NALCO

NATIONALUM · NSE · Large Cap

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Aluminium Frames·Listed·Directness 18/100

NALCO

Integrated PSU aluminium producer; upstream solar frame beneficiary.

Aluminium Frames
Hold
Last price
₹394.00
52W: ₹161 – ₹445
-11.5% from 52W high
Mkt Cap
₹72.28K Cr
P/E
12.3x
EV/EBITDA
9.1x
ROCE
39.6%
ROE
29.4%
Book Value
₹118.0
Promoter
51.3%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

A
Fundamental (30%)
87
Valuation (20%)
87
Technical (20%)
78
Solar exposure (10%)
18
Policy beneficiary (7.5%)
55
Project pipeline (5%)
55
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹161Current: ₹394₹445
P/E
12.3x
P/B
3.3x
Div Yield
2.63%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. NALCO: aluminium upstream beneficiary of solar manufacturing scale-up.

Bull case

Bull case for NALCO: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for NALCO: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentAluminium Frames
Directness18/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)12.3x—
Forward P/E——
EV/EBITDA9.1x—
EV/Sales4.1x—
P/B3.3x—
FCF Yield3.1%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker NATIONALUM · last updated 2026-05-11

Open on Screener.in
Market Cap
₹72.28K Cr
Price
₹394.00
Stock P/E
12.3x
Book Value
₹118.0
ROCE
39.6%
ROE
29.4%
Div Yield
2.63%
52W Range
₹161 – ₹445

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y6.3%
Sales 3Y CAGR7.8%
Sales 5Y CAGR5.9%
PAT 1Y10.0%
PAT 3Y CAGR59.3%
PAT 5Y CAGR18.4%
Profitability
OPM latest44.0%
PAT margin latest32.5%
PAT margin 3Y avg26.3%
ROE29.4%
ROCE39.6%
Asset turnover0.67x
Leverage & cash
D / E0.00x
Net Debt / EBITDA0.01x
Borrowings / Assets0.2%
CFO / EBITDA0.81x
CFO / PAT1.11x
FCF (TTM proxy)₹2.24K Cr
Valuation
P/E12.3x
EV/EBITDA9.1x
EV/Sales4.05x
P/B3.34x
FCF Yield3.10%
Div Yield2.63%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales14,18114,25713,14916,78817,843
Operating Profit4,5162,3402,8017,5087,928
OPM %32%16%21%45%44%
Net Profit2,9511,4351,9885,2685,797
EPS (₹)16.077.8110.8328.6831.56

Quarterly results · last 4 quarters

₹ Crore.

MetricMar 2025Jun 2025Sep 2025Dec 2025
Sales5,2683,8074,2924,731
OPM %52%39%45%46%
Net Profit2,0671,0491,4301,595

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital918918918918918
Reserves11,63412,20813,47016,88720,685
Borrowings771059618260
Fixed Assets—————
Total Assets17,27617,62719,23522,88226,544

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating3,9589082,7195,8066,438
Investing-2,619-334-2,000-3,971-4,200
Financing-1,140-924-739-1,758-2,206
Net Cash Flow199-350-207732

Shareholding pattern

Latest disclosed

Promoters
51.28%
FII
22.27%
DII
10.75%
Public
15.69%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.