Equities. Commodities. Metals & Mining

Rahul Jain

Equity Bottom-Up

<ul>
<li>NACL posted its best ever quarterly performance in 3QFY25, driven by a sharp spike in alumina prices. Alumina prices have since cooled off but remain elevated at above US$450/t</li>
<li>NACL is set to expand its alumina capacity by 33% over the next 12 months. This will help double its external alumina sales from 1mt to 2mt. </li>
<li>Trades at 25% discount to historic PE of 13x despite record earnings, healthy balance sheet and strong near-term volume growth driven by brownfield expansion.</li>
</ul>


NACL posted its best ever quarterly performance in 3QFY25, driven by a sharp spike in alumina prices. Alumina prices have since cooled off but remain elevated at above US$450/t
NACL is set to expand its alumina capacity by 33% over the next 12 months. This will help double its external alumina sales from 1mt to 2mt. 
Trades at 25% discount to historic PE of 13x despite record earnings, healthy balance sheet and strong near-term volume growth driven by brownfield expansion.


National Aluminium (NACL IN) New Capacities and Cheap Valuations to Drive Returns

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nalco posted a solid quarterly performance given EBITDA of Rs23.3bn (+21.1% vs Consensus; +26.1% vs Emkay; +50.3% QoQ), with the earnings beat led by higher alumina export volumes, while benefitting from elevated alumina prices.</li><li>We note that progress on the alumina refinery project has slowed, with the company delaying it by three months.</li><li>While we did not build in any volume growth for FY26 to allow for any delays/teething issues, our sense is that the delay could be seen as slightly negative by the market.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco posted a solid quarterly performance given EBITDA of Rs23.3bn (+21.1% vs Consensus; +26.1% vs Emkay; +50.3% QoQ), with the earnings beat led by higher alumina export volumes, while benefitting from elevated alumina prices.We note that progress on the alumina refinery project has slowed, with the company delaying it by three months.While we did not build in any volume growth for FY26 to allow for any delays/teething issues, our sense is that the delay could be seen as slightly negative by the market.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Co - Strong Q3 Print; Reiterate BUY

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>National Aluminium (NACL) reported strong operating performance in Q3FY25 on strong alumina pricing and volumes.</li><li>Alumina/ metal volumes grew 9%/-7% YoY to 375kt/106kt.</li><li>Average NSR for alumina in Q3 improved 80% YoY to USD648/t, while that for metal grew 19% YoY to USD2,906/t aided by higher LME prices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium (NACL) reported strong operating performance in Q3FY25 on strong alumina pricing and volumes.Alumina/ metal volumes grew 9%/-7% YoY to 375kt/106kt.Average NSR for alumina in Q3 improved 80% YoY to USD648/t, while that for metal grew 19% YoY to USD2,906/t aided by higher LME prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Co. (NACL IN) - Robust Performance on Pricing & Volumes

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Overall beat: NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the Alumina and Aluminium divisions.</li><li>EBIT at both divisions increased sharply, led by higher Alumina and Aluminium prices in Q3FY25.</li><li>Alumina refinery expansion: The 5th stream Alumina refinery of 1 mtpa is 70% complete and is expected to be commissioned by the end of FY26 from earlier guidance of Sep’25 (Q2FY26).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall beat: NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the Alumina and Aluminium divisions.EBIT at both divisions increased sharply, led by higher Alumina and Aluminium prices in Q3FY25.Alumina refinery expansion: The 5th stream Alumina refinery of 1 mtpa is 70% complete and is expected to be commissioned by the end of FY26 from earlier guidance of Sep’25 (Q2FY26).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Company Ltd - Robust Q3 Led by Strong Commodity Prices

<ul><li>Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. </li><li>Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).</li><li>The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

India

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

National Aluminium (NACL IN)