National Aluminium Company Ltd. declared an interim dividend of Rs 4.50 per share for the financial year 2026-27, even as the state-run aluminium producer reported a sequential decline in quarterly profit and operating margins for the September quarter.
The company's consolidated net profit fell 8.4% quarter-on-quarter to Rs 1,835 crore in Q2 FY27, compared with Rs 2,003 crore in the preceding June quarter. The decline came despite an improvement in revenue, pointing to pressure on profitability during the period.
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According to the company's regulatory filing, revenue from operations increased 2.2% sequentially to Rs 5,419 crore from Rs 5,302 crore in Q1 FY27.
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However, operating performance remained under pressure. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 11% quarter-on-quarter to Rs 2,411 crore, against Rs 2,708 crore in the previous quarter.
The contraction in operating earnings also weighed on margins. NALCO's EBITDA margin narrowed to 44.5% in Q2 from 51.1% in Q1, marking a decline of around 660 basis points. The sharp sequential compression in margins could remain a key concern for investors, particularly as revenue continued to grow during the quarter.
The board of directors, which met on November 2, approved an interim dividend of Rs 4.50 per equity share, representing a payout of 90% on the face value of Rs 5 per share.
According to the company's regulatory filing with the stock exchanges, November 6, 2026, has been fixed as the record date to determine eligible shareholders for the interim dividend. The dividend payment will be made on or before December 1, 2026.
The company also said dividend income would be subject to tax deduction at source (TDS) at applicable rates. Shareholders seeking a lower or nil TDS deduction have been asked to submit the necessary documents, along with their PAN details, by November 9.
For the six months ended September 30, 2026, NALCO reported revenue from operations of Rs 10,721.82 crore, compared with Rs 8,099.28 crore in the corresponding period last year.
Net profit for the first half of FY27 stood at Rs 3,837.47 crore, against Rs 2,497.03 crore in the year-ago period, reflecting a substantial improvement in year-on-year earnings.
The financial results were reviewed by the company's statutory auditors, SKB & Associates and B.M. Chatrath & Co LLP. The auditors issued a limited review report on the unaudited financial statements.
The auditors also highlighted that revenue from two wind power plants had not been recognised pending the execution of power purchase agreements with the Rajasthan government. The matter is currently sub judice before the Rajasthan High Court. However, the auditors stated that their conclusion on the financial statements was not modified in this regard.
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