NALCO sets Rs 4.50 interim dividend, November 6 record date

National Aluminium Company Limited declared a Rs 4.50-per-share interim dividend for FY 2026-27, equal to 90% of face value and implying Rs 826.48 crore on its Rs 918.32 crore paid-up capital. NALCO set November 6, 2026 as the record date and said payment will be made by December 1, 2026.

What dividend has NALCO declared for FY 2026-27?

NALCO has approved an interim dividend of Rs 4.50 for each equity share for FY 2026-27. The board approved the payment at its November 2, 2026 meeting, describing it as 90% on the Rs 5 face value of each share.

NALCO reported paid-up equity share capital of Rs 918.32 crore in its standalone results for the quarter and six months ended September 30, 2026. Applying the announced 90% dividend rate to that capital implies a distribution of Rs 826.48 crore. The filing specifies the per-share dividend and paid-up capital, rather than publishing a separate aggregate payout figure.

The dividend decision was announced alongside NALCO’s unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2026. The board meeting commenced at 1700 hours and concluded at 2000 hours on November 2, 2026.

Who will receive NALCO's interim dividend and when?

NALCO will pay the FY 2026-27 interim dividend to shareholders whose names appear in the Register of Members on Friday, November 6, 2026. That is the record date fixed by the board for eligibility for the Rs 4.50-per-share payment.

NALCO said the dividend will be paid on or before December 1, 2026. The stated timetable places the latest payment date 25 days after the November 6 record date, and the company said it would also publish the record-date information in newspapers.

Dividend income is taxable in shareholders’ hands under the Income Tax Act, 2025, according to the filing. NALCO said it must deduct tax deducted at source, or TDS, at prescribed rates, and shareholders seeking lower or nil TDS for FY 2026-27 must submit the required documents and a Permanent Account Number, or PAN, copy by November 9, 2026.

NALCO said requests received after November 9, 2026 would not be entertained. It added that TDS would be deducted at applicable rates where valid documents were not submitted, and that no claim would lie against the company for tax deducted.

How is NALCO's Rs 826.48 crore dividend amount calculated?

NALCO’s Rs 4.50 dividend equals 90% of the Rs 5 face value assigned to every equity share. Its paid-up equity share capital was Rs 918.32 crore at September 30, 2026, the same amount reported at June 30, 2026, September 30, 2025 and March 31, 2026 in the standalone statements.

Multiplying Rs 918.32 crore by the 90% declared rate results in an implied aggregate payout of Rs 826.48 crore. That calculation does not reflect shareholder-level TDS, because the amount deducted depends on applicable rates and whether shareholders provide the documents requested by November 9, 2026.

The implied Rs 826.48 crore payout is below NALCO’s standalone profit for the September 2026 quarter of Rs 1,835.09 crore and its Rs 3,837.47 crore profit for the six months ended September 30, 2026. These are comparisons with reported profit periods, not a dividend payout ratio, which the filing does not state.

What financial results did NALCO report with the dividend?

NALCO reported standalone revenue from operations of Rs 5,419.44 crore for the quarter ended September 30, 2026, against Rs 4,292.34 crore a year earlier. Profit for the period rose to Rs 1,835.09 crore from Rs 1,433.17 crore, while basic and diluted earnings per share increased to Rs 9.99 from Rs 7.80.

Quarterly profit fell sequentially from Rs 2,002.38 crore in the quarter ended June 30, 2026 to Rs 1,835.09 crore in the September quarter. Revenue from operations increased from Rs 5,302.38 crore to Rs 5,419.44 crore across those quarters, while total expenses rose from Rs 2,786.78 crore to Rs 3,196.18 crore.

For the six months ended September 30, 2026, NALCO’s standalone revenue from operations increased by Rs 2,622.54 crore from the corresponding 2025 period, while profit increased by Rs 1,340.44 crore. Total income was Rs 11,143.20 crore, total expenses were Rs 5,982.96 crore and profit before tax was Rs 5,160.24 crore.

The statutory auditors drew attention to NALCO’s non-recognition of revenue from two wind power plants because power purchase agreements, or PPAs, with the Rajasthan state government remain pending. The matter is sub judice before the High Court of Rajasthan, although the auditors said their conclusion on the September 30, 2026 standalone results was not modified in respect of this matter.

Conclusion

NALCO’s interim dividend combines a Rs 4.50-per-share distribution with higher year-on-year standalone revenue and profit for both the September 2026 quarter and first six months. The implied Rs 826.48 crore distribution is based on the company’s Rs 918.32 crore paid-up capital and the board’s declared 90% rate.

The next disclosed shareholder deadline is November 9, 2026 for lower or nil TDS documentation, followed by dividend payment on or before December 1, 2026. NALCO has also disclosed the unresolved PPA and revenue-recognition issue involving two Rajasthan wind power plants, which remains before the High Court of Rajasthan.