National Aluminium Company (NATIONALUM) Q3 25/26 earnings summary

Executive summary

• Achieved record physical and financial performance in Q3 and nine months FY 2026, with highest-ever production in bauxite transportation, alumina hydrate, aluminium cast metal, and net power generation.

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

• 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.

Financial highlights

• Revenue for nine months grew by 13% year-over-year to ₹12,748 crore, with Q3 revenue at ₹4,730.95 crore; PAT for Q3 was ₹1,601 crore, and nine-month PAT up 26% to ₹4,098 crore.

• EBITDA margin for nine months increased by around 20%, with Q3 EBITDA at ₹2,374 crore; net profit margin for Q3 was ~32.6%.

• Alumina prices fell from $562 to $385, causing a negative impact of INR 1,652 crore, while metal prices rose from $2,538 to $2,867, adding INR 781 crore.

• Power and fuel savings of INR 142 crore and employee cost reduction of INR 118 crore contributed to improved profitability.

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

Outlook and guidance

• Q4 alumina realization expected at $310–$320 per ton; LME aluminium prices anticipated to average $3,000 in Q4 and $2,800–$2,900 next year.

• Alumina sales volume guidance maintained at 1.25–1.3 million tons for FY 2026, with some risk from Middle East export disruptions.

• Major capacity expansions underway, including new alumina refinery (commissioning June 2026), Pottangi Bauxite mines (opening May 2026), and aluminium smelter expansion (commissioning Aug 2030).

• The company is assessing the financial impact of new labour codes effective 21 November 2025.