National Aluminium Limited (NALCO) posted weak 1QFY16 result, which was below our as well as street estimate, due to lower alumina sales and higher than anticipated aluminium costs. EBITDA, during the quarter under review, plunged 19% yoy and 48% qoq to Rs2.2bn (our estimate Rs3bn). EBITDA was below estimate due to substantially lower Alumina sales volume at 220,000 tonnes, down 30% yoy and 22% qoq as against our estimate of 305,000 tonnes. Alumina sales volume was low due to weak Alumina production on the back of maintenance shutdowns, during the quarter. Aluminium sales at 78,000 tonnes was flat yoy, but...