Non Ferrous Metals · NACL
Aluminium
from 384 today
NALCO is expected to commission its new 1 mtpa alumina refinery and produce 200 KT from it in FY27. We maintain BUY on NALCO with a target price of INR 480.
NALCO reported in-line earnings for 1QFY27 driven by favorable aluminum prices, though potential headwinds remain in the form of softened LME and cost inflation.
NALCO reported a strong 1QFY27 driven by higher alumina sales volume and elevated aluminum prices, leading to an 81.5% YoY increase in EBITDA. We maintain our BUY rating with a revised target price of INR 480 based on 6.0x 1HFY29E EV/EBITDA.
National Aluminium delivered strong operating performance with 81% YoY EBITDA growth aided by higher aluminum prices and well-controlled costs. We raise FY27/28E EBITDA by 5%/6% and maintain 'Accumulate' with a revised target price of INR 401.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
