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Last Updated: April 2, 2026, 3:23 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532234 | NSE: NATIONALUM

National Aluminium Company Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹347.18Overvalued by 12.99%vs CMP ₹399.00

P/E (11.9) × ROE (32.6%) × BV (₹109.00) × DY (2.63%)

₹313.39Overvalued by 21.46%vs CMP ₹399.00
MoS: -27.3% (Negative)Confidence: 53/100 (Moderate)Models: 1 Under, 2 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹402.4423%Fair (+0.9%)
Graham NumberEarnings₹287.1917%Over (-28%)
Earnings PowerEarnings₹113.8211%Over (-71.5%)
DCFCash Flow₹704.6111%Under (+76.6%)
Net Asset ValueAssets₹109.287%Over (-72.6%)
EV/EBITDAEnterprise₹360.529%Fair (-9.6%)
Earnings YieldEarnings₹336.307%Over (-15.7%)
ROCE CapitalReturns₹95.437%Over (-76.1%)
Revenue MultipleRevenue₹91.306%Over (-77.1%)
Consensus (9 models)₹313.39100%Overvalued
Key Drivers: Wide model spread (₹91–₹705) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 15.9%

*Investments are subject to market risks

Investment Snapshot

79
National Aluminium Company Ltd scores 79/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 43.7% ExcellentROE 32.6% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 3.86% (6mo) AccumulatingDII holding down 3.35% MF sellingPromoter holding at 51.3% Stable
Earnings Quality75/100 · Strong
OPM expanding (25% → 34%) ImprovingWorking capital: -7 days (improving) Efficient
Quarterly Momentum70/100 · Strong
Revenue (4Q): +20% YoY GrowingProfit (4Q): +45% YoY StrongOPM: 46.0% (down 4.0% YoY) Margin pressure
Industry Rank85/100 · Strong
P/E 11.9 vs industry 47.7 Cheaper than peersROCE 43.7% vs industry 16.5% Above peersROE 32.6% vs industry 12.8% Above peers3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

National Aluminium Company Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
20/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 11.9 vs Ind 47.7 | ROCE 43.7% | ROE 32.6% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.00x | IntCov 0.0x | Current 2.10x | Borrow/Reserve 0.00x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹5,325 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +3.45 pp | DII -3.10 pp | Prom 0.00 pp
Business Momentum
+28
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +10.2% | Q NP +11.7% | Q OPM +1.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-21.5%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.00xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+3.45 ppLatest FII% minus previous FII%
DII Change-3.10 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-17,445Latest shareholder count minus previous count
Quarterly Sales Change+10.2%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+11.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+1.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:23 am

Market Cap 73,364 Cr.
Current Price 399
Intrinsic Value₹313.39
High / Low 432/138
Stock P/E11.9
Book Value 109
Dividend Yield2.63 %
ROCE43.7 %
ROE32.6 %
Face Value 5.00
PEG Ratio0.75

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for National Aluminium Company Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
National Aluminium Company Ltd 73,364 Cr. 399 432/13811.9 1092.63 %43.7 %32.6 % 5.00
Maan Aluminium Ltd 756 Cr. 126 186/78.549.5 34.60.00 %12.1 %10.5 % 5.00
MMP Industries Ltd 516 Cr. 203 318/18512.5 1260.98 %14.3 %12.8 % 10.0
Manaksia Aluminium Company Ltd 150 Cr. 22.8 68.3/20.623.7 21.10.31 %10.5 %4.56 % 1.00
Hindalco Industries Ltd 2,03,284 Cr. 905 1,030/54611.7 6000.55 %14.8 %14.0 % 1.00
Industry Average55,614.00 Cr238.7947.72129.490.64%16.46%12.76%6.00

All Competitor Stocks of National Aluminium Company Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 3,2973,6713,1793,0433,3483,5792,8564,0014,6625,2683,8074,2924,731
Expenses 2,8322,9042,5842,6472,5742,4721,9222,4522,3352,5142,3152,3662,552
Operating Profit 4667675953977741,1089341,5492,3282,7541,4921,9262,179
OPM % 14%21%19%13%23%31%33%39%50%52%39%45%46%
Other Income 6155486950511617299126124151194
Interest 4124293419328860
Depreciation 15725517018615424017418028688178174182
Profit before tax 3655664712756681,3698171,4372,1222,7601,4291,8952,132
Tax % 25%8%26%25%27%26%26%26%25%25%26%24%25%
Net Profit 2745223492064881,0166011,0621,5832,0781,0641,4331,601
EPS in Rs 1.492.841.901.122.665.533.275.788.6211.325.797.808.72

Last Updated: February 4, 2026, 9:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6,7817,3836,8187,5439,50911,4998,4728,95614,21514,25713,14916,78818,098
Expenses 5,6445,7595,9116,4638,1128,6077,9837,1749,66411,80710,2769,2239,747
Operating Profit 1,1371,6249071,0801,3972,8934891,7824,5502,4502,8737,5658,351
OPM % 17%22%13%14%15%25%6%20%32%17%22%45%46%
Other Income 5081,0707113681,124326273147264234678357595
Interest 20316733226723131759108
Depreciation 525414426480480476530606837716750728622
Profit before tax 9182,1131,1899652,0392,7402261,3173,9551,9552,7847,1358,216
Tax % 30%37%34%31%34%37%39%1%25%21%26%25%
Net Profit 6421,3227876691,3421,7321381,3002,9521,5442,0605,3256,176
EPS in Rs 2.495.133.053.466.949.290.747.0816.078.4111.2228.9933.63
Dividend Payout % 60%34%65%81%82%62%202%49%40%54%45%36%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)105.92%-40.47%-14.99%100.60%29.06%-92.03%842.03%127.08%-47.70%33.42%158.50%
Change in YoY Net Profit Growth (%)0.00%-146.39%25.48%115.59%-71.54%-121.09%934.06%-714.95%-174.77%81.12%125.08%

National Aluminium Company Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:15%
3 Years:6%
TTM:38%
Compounded Profit Growth
10 Years:16%
5 Years:108%
3 Years:22%
TTM:190%
Stock Price CAGR
10 Years:20%
5 Years:42%
3 Years:37%
1 Year:17%
Return on Equity
10 Years:14%
5 Years:20%
3 Years:20%
Last Year:33%

Last Updated: September 5, 2025, 11:35 am

Balance Sheet

Last Updated: December 4, 2025, 1:42 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1,2891,2891,289966966933933918918918918918918
Reserves 10,83411,50911,9069,2399,5389,5529,0559,76211,63612,32013,65317,12719,176
Borrowings 00051456712102771059618256
Other Liabilities 4,4263,3803,5154,2454,0644,5964,5493,9284,8574,3964,7514,8955,112
Total Liabilities 16,54916,17816,71014,50214,61415,14714,55014,71117,48917,73919,41923,12225,263
Fixed Assets 6,7926,6456,5967,1447,1397,2867,4857,6607,3437,3037,3837,7487,592
CWIP 7695506885669158831,4271,5752,2353,2694,5734,9365,374
Investments 1,2459511,0101,2617112573325623774715251,015819
Other Assets 7,7438,0318,4165,5315,8496,7225,3064,9137,5346,6966,9389,42411,477
Total Assets 16,54916,17816,71014,50214,61415,14714,55014,71117,48917,73919,41923,12225,263

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 9815208811,4361,5902,409-3492,1994,0509082,7195,806
Cash from Investing Activity + 785663141,550-490-532873-1,404-2,736-334-2,000-3,971
Cash from Financing Activity + -515-506-544-3,616-1,100-1,731-677-601-1,114-924-739-1,758
Net Cash Flow 544580651-6301146-153195199-350-2078
Free Cash Flow 3632173306747651,649-1,1959922,774-6171,0754,641
CFO/OP 118%62%137%153%148%119%-51%129%106%68%117%99%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow1.001.00907.00-50.00-44.00-65.00477.00-101.00-73.00-103.00-94.00-175.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 136139108662244
Inventory Days 382411352389288231463411324213253353
Days Payable 17315521328423224521126228714699137
Cash Conversion Cycle 22226215111466-72581563969157221
Working Capital Days -60810-24-11-28-911-1544-7
ROCE %9%16%9%9%12%26%2%13%34%15%17%44%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.28%51.28%51.28%51.28%51.28%51.28%51.28%51.28%51.28%51.28%51.28%51.28%
FIIs 15.95%14.95%13.68%11.56%8.99%10.43%12.08%14.13%15.81%15.06%16.22%19.67%
DIIs 13.30%15.38%17.47%18.80%18.82%19.12%19.29%17.99%15.70%15.76%15.45%12.35%
Public 19.48%18.40%17.57%18.38%20.93%19.16%17.34%16.60%17.21%17.90%17.05%16.70%
No. of Shareholders 6,62,3406,44,0396,36,8566,92,1228,76,6459,12,7298,68,8009,12,0499,27,0969,56,1689,24,9429,07,497

Shareholding Pattern Chart

No. of Shareholders

National Aluminium Company Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI PSU Fund 5,000,000 3.22 192.73N/AN/AN/A
HSBC Small Cap Fund 4,761,206 1.22 183.523,467,1032026-02-23 01:05:4537.33%
HSBC Value Fund 4,428,500 1.17 170.73,170,4812026-02-23 01:05:4539.68%
SBI Dividend Yield Fund 4,260,000 1.84 164.2N/AN/AN/A
Canara Robeco Small Cap Fund 4,078,974 1.24 157.226,419,2342026-02-23 01:05:45-36.46%
ICICI Prudential MidCap Fund 3,010,000 1.66 116.02N/AN/AN/A
SBI Large & Midcap Fund 2,900,000 0.3 111.787,649,9892026-02-23 01:05:45-62.09%
SBI Equity Savings Fund 2,527,500 1.67 97.42N/AN/AN/A
ICICI Prudential Commodities Fund 2,500,000 2.71 96.36N/AN/AN/A
DSP Natural Resources and New Energy Fund 2,439,055 5.33 94.01N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 28.6810.837.8116.076.97
Diluted EPS (Rs.) 28.6810.837.8116.076.97
Cash EPS (Rs.) 32.9515.3012.3120.6310.37
Book Value[Excl.RevalReserv]/Share (Rs.) 96.9578.3471.4768.3458.14
Book Value[Incl.RevalReserv]/Share (Rs.) 96.9578.3471.4768.3458.14
Revenue From Operations / Share (Rs.) 91.4071.5977.6177.2148.76
PBDIT / Share (Rs.) 43.1317.0114.6126.2110.51
PBIT / Share (Rs.) 39.1712.9310.7121.667.21
PBT / Share (Rs.) 38.8515.1610.6421.537.17
Net Profit / Share (Rs.) 28.9911.228.4116.077.08
NP After MI And SOA / Share (Rs.) 28.6810.837.8116.077.07
PBDIT Margin (%) 47.1823.7518.8233.9521.54
PBIT Margin (%) 42.8518.0513.8028.0514.77
PBT Margin (%) 42.5021.1613.7127.8814.70
Net Profit Margin (%) 31.7115.6610.8320.8114.51
NP After MI And SOA Margin (%) 31.3715.1210.0620.8114.50
Return on Networth / Equity (%) 29.5813.8210.9223.5112.16
Return on Capital Employeed (%) 37.1114.7813.3428.0610.45
Return On Assets (%) 23.0210.338.1317.088.83
Total Debt / Equity (X) 0.010.000.000.000.00
Asset Turnover Ratio (%) 0.790.710.810.880.61
Current Ratio (X) 2.611.931.842.092.10
Quick Ratio (X) 2.071.351.201.561.38
Inventory Turnover Ratio (X) 8.983.454.513.432.49
Dividend Payout Ratio (NP) (%) 28.1536.9464.0037.3335.44
Dividend Payout Ratio (CP) (%) 24.7326.8342.7029.0924.17
Earning Retention Ratio (%) 71.8563.0636.0062.6764.56
Cash Earning Retention Ratio (%) 75.2773.1757.3070.9175.83
Interest Coverage Ratio (X) 134.33181.50207.72208.24272.52
Interest Coverage Ratio (Post Tax) (X) 91.2995.89120.54128.68184.55
Enterprise Value (Cr.) 26939.7125463.5912340.5318675.698214.19
EV / Net Operating Revenue (X) 1.601.940.861.320.91
EV / EBITDA (X) 3.408.154.603.884.26
MarketCap / Net Operating Revenue (X) 1.922.131.011.581.11
Retention Ratios (%) 71.8463.0535.9962.6664.55
Price / BV (X) 1.811.951.101.780.92
Price / Net Operating Revenue (X) 1.922.131.011.581.11
EarningsYield 0.160.070.090.130.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

National Aluminium Company Ltd. is a Public Limited Listed company incorporated on 07/01/1981 and has its registered office in the State of Orissa, India. Company's Corporate Identification Number(CIN) is L27203OR1981GOI000920 and registration number is 000920. Currently Company is involved in the business activities of Manufacture of aluminium from alumina and by other methods and products of aluminium and alloys. Company's Total Operating Revenue is Rs. 16787.63 Cr. and Equity Capital is Rs. 918.32 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
AluminiumNalco Bhawan, Bhubaneshwar Orissa 751013Contact not found
Management
NamePosition Held
Mr. Brijendra Pratap SinghChairman & Managing Director
Mr. Abhay Kumar BehuriaDirector - Finance
Mr. Pankaj Kumar SharmaDirector - Production
Mr. Jagdish AroraDirector
Dr. Tapas Kumar PattanayakDirector - Human Resources
Mr. Sanjay LohiyaPart Time Official Director
Mr. Vivek Kumar BajpaiPart Time Official Director
Ms. Trupti Kamlesh PatelPart Time Non Official Director
Mr. Patel SanjaykumarPart Time Non Official Director
Dr. Ajay NarangPart Time Non Official Director

FAQ

What is the intrinsic value of National Aluminium Company Ltd and is it undervalued?

As of 05 April 2026, National Aluminium Company Ltd's intrinsic value is ₹313.39, which is 21.46% lower than the current market price of ₹399.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (32.6 %), book value (₹109), dividend yield (2.63 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of National Aluminium Company Ltd?

National Aluminium Company Ltd is trading at ₹399.00 as of 05 April 2026, with a FY2026-2027 high of ₹432 and low of ₹138. The stock is currently near its 52-week high. Market cap stands at ₹73,364 Cr..

How does National Aluminium Company Ltd's P/E ratio compare to its industry?

National Aluminium Company Ltd has a P/E ratio of 11.9, which is below the industry average of 47.72. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is National Aluminium Company Ltd financially healthy?

Key indicators for National Aluminium Company Ltd: ROCE of 43.7 % indicates efficient capital utilization; ROE of 32.6 % shows strong shareholder returns. Dividend yield is 2.63 %.

Is National Aluminium Company Ltd profitable and how is the profit trend?

National Aluminium Company Ltd reported a net profit of ₹5,325 Cr in Mar 2025 on revenue of ₹16,788 Cr. Compared to ₹2,952 Cr in Mar 2022, the net profit shows an improving trend.

Does National Aluminium Company Ltd pay dividends?

National Aluminium Company Ltd has a dividend yield of 2.63 % at the current price of ₹399.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in National Aluminium Company Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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