National Aluminium Company Limited (NALCO) is a Navaratna Central Public Sector Enterprise under the Ministry of Mines, Government of India. Incorporated in 1981, it operates one of Asia’s largest integrated bauxite-alumina-aluminium-power complexes in Odisha. With captive mines, refineries, smelters, and a 1,200 MW power plant, NALCO benefits from full backward integration and low-cost production. The company has delivered exceptional financial performance in FY2025, driven by strong aluminium prices, operational efficiency, and robust demand from infrastructure and renewable sectors. This article provides a data-backed outlook on the NALCO share price target 2026–2030.
National Aluminium Company Ltd: Company Overview
- Founded: 1981
- Headquarters: Bhubaneswar, Odisha
- Key Segments: Bauxite mining, Alumina refining, Aluminium smelting, Power generation
- Strategic Edge: Fully integrated operations; among the lowest-cost aluminium producers globally
- Ownership: 51.28% held by the Government of India → Yes, it is a government company
NALCO plays a critical role in India’s push for self-reliance in metals and green energy (aluminium is key for solar panels, EVs, and transmission). Its asset-heavy but cash-generative model supports high returns and shareholder payouts.
National Aluminium Company Ltd: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹429.00 |
| Market Capitalization | ₹78,782.32 Cr |
| No. of Shares Outstanding | 183.66 Cr |
| 52-Week High / Low | ₹525 / ₹310 |
| P/E Ratio (TTM) | 12.79 |
| P/B Ratio | 3.92 |
| EPS (TTM) | ₹33.53 |
| Book Value (TTM) | ₹109.41 |
| ROE | 32.65% |
| ROCE | 43.89% |
| Dividend Yield | 2.58% |
| Face Value | ₹5 |
| Cash | ₹5,426.73 Cr |
| Total Debt | ₹124.22 Cr |
| Debt-to-Equity | 0.01 |
| Sales Growth (YoY) | 27.67% |
| Profit Growth (YoY) | 158.49% |
| Promoter Holding | 51.28% |
National Aluminium Company Ltd Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹450 – ₹500 |
| 2027 | ₹480 – ₹540 |
| 2028 | ₹510 – ₹590 |
| 2029 | ₹540 – ₹640 |
| 2030 | ₹570 – ₹690 |
National Aluminium Company Ltd Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹450 | ₹500 |
NALCO reported a staggering 158% YoY profit growth and 28% sales growth in FY2025, supported by elevated LME aluminium prices and record production. Trading at a P/E of 12.8x—well below its historical average—and offering a 2.58% dividend yield, the stock appears fairly valued. With near-zero debt and ₹5,426 Cr cash, the balance sheet is fortress-like. A 2026 target of ₹450–₹500 assumes stable commodity prices and continued operational excellence.
National Aluminium Company Ltd Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹480 | ₹540 |
India’s aluminium consumption is projected to double by 2030, driven by infrastructure, renewables, and EVs. If NALCO sustains 15–20% earnings CAGR and maintains its 40%+ ROCE, investor interest could rise. Assuming EPS reaches ₹38–₹42 by FY27 and P/E expands to 13–14x, the 2027 range of ₹480–₹540 is realistic.
National Aluminium Company Ltd Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹510 | ₹590 |
By 2028, benefits from capacity debottlenecking and higher domestic value-added product sales should reflect in margins. The company’s capex discipline and cash conversion support shareholder returns. A P/E of 13–14x on projected EPS (~₹40–₹44) supports the ₹510–₹590 band.
National Aluminium Company Ltd Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹540 | ₹640 |
Long-term tailwinds include India’s “Make in India” push, green metal demand, and global de-risking from Chinese supply. Risks include aluminium price volatility and power cost fluctuations. Using a P/E of 14–15x on FY29 EPS (~₹42–₹46), the 2029 target is ₹540–₹640.
National Aluminium Company Ltd Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹570 | ₹690 |
Over a five-year horizon, NALCO’s value lies in its irreplaceable national role and capital efficiency—not explosive growth. A terminal P/E of 14–16x on FY30 EPS (~₹42–₹48) justifies the ₹570–₹690 range.
National Aluminium Company Ltd: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (GOI) | 51.28% |
| Foreign Institutional Investors (FII) | 19.67% |
| Domestic Institutional Investors (DII) | 12.35% |
| Public & Retail | 16.71% |
| Others | 0.00% |
High promoter holding ensures policy alignment, while rising FII interest reflects global confidence in India’s metals story.
National Aluminium Company Ltd: Strengths vs Risks
Strengths:
- Industry-leading ROCE (43.89%) and ROE (32.65%)
- Near-zero debt (D/E: 0.01) and ₹5,426 Cr cash
- Fully integrated, low-cost producer with captive power
- Consistent dividend payer (2.58% yield; ~33% payout ratio)
Risks:
- Commodity price exposure (aluminium prices are volatile)
- P/B of 3.92x leaves a limited margin for error
- Capex intensity limits free cash flow flexibility
- PSU inefficiencies may slow innovation
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 3–5+ years |
| Volatility | Higher than market average (commodity-linked) |
| Dividend/Income Potential | Yes (2.58% yield + consistent payouts) |
| Best For | Conservative investors seeking PSU exposure with high returns and income |
Final Verdict
National Aluminium Company Ltd combines strategic national importance, exceptional return ratios, and shareholder-friendly dividends. While commodity-linked, its integrated model and cash strength provide downside protection. Our NALCO share price target 2026–2030 (₹450 to ₹690) reflects steady appreciation driven by policy tailwinds and income, not speculation.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – NALCO Consolidated Page (FY2025 + TTM)
- Finology Ticker – NATIONALUM Financial Ratios & Valuation
- NALCO Investor Presentation (Q3 FY26, Jan 2026)
- Ministry of Mines – CPSE Performance Dashboard
- London Metal Exchange (LME) – Aluminium Price Trends
