# Aluminium — company-by-company sector analysis

> Aluminium: Hindalco Industries Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Hindalco Industries Ltd leads with revenue of ₹2,74,944 crore, based on 3 of 5 comparable companies through Mar 2026. Hindalco Industries Ltd has the fastest current revenue growth at 15.3%, across 3 of 5 comparable companies.

### Is the Aluminium sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 4 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Aluminium company is largest by revenue?

Hindalco Industries Ltd leads with revenue of ₹2,74,944 crore, based on 3 of 5 comparable companies through Mar 2026.

### Which Aluminium company is growing fastest?

Hindalco Industries Ltd has the fastest current revenue growth at 15.3%, across 3 of 5 comparable companies.

### Which Aluminium company has the strongest 4-Factor Sector Score?

National Aluminium Company Ltd ranks first at 64.2/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Aluminium company has the least gross debt?

Belding India Ltd has the lowest comparable gross debt at ₹38 crore. Hindalco Industries Ltd has the highest at ₹99,165 crore.

### Which Aluminium company has the lowest comparable PEG?

National Aluminium Company Ltd has the lowest comparable Guarded PEG at 0.19, among 2 of 5 companies that pass the metric’s comparability rules.

### How much history does this Aluminium comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Aluminium against NIFTY 500 is not available from the current market series. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Synthiko Foils Ltd is the strongest against the sector itself at +39.8%.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/4
Stocks leading sector: 3/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 5
Combined market value: ₹2.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. National Aluminium Company Ltd (NATIONALUM): 64/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 7.7/35 | Capital efficiency 22.9/25 | Valuation 16.0/20 | Relative strength 17.6/20
   - Exact sum: 7.7 + 22.9 + 16 + 17.6 = 64.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Hindalco Industries Ltd (HINDALCO): 51/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 12.9/35 | Capital efficiency 11.3/25 | Valuation 14.7/20 | Relative strength 11.6/20
   - Exact sum: 12.9 + 11.3 + 14.7 + 11.6 = 50.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. Belding India Ltd (513307): 46/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.5/35 | Capital efficiency 11.6/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - Exact sum: 12.5 + 11.6 + 10 + 12 = 46.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. ANB Metal Cast Ltd (AMCL): 56/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 17.0/35 | Capital efficiency 19.1/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17 + 19.1 + 10 + 10 = 56.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Synthiko Foils Ltd (SYNTHFO): 55/100 — Thin evidence · provisional; evidence 20%
   - Growth & earnings 17.1/35 | Capital efficiency 11.1/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Exact sum: 17.1 + 11.1 + 10 + 17 = 55.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Hindalco Industries Ltd is the scale leader at ₹2,74,944 crore, 15.4× the revenue of National Aluminium Company Ltd. Hindalco Industries Ltd's growth is 15.3% from a ₹2,74,944 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Hindalco Industries Ltd is the scale benchmark; Hindalco Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Hindalco Industries Ltd's growth falls below Hindalco Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Hindalco Industries Ltd · ₹2,74,944 crore | 15.4× versus #2 · National Aluminium Company Ltd | 8/8 recent comparable periods | 3/5 companies · 62 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Hindalco Industries Ltd (HINDALCO): ₹2.7 L Cr
2. National Aluminium Company Ltd (NATIONALUM): ₹17.8K Cr
3. Belding India Ltd (513307): ₹5 Cr

### Revenue growth — fastest growers
1. Hindalco Industries Ltd (HINDALCO): 15%
2. National Aluminium Company Ltd (NATIONALUM): 6.3%
3. Belding India Ltd (513307): -77%

### 20-quarter Revenue history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹7 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr
- HINDALCO: Jun 2021 ₹41.4K Cr | Sep 2021 ₹47.7K Cr | Dec 2021 ₹50.3K Cr | Mar 2022 ₹55.8K Cr | Jun 2022 ₹58.0K Cr | Sep 2022 ₹56.2K Cr | Dec 2022 ₹53.2K Cr | Mar 2023 ₹55.9K Cr | Jun 2023 ₹53.0K Cr | Sep 2023 ₹54.2K Cr | Dec 2023 ₹52.8K Cr | Mar 2024 ₹56.0K Cr | Jun 2024 ₹57.0K Cr | Sep 2024 ₹58.2K Cr | Dec 2024 ₹58.4K Cr | Mar 2025 ₹64.9K Cr | Jun 2025 ₹64.2K Cr | Sep 2025 ₹66.1K Cr | Dec 2025 ₹66.5K Cr | Mar 2026 ₹78.1K Cr
- NATIONALUM: Jun 2021 ₹2.5K Cr | Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹5.0K Cr
- SYNTHFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹5 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 —
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹99 Cr | Dec 2024 — | Mar 2025 ₹64 Cr | Jun 2025 — | Sep 2025 ₹88 Cr | Dec 2025 — | Mar 2026 ₹137 Cr

### 20-quarter Revenue growth history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -18% | Dec 2023 33% | Mar 2024 1.2% | Jun 2024 -10% | Sep 2024 -9.5% | Dec 2024 -24% | Mar 2025 -100% | Jun 2025 -19% | Sep 2025 -100% | Dec 2025 -100% | Mar 2026 —
- HINDALCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 18% | Dec 2022 5.7% | Mar 2023 0.2% | Jun 2023 -8.7% | Sep 2023 -3.6% | Dec 2023 -0.7% | Mar 2024 0.3% | Jun 2024 7.6% | Sep 2024 7.5% | Dec 2024 11% | Mar 2025 16% | Jun 2025 13% | Sep 2025 14% | Dec 2025 14% | Mar 2026 20%
- NATIONALUM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 -2.8% | Dec 2022 -13% | Mar 2023 -16% | Jun 2023 -16% | Sep 2023 -13% | Dec 2023 1.6% | Mar 2024 -2.5% | Jun 2024 -10% | Sep 2024 31% | Dec 2024 39% | Mar 2025 47% | Jun 2025 33% | Sep 2025 7.3% | Dec 2025 1.5% | Mar 2026 -4.8%
- SYNTHFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -100% | Mar 2026 —
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -11% | Dec 2025 — | Mar 2026 114%

## Operating Economics & Margin Trend

What the numbers say: Belding India Ltd leads both opm at 600% and margin change at +601.9 percentage points.

Investor read: Belding India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Belding India Ltd · 600% | 12.8× versus #2 · National Aluminium Company Ltd | 2/8 recent comparable periods | 4/5 companies · 78 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Belding India Ltd (513307): 600%
2. National Aluminium Company Ltd (NATIONALUM): 47%
3. ANB Metal Cast Ltd (AMCL): 14%
4. Hindalco Industries Ltd (HINDALCO): 13%

### Margin change — fastest expanders
1. Belding India Ltd (513307): +601.9 pp
2. Synthiko Foils Ltd (SYNTHFO): −0.8 pp
3. ANB Metal Cast Ltd (AMCL): −1.0 pp
4. Hindalco Industries Ltd (HINDALCO): −1.0 pp
5. National Aluminium Company Ltd (NATIONALUM): −5.0 pp

### 20-quarter OPM history
- 513307: Jun 2021 7.6% | Sep 2021 7.1% | Dec 2021 6.5% | Mar 2022 2.4% | Jun 2022 3.7% | Sep 2022 2.5% | Dec 2022 -1.2% | Mar 2023 5.1% | Jun 2023 1.4% | Sep 2023 4.0% | Dec 2023 2.6% | Mar 2024 4.2% | Jun 2024 8.0% | Sep 2024 0.4% | Dec 2024 1.8% | Mar 2025 -1.9% | Jun 2025 -3.7% | Sep 2025 -3.7% | Dec 2025 — | Mar 2026 600%
- HINDALCO: Jun 2021 14% | Sep 2021 16% | Dec 2021 15% | Mar 2022 13% | Jun 2022 15% | Sep 2022 10% | Dec 2022 7.0% | Mar 2023 10% | Jun 2023 11% | Sep 2023 10% | Dec 2023 11% | Mar 2024 12% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 14% | Jun 2025 12% | Sep 2025 14% | Dec 2025 12% | Mar 2026 13%
- NATIONALUM: Jun 2021 23% | Sep 2021 31% | Dec 2021 32% | Mar 2022 37% | Jun 2022 23% | Sep 2022 8.3% | Dec 2022 14% | Mar 2023 20% | Jun 2023 18% | Sep 2023 12% | Dec 2023 23% | Mar 2024 30% | Jun 2024 32% | Sep 2024 38% | Dec 2024 50% | Mar 2025 52% | Jun 2025 39% | Sep 2025 45% | Dec 2025 46% | Mar 2026 47%
- SYNTHFO: Jun 2021 7.6% | Sep 2021 7.1% | Dec 2021 6.5% | Mar 2022 2.4% | Jun 2022 3.7% | Sep 2022 2.5% | Dec 2022 -1.2% | Mar 2023 5.1% | Jun 2023 1.4% | Sep 2023 4.0% | Dec 2023 2.6% | Mar 2024 4.2% | Jun 2024 8.0% | Sep 2024 0.4% | Dec 2024 1.8% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.0% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 15% | Dec 2025 — | Mar 2026 14%

### 20-quarter Margin change history
- 513307: Jun 2021 +7.2 pp | Sep 2021 +3.0 pp | Dec 2021 +3.6 pp | Mar 2022 −5.0 pp | Jun 2022 −3.9 pp | Sep 2022 −4.6 pp | Dec 2022 −7.7 pp | Mar 2023 +2.7 pp | Jun 2023 −2.3 pp | Sep 2023 +1.5 pp | Dec 2023 +3.8 pp | Mar 2024 −0.9 pp | Jun 2024 +6.6 pp | Sep 2024 −3.6 pp | Dec 2024 −0.8 pp | Mar 2025 −6.1 pp | Jun 2025 −11.6 pp | Sep 2025 −4.0 pp | Dec 2025 — | Mar 2026 +601.9 pp
- HINDALCO: Jun 2021 +6.7 pp | Sep 2021 +5.1 pp | Dec 2021 +0.1 pp | Mar 2022 −0.8 pp | Jun 2022 +0.7 pp | Sep 2022 −5.9 pp | Dec 2022 −7.5 pp | Mar 2023 −3.1 pp | Jun 2023 −3.5 pp | Sep 2023 0.0 pp | Dec 2023 +4.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 +4.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- NATIONALUM: Jun 2021 +14.1 pp | Sep 2021 +19.8 pp | Dec 2021 +13.3 pp | Mar 2022 +3.9 pp | Jun 2022 −0.8 pp | Sep 2022 −23.1 pp | Dec 2022 −17.6 pp | Mar 2023 −17.4 pp | Jun 2023 −4.6 pp | Sep 2023 +3.7 pp | Dec 2023 +9.0 pp | Mar 2024 +10.0 pp | Jun 2024 +14.0 pp | Sep 2024 +26.0 pp | Dec 2024 +27.0 pp | Mar 2025 +22.0 pp | Jun 2025 +7.0 pp | Sep 2025 +7.0 pp | Dec 2025 −4.0 pp | Mar 2026 −5.0 pp
- SYNTHFO: Jun 2021 +7.2 pp | Sep 2021 +3.0 pp | Dec 2021 +3.6 pp | Mar 2022 −5.0 pp | Jun 2022 −3.9 pp | Sep 2022 −4.6 pp | Dec 2022 −7.7 pp | Mar 2023 +2.7 pp | Jun 2023 −2.3 pp | Sep 2023 +1.5 pp | Dec 2023 +3.8 pp | Mar 2024 −0.9 pp | Jun 2024 +6.6 pp | Sep 2024 −3.6 pp | Dec 2024 −0.8 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +7.0 pp | Dec 2025 — | Mar 2026 −1.0 pp

## Profit Scale & Acceleration

What the numbers say: Hindalco Industries Ltd leads with ₹13,391 crore of TTM profit, 131% above National Aluminium Company Ltd. National Aluminium Company Ltd shows 10% growth from a ₹5,796 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Hindalco Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Hindalco Industries Ltd · ₹13,391 crore | 131% versus #2 · National Aluminium Company Ltd | 6/8 recent comparable periods | 3/5 companies · 62 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Hindalco Industries Ltd (HINDALCO): ₹13.4K Cr
2. National Aluminium Company Ltd (NATIONALUM): ₹5.8K Cr
3. Belding India Ltd (513307): ₹1 Cr

### Profit growth — fastest growers
1. National Aluminium Company Ltd (NATIONALUM): 10%
2. Hindalco Industries Ltd (HINDALCO): -16%

### 20-quarter Net profit history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹-0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-5 Cr
- HINDALCO: Jun 2021 ₹2.8K Cr | Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.6K Cr
- NATIONALUM: Jun 2021 ₹347 Cr | Sep 2021 ₹748 Cr | Dec 2021 ₹831 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹558 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹495 Cr | Jun 2023 ₹334 Cr | Sep 2023 ₹187 Cr | Dec 2023 ₹471 Cr | Mar 2024 ₹997 Cr | Jun 2024 ₹588 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr
- SYNTHFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-0 Cr | Dec 2025 ₹-1 Cr | Mar 2026 —
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹6 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹13 Cr

### 20-quarter Profit growth history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 57% | Dec 2023 — | Mar 2024 11% | Jun 2024 — | Sep 2024 -91% | Dec 2024 0.0% | Mar 2025 -230% | Jun 2025 609% | Sep 2025 -300% | Dec 2025 -4,167% | Mar 2026 —
- HINDALCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -35% | Dec 2022 -63% | Mar 2023 -37% | Jun 2023 -40% | Sep 2023 -0.4% | Dec 2023 71% | Mar 2024 32% | Jun 2024 25% | Sep 2024 78% | Dec 2024 60% | Mar 2025 66% | Jun 2025 30% | Sep 2025 21% | Dec 2025 -45% | Mar 2026 -51%
- NATIONALUM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 -83% | Dec 2022 -69% | Mar 2023 -52% | Jun 2023 -40% | Sep 2023 50% | Dec 2023 84% | Mar 2024 101% | Jun 2024 76% | Sep 2024 459% | Dec 2024 232% | Mar 2025 107% | Jun 2025 78% | Sep 2025 37% | Dec 2025 1.9% | Mar 2026 -17%
- SYNTHFO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -4,167% | Mar 2026 —
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 33% | Dec 2025 — | Mar 2026 225%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: National Aluminium Company Ltd has the clearest covered balance-sheet capacity with ₹8,641 crore net cash and gross debt of ₹60 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Belding India Ltd · ₹38 crore | 18.3% versus #2 · ANB Metal Cast Ltd | Not enough history | 4/5 companies · 52 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Belding India Ltd (513307): ₹38 Cr
2. ANB Metal Cast Ltd (AMCL): ₹47 Cr
3. National Aluminium Company Ltd (NATIONALUM): ₹60 Cr
4. Hindalco Industries Ltd (HINDALCO): ₹99.2K Cr

### Net debt — lowest net debt
1. National Aluminium Company Ltd (NATIONALUM): ₹-8.6K Cr
2. Hindalco Industries Ltd (HINDALCO): ₹76.4K Cr

### 20-quarter Gross debt history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹38 Cr
- HINDALCO: Jun 2021 ₹67.5K Cr | Sep 2021 ₹69.6K Cr | Dec 2021 ₹69.6K Cr | Mar 2022 ₹64.5K Cr | Jun 2022 ₹66.9K Cr | Sep 2022 ₹67.7K Cr | Dec 2022 ₹67.7K Cr | Mar 2023 ₹60.3K Cr | Jun 2023 ₹65.9K Cr | Sep 2023 ₹64.5K Cr | Dec 2023 ₹64.5K Cr | Mar 2024 ₹56.4K Cr | Jun 2024 ₹60.8K Cr | Sep 2024 ₹64.8K Cr | Dec 2024 ₹64.8K Cr | Mar 2025 ₹65.6K Cr | Jun 2025 ₹65.6K Cr | Sep 2025 ₹74.9K Cr | Dec 2025 ₹77.7K Cr | Mar 2026 ₹99.2K Cr
- NATIONALUM: Jun 2021 ₹133 Cr | Sep 2021 ₹127 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹105 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹96 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹60 Cr
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹34 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹34 Cr | Jun 2025 — | Sep 2025 ₹26 Cr | Dec 2025 — | Mar 2026 ₹47 Cr

### 20-quarter Net debt history
- HINDALCO: Jun 2021 ₹49.2K Cr | Sep 2021 ₹51.4K Cr | Dec 2021 ₹51.4K Cr | Mar 2022 ₹43.5K Cr | Jun 2022 ₹43.5K Cr | Sep 2022 ₹51.0K Cr | Dec 2022 ₹51.0K Cr | Mar 2023 ₹44.7K Cr | Jun 2023 ₹44.6K Cr | Sep 2023 ₹47.7K Cr | Dec 2023 ₹47.7K Cr | Mar 2024 ₹42.7K Cr | Jun 2024 ₹42.7K Cr | Sep 2024 ₹46.9K Cr | Dec 2024 ₹46.9K Cr | Mar 2025 ₹41.6K Cr | Jun 2025 ₹41.6K Cr | Sep 2025 ₹52.4K Cr | Dec 2025 ₹52.4K Cr | Mar 2026 ₹76.4K Cr
- NATIONALUM: Jun 2021 ₹-1.9K Cr | Sep 2021 ₹-2.9K Cr | Dec 2021 ₹-2.9K Cr | Mar 2022 ₹-3.6K Cr | Jun 2022 ₹-3.7K Cr | Sep 2022 ₹-3.1K Cr | Dec 2022 ₹-3.1K Cr | Mar 2023 ₹-2.0K Cr | Jun 2023 ₹-2.2K Cr | Sep 2023 ₹-2.2K Cr | Dec 2023 ₹-2.2K Cr | Mar 2024 ₹-2.6K Cr | Jun 2024 ₹-2.7K Cr | Sep 2024 ₹-4.0K Cr | Dec 2024 ₹-4.0K Cr | Mar 2025 ₹-5.6K Cr | Jun 2025 ₹-5.8K Cr | Sep 2025 ₹-7.9K Cr | Dec 2025 ₹-7.9K Cr | Mar 2026 ₹-8.6K Cr

## Return On Capital Employed

What the numbers say: National Aluminium Company Ltd leads ROCE at 39.6%, 10 percentage points above ANB Metal Cast Ltd. ANB Metal Cast Ltd has the strongest latest improvement at 0 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: National Aluminium Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: National Aluminium Company Ltd · 39.6% | 33.8% versus #2 · ANB Metal Cast Ltd | 7/8 recent comparable periods | 4/5 companies · 31 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. National Aluminium Company Ltd (NATIONALUM): 40%
2. ANB Metal Cast Ltd (AMCL): 30%
3. Hindalco Industries Ltd (HINDALCO): 13%
4. Belding India Ltd (513307): 0.5%

### ROCE change — fastest improvers
1. ANB Metal Cast Ltd (AMCL): 0.0 pp
2. Hindalco Industries Ltd (HINDALCO): −0.8 pp
3. National Aluminium Company Ltd (NATIONALUM): −4.6 pp
4. Belding India Ltd (513307): −6.2 pp

### 20-quarter ROCE history
- HINDALCO: Jun 2021 — | Sep 2021 13% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 9.9% | Jun 2023 9.2% | Sep 2023 8.1% | Dec 2023 10% | Mar 2024 9.9% | Jun 2024 11% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 14% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12%
- NATIONALUM: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 11% | Dec 2023 13% | Mar 2024 13% | Jun 2024 20% | Sep 2024 21% | Dec 2024 35% | Mar 2025 36% | Jun 2025 44% | Sep 2025 37% | Dec 2025 43% | Mar 2026 31%

### 20-quarter ROCE change history
- HINDALCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 −5.3 pp | Jun 2023 — | Sep 2023 −5.6 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 +2.2 pp | Sep 2024 +3.4 pp | Dec 2024 +3.1 pp | Mar 2025 +2.7 pp | Jun 2025 +2.8 pp | Sep 2025 +0.6 pp | Dec 2025 −0.9 pp | Mar 2026 −0.8 pp
- NATIONALUM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.6 pp | Dec 2022 — | Mar 2023 −15.4 pp | Jun 2023 — | Sep 2023 −13.2 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 +10.5 pp | Dec 2024 +22.4 pp | Mar 2025 +22.2 pp | Jun 2025 +23.8 pp | Sep 2025 +15.6 pp | Dec 2025 +7.6 pp | Mar 2026 −4.6 pp

## Valuation Against Growth & Quality

What the numbers say: National Aluminium Company Ltd has the lowest comparable Guarded PEG at 0.19×, 66.7% below Hindalco Industries Ltd. Only 2 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: National Aluminium Company Ltd · 0.19× | 66.7% versus #2 · Hindalco Industries Ltd | 0/8 recent comparable periods | 2/5 companies · 12 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. National Aluminium Company Ltd (NATIONALUM): 0.2
2. Hindalco Industries Ltd (HINDALCO): 0.6

### P/E — lowest P/E
1. National Aluminium Company Ltd (NATIONALUM): 10.9
2. Hindalco Industries Ltd (HINDALCO): 12.6
3. ANB Metal Cast Ltd (AMCL): 20.6
4. Synthiko Foils Ltd (SYNTHFO): 10,347.0

### 20-quarter Guarded PEG history
- HINDALCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 — | Mar 2026 0.6
- NATIONALUM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2

### 20-quarter P/E history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 639.1
- HINDALCO: Jun 2021 22.5 | Sep 2021 16.2 | Dec 2021 11.0 | Mar 2022 12.5 | Jun 2022 5.4 | Sep 2022 5.8 | Dec 2022 7.7 | Mar 2023 7.8 | Jun 2023 9.4 | Sep 2023 13.1 | Dec 2023 16.4 | Mar 2024 13.4 | Jun 2024 15.4 | Sep 2024 15.3 | Dec 2024 10.6 | Mar 2025 10.6 | Jun 2025 9.4 | Sep 2025 9.7 | Dec 2025 10.9 | Mar 2026 11.2
- NATIONALUM: Jun 2021 29.5 | Sep 2021 10.0 | Dec 2021 8.2 | Mar 2022 7.8 | Jun 2022 4.3 | Sep 2022 4.1 | Dec 2022 5.8 | Mar 2023 7.3 | Jun 2023 10.5 | Sep 2023 14.8 | Dec 2023 19.0 | Mar 2024 18.9 | Jun 2024 20.5 | Sep 2024 19.7 | Dec 2024 14.1 | Mar 2025 8.3 | Jun 2025 6.7 | Sep 2025 6.4 | Dec 2025 9.2 | Mar 2026 11.1
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 22.8 | Dec 2025 — | Mar 2026 34.8

## Enterprise Value & Book Value

What the numbers say: National Aluminium Company Ltd leads ev/ebitda at 6.8×; Belding India Ltd leads p/bv at 1.38×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: National Aluminium Company Ltd · 6.8× | 4.2% versus #2 · Hindalco Industries Ltd | 0/8 recent comparable periods | 4/5 companies · 43 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. National Aluminium Company Ltd (NATIONALUM): 6.8
2. Hindalco Industries Ltd (HINDALCO): 7.1
3. ANB Metal Cast Ltd (AMCL): 22.6
4. Belding India Ltd (513307): 4,580.7

### P/BV — lowest P/BV
1. Belding India Ltd (513307): 1.4
2. Hindalco Industries Ltd (HINDALCO): 1.6
3. National Aluminium Company Ltd (NATIONALUM): 2.9
4. ANB Metal Cast Ltd (AMCL): 4.5

### 20-quarter EV/EBITDA history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4,580.7
- HINDALCO: Jun 2021 7.7 | Sep 2021 8.0 | Dec 2021 6.7 | Mar 2022 7.4 | Jun 2022 4.5 | Sep 2022 4.5 | Dec 2022 5.5 | Mar 2023 5.3 | Jun 2023 5.9 | Sep 2023 7.3 | Dec 2023 8.4 | Mar 2024 7.1 | Jun 2024 7.9 | Sep 2024 7.7 | Dec 2024 6.3 | Mar 2025 6.4 | Jun 2025 5.8 | Sep 2025 6.3 | Dec 2025 7.2 | Mar 2026 7.1
- NATIONALUM: Jun 2021 9.3 | Sep 2021 6.1 | Dec 2021 5.0 | Mar 2022 5.0 | Jun 2022 2.3 | Sep 2022 2.1 | Dec 2022 2.8 | Mar 2023 3.0 | Jun 2023 4.4 | Sep 2023 6.9 | Dec 2023 9.4 | Mar 2024 9.8 | Jun 2024 10.6 | Sep 2024 10.4 | Dec 2024 7.8 | Mar 2025 4.7 | Jun 2025 4.1 | Sep 2025 3.7 | Dec 2025 5.5 | Mar 2026 6.8
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 19.4 | Dec 2025 — | Mar 2026 22.6

### 20-quarter P/BV history
- 513307: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 24.5
- HINDALCO: Jun 2021 1.4 | Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 2.0 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.4
- NATIONALUM: Jun 2021 1.4 | Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.9 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.8 | Mar 2024 2.1 | Jun 2024 2.6 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 2.1 | Jun 2025 2.4 | Sep 2025 2.1 | Dec 2025 2.8 | Mar 2026 3.4
- AMCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 5.9

## Market action

Synthiko Foils Ltd has the strongest one-year price move in Aluminium at +283.9%. It also leads on Mansfield relative strength against NIFTY at +108.9%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Synthiko Foils Ltd (SYNTHFO): 284%
2. Belding India Ltd (513307): 126%
3. National Aluminium Company Ltd (NATIONALUM): 81%
4. Hindalco Industries Ltd (HINDALCO): 40%

### Strongest relative strength versus NIFTY 500
1. Synthiko Foils Ltd (SYNTHFO): 109%
2. National Aluminium Company Ltd (NATIONALUM): 7.6%
3. Hindalco Industries Ltd (HINDALCO): 5.5%
4. Belding India Ltd (513307): -21%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Hindalco Industries Ltd (HINDALCO) — market value ₹2.1 L Cr; latest fundamentals Mar 2026
- National Aluminium Company Ltd (NATIONALUM) — market value ₹63.2K Cr; latest fundamentals Mar 2026
- Synthiko Foils Ltd (SYNTHFO) — market value ₹2.5K Cr; latest fundamentals Dec 2025
- Belding India Ltd (513307) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- ANB Metal Cast Ltd (AMCL) — market value ₹443 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 3. Withheld: 0. Graded companies: 5.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Aluminium index?

The Nifty Aluminium index tracks India's listed Aluminium companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Aluminium sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Aluminium stocks in India?

Ranked by this page's four-factor score, National Aluminium Company Ltd places first among 5 listed Aluminium companies, followed by Hindalco Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Aluminium stocks are listed in India?

This comparison covers 5 listed Aluminium companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Aluminium company is the biggest?

Hindalco Industries Ltd is the largest, with trailing-twelve-month revenue of ₹2,74,944 crore, ahead of National Aluminium Company Ltd at ₹17,843 crore. That covers 3 of 5 companies with comparable reporting through Mar 2026.

### Which Aluminium company is growing fastest?

Hindalco Industries Ltd has the fastest revenue growth at 15.3% year on year, across 3 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Aluminium company has the best profit margins?

Belding India Ltd has the highest operating margin at 600%, from 4 of 5 comparable companies. Belding India Ltd shows the biggest recent improvement, at +601.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Aluminium company makes the most profit?

Hindalco Industries Ltd earns the most, at ₹13,391 crore of trailing-twelve-month net profit, from 3 of 5 comparable companies. National Aluminium Company Ltd has the fastest profit growth at 10%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Aluminium company earns the highest return on capital?

National Aluminium Company Ltd leads on return on capital employed at 39.6%, across 4 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Aluminium stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — National Aluminium Company Ltd screens cheapest at 0.19×. Only 2 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Aluminium company has the strongest balance sheet?

Belding India Ltd carries the lowest comparable gross debt at ₹38 crore, from 4 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Aluminium stock has the strongest price momentum?

Synthiko Foils Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Aluminium company scores highest for research priority?

National Aluminium Company Ltd scores 64.2 out of 100 with 97% evidence confidence, from 7.7 points on growth and earnings, 22.9 on capital efficiency, 16 on valuation and 17.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Aluminium companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Aluminium sector?

The 5 Aluminium companies on this page carry ₹2,79,404 crore of combined market value. Hindalco Industries Ltd is the largest at ₹2,11,869 crore, about 76% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Aluminium sector performing?

3 of the 4 covered Aluminium companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/aluminium