1QFY26 revenue stood at INR38.1b (+33% YoY and -28% QoQ) against our est. of INR43.2b, driven by a softening in alumina prices and muted volumes. Consol. EBITDA came in at INR14.9b (+60% YoY and -46% QoQ) against our est. of INR16.8b amid muted NSR and sustained costs. EBITDA margin stood at 39.2% vs. 32.7% in 1QFY25 and 52.3% in 4QFY25. APAT was INR10.5b (+78% YoY and -49% QoQ), in line with our est. of INR10.9b, supported by lower finance costs and higher other income. The board recommended a final dividend of INR2.5 per share (~50% of the face value) in FY25.
OutlookAt CMP, NACL trades at 4.3x on EV/EBITDA and 2.1x on P/B. We reiterate our Neutral rating on the stock with a TP of INR190, valuing it at 4.5x EV/EBITDA on FY27E.
For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
NOCIL_11082025_Motilal OswalDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
