Analyst Concall
NALCO FY26 capex pegged at INR 17 bln, seen rising from FY27
This story was originally published at 19:47 IST on 30 January 2026
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--NALCO: FY26 capex seen around INR 17 bln
--CONTEXT: Comments by NALCO mgmt in post-earnings analyst call
--NALCO: See capex rising from FY27
--NALCO: To look for long-term supply pacts for new refinery
--NALCO: Ramping up captive coal mine capacity
--NALCO: Working on increasing smelter capacity by 2031
--NALCO: Expect to commission new refinery by Jun
By Afra Abubacker and Narayana Krishna
NEW DELHI/HYDERABAD – National Aluminium Co. Ltd. has estimated a capital expenditure of INR 17 billion in 2025-26 (Apr-Mar) and has indicated that investment will rise from FY27 onwards with the execution of large expansion projects. As part of the expansion, NALCO expects to start commissioning its new alumina refinery in June, with production stabilisation likely to take another three to four months, the company's management said during a post-earnings conference call with analysts.
The company said it is looking for long-term supply contracts for the new refinery, adding that finalisation would depend on favourable pricing terms. "We are trying to have some long-term contract, one year or maybe two years... some parties have approached us for a long-term contract, that is, one year, two years, or three years. We will be uploading the tender," a top company official said in the call. "If we get better offers, we will be going for it. It only depends on what offer we are getting," he added.
NALCO is also ramping up its production at its captive coal mine up to 4 million tonnes this year. The management said its captive coal remains cheaper than externally sourced coal. "The difference between our coal and the coal which we are taking from outside is around INR 100 to 250 (per tonne), depending on the source," it added.
In addition, the company is working on increasing its smelter capacity by an additional 500,000 tonnes by the end of 2030 or early 2031.
The company's net profit rose over 1.1% on year and nearly 12% on quarter to INR 16.01 billion for the December quarter. Its revenue for the quarter rose 1.5% on year and over 10% on quarter to INR 47.31 billion.
The majority of the company's revenue came from its aluminium segment at INR 34.62 billion, up over 33% on year. The segment accounted for over 73% of the company's total revenue from operations, while the remaining revenue came from chemicals and other segments.
On Friday, shares of National Aluminium Co. ended at INR 385.45 on the National Stock Exchange, down 10.1% from the previous close. The company announced its earnings during market hours. End
Edited by Saji George Titus
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