National Aluminium Company Limited — Investor Meet, 29-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

NALCO delivered record revenue, PAT, and margins in FY25, driven by peak alumina production and thermal power generation near full capacity. Q4 alumina realisation was ~$600/ton, softening to ~$400/ton in Q1FY26. Alumina capacity expansion faces a 6-month delay, now expected mid-2026, while smelter brownfield expansion planning with Rs 17,000 Cr CAPEX will start FY27-28. Coal output is scaling to 4 million tonnes, reducing costs by Rs 300-400/ton. Employee costs fell with retirements; gradual headcount reduction continues. Management targets 36-37% EBITDA margin in FY26, focusing on volume growth, cost efficiency, and project execution amid volatile LME and alumina prices.