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Swing Capital

National Aluminium Company Ltd

NSE: NATIONALUM BSE: 532234Metal

Incorporated in 1981, National Aluminium Company Limited (NALCO) manufactures and sells Alumina and Aluminium[1]

₹400
52W: ₹176 — ₹445
PE 12.7 · Book ₹119 · +236% vs book
Market Cap₹73,456 Cr
Stock P/E12.7Price to Earnings
ROCE39.2%Return on Capital
ROE29.2%Return on Equity
Div. Yield2.63%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 35.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 25.7%
  • +Company has been maintaining a healthy dividend payout of 38.0%

Shareholding Pattern

Promoters51.28%
FIIs22.27%
DIIs10.75%
Public15.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.28%51.28%51.28%51.28%51.28%51.28%51.28%51.28%
FIIs10.43%12.08%▲1.714.13%▲2.115.81%▲1.715.06%▼0.816.22%▲1.219.67%▲3.522.27%▲2.6
DIIs19.12%19.29%▲0.217.99%▼1.315.7%▼2.315.76%▲0.115.45%▼0.312.35%▼3.110.75%▼1.6
Public19.16%17.34%▼1.816.6%▼0.717.21%▲0.617.9%▲0.717.05%▼0.816.7%▼0.415.69%▼1.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales3,3483,5792,8564,0014,6625,2683,8074,2924,7315,013
Expenses2,5742,4721,9222,4522,3352,5142,3152,3662,5522,663
Operating Profit7741,1089341,5492,3282,7541,4921,9262,1792,349
OPM %23%31%33%39%50%52%39%45%46%47%
Net Profit4881,0166011,0621,5832,0781,0641,4331,6011,718
EPS ₹2.665.533.275.788.6211.325.797.88.729.35

AI Insights

Revenue Trend

Mar 2026 revenue at ₹17,843Cr, up 6.3% YoY. OPM at 45%.

Debt Position

Borrowings at ₹60Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹6,296Cr (82% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 10.75% (-4.63pp change). FIIs: 22.27% (+7.32pp change). Promoters hold 51.28%.

Margin & Efficiency

ROCE improving from 16% (Mar 2015) to 39% (Mar 2026). Working capital days: 0.

Valuation

PE 12.7x with 39.2% ROCE. Price is 236% above book value of ₹119. Dividend yield: 2.63%.

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