NATIONALUM · Metals & Mining
National Aluminium Co. Ltd. reported revenue of ₹4,731 cr for October to December 2025, +1.5% on the year and +10.2% on the quarter. Over the last four quarters revenue comes to ₹18,098 cr, +19.9% on the four before.
Operating profit (EBITDA) was ₹2,173 cr, a margin of 45.9%, −364 bps on the year and +113 bps on the quarter. Over the last 8 quarters the margin has ranged from 30.4% to 52.1%, averaging 41.5%. Operating costs grew +8.8%, faster than revenue at +1.5%, so operating profit grew less than sales.
Net profit was ₹1,595 cr, +1.9% on the year and +11.5% on the quarter, with earnings per share of ₹8.69. Profit before other income, one-offs and tax fell 3.7%, so 6 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹6,141 cr, +46.3% 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 ₹33.45 over the last four quarters, the stock at ₹324.75 trades at 9.7 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.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹182 cr, −36.4% on the year.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Metals and mining: Commodity margins move with prices each quarter; read EBITDA per tonne instead. EBITDA margin 45.9%, −364 bps on the year (+113 bps on the quarter).
Source: Quarterly statements
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 ₹4,731 cr (+1.5% on the year) and net profit of ₹1,595 cr (+1.9% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −3.7% on the year, against +1.9% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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