National Aluminium Company financials and balance sheet

NSE: NATIONALUMBSE: 532234Non - Ferrous MetalsMid Cap

₹301.75₹9.15 (2.94%)BSE ₹301.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹310.90.

52-week range of traded prices to 23 Oct 2026

₹227.35Low, 23 Oct 2025₹445.15High, 27 Apr 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results and dividend.

Market cap: ₹55,420 Cr151st largest listed
P/E: 8.2
P/B: 2.6
Dividend yield: 3.81%
ROE: 34.3%
ROCE: 38.9%
Debt to equity: 0.00
Volume, NSE: 63,82,39538.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.National Aluminium Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹17,843 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue17,843
Materials and goods−2,561
Employee costs−1,721
Other expenses−5,614
Operating profit7,947
Depreciation−745
Other income+666
One-off items0.0
Finance costs−100
Profit before tax7,767
Tax−1,952
Joint ventures−19
Net profit5,797

What the company owns

Plant, investments and other assets₹15,794 Cr
Cash and bank₹8,408 Cr
Inventory₹1,835 Cr
Current investments₹293 Cr
Receivables₹215 Cr

What pays for it: net worth and liabilities

Net worth₹21,604 Cr
Other liabilities₹4,143 Cr
Owed to suppliers₹797 Cr

National Aluminium Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.National Aluminium Company segment results by quarter

Revenue by segment

₹19,639 CrTotal

Aluminium₹12,945 Cr65.9% of total
Chemicals₹6,694 Cr34.1% of total

Profit by segment

Aluminium₹5,564 Cr73.2% of total
Chemicals₹2,034 Cr26.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Aluminium
Revenue, ₹ crore
6,876
5,466
6,263
10,157
10,246
9,557
11,113
12,945
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
778
−282
868
3,257
1,779
1,526
4,046
5,564
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemicals
Revenue, ₹ crore
5,680
4,248
3,951
5,377
5,584
5,416
7,607
6,694
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,820
554
636
1,127
384
967
3,245
2,034
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	12,556	9,715	10,214	15,535	15,830	14,973	18,721	19,639
Company revenue, as in its results	11,499	8,472	8,956	14,181	14,255	13,149	16,788	17,843
Revenue	6,876	5,466	6,263	10,157	10,246	9,557	11,113	12,945
Revenue growth	–	−20.5%	14.6%	62.2%	0.9%	−6.7%	16.3%	16.5%
Profit	778	−282	868	3,257	1,779	1,526	4,046	5,564
Profit growth	–	–	–	275.4%	−45.4%	−14.2%	165.0%	37.5%
Margin	11.3%	−5.2%	13.9%	32.1%	17.4%	16.0%	36.4%	43.0%
Return on capital	–	−5.6%	23.0%	78.9%	42.1%	35.9%	104.4%	149.7%
Assets	–	6,014	5,338	5,667	5,820	6,075	6,054	5,882
Liabilities	–	941	1,561	1,541	1,596	1,823	2,178	2,166
Capital employed	–	5,073	3,777	4,126	4,224	4,252	3,876	3,717
Revenue	5,680	4,248	3,951	5,377	5,584	5,416	7,607	6,694
Revenue growth	–	−25.2%	−7.0%	36.1%	3.8%	−3.0%	40.5%	−12.0%
Profit	1,820	554	636	1,127	384	967	3,245	2,034
Profit growth	–	−69.5%	14.7%	77.3%	−66.0%	152.2%	235.5%	−37.3%
Margin	32.0%	13.0%	16.1%	21.0%	6.9%	17.9%	42.7%	30.4%
Return on capital	–	25.7%	21.0%	39.9%	11.6%	24.6%	77.3%	21.9%
Assets	–	4,400	4,217	4,354	4,675	5,268	5,271	10,895
Liabilities	–	2,246	1,191	1,530	1,355	1,338	1,074	1,606
Capital employed	–	2,153	3,026	2,824	3,320	3,929	4,197	9,288
Revenue	–	–	–	–	–	–	–	33
Profit	–	–	–	–	–	–	–	0
Assets	–	–	–	–	–	–	–	9,767
Liabilities	–	–	–	–	–	–	–	1,168
Revenue	174	43	50	58	73	8	21	–
Profit	0	0	0	0	0	0	0	–
Assets	0	4,134	5,155	7,255	7,131	7,893	11,557	–
Liabilities	0	313	384	602	1,549	1,686	1,825	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.National Aluminium Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 26 May	Mar 2023Filed 24 May	Mar 2024Filed 28 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Revenue from operations	8,050	9,618	11,499	8,472	8,956	14,181	14,255	13,149	16,788	17,843
	6,970	8,221	8,607	7,983	7,173	9,664	11,807	10,276	9,223	9,896
Materials and goods bought	1,085	–	1,915	1,337	1,310	1,854	3,155	2,646	1,973	2,561
Employee costs	–	–	2,072	1,994	1,930	2,356	1,832	2,034	1,786	1,721
Other expenses	–	–	4,620	4,651	3,933	5,454	6,819	5,596	5,463	5,614
Operating profit before depreciation	1,080	1,397	2,893	489	1,783	4,517	2,448	2,873	7,565	7,947
Operating margin	13.4%	14.5%	25.2%	5.8%	19.9%	31.9%	17.2%	21.8%	45.1%	44.5%
Materials, % of revenue	–	–	16.6%	15.8%	14.6%	13.1%	22.1%	20.1%	11.8%	14.4%
Employee costs, % of revenue	–	–	18.0%	23.5%	21.6%	16.6%	12.9%	15.5%	10.6%	9.6%
Other expenses, % of revenue	–	–	40.2%	54.9%	43.9%	38.5%	47.8%	42.6%	32.5%	31.5%
Depreciation and amortisation	480	480	476	530	606	837	716	750	728	745
Operating profit after depreciation	599	917	2,416	−41	1,177	3,681	1,732	2,123	6,837	7,201
Other income	408	300	326	273	147	297	236	251	357	666
Finance costs	3	2	2	6	7	23	13	17	59	100
Profit before one-off items and tax	1,005	1,215	2,740	226	1,317	3,955	1,955	2,357	7,135	7,767
One-off items	−41	824	0	0	0	0	0	427	0	0
Profit before tax	964	2,039	2,740	226	1,317	3,955	1,955	2,784	7,135	7,767
	296	696	1,008	88	17	1,003	411	724	1,810	1,952
Current tax	220	–	1,025	151	178	1,052	294	840	1,861	2,018
Deferred tax	77	–	−17	−63	−161	−49	116	−116	−50	−66
Share of profit of joint ventures and associates	–	0	1	−2	0	−1	−110	−71	−57	−19
Net profit	668	1,342	1,734	136	1,299	2,951	1,435	1,988	5,268	5,797
Other comprehensive income	–	–	0	−16	24	24	58	8	−14	22
Total comprehensive income	–	–	1,734	120	1,323	2,975	1,492	1,996	5,254	5,819
Net margin	8.3%	14.0%	15.1%	1.6%	14.5%	20.8%	10.1%	15.1%	31.4%	32.5%
Net margin without joint ventures and associates	–	14.0%	15.1%	1.6%	14.5%	20.8%	10.8%	15.7%	31.7%	32.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 26 May	Mar 2023Filed 24 May	Mar 2024Filed 28 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
	10,485	9,987	10,679	12,552	13,126	14,388	17,805	21,604
Share capital	933	933	918	918	918	918	918	918
Reserves	9,552	9,054	9,761	11,634	12,208	13,470	16,887	20,685
Borrowings	67	12	46	21	48	39	124	0
	2,905	2,720	2,050	3,099	2,886	3,178	3,498	3,224
Trade payables	1,286	773	940	1,457	1,263	1,496	738	797
Other financial liabilities	411	416	299	506	626	742	1,727	1,546
Other liabilities	976	1,340	605	989	769	673	633	612
Provisions	166	178	159	127	147	173	236	265
Tax owed	0	–	–	0	32	54	40	5
	1,757	1,842	1,980	1,624	1,615	1,669	1,579	1,716
Other financial liabilities	7	59	87	139	231	338	294	437
Other liabilities	68	71	329	332	314	301	231	231
Provisions	531	629	633	261	101	171	252	308
Deferred tax	1,131	1,061	894	868	958	841	791	726
Trade payables	21	23	38	24	11	18	11	16
	15,147	14,548	14,709	17,276	17,627	19,235	22,882	26,544
Held for sale or for a demerger	–	–	–	–	1	2	–	–
	9,547	9,990	10,403	10,791	12,330	13,104	13,743	14,924
Plant in use, after depreciation	7,109	7,175	7,317	7,002	6,916	7,020	6,799	6,750
Plant being built	844	1,177	1,431	1,763	2,745	3,961	4,935	6,296
Intangible assets	176	310	343	341	386	362	949	898
Intangible assets being developed	39	250	144	471	524	612	2	3
Investments	176	276	312	311	213	169	259	0
Stakes in joint ventures and associates	0	–	0	–	0	0	0	241
Loans given	75	73	86	87	82	79	81	89
Other financial assets	10	10	11	10	22	18	20	20
Other assets	1,117	720	758	804	1,441	882	699	628
	5,601	4,558	4,306	6,485	5,296	6,130	9,139	11,620
Inventories	1,210	1,697	1,476	1,646	1,840	1,830	1,909	1,835
Trade receivables	241	140	147	75	91	154	186	215
Cash and cash equivalents	172	18	214	413	63	43	121	153
Other bank balances	3,325	1,962	1,536	3,293	2,054	2,532	5,305	8,254
Current investments	81	55	248	64	146	173	515	293
Loans given	26	40	30	33	29	28	27	27
Other financial assets	1	0	–	22	50	78	67	45
Tax paid in advance	51	46	86	55	28	239	153	0
Other assets	495	599	569	883	994	1,053	856	799
Net debt	−3,510	−2,023	−1,952	−3,749	−2,215	−2,709	−5,817	−8,701

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 26 May	Mar 2023Filed 24 May	Mar 2024Filed 28 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
	2,199	3,958	908	2,719	5,806	6,438
	2,297	4,714	1,655	3,354	7,525	8,360
	423	66	−883	−8	−75	362
Receivables	−7	72	11	−71	−33	−28
Inventories	209	−180	−205	10	−84	71
Payables	180	502	−223	238	6	67
Other working capital	41	−328	−466	−186	36	252
Tax paid	−98	−756	−747	−635	−1,719	−1,922
Capital spending	1,173	927	1,305	1,561	1,176	2,035
Free cash flow	1,026	3,032	−397	1,159	4,631	4,403
	−1,404	−2,619	−334	−2,000	−3,971	−4,200
Plant and property sold	12	9	9	12	36	14
Interest received	85	210	54	183	211	433
Dividends received	5	14	17	19	23	22
	−600	−1,140	−924	−739	−1,758	−2,206
Borrowings raised	34	0	0	0	85	0
Borrowings repaid	0	−25	0	0	0	−124
Interest paid	–	−8	−2	0	−2	−57
Lease payments	−4	−4	−4	−4	−4	−5
Dividends paid	461	1,102	918	735	1,837	2,020
Shares bought back	–	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	195	199	−350	−20	78	32

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Interest paid is left blank for the year to Mar 2021: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash. Shares bought back is left blank for the year to Mar 2021: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Consolidated, ₹ per share, years to March.National Aluminium Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 26 May	Mar 2023Filed 24 May	Mar 2024Filed 28 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Earnings per share	₹2.97	₹6.94	₹9.07	₹0.73	₹6.97	₹16.07	₹7.81	₹10.83	₹28.68	₹31.56
Diluted earnings per share	₹2.97	₹6.94	₹9.07	₹0.73	₹6.97	₹16.07	₹7.81	₹10.83	₹28.68	₹31.56
Dividend per share	₹2.80	₹5.70	₹5.75	₹1.50	₹3.50	₹6.50	₹4.50	₹5.00	₹10.50	₹11.50
Book value per share	–	–	₹56.20	₹53.53	₹57.28	₹68.34	₹71.47	₹78.34	₹96.95	₹117.63
Dividend payout	81.1%	82.1%	61.9%	205.4%	50.2%	40.4%	57.6%	46.2%	36.6%	36.4%
Shareholder yield	–	–	–	–	–	4.9%	6.4%	2.6%	5.7%	2.8%
Market cap at the year end (₹ crore)	14,787	12,844	10,345	5,429	10,084	22,370	14,399	28,018	32,238	70,912

Shareholder yield is left blank for the year to Mar 2021: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.National Aluminium Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 26 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 26 May	Mar 2023Filed 24 May	Mar 2024Filed 28 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Revenue growth	18.1%	19.5%	19.6%	−26.3%	5.7%	58.3%	0.5%	−7.8%	27.7%	6.3%
Operating profit growth	–	29.4%	107.0%	−83.1%	264.4%	153.4%	−45.8%	17.4%	163.3%	5.1%
Net profit growth	−8.7%	101.0%	29.2%	−92.1%	853.8%	127.1%	−51.4%	38.6%	164.9%	10.0%
Earnings per share growth	–	133.7%	30.7%	−92.0%	854.8%	130.6%	−51.4%	38.7%	164.8%	10.0%
	–	–	16.5%	1.3%	12.6%	25.4%	11.2%	14.5%	32.7%	29.4%
	–	–	–	−15.2 pts	11.2 pts	12.8 pts	−14.2 pts	3.3 pts	18.3 pts	−3.3 pts
From the net margin	–	–	–	−14.8 pts	10.7 pts	5.5 pts	−13.1 pts	5.6 pts	15.5 pts	1.2 pts
From asset turnover	–	–	–	−0.4 pts	0.9 pts	8.1 pts	−1.0 pts	−2.1 pts	3.5 pts	−3.2 pts
From borrowing	–	–	–	0.0 pts	−0.3 pts	−0.7 pts	−0.1 pts	−0.2 pts	−0.8 pts	−1.3 pts
Return on capital employed	–	–	22.9%	−0.4%	11.0%	29.3%	13.1%	14.7%	38.1%	33.3%
Cash conversion	–	–	–	–	169.2%	134.1%	63.3%	136.8%	110.2%	111.1%
Interest cover	222.8	470.3	1,015.3	–	166.2	159.2	134.1	123.4	115.9	72.2
Debt to equity	–	–	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.00
Receivable days	–	–	8	6	6	2	2	4	4	4
Inventory days	–	–	231	463	411	324	213	252	353	261
Payable days	–	–	245	211	262	287	146	206	137	114
Cash conversion cycle, days	–	–	−7	258	156	39	69	50	221	152
Working capital days	–	–	−26	−8	12	−9	5	7	−4	−6
Asset turnover	–	–	0.76	0.57	0.61	0.89	0.82	0.71	0.80	0.72
Assets per rupee of net worth	–	–	1.44	1.45	1.42	1.38	1.36	1.34	1.31	1.25
Sales per rupee of plant	–	–	1.62	1.18	1.22	2.03	2.06	1.87	2.47	2.64
Capital spending to depreciation	–	–	–	–	1.94	1.11	1.82	2.08	1.62	2.73
Plant being built, % of plant in use	–	–	11.9%	16.4%	19.6%	25.2%	39.7%	56.4%	72.6%	93.3%

Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 23.5%
Cash from operations against operating profit: 81.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.1%	14.8%	7.8%
Profit growth, yearly rate	23.0%	34.9%	59.3%
Return on equity, average	–	22.6%	25.5%
Return on capital employed, average	–	25.7%	28.7%
Operating margin, average	23.9%	32.1%	37.1%
Net margin, average	16.3%	22.0%	26.3%
Asset turnover, average	–	0.79	0.74
Cash conversion cycle, days, average	–	106	141
Interest cover, average	275.5	120.9	103.8
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	19,830	14,963	6,438
Cash from investing	−13,124	−10,171	−4,200
Cash from financing	−6,766	−4,702	−2,206
Capital spending	7,003	4,771	2,035
Dividends paid	6,612	4,592	2,020
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	85	85	0
Borrowings repaid	150	124	124

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	3	7	8	5
Altman Z-scorePublished threshold 1.81	–	–	3.78	2.37	3.52	5.60	4.23	5.80	6.91	11.73
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.60	−2.93	−1.84	−1.95	−2.39	−2.34
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.45	10.08	4.93	6.89	16.30	14.40
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.24	1.19	1.09	1.15
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−15.43	−0.50	−107.29	20.85	75.83	−6.24	8.89
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	70.39	−10.94	−30.08	−58.38	15.58	29.75	−33.69
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.16	0.10	2.16	0.79	2.27	−1.76	−1.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.98	1.91	3.38	4.36	4.64	9.74	9.04
Effective tax ratePublished threshold 17.16 per cent	30.73	34.16	36.77	38.90	1.29	25.36	21.00	26.00	25.37	25.13
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.26	−17.20	3.19	1.28	0.39

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
4 Nov 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	1,375

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.