National Aluminium Company Limited — Investor Meet, 18-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

NALCO delivered an exceptional FY25 with a 46% EBITDA margin supported by higher alumina prices (~$595 avg.) and LME increases, boosting revenues to ~₹16,700 Cr. For FY26, management expects EBITDA margin around 36%, with alumina prices forecast at $400-$430 and LME near $2,540. Key margin drivers include a planned 2 lakh tonne increase in alumina production (adding ~₹280-300 Cr margin), higher indigenous coal output (4 million tonnes) lowering costs, and efficiency improvements in raw materials.

Bauxite supply remains secure from in-house mines with low-cost production (~₹950-1000/tonne) versus expensive imports. A 1-million-ton alumina refinery is expected to commission by Q1 FY27, aiming to support a smelter capacity expansion (0.5 million ton) targeted within 3-4 years. Management highlights growing domestic alumina demand from refractory and steel sectors and strong long-term aluminum market growth in India. Transition toward value-added aluminum products is planned to improve product premiums.

The company is actively exploring green energy sources to meet a 30% renewable power target by 2030. Management remains confident on raw material security, margin sustainability, and scaling volumes to drive revenue growth in the medium term.