NATIONALUM · Metals & Mining
National Aluminium Co. Ltd. reported revenue of ₹4,662 cr for October to December 2024, +39.2% on the year and +16.5% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹2,311 cr, a margin of 49.6%, +2,699 bps on the year and +1,126 bps on the quarter. It is the widest margin of the last 7 quarters (range 12.4% to 49.6%). Operating costs grew −9.3% against revenue growth of +39.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,566 cr, +232.5% on the year and +49.7% on the quarter, with earnings per share of ₹8.53. Profit before other income, one-offs and tax grew 234.3%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average.
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 ₹22.86 over the last four quarters, the stock at ₹324.75 trades at 14.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, 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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,043 cr | ₹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 |
| YoY | — | — | — | −10% | +31% | +39% | +47% | +33% | +7% | +1% | −5% | +39% |
| EBITDA margin | 12.4% | 22.6% | 30.4% | 32.2% | 38.3% | 49.6% | 52.1% | 38.8% | 44.8% | 45.9% | 46.9% | 51.1% |
| Other income, % of PBT | 27% | 8% | 38% | 8% | 5% | 5% | 5% | 9% | 8% | 9% | 9% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 28% | 26% | 27% | 26% | 26% | 25% | 26% | 24% | 25% | 26% | 26% |
| Net profit | ₹187 cr | ₹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 |
| YoY | — | — | — | +76% | +459% | +232% | +107% | +78% | +37% | +2% | −17% | +91% |
| Core profit YoY | — | — | — | +83% | +621% | +234% | +213% | +74% | +29% | −4% | −19% | +95% |
| EPS | ₹1.02 | ₹2.56 | ₹5.43 | ₹3.20 | ₹5.70 | ₹8.53 | ₹11.26 | ₹5.71 | ₹7.79 | ₹8.69 | ₹9.38 | ₹10.91 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | 2 | 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 ₹4,662 cr (+39.2% on the year) and net profit of ₹1,566 cr (+232.5% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +234.3% on the year, against +232.5% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.