National Aluminium Company (NATIONALUM) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 and H1 performance in production and financials, with highest-ever alumina hydrate and cast metal output and significant year-over-year sales growth.

• Unaudited standalone and consolidated financial results for Q2 and H1 ended 30th September 2025 were approved and published.

• Maintained zero debt leverage, supporting expansion plans in smelter and power segments.

• Strategic raw material securitization and expanded refinery capacity to mitigate LME price volatility.

• Interim dividend of ₹4 per share for FY 2025-26 was declared, with a total payout of ₹734.65 crore.

Financial highlights

• Q2 FY26 revenue from operations: ₹4,292.34 crore; H1 net sales up 18% year-over-year to ₹8,048 crore.

• Q2 PAT up 34.9% year-over-year to ₹1,433 crore; H1 PAT up 50.2% to ₹2,497 crore.

• Q2 EBITDA (excluding exceptional items) increased 28.1% year-over-year to ₹2,077 crore; H1 EBITDA up 41.2% to ₹3,693 crore.

• Standalone net profit margin for Q2 FY26: ~32.4%.

• Other non-operating income more than doubled year-over-year in both Q2 and H1.

Outlook and guidance

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

• Full ramp-up of new alumina refinery expected in FY 2028, with 500,000 tons targeted for FY 2027.

• Alumina sales guidance for FY 2026: 1.25–1.3 million tons; H2 sales expected at 600,000–650,000 tons.

• Aluminium production guidance for FY 2026: 470,000 tons.

• LME aluminium prices expected to average $2,670/MT in CY2026, influenced by Chinese stimulus and global economic factors.