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.
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Yes Securities Report
We initiate coverage on National Aluminium Company Ltd. with an Add rating. Our rating on NALCO is built on the following parameters:
Volumes to step-up from FY27E; full benefits to accrue by FY28E;
Cost leadership intact as backward integration offsets input volatility;
Debt-free operations provide strategic flexibility for long-term capex; and
Pricing floor to remain intact amid Chinese capacity caps.
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