NALCO Q2 Results: Profit Rises 28% to ₹1,835 Crore; ₹4.50 Dividend

National Aluminium Company (NALCO) reported a 28% year-on-year rise in net profit to ₹1,835 crore for the September quarter (Q2 FY27). The NALCO Q2 results were approved by its board at a meeting in New Delhi on November 2.

Total income from operations rose 26% to ₹5,419 crore, from ₹4,292 crore a year earlier. Net profit in the same quarter last year was ₹1,433 crore, which means earnings grew by ₹402 crore.

Profit grew slightly faster than income on a year-on-year basis, at 28% against 26%. Compared with the June quarter, however, net profit was about 8% lower than the roughly ₹2,000 crore NALCO earned in Q1 FY27, even as revenue rose about 2%.

NALCO Q2 results: profit and income

The first half of the financial year was stronger still. NALCO net profit for the six months ended September 30, 2026 rose 54% to ₹3,837 crore, which the company described as its highest-ever half-yearly performance.

Total income for the half year climbed 33% to ₹11,143 crore from ₹8,374 crore. EBITDA rose 50% to ₹5,539 crore, while profit before tax grew 55% to ₹5,160 crore.

The company said revenue, EBITDA, profit before tax and profit after tax for the first half were all at record levels. The results are unaudited.

Output also hit new highs. Aluminium cast metal production reached 2.35 lakh tonnes in the first half, the best first-half figure on record, according to the company. NALCO also reported its highest-ever cumulative domestic sales of alumina and aluminium for the period.

The latest quarter builds on a strong base. In the September quarter of FY26, NALCO’s profit had risen 35% year on year to ₹1,433 crore, according to Business Standard.

NALCO dividend for shareholders

The board declared an interim dividend of ₹4.50 per equity share, or 90% of the ₹5 face value. The payout amounts to ₹826.48 crore, according to a Free Press Journal report on the results.

As a central public sector enterprise, NALCO counts the Government of India as its largest shareholder. A higher payout therefore adds to the Centre’s dividend receipts from state-run companies.

The dividend follows a string of strong payouts from public sector companies this results season. Coal India, for instance, declared an interim dividend of ₹10.25 per share, as covered in our report on Coal India’s Q2 results, and NTPC declared a ₹3 dividend, as covered in our report on NTPC’s Q2 results.

NALCO, headquartered in Bhubaneswar, is a Navratna company under the Ministry of Mines. It runs integrated operations that cover bauxite mining, alumina refining, aluminium smelting and captive power.

Chairman and Managing Director Brijendra Pratap Singh credited the performance to operational efficiency, strong production, favourable market conditions and prudent marketing.

The company is a key supplier of alumina and aluminium to Indian industry. Aluminium is used widely in power transmission, construction, packaging, automobiles and defence.

Why it matters and what comes next

For business leaders, the NALCO Q2 results point to firm demand for aluminium in India. Record domestic sales may reflect continued offtake from infrastructure and manufacturing users in the first half.

The CMD also cited favourable market conditions as a driver. With quarterly profit already lower than in the June quarter, investors will watch whether NALCO can sustain its margins if metal prices soften.

On capacity, Singh said the fifth stream expansion of the company’s alumina refinery is in an advanced stage of commissioning. Groundwork is also under way for a proposed 0.5 million tonnes per annum (MTPA) brownfield smelter expansion at Angul in Odisha.

The Angul project is a brownfield expansion, which means it will be built at an existing operating site. Such projects can often move faster than new greenfield plants because land and infrastructure are already in place.

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Once these projects are complete, they will raise NALCO’s alumina and aluminium capacity and could strengthen its position in the domestic market. Further details are available on the NALCO website, and more company results are on our business news page.