Topping ours as well as street estimate, National Aluminium Company (NALCO) has posted strong results in 4QFY16 despite challenging environment owing to higher volume and better operational performance of Aluminium division. EBITDA rose 75% qoq (-44% yoy) to Rs2.4bn (our estimate Rs2bn) due to sharp recovery in Aluminium division aided by lower power costs and higher volume. Aluminium sales grew by 25% yoy (7% qoq) to 103,873 tonne, while Alumina sales surged 32% yoy (31% qoq) to 372,000 tonne. Continuing to remain strong amid global decline, regional premium for Aluminium division stood at US$241/tonne, while...