National Aluminium Company Limited (NALCO), a Navaratna Central Public Sector Enterprise under the Ministry of Mines, Government of India, has convened its 45th Annual General Meeting (AGM) for Monday, August 31, 2026, at 11:00 AM through Video Conferencing (VC)/Other Audio-Visual Means (OAVM). The company has simultaneously released its Annual Report for FY 2025-26, which highlights record-breaking financial and operational performance since inception.

Record Financial Performance in FY 2025-26

NALCO delivered its highest-ever financial results across multiple parameters in FY 2025-26. The following table summarises the key financial metrics:

The company also recorded its highest-ever EBITDA of ₹8,613 crore against the previous best of ₹7,922 crore during FY 2024-25, and Profit Before Tax of ₹7,767 crore against the previous best of ₹7,135 crore.

Highest-Ever Production and Sales Performance

NALCO achieved record production across its major business segments during FY 2025-26:

On the sales front, Total Alumina Sales reached 14.46 lakh tonnes (previous best: 13.43 lakh tonnes in FY 2013-14), Domestic Alumina Sales stood at 1.38 lakh tonnes (previous best: 0.78 lakh tonnes in FY 2021-22), and Aluminium Metal Sales were 4.74 lakh tonnes (previous best: 4.70 lakh tonnes in FY 2023-24).

Dividend and Shareholder Rewards

During FY 2025-26, the company paid interim dividend of ₹10.50 per equity share amounting to ₹1,928.46 crore in three tranches of ₹4.00, ₹4.50, and ₹2.00 per equity share. The Board has recommended a final dividend of ₹1.00 per equity share (20% on face value of ₹5.00 each), subject to shareholder approval at the 45th AGM, amounting to ₹183.66 crore.

The total dividend payout for FY 2025-26, including the recommended final dividend of ₹1.00 per equity share, is ₹2,112.12 crore against ₹1,928.46 crore during the previous year. Dividend payout as a percentage of PAT stands at 36.32% for the current financial year against 36.21% in the previous financial year.

AGM Agenda and Key Resolutions

The 45th AGM will transact the following business:

Ordinary Business:

• Adoption of audited standalone and consolidated financial statements for FY 2025-26
• Confirmation of 1st, 2nd, and 3rd Interim dividends and declaration of final dividend
• Re-appointment of Shri Jagdish Arora, Director (Projects & Technical), who retires by rotation

Special Business:

• Appointment of Shri Anil Kumar Singh (DIN: 11466071) as Director (Commercial), effective January 7, 2026
• Appointment of Dr. Veena Kumari Dermal (DIN: 08890469) as Part-time Official Director, effective May 4, 2026
• Ratification of remuneration of Cost Auditors for FY ending March 31, 2027: ₹3.50 lakhs plus applicable GST to M/s. Tanmaya S. Pradhan & Co. (Lead Cost Auditor) and ₹3.00 lakhs plus applicable GST to M/s. S. Dhal & Co.

Key AGM Dates and E-Voting Schedule

Expansion Projects and Strategic Initiatives

NALCO is actively pursuing capacity expansion across its business segments. The 5th Stream Alumina Refinery Expansion at Damanjodi, with a projected expenditure of ₹5,677.4 crore, is in the final stages of completion with phase-wise trial and testing commenced from June 2026. This expansion will enhance refinery capacity from 21 lakh tonnes to 31 lakh tonnes per annum. Alternate sourcing of Bauxite from Panchpatmali Mines South Block is progressing with an estimated capital outlay of ₹496 crore, with approximately 93% physical progress completed as of May 31, 2026.

The company has also entered into a Joint Venture agreement with NLCIL on a 50:50 equity basis for development of a 4×270 MW (1,080 MW) Thermal Captive Power Plant at Anugola, Odisha, to meet the power requirements of the planned 0.5 MTPA Aluminium Smelter Expansion Project. Additionally, a 15 MW Wind Power Project at Kayathar, Tamil Nadu, is under installation at a capital expenditure of ₹120 crore.

CSR and Sustainability Highlights

During FY 2025-26, NALCO spent ₹80.77 crore on CSR initiatives against the mandated obligation of ₹79.13 crore. Key programmes include Indradhanush (residential education for 708 tribal students), NALCO Ki Ladli (financial assistance to 308 meritorious girl students), and operation of 09 Mobile Health Units providing healthcare to over 1.30 lakh people in more than 210 periphery villages. Procurement from MSEs stood at ₹1,447.94 crore, representing 61.56% of the company's total eligible procurement, significantly exceeding the mandated target of 25%.

The company's standalone capital expenditure for FY 2025-26 stood at ₹2,068.16 crore, while on a consolidated basis, including capitalisation by joint venture companies, CAPEX stood at ₹2,071.78 crore. The AGM notice and Annual Report for FY 2025-26 are available on the company's website at www.nalcoindia.com .

National Aluminium Company Limited delivered a record-breaking first quarter of FY27, reporting total income of ₹5,400 crore, a 39% year-on-year increase from ₹3,930 crore in Q1FY26. The Navratna CPSE also saw its profit before tax (PBT) grow by approximately 88% and EBITDA rise by 78%, driven by improved production volumes across bauxite, alumina, and metal segments. This strong financial performance sets the stage for aggressive capacity expansion plans, including the commissioning of the 5th Stream alumina refinery and a new 0.5 million-ton smelter.

The earnings conference call, held on August 3, 2026, was hosted by Systematix Institutional Equities and attended by senior leadership including Chairman-cum-Managing Director Brijendra Pratap Singh and Director (Finance) Abhay Kumar Behuria. Management emphasized that the company achieved best-ever production levels in bauxite, hydrate, and wind power generation during the quarter. The session provided detailed insights into operational efficiencies, cost structures, and future capital expenditure strategies.

Operational Highlights and Production Metrics

National Aluminium Company achieved near-peak volume targets in all key areas during Q1FY27. The company produced 8.80 lakh tons of coal from its captive mines in the quarter, despite initial technical issues that delayed production for five days at the start of the period. For FY27, the company is targeting a total captive coal production of 4.8 million tons, up from 4 million tons in the previous year.

Management noted that employee costs decreased due to the superannuation of high-paid senior employees and the induction of entry-level staff, reducing the average cost-to-company (CTC) from ₹36 lakh to ₹33 lakh. Additionally, lower provisions for retirement benefits and performance-related pay (PRP) contributed to cost savings. However, a pay revision effective January 1, 2027, may impact costs in Q4FY27 by approximately 15%.

Expansion Roadmap: Refineries and Smelters

A major focus of the call was the commissioning status of the 5th Stream alumina refinery. Mechanical completion for over 50 packages is underway, with integrated trials expected by September 2026. Full production stabilization is anticipated within three to four months after trials begin. The company aims to produce 2 lakh tons of alumina from this new stream in FY27, adding to its existing sales target of 16 lakh tons for the year.

Looking ahead, National Aluminium Company is advancing plans for a 0.5 million-ton aluminum smelter expansion alongside a 1,080-megawatt power plant. The Detailed Project Report (DPR) for these projects is expected to be ready for Board approval by October or November 2026. The total capital expenditure for these expansions is estimated at ₹25,000 crore, to be funded primarily through internal accruals. The power plant will be developed via a joint venture with Neyveli Lignite Corporation (NLC), with a 50:50 equity split and a debt-equity ratio of 70:30.

Cost Pressures and Pricing Dynamics

Despite strong revenue growth, management highlighted rising input costs. Caustic soda prices increased from an average of ₹42,000/ton last year to ₹45,000/ton in Q1, with further hikes to ₹49,000/ton expected in Q2. CP coke prices surged from ₹44,000 to ₹66,000–₹70,000, and Heavy Fuel Oil (HFO) rose from ₹46,000 to ₹75,000. These increases have raised the metal production cost by ₹15,000–₹16,000 per ton.

However, higher alumina spot prices are offsetting some of these pressures. While initial expectations were for alumina prices around $310–$320/ton, current realizations are closer to $370/ton due to supply constraints in Russia and China. Domestic aluminum premiums also rose to $110 from $60 earlier, driven by Middle East geopolitical tensions, though management expects these premiums to normalize as the situation eases.