NATIONALUM · Metals & Mining
National Aluminium Co. Ltd. reported revenue of ₹4,292 cr for July to September 2025, +7.3% on the year and +12.7% on the quarter. Over the last four quarters revenue comes to ₹18,029 cr, +30.8% on the four before.
Operating profit (EBITDA) was ₹1,926 cr, a margin of 44.9%, +655 bps on the year and +604 bps on the quarter. Over the last 8 quarters the margin has ranged from 22.6% to 52.1%, averaging 38.6%. Operating costs grew −4.1% against revenue growth of +7.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,430 cr, +36.7% on the year and +36.3% on the quarter, with earnings per share of ₹7.79. Profit before other income, one-offs and tax grew 29.1%, so 8 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹6,112 cr, +97.0% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹33.29 over the last four quarters, the stock at ₹324.75 trades at 9.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Chemicals Segment Revenue (₹ crore) | 1,834 |
| Aluminium Segment Revenue (₹ crore) | 2,880 |
| Chemicals Segment Result (₹ crore) | 623.68 |
| Aluminium Segment Result (₹ crore) | 1,189 |
Read using the Metals and mining framework (named in the filing read). Primary valuation lens: EV/EBITDA on mid-cycle earnings.
Read more closely in this sector: Capacity announced against commissioned · Inventory gains in margin.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,348 cr | ₹3,579 cr | ₹2,856 cr | ₹4,001 cr | ₹4,662 cr | ₹5,268 cr | ₹3,807 cr | ₹4,292 cr | ₹4,731 cr | ₹5,013 cr | ₹5,302 cr | ₹5,419 cr |
| YoY | — | — | −10% | +31% | +39% | +47% | +33% | +7% | +1% | −5% | +39% | +26% |
| EBITDA margin | 22.6% | 30.4% | 32.2% | 38.3% | 49.6% | 52.1% | 38.8% | 44.9% | 45.9% | 46.9% | 51.1% | 44.5% |
| Other income, % of PBT | 8% | 38% | 8% | 5% | 5% | 5% | 9% | 8% | 9% | 9% | 6% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 26% | 27% | 26% | 26% | 25% | 26% | 24% | 25% | 26% | 26% | 26% |
| Net profit | ₹471 cr | ₹997 cr | ₹588 cr | ₹1,046 cr | ₹1,566 cr | ₹2,067 cr | ₹1,049 cr | ₹1,430 cr | ₹1,595 cr | ₹1,722 cr | ₹2,003 cr | ₹1,835 cr |
| YoY | — | — | +76% | +459% | +232% | +107% | +78% | +37% | +2% | −17% | +91% | +28% |
| Core profit YoY | — | — | +83% | +621% | +234% | +213% | +74% | +29% | −4% | −19% | +95% | +28% |
| EPS | ₹2.56 | ₹5.43 | ₹3.20 | ₹5.70 | ₹8.53 | ₹11.26 | ₹5.71 | ₹7.79 | ₹8.69 | ₹9.38 | ₹10.91 | ₹9.99 |
| Flags | · | 1 | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | 2 | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
National Aluminium Co. Ltd. reported revenue of ₹4,292 cr (+7.3% on the year) and net profit of ₹1,430 cr (+36.7% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +29.1% on the year, against +36.7% for reported profit.
None of the 7 checks that could run raised a question.
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