WatchTalking point
Volatile earnings
Profit has swung sharply over 6 years (from ₹1,299 to ₹5,797) — one year is a weak guide to the earnings power.
Importance 60 / 95 · growth
National Aluminium Co. · Research view
National Aluminium Co. Ltd.
NSE: NATIONALUMBSE: 532234ISIN INE139A01034Face value ₹5standalone
₹334
−2.38% · 2026-10-01 · 52-wk ₹215–₹442
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Margins at a multi-year high
EBITDA margin of 48.3% is the widest in 7 years (prior range 9.0% to 47.2%).
Importance 52 / 95 · profitability
Strength
More profitable than peers
ROE of 29.4% is well above the aluminium median of 19.9%.
Importance 52 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Metals & Mining › Non - Ferrous Metals › Aluminium.
- Market cap
- ₹61,371 cr
- FY2026 revenue
- ₹17,843 cr
- FY2026 net profit
- ₹5,816 cr
- Net worth
- ₹21,863 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹31.67
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 aluminium.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 6 years (from ₹1,299 to ₹5,797) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +6.5%over 7 years
- Revenue growth
- +6.3%vs last year
- Net profit growth
- +9.2%vs last year
- Change in net profit since FY19
- +236%
Revenue has compounded at 6.5% a year over 7 years (₹11,499 → ₹17,843) — though FY2022 saw a one-off step-change of 58% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹2,003 cr, up 90.9% from ₹1,049 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹5,302 cr, up 39.3% from ₹3,807 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹2,698 cr, up 87.7% from ₹1,437 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,001 | — | 1,046 | — | 26.1% |
| Q3 FY25 | 4,662 | +39.3% | 1,566 | +232.8% | 33.6% |
| Q4 FY25 | 5,268 | +47.2% | 2,067 | +107.4% | 39.2% |
| Q1 FY26 | 3,807 | +33.3% | 1,049 | +78.4% | 27.6% |
| Q2 FY26 | 4,292 | +7.3% | 1,430 | +36.7% | 33.3% |
| Q3 FY26 | 4,731 | +1.5% | 1,595 | +1.8% | 33.7% |
| Q4 FY26 | 5,013 | −4.8% | 1,722 | −16.7% | 34.4% |
| Q1 FY27 | 5,302 | +39.3% | 2,003 | +90.9% | 37.8% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹19,338 crTTM
- EBITDA
- ₹9,878 crTTM
- EBIT
- ₹9,128 crTTM
- PBT
- ₹9,027 crTTM
- Net profit
- ₹6,751 crTTM
C. Corporate actions
24 Aug 2026DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
8 May 2026DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
6 Feb 2026DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
14 Nov 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
19 Sept 2025DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
14 Feb 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
29 Nov 2024DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
20 Sept 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
23 Feb 2024DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
22 Nov 2023DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
15 Sept 2023DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
21 Mar 2023DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
25 Jan 2023DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
15 Sept 2022DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
17 Feb 2022DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
24 Nov 2021DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
23 Sept 2021DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
22 Mar 2021DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
5 Feb 2021BuybackBuy Back of Shares
1 Dec 2020DividendInterim Dividend - Rs. - 0.5000 — ₹0.50/share
18 Feb 2020DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
11 Sept 2019DividendFinal Dividend - Rs. - 1.2500 — ₹1.25/share
11 Mar 2019DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
25 Oct 2018BuybackBuy Back of Shares
23 Aug 2018DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
EBITDA margin of 48.3% is the widest in 7 years (prior range 9.0% to 47.2%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 48.3%
- 8-year range
- 9.0–48.3%
- ROE FY2026
- 29.1%
- ROCE FY2026
- 39.3%
ROE of 29.4% is well above the aluminium median of 19.9%.
ROE declined from 32.7% to 29.4% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 6 profit-making years (latest 1.11×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 1.11×FY2026
- Free cash flow
- ₹4,417 cr
- Current ratio
- 3.60×
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 aluminium (FY2026, consolidated). No peer-relative rule fired for this company.
Return on equity
NATIONALUM · 2nd of 3 · set median 29.4%
- P / E
- 9.1×TTM to Jun 26
- P / B
- 2.8×latest book
- P / S
- 3.2×TTM sales
- Earnings yield
- 11.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 10.6× · P/S 3.3× · ROE 29.4%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 34.9% a year while the stock returned 28.5% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
- 1-year return
- +55.8%
- 3-year return
- +243.8%
- 5-year return
- +249.9%
- From 52-wk high
- −24.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹370
- vs 200-day avg
- Below₹370
- RSI (14)
- 32.6neutral
- MACD histogram
- -2.1
- From 52-wk high
- −24.3%
- From 52-wk low
- +55.8%
- 30-day volatility
- 28.6%ann.
- 6-month return
- −13.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 6 years (from ₹1,299 to ₹5,797) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 60
- ConcernReturns decliningROE declined from 32.7% to 29.4% year on year.ROE_DETERIORATED_YOY · conviction 43
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,499 | 8,472 | 8,956 | 14,181 | 14,255 | 13,149 | 16,788 | 17,843 |
| Total income | 11,825 | 8,744 | 9,102 | 14,478 | 14,490 | 13,400 | 17,145 | 18,509 |
| EBITDA | 3,218 | 762 | 1,929 | 4,815 | 2,684 | 3,124 | 7,922 | 8,613 |
| Profit before tax | 2,740 | 226 | 1,317 | 3,955 | 1,955 | 2,784 | 7,135 | 7,767 |
| Net profit | 1,732 | 138 | 1,300 | 2,952 | 1,544 | 2,060 | 5,325 | 5,816 |
| EPS (₹) | 9.1 | 0.7 | 7.0 | 16.1 | 8.4 | 11.2 | 29.0 | 31.7 |
| Net worth | 10,485 | 9,988 | 10,681 | 12,555 | 13,238 | 14,572 | 18,046 | 21,863 |
| Total debt | 67 | 12 | 46 | 21 | 48 | 39 | 124 | 0 |
| Operating cash flow | — | — | 2,199 | 3,958 | 908 | 2,719 | 5,806 | 6,438 |
| Free cash flow | — | — | 1,026 | 3,041 | −388 | 1,171 | 4,666 | 4,417 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -26.3 | 5.7 | 58.3 | 0.5 | -7.8 | 27.7 | 6.3 |
| Profit growth YoY | — | — | — | 127.2 | -47.7 | 33.4 | 158.5 | 9.2 |
| Profitability | ||||||||
| EBITDA margin % | 28.0 | 9.0 | 21.5 | 34.0 | 18.8 | 23.8 | 47.2 | 48.3 |
| Net margin % | 14.7 | 1.6 | 14.3 | 20.4 | 10.7 | 15.4 | 31.1 | 31.4 |
| Return on equity % | 16.5 | 1.4 | 12.6 | 25.4 | 12.0 | 14.8 | 32.6 | 29.1 |
| Return on capital % | 26.0 | 2.3 | 12.8 | 34.1 | 15.2 | 17.0 | 43.9 | 39.3 |
| Leverage & cash | ||||||||
| Debt to equity | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Cash flow ÷ profit | — | — | 1.69 | 1.34 | 0.59 | 1.32 | 1.09 | 1.11 |
| Current ratio | 1.93 | 1.68 | 2.10 | 2.09 | 1.84 | 1.93 | 2.61 | 3.60 |