National Aluminium Limited (NALCO) posted weak 3QFY16 result, which was lower than our estimate, despite revenue beat due to better operational performance from the aluminium division. EBITDA, during the quarter, fell 74% yoy and 60% qoq to Rs1.4bn (our estimate Rs1.65bn). EBITDA was lower than our estimate due to higher than expected loss from the Aluminum division coupled with a steeper than expected fall in Alumina realization and lower than forecasted alumina sales volume. Alumina sales volume at 285,000tonnes (our estimate 320,000tonnes) increased 2% yoy but fell 10% qoq. Alumina realization at US$267/tonne declined 23% yoy...