National Aluminium Company Limited Earnings Summary — Q4 FY2026
NALCO Achieves Record Quarterly Net Profit Amid Robust Operating Margins
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 5 consecutive quarters.
- Revenue of ₹5,302 Cr is 39.3% higher year-on-year.
- Revenue has compounded at 19.1% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹2,003 Cr is 90.9% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 36.4% annualised across the period.
- Operating margin stands at 51.1% in Q1 FY2027.
- Operating margin expanded by 1224 bps year-on-year.
- Over the last two years operating margin has expanded by 1880 bps.
- PBT margin is 50.7%.
- Expense growth of 11.4% remained below revenue growth of 39.3%.
- Operating profit of ₹2,708 Cr is 83.2% higher year-on-year.
- Operating leverage continues to improve.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 88/100 (Excellent) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 5,302 | 5,013 | 4,731 | 4,292 | 3,807 | 5,268 | 4,662 | 4,001 | 2,856 | 3,579 |
| Expenses | Stable | 2,595 | 2,663 | 2,558 | 2,370 | 2,329 | 2,525 | 2,351 | 2,469 | 1,935 | 2,491 |
| Operating Profit | Strong Uptrend | 2,708 | 2,349 | 2,173 | 1,923 | 1,478 | 2,743 | 2,311 | 1,533 | 921 | 1,088 |
| Operating Margin | Improving | 51.1% | 46.9% | 45.9% | 44.8% | 38.8% | 52.1% | 49.6% | 38.3% | 32.3% | 30.4% |
| Other Income | Improving | 174 | 202 | 194 | 151 | 124 | 126 | 99 | 72 | 61 | 511 |
| Interest | Volatile | 10 | 24 | 60 | 8 | 8 | 32 | 19 | 4 | 3 | 9 |
| Depreciation | Volatile | 182 | 211 | 182 | 174 | 178 | 88 | 286 | 180 | 174 | 240 |
| Profit Before Tax | Strong Uptrend | 2,690 | 2,316 | 2,126 | 1,892 | 1,415 | 2,749 | 2,105 | 1,420 | 804 | 1,350 |
| Tax | Strong Uptrend | 687 | 594 | 531 | 462 | 365 | 681 | 539 | 374 | 216 | 354 |
| Net Profit | Strong Uptrend | 2,003 | 1,722 | 1,595 | 1,430 | 1,049 | 2,067 | 1,566 | 1,046 | 588 | 997 |
| Net Margin | Improving | 37.8% | 34.4% | 33.7% | 33.3% | 27.6% | 39.2% | 33.6% | 26.1% | 20.6% | 27.9% |
Key Takeaways
- Delivered a record quarterly net profit of ₹1,722 crore in Q4 FY2026, marking a 16.7% YoY increase.
- Operating Profit Margin remained exceptionally strong at 47%, slightly improving from 46% in the preceding quarter.
- Quarterly revenue exceeded the ₹5,000 crore mark for the first time since Q4 FY2025.
- Interest expenses saw a significant decrease to ₹24 crore from ₹60 crore in the prior quarter.
- The company maintains a nearly debt-free balance sheet with borrowings reduced to ₹60 crore against reserves of over ₹20,000 crore.
- Other income reached a multi-quarter high of ₹202 crore, contributing to the bottom-line strength.
Management Guidance
Management emphasizes maintaining 'lowest cost producer' status globally, particularly in the alumina segment, while navigating commodity price volatility through integrated operations.
Sentiment Shift
Improving
Sequential growth in both revenue and profit, combined with sustained high margins near 50%, indicates strong operational control despite industry cyclicality.
Outlook
The outlook remains constructive as NALCO leverages its captive bauxite and power plants to insulate against input cost spikes. Strategic expansion into higher alumina production and value-added products is expected to drive long-term cash generation.
From the Annual Report (Key Quotes)
“NALCO has transitioned from a cyclical laggard into a high-efficiency cash generator.”
“Company maintains a near debt-free balance sheet while executing substantial capital expenditure projects.”
“Competitive edge is rooted in captive bauxite mines and power plants, protecting from raw material price volatility.”
Official Quarterly Documents
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This summary is AI-generated from National Aluminium Company Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.