market reported. LME aluminium averaged $3,305 a tonne in September, 4.7% more than in July.
Alumina exports fell 16.4% to 305,000 tonnes, and bauxite output fell 8.9% to 1.622 million tonnes.
What comes next
NALCO's fifth-stream expansion at the Damanjodi alumina refinery will add 1 million tonnes a year to its 2.1 million tonnes of capacity. Singh said the project is at an advanced commissioning stage, and groundwork is under way for a 0.5 million-tonne smelter expansion at Angul in Odisha.
The board declared an interim dividend of Rs 4.50 a share, 90% of the Rs 5 face value.
Our read
Outlook: neutral. The results reflect firm prices and steady output rather than new aluminium supply.
What to watch
- Commissioning of the fifth alumina refinery stream at Damanjodi.
- LME aluminium prices, which drive NALCO's realisations.
- Progress on the 0.5 million-tonne smelter expansion at Angul.
For information only, not investment advice.
Aluminium price in India
metalscost.com India reference price as of 2026-11-05.
Detailed analysis
Timeline
- 2026-11-02: NALCO's board approves September-quarter results.
Demand Drivers
Domestic aluminium sales rose 6.3% to 119,000 tonnes in the quarter.
Refinery Output
A fifth alumina refinery stream will add 1 million tonnes a year of capacity at Damanjodi.
What could lift prices
- Domestic aluminium sales rose 6.3% in the quarter.
- LME aluminium prices rose from July to September.
What could weigh on prices
- NALCO is adding 1 million tonnes a year of alumina capacity.
- A planned 0.5 million-tonne smelter expansion at Angul would add aluminium supply.
Country impact
| Country | Impact | Reason |
|---|---|---|
| India | High | NALCO is a state-owned producer selling most of its aluminium in India. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Aluminium Smelting | Positive | NALCO posted its best half-year profit as revenue rose. |
Who gains, who loses
- NALCO shareholders: They receive an interim dividend of Rs 4.50 a share.
- Overseas alumina buyers: NALCO's alumina exports fell 16.4% to 305,000 tonnes.
Other ways this could play out
- If LME prices stay firm, NALCO's second-half earnings could stay strong.
- If aluminium prices fall, profit could ease from the record half-year.
Price risks
- Lower LME aluminium prices would cut NALCO's realisations.
- Delays at the refinery expansion would hold back growth.
Technical view
Price is mixed relative to its 20-period and 50-period moving averages, showing no clear trend alignment.
Computed from metalscost.com's own stored price history.
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