National Aluminium Company (NATIONALUM) Q1 25/26 earnings summary

Executive summary

• Achieved strong Q1 FY26 results with 33% revenue growth and 77% PAT growth year-over-year, maintaining nearly 100% capacity utilization and global cost leadership in bauxite and alumina production.

• Integrated bauxite-to-aluminium operations with zero-debt leverage, supporting expansion plans in smelter and power segments.

• Declared a final dividend of ₹2.50 per share for FY 2024-25, in addition to ₹8.00 per share interim dividends already paid.

• Strong focus on environmental stewardship, robust CSR initiatives, and statutory auditor review confirming no material misstatements.

Financial highlights

• Standalone revenue from operations for Q1 FY26 was ₹3,806.94 crore, up 33% year-over-year; PAT surged 77% to ₹1,063.86 crore.

• EBITDA (excluding exceptional items) increased 62.4% year-over-year to ₹1,616 crore.

• Alumina realization averaged $416/ton for the quarter, with spot prices around $400.

• Cost of production for alumina was INR 20,000–21,000/ton; aluminum at INR 150,000–160,000/ton.

• Basic and diluted EPS for Q1 FY26 stood at ₹5.79 (standalone) and ₹5.71 (consolidated).

Outlook and guidance

• Fifth stream alumina refinery to be commissioned by June 2026, targeting 500,000 tons output in FY27 and full 1 million ton capacity thereafter.

• Bauxite mine (Pottangi) to start by May–June 2026, adding 3.5 million tons capacity.

• Brownfield smelter expansion (0.5 million tons) progressing, with DPR and land acquisition to complete in FY26.

• Alumina production guidance for FY26 is 22.5–23 lakh tons, with sales of 12.5–12.8 lakh tons, mostly for export.

• Indian aluminium demand expected to grow at a CAGR of 6.3–7.2% till 2030.