National Aluminium Company (NATIONALUM) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly and nine-month turnover, PAT, and EBITDA, with nine-month PAT at INR 3,246 crore, up 211% year-over-year.

• Highest-ever interim dividend of INR 8 per share declared in two tranches.

• Integrated bauxite-to-aluminium operations with zero debt leverage, supporting expansion plans.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31.12.2024 were approved by the Board.

• Financials reviewed by joint statutory auditors, with no material misstatements identified.

Financial highlights

• Nine-month turnover reached INR 11,434 crore, up 20% year-over-year; Q3 standalone PAT at INR 1,583 crore, up 224% from Q3 FY24.

• Standalone revenue for Q3 FY25 was INR 4,662.22 crore, up from INR 3,347.58 crore in Q3 FY24; nine-month revenue was INR 11,519.80 crore.

• EBITDA (excluding exceptional items) for Q3 FY24-25 was INR 2,427 crore, up from INR 824 crore in Q3 FY23-24.

• Standalone profit before tax for Q3 FY25 was INR 2,121.90 crore, up from INR 668.21 crore in Q3 FY24.

• Highest-ever EBITDA margin and dividend payout in company history.

Outlook and guidance

• Expecting a global surplus of primary alumina by end of 2025, with continued volatility due to tariffs and geopolitical factors.

• Indian aluminium demand projected to rise from 4.9 million tons in 2024 to 8.3 million tons by 2030, driven by infrastructure, electrical, and transportation sectors.

• Major capacity expansions in bauxite mining, alumina refinery, and smelter planned through FY29-30.

• Targeting refinery expansion commissioning by December, with commercial volumes expected in FY27.

• LME aluminium prices expected to face pressure from global surplus, trade actions, and China's economic slowdown.