National Aluminium Company Ltd (NATIONALUM) — share price & stock analysis

Market cap

₹61,463 Cr

P/E

10.6×

ROE

29.4%

vs own 10-yr valuation

31st pctile

Book value / share

₹118

EPS (TTM)

₹31.6

10-yr median P/E

14.9×

Revenue (FY26)

₹17,843 Cr

Profit after tax (FY26)

₹5,797 Cr

Weinstein stage

Stage 2 (50 weeks)

Data as of

1 July 2026

3 of the 6 things we track are currently moving the right way — most of the dashboard is red.

Where the levels actually stand: ROCE 40% — a high-quality engine; effectively no debt; margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

Earnings moved first — the price is still catching up

Since Mar 2016, earnings per share grew 1,053% while the stock is up 758%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 10.6× sits near the bottom of its own range — it has been cheaper than this only 31% of the time against its own 10-year history.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (14.9×).

An uptrend that has held for 50 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 50 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹338 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 44 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 12 years, sales went from ₹6,781 Cr to ₹17,843 Cr (about 8% a year), and profit from ₹642 Cr to ₹5,797 Cr.revenuenet_profit

Margins widened 27.6 points along the way — growth with improving economics.operating_profit

Sales have gone quiet — growth has stalled

Mar 26 sales were ₹5,013 Cr, down 5% on the same quarter last year.revenue

A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.

Margins are compressing — 52% → 47% in a year

Of every ₹100 of sales, the company keeps ₹46.9 as operating profit (a year ago it kept ₹52.1).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 16.4% in FY23 and has been rebuilt to 44.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (72% → 73%), so the change came from running costs — overheads are growing faster than sales.gpm_pctopm_pct

Profit declined 17% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹1,722 Cr, down 17% year on year.net_profit

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹17,439 Cr of profit and collected ₹19,829 Cr of operating cash — about 114% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is tightening — money comes home faster

One rupee now takes about 152 days to go out the door as materials and come back as collected cash — down from 221 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (353 → 261 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹6,792 Cr (FY14) to ₹7,650 Cr, with another ₹6,296 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 82% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is self-funded: the last 3 years' investing outflow (₹10,171 Cr) fits inside the operating cash the business generated (₹14,963 Cr).investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹0 — total borrowings have grown from ₹0.0 Cr to ₹60.0 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹40 — a high-quality engine

Return on capital employed is 40.0% (a year ago: 44.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Institutions sold for years — and have been buying back since

Promoters hold 51.3%, essentially unchanged. Foreign funds own 22.3%, domestic funds 10.8%.promoters_pctfiis_pctdiis_pct

Foreign funds tell the real story: they sold from 14.9% down to 9.0% (Mar 24), and have been buying back since — now 22.3%. A completed round trip like that usually means the doubts got answered.fiis_pct

Meanwhile domestic funds have been the sellers — from 15.4% to 10.8% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct

The numbers earn a deeper study — and watch the one thing that matters

The numbers lean positive, and the price hasn’t fully caught up with the improvement.

Best thing in the data: debt improving (0.01× → 0×).borrowings

Biggest worry: domestic-fund holding falling (15.7% → 10.8%).diis_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data