National Aluminium Company Limited

NATIONALUM.NS

Aluminum · Basic Materials

Price

₹381.00

+0.00 (+0.00%)

Market Cap

₹699.76B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

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.

Winston Score History

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

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Quality

Gross Margin

60.1%

Premium pricing power — 60.1% gross margin

Operating Margin

47.6%

Excellent — 47.6% operating margin

ROCE

11.7%

Below par — 11.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+9.0%

Steady sales growth (+9.0% YoY)

EPS YoY

+17.9%

Earnings growing fast (+17.9% YoY)

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

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

40%

Weak — only 40% of profit becomes cash

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

Debt / Equity

N/A

Data not available

Interest Cover

82.99x

Comfortably covers interest (83.0x)

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

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Valuation

P/E Ratio (TTM)

10.4x

Attractive valuation — P/E 10.4

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

P/E vs Forward

+1.1

GROWING

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

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Dividends

Dividend Yield

3.71%

Moderate income — 3.71% yield

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

Dividend Growth

+8.3%

Dividend growing modestly (8.3% YoY)

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