National Aluminium Company (NALCO) share price surged over 5% in the early trading session on Tuesday, as the company reported 102% jump in net profit, reaching Rs 996.7 crore in the Q4 results year-on-year. The shares soared as much as 5.79%, reaching an intraday high of Rs 206.30 per share on the NSE.
State-owned Nalco reported a two-fold increase in consolidated profit, reaching Rs 996.74 crore for the March quarter, driven by lower expenses. This is a significant rise from the Rs 495 crore profit recorded in the same quarter of FY23, according to a filing by Nalco to the BSE.
However, the consolidated total income for the quarter declined to Rs 3,663.09 crore from Rs 3,726.76 crore in the previous year. The company’s expenses in the fourth quarter of FY24 decreased to Rs 2,720.42 crore from Rs 3,160.50 crore a year earlier.
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At the operating level, EBITDA surged by 44.5% to Rs 1,107.5 crore in the fourth quarter of this fiscal year, compared to Rs 766 crore in the same period last year. The EBITDA margin increased to 30.9% in the reporting quarter, up from 20.9% in Q4 of FY23.
Brokerages on Nalco
Motilal Oswal on Nalco
In a recent report on Nalco, Motilal Oswal highlighted that until the fifth stream of alumina becomes operational, the company is expected to operate at full capacity, limiting capacity expansion for the next two years.
The firm reiterates its Neutral rating on Nalco’s stock, with a revised target price of Rs 180 per share, valued at 7 times EV/EBITDA of FY26 estimates.
Motilal Oswal has raised its EBITDA estimate by about 6% for FY25 and FY26, citing an improved outlook on input costs. On FY26 estimates, Nalco trades at 7.7 times EV/EBITDA and 2 times P/B, which appears to fully reflect the strong outlook.
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The next growth phase is anticipated to start once the additional 1 million tonnes per annum stream of the alumina refinery comes online by May 2025.
The Utkal D coal block is projected to meet approximately 25-28% of the coal requirements for the Angul smelter, enhancing raw material security and boosting margins until the increased capacity is operational.
Share Performance in Last One Year
In terms of stock performance, Nalco shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 5.04% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 115.22%, indicating a strong upward trend.
Year-to-date, Nalco shares have surged by 45.43%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 130.10% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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