# 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 2026-08-05. Not investment advice.

## Bottom line

Aluminium has outperformed NIFTY 500 by 123.1% over 52 weeks and 20% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself. Hindalco Industries Ltd leads with revenue of ₹2,74,944 crore, based on 3 of 5 comparable companies through Mar 2026.

## Sector relative strength

Aluminium has outperformed NIFTY 500 by 123.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 20%. 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: -20%
52-week sector return versus NIFTY 500: 123%
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: ₹2.9 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): 73/100 — Favorable setup; evidence 97%
   - Growth & earnings 18.0/35 | Capital efficiency 19.4/25 | Valuation 16.0/20 | Relative strength 19.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 18 + 19.4 + 16 + 19.3 = 72.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Hindalco Industries Ltd (HINDALCO): 53/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 13.4/35 | Capital efficiency 9.9/25 | Valuation 14.7/20 | Relative strength 14.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 13.4 + 9.9 + 14.7 + 14.6 = 52.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Belding India Ltd (513307): 38/100 — Mixed-negative evidence; evidence 63%
   - Growth & earnings 10.0/35 | Capital efficiency 5.7/25 | Valuation 10.0/20 | Relative strength 12.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 10 + 5.7 + 10 + 12 = 37.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. ANB Metal Cast Ltd (AMCL): 56/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 17.0/35 | Capital efficiency 19.4/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 8 weeks with a reading, within the last 12, ending 2026-07-05 (no longer priced)
   - Exact sum: 17 + 19.4 + 10 + 10 = 56.4
   - 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 17.2/35 | Capital efficiency 11.1/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 8 weeks with a reading, within the last 12, ending 2026-03-08 (no longer priced)
   - Exact sum: 17.2 + 11.1 + 10 + 17 = 55.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## 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 2026-07-31.

### Strongest one-year price performers
1. Synthiko Foils Ltd (SYNTHFO): 284%
2. Belding India Ltd (513307): 125%
3. ANB Metal Cast Ltd (AMCL): 124%
4. National Aluminium Company Ltd (NATIONALUM): 81%
5. Hindalco Industries Ltd (HINDALCO): 41%

### Strongest relative strength versus NIFTY 500
1. Synthiko Foils Ltd (SYNTHFO): 109%
2. National Aluminium Company Ltd (NATIONALUM): 8.1%
3. Hindalco Industries Ltd (HINDALCO): 7.0%
4. Belding India Ltd (513307): -23%

## Revenue Scale & Growth Durability

What the numbers say: Hindalco Industries Ltd is the scale leader at ₹2,74,944 crore, 14.2× the revenue of National Aluminium Company Ltd. Hindalco Industries Ltd's growth is 15.3% from a ₹2,74,944 crore base, with 19 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 | 14.2× 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): ₹19.3K Cr
3. Belding India Ltd (513307): ₹5 Cr

### Revenue growth — fastest growers
1. Hindalco Industries Ltd (HINDALCO): 15%
2. National Aluminium Company Ltd (NATIONALUM): 9.0%
3. Belding India Ltd (513307): -77%

### 20-quarter Revenue history
- 513307: 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 | Jun 2026 ₹0 Cr
- HINDALCO: 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 | Jun 2026 —
- NATIONALUM: 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 | Jun 2026 ₹5.3K Cr
- SYNTHFO: 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 — | Jun 2026 —
- AMCL: 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 | Jun 2026 —

### 20-quarter Revenue growth history
- 513307: 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 — | Jun 2026 -96%
- HINDALCO: 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% | Jun 2026 —
- NATIONALUM: 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% | Jun 2026 39%
- SYNTHFO: 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 — | Jun 2026 —
- AMCL: 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% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: National Aluminium Company Ltd leads both opm at 51% and margin change at +12 percentage points.

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 margin change signal.

Evidence: National Aluminium Company Ltd · 51% | 264.3% versus #2 · ANB Metal Cast Ltd | 6/8 recent comparable periods | 3/5 companies · 75 observations

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

### OPM — highest
1. National Aluminium Company Ltd (NATIONALUM): 51%
2. ANB Metal Cast Ltd (AMCL): 14%
3. Hindalco Industries Ltd (HINDALCO): 13%

### Margin change — fastest expanders
1. National Aluminium Company Ltd (NATIONALUM): +12.0 pp
2. Synthiko Foils Ltd (SYNTHFO): −0.8 pp — older report
3. ANB Metal Cast Ltd (AMCL): −1.0 pp
4. Hindalco Industries Ltd (HINDALCO): −1.0 pp
5. Belding India Ltd (513307): −1,723.6 pp

### 20-quarter OPM history
- 513307: 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% | Jun 2026 —
- HINDALCO: 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% | Jun 2026 —
- NATIONALUM: 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% | Jun 2026 51%
- SYNTHFO: 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 — | Jun 2026 —
- AMCL: 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% | Jun 2026 —

### 20-quarter Margin change history
- 513307: 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 | Jun 2026 −1,723.6 pp
- HINDALCO: 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 | Jun 2026 —
- NATIONALUM: 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 | Jun 2026 +12.0 pp
- SYNTHFO: 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 — | Jun 2026 —
- AMCL: 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 | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Hindalco Industries Ltd leads with ₹13,391 crore of TTM profit, 98.4% above National Aluminium Company Ltd. Belding India Ltd shows ≥100% on the scoring scale (106.4% uncapped) growth from a ₹1 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 | 98.4% 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): ₹6.8K Cr
3. Belding India Ltd (513307): ₹1 Cr

### Profit growth — fastest growers
1. Belding India Ltd (513307): 100%
2. National Aluminium Company Ltd (NATIONALUM): 18%
3. Hindalco Industries Ltd (HINDALCO): -16%

### 20-quarter Net profit history
- 513307: 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 | Jun 2026 ₹-4 Cr
- HINDALCO: 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 | Jun 2026 —
- NATIONALUM: 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 | Jun 2026 ₹2.0K Cr
- SYNTHFO: 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 — | Jun 2026 —
- AMCL: 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 | Jun 2026 —

### 20-quarter Profit growth history
- 513307: 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 — | Jun 2026 -277%
- HINDALCO: 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% | Jun 2026 —
- NATIONALUM: 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% | Jun 2026 91%
- SYNTHFO: 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 — | Jun 2026 —
- AMCL: 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% | Jun 2026 —

## 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): −5.7 pp

### 20-quarter ROCE history
- HINDALCO: 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% | Jun 2026 —
- NATIONALUM: 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% | Jun 2026 —

### 20-quarter ROCE change history
- HINDALCO: 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 | Jun 2026 —
- NATIONALUM: 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 | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: National Aluminium Company Ltd has the lowest comparable PEG at 0.19×, 66.7% below Hindalco Industries Ltd. Only 2 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### 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): 9.5
2. Hindalco Industries Ltd (HINDALCO): 13.0
3. ANB Metal Cast Ltd (AMCL): 20.6
4. Synthiko Foils Ltd (SYNTHFO): 10,347.0 — older report

### 20-quarter PEG history
- HINDALCO: 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 | Jun 2026 —
- NATIONALUM: 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 | Jun 2026 —

### 20-quarter P/E history
- 513307: 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 | Jun 2026 509.1
- HINDALCO: 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 | Jun 2026 —
- NATIONALUM: 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 | Jun 2026 10.5
- AMCL: 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 | Jun 2026 —


## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Hindalco Industries Ltd (HINDALCO) — market value ₹2.2 L Cr; latest fundamentals Mar 2026
- National Aluminium Company Ltd (NATIONALUM) — market value ₹64.3K Cr; latest fundamentals Jun 2026
- Synthiko Foils Ltd (SYNTHFO) — market value ₹2.5K Cr; latest fundamentals Dec 2025
- Belding India Ltd (513307) — market value ₹1.5K Cr; latest fundamentals Jun 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 Jun 2026; prices through 2026-07-31.
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

### Is the Aluminium sector outperforming NIFTY 500?

Aluminium has outperformed NIFTY 500 by 123.1% over 52 weeks and 20% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself.

### 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 72.7/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

National Aluminium Company Ltd has the lowest comparable PEG at 0.19, among 2 of 5 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.

### 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 Jun 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 Jun 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 Jun 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 ₹19,338 crore. That covers 3 of 5 companies with comparable reporting through Mar 2026.

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

National Aluminium Company Ltd has the highest operating margin at 51%, from 3 of 5 comparable companies. National Aluminium Company Ltd shows the biggest recent improvement, at +12 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. Belding India Ltd has the fastest profit growth at 100%, 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 PEG — where a LOWER number is cheaper — National Aluminium Company Ltd screens cheapest at 0.19×. Only 2 of 5 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Aluminium sector beating the market?

Aluminium has outperformed NIFTY 500 by 123.1% over the last 52 weeks and 20% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 72.7 out of 100 with 97% evidence confidence, from 18 points on growth and earnings, 19.4 on capital efficiency, 16 on valuation and 19.3 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, ending Jun 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 ₹2,87,655 crore of combined market value. Hindalco Industries Ltd is the largest at ₹2,18,981 crore, about 76% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the Aluminium sector performing?

3 of the 4 covered Aluminium companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 123.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.