The outperformance was mainly due to a strong jump in alumina sales volumes during the quarter. NALCO expects to sell between 1.25 and 1.28 million tonnes of alumina in FY26, consistent with its annual guidance. The company’s ongoing refinery expansion, which will add 1 million tonnes per annum (MTPA) of alumina capacity, is expected to be completed in the first quarter of FY27. Once commissioned, the new unit could contribute roughly 500,000 tonnes of additional volume.
For aluminium, the company has maintained its sales guidance at 460,000 tonnes for the current financial year. Looking ahead, NALCO plans to double its aluminium production capacity by FY30, allotting a capex of INR 300 billion (USD 3.39 billion) for both smelter and power plant. The capital expenditure cycle is expected to start between FY27 and FY28.
Analysts at ICICI Securities noted that, although near-term gains might be limited following recent price movements in aluminium, NALCO’s continued investment in refining and smelting capacity positions it well for long-term competitiveness in India’s metals sector.
