National Aluminium Co. Ltd. (IN:NATIONALUM)
:NATIONALUM
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National Aluminium Co. Ltd.
(NATIONALUM)
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Rating:77Outperform
Price Target:
₹453.00
▲(37.17% Upside)
Action:Reiterated
Date:05/02/26
The score is primarily supported by strong financial performance—especially the near-zero leverage balance sheet and solid recent profitability/cash generation. This is tempered by mixed technical signals (near-term weakness despite a longer-term uptrend) and a fair-to-moderate valuation with a modest dividend yield.
Positive Factors
Conservative balance sheet
Near-zero leverage and a large equity base provide durable financial flexibility. This structure reduces default and refinancing risk through commodity cycles, enables counter-cyclical capital deployment, and supports steady investment, dividends or opportunistic M&A without pressuring liquidity.
Negative Factors
Commodity cyclicality
Aluminium and alumina price swings materially affect topline and margins. As a commodity producer, earnings and returns fluctuate with global demand and metal cycles, making multi-period forecasting uncertain and exposing the company to macro-driven profit volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Near-zero leverage and a large equity base provide durable financial flexibility. This structure reduces default and refinancing risk through commodity cycles, enables counter-cyclical capital deployment, and supports steady investment, dividends or opportunistic M&A without pressuring liquidity.
Read all positive factors
National Aluminium Co. Ltd. (NATIONALUM) vs. iShares MSCI India ETF (INDA)
Market Cap
₹735.57B
Dividend Yield3.62%
Average Volume (3M)704.46K
Price to Earnings (P/E)10.3
Beta (1Y)0.93
Revenue Growth6.29%
EPS Growth10.05%
CountryIN
Employees4,858
SectorBasic Materials
Sector Strength58
IndustryAluminum
Share Statistics
EPS (TTM)33.29
Shares Outstanding1,836,631,800
10 Day Avg. Volume1,001,892
30 Day Avg. Volume704,460
Financial Highlights & Ratios
PEG Ratio1.22
Price to Book (P/B)3.28
Price to Sales (P/S)3.97
P/FCF Ratio14.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)34.4
Revenue Forecast (FY)₹190.86B
National Aluminium Co. Ltd. Business Overview & Revenue Model
Company Description
National Aluminium Company Limited manufactures and sells alumina and aluminum products in India and internationally. It operates through Chemicals and Aluminium segments. It offers aluminum metal products, such as ingots, alloy ingots, T-ingots, ...
How the Company Makes Money
NATIONALUM primarily makes money by selling aluminium and alumina produced through its integrated value chain. Key revenue streams typically include: (1) Primary aluminium sales: revenue from selling smelted aluminium (often in standard forms such...
National Aluminium Co. Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 180.29B | 178.43B | 167.88B | 131.49B | 142.57B | 142.15B |
| Gross Profit | 134.10B | 100.81B | 117.64B | 70.93B | 64.77B | 90.94B |
| EBITDA | 86.72B | 79.47B | 75.49B | 28.58B | 24.52B | 45.50B |
| Net Income | 61.13B | 57.97B | 52.68B | 19.88B | 14.35B | 29.51B |
Balance Sheet | ||||||
| Total Assets | 250.05B | 265.44B | 228.82B | 192.35B | 176.27B | 172.76B |
| Cash, Cash Equivalents and Short-Term Investments | 79.91B | 87.01B | 59.42B | 27.14B | 21.62B | 36.55B |
| Total Debt | 558.80M | 598.30M | 1.82B | 963.80M | 1.05B | 771.00M |
| Total Liabilities | 51.68B | 49.41B | 50.77B | 48.47B | 45.00B | 47.23B |
| Stockholders Equity | 198.36B | 216.04B | 178.05B | 143.88B | 131.26B | 125.52B |
Cash Flow | ||||||
| Free Cash Flow | 18.25B | 48.58B | 46.31B | 11.67B | -6.26B | 27.65B |
| Operating Cash Flow | 27.21B | 68.94B | 58.06B | 27.19B | 9.08B | 40.50B |
| Investing Cash Flow | -26.18B | -46.55B | -39.71B | -20.00B | -3.34B | -27.36B |
| Financing Cash Flow | -1.29B | -22.06B | -17.58B | -7.39B | -9.23B | -11.14B |
National Aluminium Co. Ltd. Technical Analysis
Neutral
330.25
Price Trends
401.37
Negative
372.33
Positive
294.75
Positive
Market Momentum
-1.00
Positive
46.07
Neutral
32.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NATIONALUM, the sentiment is Neutral. The current price of 330.25 is below the 20-day moving average (MA) of 413.66, below the 50-day MA of 401.37, and above the 200-day MA of 294.75, indicating a neutral trend. The MACD of -1.00 indicates Positive momentum. The RSI at 46.07 is Neutral, neither overbought nor oversold. The STOCH value of 32.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NATIONALUM.
National Aluminium Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹735.57B | 10.29 | ― | 3.62% | 6.29% | 10.05% | |
76 Outperform | ₹2.37T | 24.02 | ― | 0.58% | 13.98% | 15.74% | |
66 Neutral | ₹8.27B | 77.24 | ― | ― | -0.21% | -18.99% | |
65 Neutral | ₹119.96B | 25.34 | ― | 0.63% | 10.25% | 15.87% | |
65 Neutral | ₹1.28T | 9.55 | ― | 8.78% | -17.85% | 14.22% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | ₹2.18B | 18.90 | ― | 0.28% | 10.76% | 24.60% |
* Basic Materials Sector Average
IN:NATIONALUM
National Aluminium Co. Ltd.
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228.40
131.41%
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National Aluminium Co. Ltd. Corporate Events
NALCO Strengthens Senior Ranks with Seven Executive Director Promotions
Mar 7, 2026
National Aluminium Company Limited has elevated seven long-serving executives to the role of Executive Director as part of a broad senior management reshuffle. The promoted leaders bring experience across power operations, coal mining, smelter and...
NALCO Unveils IA91 High-Performance Aluminium Alloy Ingot
Feb 25, 2026
National Aluminium Company Limited has introduced a new IA91 grade aluminium alloy ingot, a silicon-based casting alloy designed to offer an optimal balance of castability, mechanical strength, and corrosion resistance. Formally launched at NALCO&...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.