NALCO Share Price Hits Record High; Extends Post-Q2 Rally to Fourth Day

Market Performance

Shares of NALCO, a leading PSU in alumina and aluminium production, continued their upward trajectory for the fourth straight session on November 13. The stock surged 2% to reach a fresh all-time high of ₹271.90, resulting in a four-day cumulative gain of 16%. This rally reflects strong investor sentiment following the company’s latest quarterly results.

Main News: Strong Q2 Numbers Drive Momentum

NALCO’s September quarter (Q2FY26) performance showcased solid operational and financial strength:

• Revenue: ₹4,292 crore, up 7% YoY and 13% QoQ
• EBITDA: ₹1,926 crore, up 24% YoY
• Net Profit: ₹1,430 crore, up 37% YoY
• Dividend: Interim dividend of ₹4 per share for FY26

The robust earnings were supported by higher alumina sales and effective cost management, including controlled raw material, employee, and power expenses.

Company Insights: Alumina Pricing and Market Trends

In Q2FY26, alumina prices averaged $360 per tonne, while current spot rates hover around $320–$340 per tonne. The modest price softness is attributed to new refinery capacities in Indonesia and China and certain smelting capacity curbs, which increased alumina availability. Despite these factors, NALCO’s performance remained strong, demonstrating resilience and operational efficiency.

Stock Performance: Recovery from April Lows

NALCO shares have shown a remarkable recovery from their April lows of ₹137.75:

• May rally: +15%
• Subsequent months: strong gains amid rising global commodity prices, easing geopolitical tensions, and a softer US dollar
• Current month: +15%
• Overall recovery from April low: 96.3%

If this momentum continues, it could mark the third consecutive year of gains for the stock, highlighting sustained investor confidence and market optimism.

Summary

NALCO’s Q2FY26 results underline the company’s strong fundamentals, cost control, and resilience in a competitive commodity market. With consistent operational performance and a solid recovery trajectory, NALCO remains a standout performer in the alumina and aluminium sector.