NALCO Q4 FY 2025-26: Record Volumes, Strong Full-Year Profit, and a Clear Expansion Roadmap
Frequently Asked Questions
FY26 revenue from operations was Rs.17,843 crore, EBITDA (excluding exceptional income) was Rs.8,613 crore, and PAT was Rs.5,816 crore, as per the earnings presentation.
In Q4 FY26, revenue from operations was Rs.5,013 crore versus Rs.5,268 crore in Q4 FY25, and PAT was Rs.1,718 crore versus Rs.2,078 crore, as per the financial highlights table.
The investor presentation indicates start of commissioning in June 2026. Management stated commissioning may take about 2 to 4 months to stabilize, with FY27 incremental output targeted at about 2 lakh tonnes.
Management indicated capex of about Rs.1,800 to Rs.2,000 crore for FY26-27, rising to about Rs.4,000 to Rs.5,000 crore in FY27-28, with peak annual capex of about Rs.8,000 to Rs.10,000 crore during the main smelter and power project execution period.
Management stated current spot alumina prices are around US$310 to US$330/ton and expects FY26-27 average alumina pricing around US$300 to US$310/ton due to surplus alumina and Middle East disruptions.
The presentation notes LME prices are expected to average around US$3,125/MT for CY2026. Management indicated elevated prices near US$3,550 to US$3,600 in April due to disruptions but expects normalization to about US$3,000 to US$3,100 on average.
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