Even after delivering close to an 88 per cent return this financial year, the stock still appears reasonably valued and supported by sturdier fundamentals than in previous cycles. This has led to the inevitable question: Is there room left to add it at current levels?
On Thursday, the company’s shares closed at INR 269.20 (USD 3.00), a 1.01 per cent rise over the previous session’s INR 266.50 ( USD 2.96), taking its market capitalisation to INR 49,442.13 crore (USD 5.49 billion).
Stock performance reveals renewed interest
NALCO has undergone a notable re-rating. From its price of INR175.29 ( USD 1.95) on 1 April 2025, the stock has moved to INR 268.7 (USD 2.99), delivering a 53.23 per cent gain. The climb appears even more dramatic when compared to the year’s low of INR143.22 (USD 1.59), recorded on 11 April 2025, from which it has appreciated by 87.54 per cent. The numbers underline consistent buying interest and strong momentum through the year.
The company registered its strongest ever performance in both Q2 FY26 and H1 FY26. Revenue in the September quarter rose 7 per cent year-on-year, but the most meaningful improvement came from volumes. Alumina sales surged 39 per cent to 396 kilotonnes, driven by steady export orders and higher domestic consumption. Lower power costs, thanks to increased use of captive coal, boosted margins, making the quarter one of the most profitable in NALCO’s history.
