Loading…
State-owned Indian aluminium producer operating bauxite mining, alumina refining and aluminium smelting.
State-owned Indian aluminium producer operating bauxite mining, alumina refining and aluminium smelting.
Mines bauxite in Odisha, refines it to alumina and smelts part of it into aluminium, selling both at prices tied to world markets, and exports a large share of its alumina. A captive power plant supports the Angul smelter. The Government of India is the controlling shareholder.
In one line: A state-owned Alcoa.
Moat: narrow (scale, regulatory licence, cost advantage). State ownership gives access to captive bauxite reserves and government mining licences at low cost.
Headquarters: Bhubaneswar, India · Founded: 1981 · Employees: 21,586
Size National Aluminium (NATIONALUM.NS) is an India Materials company (Aluminum) with a market value of $6.33B, the 179th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹325.75 on 6 Nov 2026.
Performance Over six months the shares fell 19.3%, against -27.7% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 13.5% over the last twelve months (peer median +15.6%); the operating margin is 43.5% (peer median 13.3%).
Valuation It trades at 8.3× forward earnings against a peer median of 7.4× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 39.3 points above its cost of capital (13.3% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹205B | ₹178B | ₹167B | ₹131B | ₹142B |
| Revenue growth | — | +6% | +27% | -8% | — |
| Gross profit | ₹118B | ₹78.6B | ₹79.9B | ₹32.9B | ₹24.1B |
| EBITDA | ₹96.5B | ₹79.6B | ₹75.4B | ₹29.0B | ₹24.4B |
| Net income | ₹71.6B | ₹58.0B | ₹52.7B | ₹19.9B | ₹14.3B |
| Free cash flow | n/a | ₹48.6B | ₹48.6B | ₹13.7B | -₹3.27B |
| Capital expenditure | n/a | ₹20.4B | ₹12.0B | ₹16.6B | ₹15.3B |
| Total debt | ₹579M | ₹2.02B | ₹3.11B | ₹964M | ₹1.05B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| National Aluminium NATIONALUM.NS | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% |
| Hindalco Industries HINDALCO.NS | $22.7B | -9% | +20% | 11% | 8.6× | n/a |
| Vedanta Aluminium Metal VAML.NS | $15.6B | n/a | n/a | n/a | 6.7× | n/a |
| Vedanta VEDL.NS | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NATIONALUM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | -7.8% | highest of 21 |
| 6-month return | -19.3% | -27.7% | 7th highest of 20 |
| Distance from 52-week high | -26.8% | -45.7% | 4th highest of 21 |
| Revenue growth (TTM) | +13.5% | +15.6% | 10th lowest of 20 |
| Operating margin | 43.5% | 13.3% | highest of 20 |
| Forward P/E | 8.3× | 7.4× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.2% | -5.7% | 6th most demanding of 16 |
| Growth delivered (Del g) | +14.7% | +9.5% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -18.8 pp | -15.1 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +39.3 pp | +3.6 pp | highest of 21 |
| EV / EBITDA | 4.9× | 5.0× | 5th cheapest of 10 |
| Net debt / EBITDA | -1.3× | 1.0× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Aluminium NATIONALUM.NS | India | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% | +14.7% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| Henan Zhongfu Industrial 600595.SS | China | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% | +23.3% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Grupa Kety KTY.WA | Poland | $3.15B | +11% | +8% | 15% | 16.9× | 6.6% | +9.2% |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| Xinjiang Joinworld 600888.SS | China | $2.07B | +3% | +21% | 7% | 11.7× | n/a | n/a |
| UACJ 5741.T | Japan | $2.06B | -36% | +28% | 9% | 6.2× | -5.3% | +15.7% |
| Jiangsu Dingsheng New Material Joint-Stock 603876.SS | China | $2.00B | -52% | +10% | 4% | 12.4× | 8.1% | +16.2% |
| Shanghai Huafon Aluminium Corporation 601702.SS | China | $1.98B | -29% | +10% | 10% | 9.2× | n/a | n/a |