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National Aluminium Company (NATIONALUM) investor relations material

National Aluminium Company Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary7 Nov, 2025

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.

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