National Aluminium Company Limited (NATIONALUM) Fair Value & Analysis
Basic Materials · IN · Market cap ₹652B (≈ $6.9B) · ISIN INE139A01034
What is National Aluminium Company Limited really worth?
A solid business, trading 21% below our fair value of ₹473.13.
Strengths
For context
Fair value as of: Sep 3, 2026
From 26 valuation models · updated yesterday
Share price −1.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
- A fairly wide model range (₹322.21 to ₹586.31) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range ₹52.96 – ₹441.50 · fair‑value band ₹322.21 – ₹586.31 · the ₹374.10 price screens below the ₹473.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 3, 2026.
Analysis
National Aluminium Company Limited (NATIONALUM) currently trades at ₹374.10, while our model-based Fair Value estimate is ₹473.13, implying the stock looks roughly 20.9% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of ₹544.22 per share, and 14 of the 26 models we run sit above the ₹374.10 price. Bear case: the Asset-Based group reads lowest at ₹78.81, and 12 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, National Aluminium Company Limited generated revenue of ₹185B at a net margin of 31.3%. Revenue grew 1.0% year over year. It earns a return on equity of 29.4%. The balance sheet holds a net cash position of ₹83.5B. Fundamentals as of Sep 3, 2026
Our scenario range runs from ₹322.21 (bear case) to ₹586.31 (bull case); at ₹374.10, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 117% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 15% fair-value upside, at 26%, NATIONALUM screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹9.65 per share, which is 2.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (₹544.22) versus Asset-Based (₹78.81). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 72 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
National Aluminium Company Limited engages in the manufacture and sale of alumina and aluminum products in India and internationally. The company operates through Chemical and Aluminum segments.
Full company description
National Aluminium Company Limited engages in the manufacture and sale of alumina and aluminum products in India and internationally. The company operates through Chemical and Aluminum segments. It offers aluminum metal products, such as ingots, alloy ingots, T-ingots, sows, billets, and wire rods; alumina and hydrate products, including calcined alumina and alumina hydrate; zeolite-A products; specialty alumina and hydrate products; and aluminum rolled and aluminum chequered sheets products. The company also owns and operates Coal Mine covering an area of 824.316 hectors situated in Chhendipada Tehsil of Angul District; an opencast mine covering an area of 16 square kilometers on Panchpatmali hills of Koraput district in Odisha; a wind power plant with 50.4 MW of generation capacity in Gandikota, Andhra Pradesh; a wind power plant with 47.6 MW of generation capacity at Jaisalmer, Rajasthan; a wind power plant with 50 MW of generation capacity at Devikot, Rajasthan; a wind power plant with 50.4 MW of generation capacity at Sangli, Maharashtra; and a solar power plant in Bhubaneswar, as well as alumina refinery and aluminum smelter plants and captive power plant. In addition, it owns and operates mechanized storage and ship handling facilities for exporting alumina and importing caustic soda. National Aluminium Company Limited was incorporated in 1981 and is based in Bhubaneswar, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
National Aluminium Company Limited reported revenue of ₹178B in FY2026 versus ₹142B in FY2022, a compound +5.8%/yr. Reported net income was ₹58.0B in FY2026, compounding +18.4%/yr from FY2022.
of which total revenue +9.1 % · buybacks/dilution +3.3 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Aluminum · 83 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Aluminum median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Aluminum stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Shandong Hongqiao Aluminum Industry Holding 002379 | ¥18.28 | ¥23.44 | +28% |
| China Hongqiao Group 1378 | HK$22.64 | HK$45.69 | +102% |
| Hindalco Industries Limited HINDALCO | ₹1,028 | ₹997.35 | −3% |
| Aluminum Corporation 601600 | ¥9.45 | ¥16.30 | +72% |
| Norsk Hydro ASA NHY | kr 92.30 | kr 58.10 | −37% |
| Press Metal Aluminium Holdings 8869 | 7.90 MYR | 3.88 MYR | −51% |
| Alcoa Corporation AAI | A$73.19 | A$49.53 | −32% |
| Yunnan Aluminium Co 000807 | ¥25.88 | ¥29.68 | +15% |
| Henan Shenhuo Coal Industry and Electricity Power Co 000933 | ¥27.36 | ¥30.28 | +11% |
| Tianshan Aluminum Group 002532 | ¥12.67 | ¥21.86 | +73% |
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