Whalesbook
National Aluminium Company Limited (Nalco) has reported its best-ever Q2 FY26 and H1 FY26 financial performance, driven by higher volumes and expanding margins, especially from its captive coal operations. Despite a fortress balance sheet with no debt and substantial cash reserves, the company is trading at single-digit earnings multiples. Significant expansion plans, including a new alumina refinery and aluminium smelter, are underway, representing a ₹30,000 crore capex cycle, yet the market appears to be underpricing these developments. The company also offers an attractive dividend yield.