External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>National Aluminium (NACL) reported strong operating performance in Q3FY25 on strong alumina pricing and volumes.</li><li>Alumina/ metal volumes grew 9%/-7% YoY to 375kt/106kt.</li><li>Average NSR for alumina in Q3 improved 80% YoY to USD648/t, while that for metal grew 19% YoY to USD2,906/t aided by higher LME prices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium (NACL) reported strong operating performance in Q3FY25 on strong alumina pricing and volumes.Alumina/ metal volumes grew 9%/-7% YoY to 375kt/106kt.Average NSR for alumina in Q3 improved 80% YoY to USD648/t, while that for metal grew 19% YoY to USD2,906/t aided by higher LME prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Co. (NACL IN) - Robust Performance on Pricing & Volumes

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Overall beat: NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the Alumina and Aluminium divisions.</li><li>EBIT at both divisions increased sharply, led by higher Alumina and Aluminium prices in Q3FY25.</li><li>Alumina refinery expansion: The 5th stream Alumina refinery of 1 mtpa is 70% complete and is expected to be commissioned by the end of FY26 from earlier guidance of Sep’25 (Q2FY26).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall beat: NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the Alumina and Aluminium divisions.EBIT at both divisions increased sharply, led by higher Alumina and Aluminium prices in Q3FY25.Alumina refinery expansion: The 5th stream Alumina refinery of 1 mtpa is 70% complete and is expected to be commissioned by the end of FY26 from earlier guidance of Sep’25 (Q2FY26).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Company Ltd - Robust Q3 Led by Strong Commodity Prices

<ul><li>Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. </li><li>Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).</li><li>The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

<ul><li>Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.</li><li>EBITDA degrew by 16% QoQ and missed our/consensus estimate by 22%/18% respectively, despite LME Aluminium prices rising by 15% QoQ (up 11% YoY) to $2,525/t and coal prices remaining soft in the quarter.</li><li>This was due to lower revenue from the Chemical segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.EBITDA degrew by 16% QoQ and missed our/consensus estimate by 22%/18% respectively, despite LME Aluminium prices rising by 15% QoQ (up 11% YoY) to $2,525/t and coal prices remaining soft in the quarter.This was due to lower revenue from the Chemical segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco - Overall Miss Led by Weakness in the Chemical Segment

<ul><li>Strong Q4FY24: Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power &amp; Fuel, and other expenses, partially offset by higher employee costs.</li><li>Chemicals (Alumina) business’ EBIT grew by a robust 121%/143% YoY/QoQ to Rs 529 Cr, with EBIT margins jumping to 33% from 15% in Q4FY23 and 15.4% in Q3FY24.</li><li>Revenue from the Chemicals segment stood flat YoY and increased by 12% QoQ, (7% miss vs our estimate).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Q4FY24: Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power &amp; Fuel, and other expenses, partially offset by higher employee costs.Chemicals (Alumina) business’ EBIT grew by a robust 121%/143% YoY/QoQ to Rs 529 Cr, with EBIT margins jumping to 33% from 15% in Q4FY23 and 15.4% in Q3FY24.Revenue from the Chemicals segment stood flat YoY and increased by 12% QoQ, (7% miss vs our estimate).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco -Robust Q4; Beneficiary of Higher LME & Lower Power Costs

India

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

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National Aluminium (NACL IN)

National Aluminium Co. (NACL IN) - Robust Performance on Pricing & Volumes

National Aluminium (NACL) reported strong operating performance in Q3FY25 on strong alumina pricing and volumes. Alumina/ metal volumes grew 9%/-7%...

Prabhudas Lilladhar

National Aluminium Company Ltd - Robust Q3 Led by Strong Commodity Prices

NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the...

Axis Direct

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the...

Axis Direct

Nalco - Overall Miss Led by Weakness in the Chemical Segment

Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.

Axis Direct

Nalco -Robust Q4; Beneficiary of Higher LME & Lower Power Costs

Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power...

Axis Direct

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