NALCO Q2 Results: Profit Rises 28% to ₹1,835 Crore; ₹4.50 Dividend Announced
Strong aluminium performance supports annual earnings growth, while a sequential profit decline presents a mixed quarterly picture.
By – Snigdha Mishra
National Aluminium Company Limited (NALCO) has reported a strong year-on-year improvement in its September-quarter earnings, alongside an interim dividend announcement. The results highlight growth in the company’s aluminium business, although profitability moderated compared with the preceding quarter.
Announced on November 2, the NALCO Q2 results for FY2026–27 showed standalone net profit of ₹1,835.09 crore, compared with ₹1,433.17 crore in the corresponding quarter last year—an increase of approximately 28%.
Revenue from operations rose 26.3% to ₹5,419.44 crore, against ₹4,292.34 crore a year earlier. The board also approved an interim dividend of ₹4.50 per equity share.
NALCO Q2 Results: Key Financial Highlights
| Indicator | Performance |
|---|---|
| Standalone net profit | ₹1,835.09 crore |
| Year-on-year profit growth | Approximately 28% |
| Revenue from operations | ₹5,419.44 crore |
| Year-on-year revenue growth | 26.3% |
| Sequential profit change | Decline of approximately 8.4% |
| Sequential revenue change | Increase of approximately 2.2% |
| Interim dividend | ₹4.50 per share |
Figures relate to the quarter ended September 30, 2026. Profit and revenue figures above are on a standalone basis.
Aluminium Business Supports Growth
NALCO’s aluminium segment was a major contributor to the annual improvement. Segment revenue rose 44.6% to ₹4,164.54 crore, compared with ₹2,880.35 crore in the year-earlier quarter.
The operating performance extended beyond quarterly financial growth. According to the company’s results commentary, NALCO achieved its highest-ever first-half aluminium cast metal production of 2.35 lakh tonnes during April–September 2026.
The company also reported record cumulative domestic sales of alumina and aluminium metal for the first half of the financial year.
Together, these developments point to the importance of production volumes, sales performance and operational efficiency in supporting earnings.
First-Half Earnings Reach a New High
The wider half-year picture was stronger. NALCO reported its best-ever first-half earnings performance, with profit after tax reaching approximately ₹3,837 crore, an increase of about 54% year-on-year.
Total income for the first half stood at approximately ₹11,143 crore, compared with ₹8,374 crore in the corresponding period last year.
NALCO’s Chairman-cum-Managing Director, Brijendra Pratap Singh, attributed the performance to operational efficiency, strong physical performance, favourable market conditions and prudent marketing strategies.
The record half-year results provide context for the September quarter: earnings remained substantially higher than a year earlier, even as quarterly momentum softened.
Profit Moderates Compared With the June Quarter
The sequential comparison requires a more measured reading.
Quarterly profit declined by approximately 8.4%, despite revenue increasing by around 2.2%. This means the slowdown was in profitability rather than a fall in sales revenue.
NDTV Profit’s analysis of the consolidated results also reported a sequential decline in operating EBITDA and a narrowing of operating margins.
For readers assessing the results, the distinction matters. Year-on-year growth measures improvement against the same period last year, while quarter-on-quarter changes show how the business has performed against the immediately preceding quarter.
NALCO’s latest figures therefore present two simultaneous developments: stronger annual earnings and softer sequential profitability.
₹4.50 Interim Dividend Announced
The board approved an interim dividend of ₹4.50 per equity share, equivalent to 90% of the share’s ₹5 face value.
The company fixed November 6, 2026, as the record date, with payment scheduled on or before December 1, 2026.
What the Results Mean
NALCO enters the second half of FY2026–27 with record first-half earnings and strong production achievements. At the same time, the sequential decline in profitability makes margins and operating costs important areas to watch.
The next reporting periods will show whether the company can sustain its production and sales momentum while improving the conversion of revenue into profit. For now, the results reflect substantial annual progress alongside a more cautious quarterly earnings trend.
