National Aluminium Company Limited shareholders approved the adoption of audited financial statements for FY26 and declared a final dividend during its 45th Annual General Meeting. The meeting, chaired by Chairman-cum-Managing Director Brijendra Pratap Singh, concluded with unanimous approval of all ordinary and special business items.

The virtual meeting commenced at 11:00 am on August 31, 2026, and concluded at 12:50 pm. Quorum was present throughout the proceedings. The Board confirmed that statutory registers and documents were accessible to members via the company website as per regulatory requirements.

Key Resolutions Approved

Shareholders approved several critical governance and financial matters. The primary agenda included the confirmation of interim dividends paid earlier in the year and the declaration of the final dividend for the fiscal year ended March 31, 2026.

Board Appointments and Changes

The meeting addressed significant changes to the Board composition. Shri Jagdish Arora, Director (Projects & Technical), retired by rotation and offered himself for re-appointment, which was approved by shareholders.

New appointments included:

• Shri Anil Kumar Singh as Director (Commercial)
• Dr. Veena Kumari Dermal as Part-time Official Director
• Shri Neeraj as Part-time Non-official (Independent) Director

Shri Neeraj was initially appointed as an additional director effective August 14, 2026, following a Ministry of Mines order. His appointment as an independent director required a special resolution under Section 160 of the Companies Act, 2013, which was duly passed.

Audit and Compliance Observations

The Company Secretary highlighted specific audit observations during the proceedings. While Statutory Auditors issued unqualified reports on the financial statements, Secretarial Auditors provided qualifying remarks in their report for FY26. Additionally, the Comptroller and Auditor General (C&AG) included comments in its Supplementary Audit Report for FY2025-26.

Management provided explanations for these observations during the meeting. The Independent Auditors' reports were not read aloud as there were no qualifications or adverse comments regarding the financial statements themselves.

Voting Process

The company utilized a hybrid e-voting mechanism. Remote e-voting was available from August 28 to August 30, 2026. Members who did not vote remotely could cast their votes electronically during the live meeting. M/s. Saroj Ray & Associates served as the scrutinizer for the voting process.

All resolutions passed with the requisite majority. The consolidated e-voting results are scheduled to be hosted on the company website, the Registrar & Share Transfer Agent's portal, and stock exchange websites.

National Aluminium Company Ltd delivered its highest-ever financial performance in FY26, driven by record operational output and robust market conditions. The company reported a ₹5,816 crore profit after tax (PAT), marking a 9% YoY growth. Revenue from operations also hit a new high of ₹17,843 crore, up 6% YoY.

The strong bottom-line growth was supported by an EBITDA of ₹8,613 crore, which grew 9% YoY. This performance underscores the effectiveness of NALCO's integrated business model, combining bauxite mining, alumina refining, aluminium smelting, and captive power generation.

Operational Highlights

NALCO achieved record production levels across its value chain during FY26. Key operational metrics include:

• Bauxite Excavation: 77.01 lakh tonnes
• Alumina Hydrate Production: 23.00 lakh tonnes
• Calcined Alumina Production: 22.75 lakh tonnes
• Aluminium Cast Metal Production: 4.72 lakh tonnes
• Coal Production: 40.00 lakh tonnes
• Net Power Generation: 6,953 million units

Sales volumes also reached historic highs, with total alumina sales at 14.46 lakh tonnes and aluminium metal sales at 4.74 lakh tonnes. The company successfully supplied its entire coal production of 40 lakh tonnes to its captive power plant at Angul, enhancing fuel security.

Financial Performance and Shareholder Returns

The company maintained a healthy balance sheet while rewarding shareholders generously. An interim dividend of ₹10.50 per equity share was paid in three tranches during the year. Additionally, the board recommended a final dividend of ₹1.00 per share for shareholder approval.

The total dividend payout for FY26 amounts to ₹2,112.12 crore, representing 230% of the paid-up share capital. On a cash basis, the total dividend payout was ₹2,020.29 crore, reflecting a 10% YoY growth.

What the Numbers Show

A significant portion of NALCO's profit generation is tied to its efficient cost structure and vertical integration. With EBITDA at ₹8,613 crore and PAT at ₹5,816 crore, the conversion of operating profit to net profit remains robust. The 9% growth in both EBITDA and PAT, despite only 6% revenue growth, suggests that margin expansion played a key role in driving profitability. This indicates effective cost optimization and potentially favorable input-output price dynamics during the period.

Strategic Expansion and Future Outlook

NALCO is advancing several key expansion projects to sustain long-term growth:

• Alumina Refinery Expansion: The 5th Stream project at Damanjodi will add 1 million tonnes per annum capacity. Trial operations commenced in June 2026, with stabilization expected in Q4 FY27.
• Bauxite Mining: The Pottangi Bauxite Mines (3.5 million tonnes capacity) are scheduled for operationalisation in FY27. An alternative sourcing arrangement from Panchpatmali South Block is 93% complete.
• Smelter Expansion: A proposed 0.5 million tonnes per annum brownfield expansion of the Angul smelter is under preparation, supported by a planned 1,080 MW captive power plant via a joint venture with NLC India Limited.

The company is also diversifying into critical minerals through its joint venture KABIL, exploring lithium assets in Argentina, and developing pilot plants for gallium and rare earth element recovery from industrial by-products like red mud and fly ash.