NALCO Q1: record ₹2,003 Cr consolidated PAT, +91% YoY as aluminium prices drive margin surge

NALCO reported consolidated net profit of ₹2,003 Cr for Q1 FY27, up 90.9% YoY from ₹1,049 Cr and 16.3% above the ₹1,722 Cr posted in Q4 FY26 — a record quarterly profit for the aluminium PSU. Revenue from operations rose 39.3% YoY (and 5.8% QoQ) to ₹5,302 Cr. Standalone earnings were near-identical (PAT ₹2,002 Cr) as the joint-venture contribution was negligible at ₹0.76 Cr, so the two bases tell the same story. There were no exceptional items on either side, so the reported growth is fully underlying — not flattered by one-offs.

The entire uplift sits in the aluminium segment, whose pre-interest profit jumped to ₹2,325.7 Cr from ₹898.2 Cr a year ago on firm LME prices (~$3,000/ton), while the chemicals/alumina segment profit nearly halved to ₹270.9 Cr from ₹502.8 Cr on soft alumina realisations. That is precisely the mix management guided on the Q4 concall — strong metal compensating alumina weakness — so the quarter confirms rather than contradicts the outlook. Net margin expanded to 37.8% (from 26.7% YoY and 33.1% QoQ) and operating margin to ~51%; the only cost pressure of note was power & fuel, up to ₹960 Cr from ₹854 Cr YoY, in line with the rising-input-cost caveat management flagged.

The stock went into the print at ₹350.05, up 5.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 4 consecutive quarters; revenue is at a 6-quarter high.

Street expectations were qualitative — analysts looked for a 'healthy quarter' on favourable aluminium prices and higher alumina output, with no hard consensus PAT number on record — and against that bar a record print that comfortably tops the prior peak quarter reads as a beat. Alongside the result the board recommended a final dividend of Re.1/share (taking FY26 total payout to ₹11.50/share including three interims), and the company signed a 50:50 JV with NLC India for a 1,080 MW captive thermal power plant at Anugul during the quarter — consistent with the captive-power/coal-efficiency thrust in its guidance. The auditors' emphasis-of-matter flag on unrecognised revenue from two Rajasthan wind plants (PPA dispute, sub-judice) is unchanged from prior quarters and does not affect the reported figures.