National Aluminium Company
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National Aluminium Company (NATIONALUM) investor relations material

National Aluminium Company Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary30 Jan, 2026

Executive summary

  • Achieved record physical and financial performance in Q3 and the first nine months of FY 2026, with significant growth in production and profitability compared to the previous year.

  • Highest-ever production in bauxite transportation, alumina hydrate, aluminium cast metal, and net power generation up to Q3 FY 2025-26.

  • Unaudited standalone and consolidated financial results for Q3 and nine months ended 31 December 2025 were approved and published, with statutory auditor review reports provided.

  • Focused on unlocking higher productivity, cost efficiency, and sustainable competitive advantage through secured raw material linkages and capacity expansions.

  • A second interim dividend of ₹4.50 per equity share (90% of face value) for FY 2025-26, totaling ₹826.48 crore, was declared.

Financial highlights

  • Revenue grew by 13% year-over-year for the nine months, with Q3 FY26 standalone revenue at ₹4,730.95 crore and net profit at ₹1,601.02 crore.

  • EBITDA margin improved by around 20% for the nine-month period year-over-year, though Q3 EBITDA (excluding exceptional income) was ₹2,374 crore, down 2% year-over-year.

  • PAT for Q3 increased to INR 2,131 crore from INR 2,121 crore year-over-year, and for nine months, PAT rose 26% to ₹4,098 crore.

  • Finance costs rose 181% for the nine-month period, while depreciation expenses decreased 17% year-over-year.

  • Basic and diluted EPS for Q3 FY26 (standalone): ₹8.72; (consolidated): ₹8.69.

Outlook and guidance

  • Q4 alumina realization expected at $310–$320 per ton, with aluminum LME prices anticipated to average $3,000 in Q4 and remain above $2,900 next year.

  • Targeting alumina sales volume of 1.25–1.3 million tons for FY 2026, with some risk from Middle East export disruptions.

  • Major expansion projects underway: Pottangi Bauxite mines (3.5 MTPA, opening May 2026), 5th stream alumina refinery (1 MTPA, commissioning June 2026), aluminium smelter expansion (0.5 MTPA, commissioning Aug 2030), and captive power plant (1,080 MW, commissioning June 2031).

  • The company is assessing the financial impact of new labour codes effective 21 November 2025 and will account for further impacts after related rules are notified.

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Q4 25/2626 May, 2026
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