National Aluminium Company Limited — Investor Meet, 10-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

NALCO reported best-ever Q2 and H1 performance, with PAT up 34% YoY in Q2 and 50.2% in H1, driven by volume growth and efficiency gains (contributing ₹700 Cr and ₹300 Cr respectively). The refinery expansion (1 million tons) is 80% complete, targeting June 2026 commissioning with ₹5,000 Cr capex. A 5 lakh ton smelter expansion is planned by 2030, with a total capex of around ₹30,000 Cr (smelter and power). Management highlighted improved efficiencies, reduced grid power purchases, and progress on the KABIL lithium venture. Outlook for H2 alumina prices is $320-340/ton, while metal LME is expected at $2,800-2,900/ton. The company projects sustained growth through ongoing expansions and operational improvements.