National Aluminium Company (NALCO), a Navratna CPSE spanning bauxite mining, alumina refining, aluminium smelting and power, reports into a quarter where input costs are rising even as aluminium prices cool from recent highs. The print will speak to two things: whether margins hold against guided Q2 metal cost of Rs. 1,70,000–1,72,000/tonne, and whether the ~Rs. 25,000 crore smelter expansion secured Board approval in the targeted Oct/Nov 2026 window.
| Results date | November 02, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,302.38 crore (+39% YoY as stated) |
| Previous quarter PAT | Rs. 2,002.38 crore (+88% YoY as stated) |
| Net debt (latest quarter) | Net cash position of Rs. 10,500+ crore at 30.06.2026 |
| Market cap | Rs. 56,604.99 Cr |
| CMP | Rs. 308.2 |
A Board meeting is scheduled on 02 Nov 2026 to consider the Q2/H1 FY27 results and interim dividend, with the trading window closed 01 Oct–04 Nov.
The Q2 FY27 print tests whether NALCO's record Q1 — revenue of Rs. 5,302.38 crore, up 39% YoY, with a 55.52% aluminium segment margin — can be defended against rising input costs, with management guiding Q2 metal cost at Rs. 1,70,000–1,72,000/tonne. LME aluminium traded broadly $3,100–3,300/tonne over July–August but exited around $3,078 cash on 27 Oct, at the soft end of the guided US$3,200–3,300/tonne CY2026 band, while the rupee at Rs. 95.79/USD at 30 Sep 2026 versus Rs. 87.91 a year earlier supports rupee realizations. The coal squeeze intensified through the quarter — e-auction premiums rose from 41% in July to 94% in September with power-plant stocks at ~9 days — while caustic soda market prints fell ~17% QoQ to ~Rs. 38/kg in Q2 QTD, running against management's ~Rs. 49,000/ton guide. On alumina, Q1 NSR was $330/tonne, down 7% QoQ, into a ~1.6 MT global surplus, though the Alunorte cut to 50% of capacity on 12 Aug is the first supply-side tightening signal. The call is also expected to cover whether Board approval for the ~Rs. 25,000 crore smelter expansion landed in the Oct/Nov 2026 window and whether the 5th Stream refinery (1 MTPA) hit its October 2026 production target.
Q2 FY27 cost guidance tracking: Cost lines are the biggest swing factor this quarter.
Smelter expansion and 5th Stream refinery milestones
Alumina realization and sales mix
FY27 volume, capex and coal targets
Regulatory and litigation updates
Management guided caustic soda at ~Rs. 49,000/ton for Q2 FY27, up Rs. 3,000–4,000 versus ~Rs. 45,000/ton in Q1. However, independent market prints show caustic falling ~17% QoQ to ~Rs. 38/kg in Q2 QTD, so the actual cost may land differently.
The Q1 FY27 alumina realization was $323/tonne, with spot tenders at $370–380. This compares with $348 in Q4 FY26.
Management confirmed a domestic premium of about 10% over LME, attributed to import customs duty and inland transportation costs. NALCO maintains a fixed premium policy linked to LME for transparency.
The ~Rs. 25,000 crore smelter expansion (smelter portion Rs. 17,000–18,000 crore) is planned to be funded via internal accruals without external borrowing. Board approval was targeted for Oct/Nov 2026, with commissioning by Dec 2030/H1 2031.