NALCO Q4 Results Review: Robust Show; But Future Earnings Likely To Slip — ICICI Securities Downgrades To Hold

Alumina price is well past its peak and the brokerage expects it to remain subdued as supplies from China and India ramp up. While there might be intermittent supply disruptions, the brokerage expects the price to stay range-bound between $350–400/tonne. Furthermore, ICICI Securities sees only a limited scope of volume growth in the near term. That said, the captive coal might lend some cost advantage.