NATIONALUM · Metals & Mining
National Aluminium Co. Ltd. reported revenue of ₹4,292 cr for July to September 2025, — on the year and — on the quarter.
Operating profit (EBITDA) was ₹1,926 cr, a margin of 44.9%, — on the year and — on the quarter.
Net profit was ₹1,433 cr, — on the year and — on the quarter, with earnings per share of ₹7.80.
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.
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: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
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.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹4,292 cr | ₹5,302 cr | ₹5,419 cr |
| YoY | — | — | +26% |
| EBITDA margin | 44.9% | 51.1% | 44.5% |
| Other income, % of PBT | 8% | 6% | 10% |
| Exceptional items | — | — | — |
| Tax rate | 24% | 26% | 26% |
| Net profit | ₹1,433 cr | ₹2,002 cr | ₹1,835 cr |
| YoY | — | — | +28% |
| Core profit YoY | — | — | +27% |
| EPS | ₹7.80 | ₹10.90 | ₹9.99 |
| Flags | · | · | 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 (— on the year) and net profit of ₹1,433 cr (— on the year) for July to September 2025.
None of the 2 checks that could run raised a question.
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