NALCO's FY26 Financials

National Aluminium Company Limited (NALCO) announced its audited financial results for the fiscal year ended March 31, 2026. The state-owned enterprise reported a consolidated profit after tax of ₹5,815.76 crore, up from ₹5,324.67 crore in the previous fiscal year. Consolidated revenue from operations grew to ₹17,843.05 crore from ₹16,787.63 crore in FY25.

The Board of Directors also approved a third interim dividend of ₹2.00 per equity share, totaling ₹367.33 crore. This payout is scheduled for May 30, 2026, with a record date of May 8, 2026. All future dividend payments will be processed electronically.

Investor Impact

NALCO's strong financial performance highlights its operational efficiency and demand for its products. The interim dividend declaration reinforces its commitment to shareholder returns, a key factor for investors.

Company Background

National Aluminium Company Limited (NALCO), headquartered in Bhubaneswar, Odisha, is an Indian public sector undertaking (PSU) under the Ministry of Mines and holds 'Navratna' status. It is one of Asia's largest integrated aluminium producers, involved in bauxite mining, alumina refining, aluminium smelting, and power generation.

Shareholder Updates

Shareholders should ensure their bank details are updated for electronic dividend payments, which will be the exclusive method going forward. NALCO is also proceeding with the winding up of its joint venture, M/s. Utkarsha Aluminium Dhatu Nigam Limited, pending regulatory approvals.

Key Risks to Monitor

Revenue recognition from two wind power plants in Rajasthan has been pending since April 1, 2019, due to an unresolved Power Purchase Agreement (PPA). This matter is currently before the courts. The new labour codes, set to take effect from November 21, 2025, may carry financial implications. NALCO is making provisional provisions while awaiting the finalisation of rules.

Peer Comparison

NALCO's closest listed peers in the Indian market are Hindalco Industries Limited and Vedanta Limited. Hindalco is a leading global aluminium producer and major player in India's non-ferrous metals sector, while Vedanta is another significant Indian aluminium producer with diversified operations.

Key Financial Figures

• Consolidated Profit After Tax: ₹5,815.76 crore (FY26) vs ₹5,324.67 crore (FY25)
• Consolidated Revenue from Operations: ₹17,843.05 crore (FY26) vs ₹16,787.63 crore (FY25)

What to Watch

• Progress on the pending Power Purchase Agreement (PPA) and revenue recognition for the wind power plants.
• Regulatory clearances for winding up the joint venture, Utkarsha Aluminium Dhatu Nigam Limited.
• Financial implications and implementation details of the new labour codes.