National Aluminium Company Limited

NATIONALUM.NS

Aluminum · Basic Materials

Price

₹394.45

+8.85 (+2.30%)

Market Cap

₹724.46B

Exchange

National Stock Exchange of India

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Mixed

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

National Aluminium Company Limited, known as NALCO, is an Indian government-owned company that mines bauxite, refines it into alumina, and smelts it into aluminum metal. It sells aluminum products to industries like construction, packaging, transportation, and electrical cables across India. NALCO is one of the largest integrated aluminum producers in Asia and is majority-owned by the Government of India.

NALCO earns revenue by selling primary aluminum, alumina, and aluminum products, with some export sales adding foreign currency income. It operates mines and plants mainly in the state of Odisha, India, giving it control over its raw material supply — a key cost advantage over competitors who must buy bauxite or alumina separately. The company's high margins reflect this integrated structure and low-cost operations. The main risk is that global aluminum prices are set by commodity markets, so a sharp drop in aluminum prices could quickly reduce profits even if NALCO runs its operations efficiently.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-16.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

51.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

National Aluminium Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.84B (2022) → 1.84B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

60.1%

Premium pricing power — 60.1% gross margin

Profit after running costs

Operating Margin

47.6%

Excellent — 47.6% operating margin

Return on the money invested

ROCE

38.9%

Exceptional — 38.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.0%

Steady sales growth (+9.0% YoY)

Profit growth

EPS YoY

+17.9%

Earnings growing fast (+17.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

40%

Weak — only 40% of profit becomes cash

Spare cash per sale

FCF Margin

9.4%

Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

82.99x

Comfortably covers interest (83.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.7x

Attractive valuation — P/E 10.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.71%

Moderate income — 3.71% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+8.3%

Dividend growing modestly (8.3% YoY)

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