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Informist, Friday, Nov. 7, 2025

 

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--NALCO: Completed non-invasive exploration in Brazil mines 
--NALCO: To begin invasive exploration soon in Brazil mines 
--CONTEXT: Comments by NALCO mgmt at post-earnings analyst call 
--NALCO: See avg alumina prices in H2 at $320-$340 per tonne 
--NALCO: Don't expect prices of caustic soda to increase 
--NALCO: Captive coal production 2 mln tn in H1FY26 
--NALCO: Sold 700,000 tn alumina Apr-Sept, of 1.35 mln tn planned for FY26 

 

By Pallavi Singhal and Adhithya Aji

 

NEW DELHI/MUMBAI – National Aluminium Co. Ltd. expects to commission the additional 1-million-tonne capacity at its alumina refinery at Damanjodi in Odisha by June, with about 80% of the project already completed, the management said during a post-earnings conference call with analysts.

 

"The structural and equipment installation work for key packages such as precipitation, calcination, and filtration is nearing completion," the management said, adding that "commissioning will begin in June, with production expected to ramp up to 70–80?pacity within a few months." The expansion will lift the plant's alumina capacity to 3.1 million tonnes per annum, up from 2.1 million tonnes.

 

In the September quarter, NALCO's domestic alumina sales increased 191% on year to 31,100 tonnes and its alumina exports rose 33% to 365,100 tonnes, as per the company's investor presentation. For the six months ended Sept. 30, the company sold 700,000 tonnes of alumina out of the 1.35 million tonnes planned for the financial year 2025-26 (Apr-Mar). It plans to sell 600,000-650,000 tonnes in the second half of FY26. The Odisha-based company expects alumina prices to be slightly more favourable in the second half of FY26 at $320-$340 per tonne. The spot price currently is around $320, the management said. 

 

NALCO also outlined an INR 300-billion investment plan to build a 500,000 million-tonne aluminium smelter along with a 1-gigawatt captive power plant by 2030. The total capital expenditure requirement for the smelter will be between INR 170 billion and INR 200 billion, while the power plant will cost around INR 100 billion– INR 110 billion, the management said. "Our capex cycle for the project will begin in FY27, with commissioning targeted by the end of 2030."

 

Speaking about the company's joint venture entity Khanij Bidesh India Ltd., the management said the non-invasive exploration in five mines in Argentina has been completed and it will now go in for invasive exploration. "The results of the non-invasive exploration were good... Now we have to do the drilling and see the actual depth where the lithium is available," the management said. For this, a consultant has been appointed, who will give details about the presence of lithium in the next six months, it said. In August 2024, the joint venture entity Khanij Bidesh and Oil India had signed a memorandum of understanding to strengthen connections in the exploration and exploitation of critical minerals. 

 

NALCO's captive coal production was around 2 million tonnes in the first half of FY26 and the company targets production of 4 million tonnes by the end of FY26. "Last year, it was around 2.6-2.7 million tonnes," the company said. The management does not expect the price of caustic soda to increase further. "It may slightly go down or remain at the same level," it said. 

 

The company released its earnings after market hours Friday. Its shares closed 1.8% higher at INR 234.73 on the National Stock Exchange ahead of the result.  End

 

US$1 = INR 88.66

 

Written by Anjana Therese Antony

Edited by Rajeev Pai

 

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