National Aluminium Company (NATIONALUM) Q4 24/25 earnings summary

Executive summary

• Achieved record financial performance in FY 2025, with highest-ever revenue, profit, margins, and dividend declared for both the quarter and the year.

• Operations ran at nearly 100% capacity across all production units, with highest-ever domestic metal sales and thermal power production.

• Integrated operations across bauxite, alumina, aluminium, power, and coal, with a strong global presence.

• Zero-debt status maintained, supporting expansion plans and financial stability.

• Significant progress on sustainability, CSR, and ESG initiatives, including wind and solar power projects and community development.

• Audited standalone and consolidated financial results for FY25 were approved, with unmodified opinions from statutory auditors.

Financial highlights

• Net sales for FY25 were ₹16,787.63 crore, up from ₹13,149.15 crore in FY24; PAT for FY25 was ₹5,324.67 crore, up from ₹2,059.95 crore in FY24.

• EBITDA (excluding exceptional items) for FY25 was ₹7,922 crore, up from ₹3,124 crore in FY24; EBITDA margin reached 46%.

• Alumina average realization for FY25 was $590/ton; Q4 realization was $600/ton, dropping to $400/ton in Q1 FY26.

• Cost of alumina production in Q4 was INR 22,000/ton, with expectations to reduce by INR 1,000–2,000 through efficiency gains.

• Highest ever dividend declared for FY25; interim dividends for FY25 totaled ₹8.00 per share.

Outlook and guidance

• Alumina capacity expansion expected to be mechanically complete by Feb 2026, with commercial production starting May–June 2026.

• FY26 CapEx guidance is INR 1,700 crore, rising to INR 2,000 crore in FY27, mainly for refinery and mine projects.

• Global aluminium demand projected to grow, with Indian demand at a CAGR of 6.3–7.2% till 2030.

• EBITDA margin target for FY26 is 36–37%, with revenue generation expected to be similar to FY25, though profitability may vary with market prices.

• Employee count to reduce by ~250 per year, targeting 4,000 by FY 2028.