National Aluminium Company Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript National Aluminium Company Ltd filed with BSE on 04 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
NALCO reported its best-ever annual performance for FY26, with revenue from operations rising to Rs.17,843 crores from Rs.16,788 crores and PAT growing to Rs.5,816 crores from Rs.5,325 crores. Management attributed the gains to record volumes across bauxite, alumina and metal production even as average alumina realizations fell from around $580 to around $370 per tonne. The company also discussed its 5th stream alumina refinery commissioning timeline, a planned 0.5 million tonne aluminium smelter with an associated power plant, and cost trends across coal, caustic soda and other inputs.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: Rs.17,843 crores (FY26)
p. 4
“Revenue from operation in the year '24-'25 was Rs.16,788 crores, which has gone up to around Rs.17,843 crores, a growth of around 6.28%.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
EBITDA: Rs.8,613 crores (FY26)
p. 4
“EBITDA has grown from Rs.7,922 crores to Rs.8,613 crores, around 8.72% growth.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
Profit before tax: Rs.7,767 crores (FY26)
p. 4
“Profit before tax from Rs.7,135 crores to Rs.7,767 crores, around 8.86% growth.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
PAT: Rs.5,816 crores (FY26)
p. 4
“PAT from Rs.5,325 crores to Rs.5,816 crores, around 9.22%.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
Alumina sales growth: 30.74% (FY26)
p. 4
“Alumina sales has grown by around 30.74% and metal sales, that is aluminium sales has grown by around 2.8%.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
Average alumina realization: $370 (FY26)
p. 4
“In the year '24-'25, average alumina realization was around $580, which has come down to around $370 this year.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
Average aluminium realization: $2,700 (FY26)
p. 4
“Of course, in metal side, the average realization has increased from around US$2,550 to around US$2,700.”
Brijendra Pratap Singh, page 4 of the filed PDF · View the filing
Alumina realization: $348 (Q4 FY26)
p. 6
“Alumina, it is $348. $348 was there in Q4.”
Brijendra Pratap Singh, page 6 of the filed PDF · View the filing
Aluminium average realization: $2,767 (Q4 FY26)
p. 21
“Q4, it was around $2,767 Q4 average '25-'26, $2,767.”
Abhay Kumar Behuria, page 21 of the filed PDF · View the filing
FY26 capex: around Rs.2,000 crores (FY26)
p. 10
“FY '26, around Rs.2,000 crores.”
Brijendra Pratap Singh, page 10 of the filed PDF · View the filing
Domestic aluminium sales: 140,000 tons (FY26)
p. 6
“This year, '25-'26, we have done around 140,000 tons.”
Brijendra Pratap Singh, page 6 of the filed PDF · View the filing
Employee cost as % of total expenditure: 16% (FY26)
p. 9
“'24-'25 our employees cost composition of total expenditure it was 18% and this year it is 16%.”
Abhay Kumar Behuria, page 9 of the filed PDF · View the filing
GNAL JV loss: Rs.38 crores (FY26)
p. 25
“Their total loss is Rs.38 crores.”
Abhay Kumar Behuria, page 25 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Alumina production and sales — around 25 lakh tons · FY27
stated firmly by Brijendra Pratap Singh
p. 5
“So around 25 lakh tons of alumina production and sales we are planning.”
Brijendra Pratap Singh, page 5 of the filed PDF · View the filing
Metal production — around 4.73 lakh tons · FY27
stated firmly by Brijendra Pratap Singh
p. 5
“This year, we have planned around 4.73 lakh tons of metal production.”
Brijendra Pratap Singh, page 5 of the filed PDF · View the filing
Domestic aluminium sales — 2.5 lakh tons to 3 lakh tons · FY27
stated as an aspiration by Brijendra Pratap Singh
p. 6
“This year, again, we are targeting to further increase go to around 2.5 lakh tons to 3 lakhs tons, I think, something like that.”
Brijendra Pratap Singh, page 6 of the filed PDF · View the filing
5th stream refinery commissioning — June 2026, 3-4 months to stabilize
stated conditionally by Brijendra Pratap Singh
p. 7
“But in June, we are starting the commissioning process, which may take two, three months to complete it.”
Brijendra Pratap Singh, page 7 of the filed PDF · View the filing
Capex FY27 — Rs.1,800 crores to Rs.2,000 crores · FY27
stated firmly by Brijendra Pratap Singh
p. 7
“This year we are targeting around Rs.1,800 crores to Rs.2,000 that is '26-'27.”
Brijendra Pratap Singh, page 7 of the filed PDF · View the filing
Capex FY28 — around Rs.4,000 crores · FY28
stated firmly by Brijendra Pratap Singh
p. 7
“'27-'28 somewhere around Rs.4,000 crores and similar kind of capex it will further increase because our total investment will be around both if you see power plant and this will be around somewhere around Rs.30,000.”
Brijendra Pratap Singh, page 7 of the filed PDF · View the filing
New aluminium smelter commissioning — December 2030 or early 2031 · by December 2030/early 2031
stated as an aspiration by Brijendra Pratap Singh
p. 7
“Our target is by December 2030 or maybe early 2031 to complete the overall commissioning.”
Brijendra Pratap Singh, page 7 of the filed PDF · View the filing
Alumina pricing — $300 to $310 average · FY27
stated conditionally by Brijendra Pratap Singh
p. 15
“But what we are expecting for this fiscal, this financial year, it will be somewhere around between $300 to $310 average alumina pricing will be there.”
Brijendra Pratap Singh, page 15 of the filed PDF · View the filing
Aluminium LME price — around 3,000 · FY27
stated conditionally by Brijendra Pratap Singh
p. 15
“We are expecting that it should be somewhere around average, if you see the average of the total year, somewhere around 3,000 it will come down once the wars are over and all that, the situation normalizes.”
Brijendra Pratap Singh, page 15 of the filed PDF · View the filing
Employee cost increase from pay commission — 10% to 15% · from January 2027
stated conditionally by Abhay Kumar Behuria
p. 14
“There will be some impact because of [Inaudible] The last quarter of this fiscal and from next financial onwards, average increase will be 10% to 15%.”
Abhay Kumar Behuria, page 14 of the filed PDF · View the filing
Captive coal production — 4.8 million tons · FY27
stated firmly by Brijendra Pratap Singh
p. 11
“This year, we are targeting 4.8 million ton.”
Brijendra Pratap Singh, page 11 of the filed PDF · View the filing
Alumina capacity utilization from new refinery — 1 million tons · FY28 onwards
stated firmly by Brijendra Pratap Singh
p. 25
“Next year, out capacity is 1 million tons, that is 10 lakh tons. So next year onwards, it will be doing 1 million ton.”
Brijendra Pratap Singh, page 25 of the filed PDF · View the filing
Quarter 1 FY27 PBT — more than Rs.2,000 crores · Q1 FY27
stated conditionally by Abhay Kumar Behuria
p. 24
“If you produce that much of volume, then we are expecting that profit of more than Rs.2,000 crores plus first quarter.”
Abhay Kumar Behuria, page 24 of the filed PDF · View the filing
Cost of production per ton of aluminium — not beyond Rs.160,000 · FY27
stated conditionally by Abhay Kumar Behuria
p. 27
“In any case, it will not go beyond Rs.160.”
Abhay Kumar Behuria, page 27 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management guided to around 25 lakh tons of alumina and 4.73 lakh tons of metal production for FY27
Answered by Brijendra Pratap Singh
Asked by Aditya Welekar: Guidance on FY27 alumina and aluminium production and sales volumes
p. 5
“So, both areas in alumina and metal, we have looked for the growth.”
Brijendra Pratap Singh, page 5 of the filed PDF · View the filing
Management said sales volumes have not been impacted so far and spot tenders are still being fulfilled
Answered by Brijendra Pratap Singh
Asked by Aditya Welekar: Impact of Middle East disruption on alumina export volumes
p. 5
“Sales volume till now, no. Our volumes, whatever spot tender we are doing, we are getting the orders.”
Brijendra Pratap Singh, page 5 of the filed PDF · View the filing
Management said pricing is directly linked to LME with no hedging
Answered by Brijendra Pratap Singh
Asked by Manav Gogia: Whether NALCO hedges aluminium price exposure
p. 6
“Hedging, we are not doing. It's directly linked to LME.”
Brijendra Pratap Singh, page 6 of the filed PDF · View the filing
DPR preparation is underway with Board approval targeted by September/October and commissioning targeted for December 2030/early 2031
Answered by Brijendra Pratap Singh
Asked by Manav Gogia: Status of new aluminium smelter capex and timeline
p. 7
“The new aluminium smelter already we have placed the order for making DPR for both smelter and our power plant.”
Brijendra Pratap Singh, page 7 of the filed PDF · View the filing
Management said aluminium cost of production would remain in the range of Rs.155,000 to Rs.160,000 despite input cost inflation due to declining employee costs
Answered by Abhay Kumar Behuria
Asked by Pinakin: Cost of production trends for alumina and aluminium in Q4 and outlook for Q1
p. 8
“So there will be much hike in the cost. It will be varied in that range only within Rs.160,000.”
Abhay Kumar Behuria, page 8 of the filed PDF · View the filing
Management attributed the rise to statutory provisions for red mud pond closure and flyash transportation
Answered by Abhay Kumar Behuria
Asked by Pallav Agarwal: Reason for other expenses increase in Q4
p. 10
“So there is a statutory provision that after you utilize that red mud pond, you have to give a complete cover of that which is green and everything that we have made a provision of around Rs.40 crores for that.”
Abhay Kumar Behuria, page 10 of the filed PDF · View the filing
Management said the clearance is under process and expected within three to four months
Answered by Brijendra Pratap Singh
Asked by Vikash Singh: Status of EC clearance for captive coal
p. 11
“That is almost under process, and we are very much sure that in the next coming three, four months, we'll get it.”
Brijendra Pratap Singh, page 11 of the filed PDF · View the filing
Management said the transportation sector demand did not grow as forecast and the project IRR turned negative
Answered by Brijendra Pratap Singh
Asked by Akshay Ajmera: Reason for discontinuing the Utkarsh JV with Mishra Dhatu Nigam
p. 16
“Even the IRR with the capex investment was coming negative. That's why we are not going ahead with that.”
Brijendra Pratap Singh, page 16 of the filed PDF · View the filing
Management explained that a Rs.2,659 crore adverse impact from lower prices was partly offset by a Rs.1,714 crore favourable impact from higher volumes, leaving a net adverse impact of Rs.784 crores
Answered by Brijendra Pratap Singh
Asked by Saket Kapoor: Reason for the alumina segment's profitability decline year-on-year
p. 22
“Overall, if you see the adverse impact is on alumina segment as compared to '24-'25 is around Rs.784 crores.”
Brijendra Pratap Singh, page 22 of the filed PDF · View the filing
Risks flagged
Alumina spot prices have declined sharply due to a global supply surplus, particularly from Indonesia
p. 10
“There will be an excess of alumina in the market every time this year or maybe next year.”
Brijendra Pratap Singh, page 10 of the filed PDF · View the filing
Middle East smelter shutdowns due to war have disrupted the traditional export market and closed the Strait of Hormuz shipping route
p. 19
“So that's why we have to take it to some road route. So it's very difficult to predict now.”
Brijendra Pratap Singh, page 19 of the filed PDF · View the filing
Rising input costs for caustic soda, CP Coke, CT Pitch, aluminium chloride and HFO
p. 27
“So this kind of increase we are seeing in caustic soda, CP Coke, aluminium chloride and HFO.”
Brijendra Pratap Singh, page 27 of the filed PDF · View the filing
Delay in 5th stream refinery commissioning versus original schedule
p. 7
“Yes, some delays will be there because we were expecting that by June.”
Brijendra Pratap Singh, page 7 of the filed PDF · View the filing
Aluminium LME prices are currently elevated due to war-related supply disruption and expected to normalize downward
p. 22
“That is optimistic which we are thinking it can go down to maybe Rs.3,000 also, but somewhere around Rs.3,000 to Rs.3,100.”
Brijendra Pratap Singh, page 22 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.