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National Aluminium Company Ltd (NATIONALUM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532234 NSE: NATIONALUM Aluminium & Aluminium Products | Mid Cap | National Aluminium Share Price

₹418.50 30.60 (7.89%)

As on 12-Aug'26 16:59

National Aluminium Company Ltd (NATIONALUM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532234 NSE: NATIONALUM Aluminium & Aluminium Products | Mid Cap | National Aluminium Share Price

₹418.50 30.60 (7.89%)

As on 12-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹71,243 Cr.
Current Price
₹418.5
52-Week Low / High
₹184 / 445
TTM EPS
₹36.8
TTM Sales
₹19,338 Cr.
Book Value per Share
₹129.9
P/E Ratio
10.55
Higher than its 5-year historical median
Industry PE
11.1
Price to Book (P/B)
2.99
Higher than its 5-year historical median
Price to Sales (P/S)
3.68
Higher than its 5-year historical median
EV/EBITDA
6.36
Higher than its 5-year historical median
Dividend Yield
2.75%
Profitability Efficiency
Return on Equity (ROE)
29.15%
Outperforms industry median
Return on Capital Employed (ROCE)
39.30%
Outperforms industry median
Return on Assets (ROA)
23.30%
Operating Profit Margin
44.4%
Net Profit Margin
32.59%
Gross Profit Margin
47.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
6.29%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.95%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
9.22%
Asset Quality
Promoter Holding
51.28%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹22,947 Cr.
Equity
₹918.3 Cr.
Face Value
₹5
All Time Low / High
₹4.50 / 445.10

National Aluminium Company stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Strong
Q.1 Is National Aluminium Company Ltd a good quality company?
National Aluminium Company Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does National Aluminium Company Ltd performance compare with that of its Peers?
Q.1 Revenue growth of National Aluminium Company Ltd vs industry peers?
National Aluminium Company Ltd revenue CAGR is 14.78%, compared to the industry median CAGR of 14.78%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of National Aluminium Company Ltd?
Promoters hold 51.28% of the National Aluminium Company Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of National Aluminium Company Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 24.3% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
National Aluminium Company Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 8.3%19.6%26%2.3%12.8%34.1%15.3%20.1%43.9%39.3%-
Value Creation
Index
-0.40.50.9-0.8-0.12.00.10.82.92.5-

Growth Parameters

Sales 7,5439,50911,4998,4728,95614,21514,25713,14916,78817,84319,338
Sales YoY Gr.-26.1%20.9%-26.3%5.7%58.7%0.3%-7.8%27.7%6.3%-
Adj EPS 3.649.30.77.116.18.49.62931.636.8
YoY Gr.-9.9%132.1%-92.3%897.2%127.1%-47.6%13.6%202.4%9.2%-
BVPS (₹) 52.854.456.253.558.268.472.179.398.3119129.9
Adj Net
Profit
7027701,7281331,3002,9531,5491,7605,3215,8126,755
Cash Flow from Ops. 1,4361,5902,409-3492,1994,0509082,7275,8066,438-
Debt/CF from Ops. 000-0000.1000-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10%14.8%7.8%6.3%
Adj EPS 27.2%34.9%55.4%9.2%
BVPS9.5%15.4%18.2%21.2%
Share Price 24.3% 37.7% 64.4% 124.2%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
67.416.51.312.625.41212.732.629.129.5
Op. Profit
Mgn %
14.314.725.15.8173217.221.14544.447.4
Net Profit
Mgn %
9.38.1151.614.520.810.913.431.732.634.9
Debt to
Equity
0000000000-
Working Cap
Days
149120100141135921151319178109
Cash Conv.
Cycle
1712-12630-0521161475

Valuation of National Aluminium - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales7,5439,50911,4998,4728,95614,21514,25713,14916,78817,843
Operating Expenses + 6,4718,1158,6127,9847,4389,66611,81610,3749,2329,914
Manufacturing Costs3,0453,6933,8433,9723,6304,7866,2075,0424,8164,825
Material Costs1,0851,5131,9151,3371,3101,8543,1552,6461,9732,561
Employee Cost 1,5372,2612,0721,9941,9302,3561,8322,0351,7861,721
Other Costs 804648782681568670621651657806
Operating Profit 1,0721,3952,8874881,5184,5492,4412,7757,5557,929
Operating Profit Margin (%) 14.2%14.7%25.1%5.8%17.0%32.0%17.1%21.1%45.0%44.4%
Other Income + 416302332274411266248348366684
Exceptional Items -408240000042700
Interest 3226723181759100
Depreciation 480480476530606837716750728745
Profit Before Tax 9652,0392,7402261,3173,9551,9552,7847,1357,767
Tax 2966961,00888171,0034117241,8101,952
Profit After Tax 6691,3421,7321381,3002,9521,5442,0605,3255,816
PAT Margin (%) 8.9%14.1%15.1%1.6%14.5%20.8%10.8%15.7%31.7%32.6%
Adjusted EPS (₹)3.57.09.30.77.116.18.411.229.031.7
Dividend Payout Ratio (%)81%82.10%61.90%371.20%49.50%40.40%53.50%44.60%36.20%36.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 10,20610,50510,4859,98810,68112,55513,23814,57218,04621,863
Share Capital 966966933933918918918918918918
Reserves 9,2399,5389,5529,0559,76211,63612,32013,65317,12720,944
Debt +51456712462148391240
Long Term Debt0000000000
Short Term Debt51456712462148391240
Minority Interest0000000000
Trade Payables8449621,2867739401,4571,263721738797
Others Liabilities 3,4003,1023,3103,7763,1693,5213,6934,0874,2144,143
Total Liabilities 14,50214,61415,14714,55014,83517,55418,24319,41923,12226,803

Fixed Assets

Net Fixed Assets +7,1447,1397,2867,4857,6607,3437,6587,7268,1208,014
Gross Block8,0498,5029,1159,81610,55111,04911,69212,49613,54114,119
Accumulated Depreciation9041,3631,8302,3312,8903,7054,0344,7705,4216,105
CWIP 5669158831,4271,5752,2353,2694,5734,9366,299
Investments 1,2617112573325623774715251,015793
Inventories1,1561,1941,2101,6971,4761,6461,8401,8311,9091,835
Trade Receivables1842582411401477591154186215
Cash Equivalents 2,2872,7693,4961,9811,7503,7062,1182,5755,4278,408
Others Assets 1,9031,6271,7751,4881,6642,1722,7962,0341,5291,241
Total Assets 14,50214,61415,14714,55014,83517,55418,24319,41923,12226,803
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1,4361,5902,409-3492,1994,0509082,7275,8066,438
PBT 9652,0392,7402261,3173,9551,9552,7847,1357,767
Adjustment 197280296317557692582579465230
Changes in Working Capital 493-246394-792423159-883-1-75362
Tax Paid -218-482-1,021-100-98-756-747-635-1,719-1,922
Cash Flow From Investing Activity + 1,550-490-532873-1,404-2,736-334-2,000-3,971-4,200
Capex -762-949-869-847-1,207-1,276-1,525-1,644-1,166-2,024
Net Investments 2,011241691,494-287-1,5701,119-558-3,039-2,631
Others 3012182682269011072202234456
Cash Flow From Financing Activity + -3,616-1,100-1,731-677-601-1,114-924-747-1,758-2,206
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -0-00-1-0-8-2000
Dividend Paid -686-908-1,033-513-461-1,102-918-735-1,839-2,077
Others -2,929-191-698-163-140-4-4-1281-129
Net Cash Flow -6301146-153195199-350-207832
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)5.7112.9616.511.3512.5725.4111.9814.8132.6529.15
ROCE (%)8.2519.6225.992.2612.7734.1415.2620.0843.8939.3
Asset Turnover Ratio0.520.660.770.570.610.880.80.70.790.71
PAT to CFO Conversion(x)2.151.181.39-2.531.691.370.591.321.091.11
Working Capital Days
Receivable Days9.508.407.908.205.902.902.103.403.704.10
Inventory Days50.1044.6038.2062.6064.7040.1044.605140.7038.30
Payable Days249.60217.90214.20281238.60235.90157.30136.90135109.40

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National Aluminium Company Ltd FAQs

The current trading price of National Aluminium on 12-Aug-2026 16:59 is ₹418.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-Aug-2026 the market cap of National Aluminium stood at ₹71,243 Cr

The latest P/E ratio of National Aluminium as of 11-Aug-2026 is 10.55.

The latest P/B ratio of National Aluminium as of 11-Aug-2026 is 2.99.

The 52-week high of National Aluminium is ₹445.1 and the 52-week low is ₹183.8.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of National Aluminium is ₹19,338 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that National Aluminium Company Ltd is a good quality company.

The key valuation ratios of National Aluminium Company Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of National Aluminium Company Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About National Aluminium Company Ltd

National Aluminium Company (NALCO) is a Navratna CPSE under Ministry of Mines. It was established on January 07, 1981, with its registered office at Bhubaneswar. The Company is a group ‘A’ CPSE, having integrated and diversified operations in mining, metal and power. NALCO is one of the largest integrated Bauxite-Alumina-Aluminium- Power Complex in the Country.

NALCO is the first Public Sector Company in the Country to venture into international metal market in a big way with its registration with London Metal Exchange (LME) since May 1989. The Company is listed on the Bombay Stock Exchange (BSE) since 1992 and on the National Stock Exchange (NSE) since 1999. The company has multiple ISO certifications, including ISO 9001, ISO 14001, ISO 45001, ISO 50001, and SA 8000. The Data Centre at NALCO’s Corporate Office and the Disaster Recovery Site at the Alumina Refinery have been awarded the ISO 27001:2013 Certification for Information Security Management System, accredited by International Accreditation Services, USA.

Business area of the company

The company is engaged in the business of manufacturing and selling of Alumina and Aluminium. As one of the largest integrated primary producer of aluminium in Asia, NALCO’s presence encompasses the entire value chain from bauxite mining, alumina refining, aluminium smelting, power generation to downstream products.

Products offered by the company

  • Aluminium Metal: Ingots, Alloy Ingots, T-Ingots, Sows, Billets, Wire Rods
  • Alumina & Hydrate: Calcined Alumina, Alumina Hydrate
  • Zeolite-A
  • Special Products
  • Rolled Products

Awards & accolades 

2019-20 

  • Company has been conferred with the coveted ‘Golden Peacock Environment Management Award’ for the year 2019 at a function held in Bangalore on the occasion of the 21st World Congress on Environment Management and Climate Change.
  • Company has bagged the prestigious CSR National Award in the category of “Women Empowerment” for its flagship CSR Project, “Nalco Ki Ladli”, in the National CSR Summit & Awards Ceremony organized by First Step Foundation, New Delhi & CSR Times.
  • Company has bagged ‘IIM Non-Ferrous Best Performance Award’ consecutively for the second year at the National Metallurgist Day and Annual Technical Meet (NMD-ATM 2019) held at Kovalam, Tiruvanthapuram, organised under the aegis of Ministry of Steel, Govt. of India.
  • Company has been awarded the Platinum Award at the CII-EXIM Bank Award for Business Excellence.
  • Company has been awarded “Times Business Excellence Award” for CSR.

2020-21

  • PSE Excellence Award for Excellence in CSR from Indian Chamber of Commerce.
  • Company’s Alumina Refinery was awarded for “Best Environment Health and Safety practices in industry” from CII.
  • Company has been awarded ‘Certificate of Excellence’ under the Public Sector category, at the National-level Odisha MSME Trade Fair 2021.

2021-22

  • Company’s Panchpatmali Bauxite Mines was awarded 5 Star Rating by Ministry of Mines for sustainable Mining.
  • Company’s Panchpatmali Bauxite Mines has been awarded in the 17th CII Odisha State ESH Awards 2021 competition, for sustainable mining practices.
  • Company’s Panchpatmali Bauxite Mines has also been awarded the prestigious Pollution Control Excellence Award 2021 by the State Pollution Control Board, Odisha, for effective pollution control measures and sound environment management practices.
  • Company’s Alumina Refinery Plant at Damanjodi, Odisha bagged the prestigious Kalinga Environment Excellence Award for adopting outstanding practices in environmental management and pollution control.
  • Company’s Alumina Refinery bagged the CII EXIM Bank Business Excellence Platinum award & Panchpatmali Bauxite Mines received the award in Gold plus category at CII National Quality Summit.
  • Company’s Panchpatmali Bauxite Mines bagged Kalinga Safety Excellence Platinum Award for its safe mining practices and Alumina Refinery bagged Gold Award at the Odisha State Safety Conclave.

2022-23

  • Company’s Panchpatmali Bauxite Mines has received the Greentech Quality & Innovation Awards 2022 for outstanding achievements in Quality Improvement in Processes.
  • Company’s Alumina Refinery was honored with 5S - Work Place Management Certificate by acclaimed certification agency - Union of Japanese Scientists and Engineers (JUSE) on 30th June, 2022.
  • Company’s Panchpatmali Bauxite Mine received the prestigious QCFI-JUSE Award in the Par Excellence category along with certificate for the 5S workplace management system on 7th July, 2022.

2023-24

  • Company received State Export Award under Certificate of Excellence Category from Directorate of Export Promotion and Marketing, Govt. of Odisha.
  • Smelter Plant was adjudged as “Best performer in Odisha with 5 Star rating” recognition in CII ENCON Energy Conclave 2023 for its strong commitment towards Energy Efficiency.
  • Smelter plant was adjudged with “Excellent Energy Efficient” unit in CII National Energy Conservation Award 2023 for its strong commitment towards Energy Efficiency.
  • CII-EXIM Bank Business Excellence Award-2023 to NALCO’s Panchpatmali Bauxite Mines, Alumina Refinery and Smelter Plant.
  • Captive Power Plant bagged Odisha State “Best Performance Award 2023” for energy conservation in the category of CPP from Govt. of Odisha.

2024-25

  • Company received the Appreciation Certificate for outstanding performance in the ‘Exporter (PSU)’ category for the year 2024 from the Customs House, Vishakhapatnam on 15th February 2025.
  • Alumina Refinery achieved the position of 1st Runner-up at the 37th State Level Convention on Quality Circle 2024 organised on 12th March, 2025.
  • Panchpatmali Bauxite Mines, Alumina Refinery, Captive Power Plant and Aluminium Smelter bagged the Kalinga Environment Excellence Award, 2024 at the 10th National Conclave on Environment, Energy & Climate Change (EECC) 2025, held on 21st June, 2025 at Bhubaneswar.

Milestones

  • 1975: Discovery of East Coast Bauxite 
  • 1979: Preparation of NALCO’s Feasibility Report 
  • 1980: Investment decision by the Government 
  • 1981: Formation of the Company 
  • 1981: Foundation Stone laid by Late Smt. Indira Gandhi 
  • 1985: Commissioning of Port Facilities 
  • 1985: Commissioning of Bauxite Mines 
  • 1986: Commissioning of Alumina Refinery 
  • 1986: Commissioning of Captive Power Plant 
  • 1987: Commissioning of Aluminium Smelter 
  • 1987: Commencement of Sale of Aluminium 
  • 1988: Commencement of Alumina Export 
  • 1988: Commencement of Aluminium Export  
  • 1988: First CAPEXIL Export Award 
  • 1989: London Metal Exchange Registration 
  • 1992: Star Trading House Status 
  • 1994: Indira Priyadarshini Vrikshamitra Award by Govt. of India 
  • 2000: Indira Gandhi Paryavaran Puraskar by Govt. of India  
  • 2002: Dedication of 1st phase of Mines & Alumina Refinery Expansion 
  • 2004: Completion of 1st phase expansion  
  • 2005: Five Star Export House Status 
  • 2008: Navratna Status 
  • 2009: Premier Trading House Status 
  • 2010: NALCO Foundation for CSR registered 
  • 2010: Best Listed CPSE Award from Prime Minister 
  • 2010: Formation of JV Company with IDCO for setting up Angul Aluminium Park 
  • 2010: Social Accountability (SA -8000) Standard Certification for all units-Since October 2010
  • 2011: PSE Excellence Award for CSR - 2011, in Maharatna & Navratna Category
  • 2011: Completion of 2nd phase expansion 
  • 2014: 260 KWp Rooftop solar System commissioned at Corporate Office 
  • 2014: Commissioning of 2nd wind power plant of capacity 47.6 MW at Ludarwa, Jaisalmer, Rajasthan 
  • 2016: Commissioning of 4th wind power plant of capacity 50.4 MW at Sangli, Maharashtra 
  • 2016: Commissioning of 3rd wind power plant of capacity 50 MW at Devikot, Jaisalmer, Rajasthan 
  • 2017: 1st of its kind in the world, Emrion nano-technology based De-flurodisation plant commissioned- 
  • 2017: 5-Star Rating status to Panchpatmali Bauxite Mines by Ministry of Mines
  • 2017: SCOPE Award of Excellence in Navratna / Maharatna category & SCOPE Meritorious Award for CSR
  • 2018: Foundation stone laying of 2nd Alloy Wire Rod unit 
  • 2018: New Corporate Plan 2017-32 rolled out
  • 2018: Production started from South block of Panchpatmalli Bauxite Mines
  • 2020: NALCO gets mining lease for Utkal-D coal block
  • 2020: NALCO inks Memorandum of Understanding (MoU) with Numaligarh Refinery (NRL) for long term supply of CP Coke to ensure raw material security
  • 2021: Lean Slurry ash disposal system of Captive Power Plant (CPP) was commissioned on July 31, 2021. This facilitates pumping of ash slurry from CPP to mine void of Talcher coal fields.
  • 2022: Mining Operation commenced at Utkal-D Coal Mine w.e.f November 2022.
  • 2022: Production started from GNAL JV Project in May’2022 and Despatch of caustic soda to NALCO started in August 2022.
  • 2023: Utkal-D Coal Mine: Coal dispatch to CPP started in April 2023.
  • 2024: Pottangi Mines: Mining Lease deed signed in June 2024.
  • 2025: Utkal-D&E Coal Mine: Coal production from amalgamated Utkal D & E Coal Mines started in January 2025.
  • 2026: NALCO signs MoU with NLCIL for Energy Collaborations.
  • 2026: NALCO Launches IA91 Grade Aluminium Alloy Ingot.

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