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NALCO Gets Yes Securities 'Add' Initiation On Multiple Growth Triggers
NALCO's backward-integration to drive margin resilience and expansion readines says Yes Securities Initiating with Add.
19 Sep 2025, 10:37 AM IST 
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The commissioning of the 1.0 mtpa 5th stream of Damanjodi alumina refinery by FY26- end will mark NALCO’s most significant capacity expansion in over a decade’s span.
(Photo source: Nalco's website)
NALCO enters its next growth cycle with a net-cash balance sheet, strong internal accruals, and aspirations of doubling the aluminium smelting capacity. With a proposed Rs 170 billion smelter expansion likely to be phased through CY30–31, the company is wellpoised to finance the upcoming capex through a blend of debt and equity.
