68.80 0.00 (0.00%)
17.5M NSE+BSE Volume
NSE Jul 01, 2022 03:31 PM
Summary | Date | Stock | Broker | LTP | Target | Price at reco (Change since reco%) |
Upside(%) | Type | Report | Discuss | |
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27 May 2022 | National Aluminium C.. |
Axis Direct
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68.80 | 107.00 | 92.95 (-25.98%) | 55.52 |
Buy
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26 May 2022 | National Aluminium C.. |
Motilal Oswal
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68.80 | 110.00 | 93.05 (-26.06%) | 59.88 |
Buy
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23 Feb 2022 | National Aluminium C.. |
Axis Direct
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68.80 | 150.00 | 116.10 (-40.74%) | 118.02 |
Buy
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Initiating Coverage:Natl. Aluminium
Axis Direct
We initiate coverage with a BUY rating and value the company at 5.5x FY24 EBITDA and 0.5x book value of CWIP to arrive at the target price of Rs 150/share, implying an upside potential of 28% from the current levels
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09 Feb 2022 | National Aluminium C.. |
Motilal Oswal
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68.80 | 125.00 | 125.90 (-45.35%) | Target met |
Buy
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Result disappoints, but LME to remain firm
Motilal Oswal
Nalco's 3QFY22 EBITDA grew 174% YoY and 6% QoQ driven by massive 44% YoY jump in LME aluminum prices. Similarly, Alumina recorded a sharp growth of 49% YoY and 32% QoQ, driving the topline. EBITDA and...
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08 Aug 2021 | National Aluminium C.. |
Motilal Oswal
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68.80 | 107.00 | 82.75 (-16.86%) | Target met |
Buy
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Higher costs lead to EBITDA miss
Motilal Oswal
INR24.7b/INR5.8b/INR3.5b and was 15%/34%/38% below our estimate. Sequentially, the decline was led by lower volumes and higher costs (on a lower base due to one-offs), partly offset by higher LME prices. The miss on EBITDA was led by lower than expected aluminum volumes (91kt, 9% lower than our estimate), lower than expected realizations, and...
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28 Jun 2021 | National Aluminium C.. |
Motilal Oswal
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68.80 | 93.00 | 77.15 (-10.82%) | Target met |
Buy
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Beneficiary of higher aluminum prices
Motilal Oswal
Revenue / EBITDA / Adj. PAT was up 19%/118%/162% QoQ to INR28.2b/INR9.4b/INR6.3b (+3%/49%/63% v/s our estimate). The beat on EBITDA was led by better-than-expected costs, partly owing to the reversal of renewals purchase obligations as per the notification issued by Odisha Electricity Regulatory Commission booked under other...
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14 Feb 2021 | National Aluminium C.. |
Motilal Oswal
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68.80 | 59.00 | 50.15 (37.19%) | Target met |
Buy
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Hi gher LME prices boost profitability
Motilal Oswal
Nalco's (NACL) 3QFY21 result was strong on the back of higher LME prices. It reported an EBITDA of INR4.3b (+57% QoQ) and PAT of INR2.4b (+123% QoQ). We raise our FY21E/FY22E EPS estimate by 9%/13% to factor in a lower tax rate. We expect alumina prices to stay strong which should support strong cash flows and a good dividend payout (8% yield in FY22). Maintain Buy....
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12 Nov 2020 | National Aluminium C.. |
Motilal Oswal
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68.80 | 41.00 | 34.05 (102.06%) | Target met |
Buy
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LME recovery and lower costs to improve profitability
Motilal Oswal
Nalco's (NACL) 2QFY21 higher-than-expected EBITDA at INR2.8b (v/s est. INR2.2b) and volumes were a surprise once again. EBITDA continues to strengthen due to LME recovery and lower input commodity costs. We raise our FY21/FY22E EBITDA estimates by 36%/28% to factor in the recovery in LME prices. Maintain Buy....
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05 Sep 2020 | National Aluminium C.. |
Motilal Oswal
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68.80 | 42.00 | 36.20 (90.06%) | Target met |
Buy
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LME recovery and lower costs to improve profitability
Motilal Oswal
We raise our FY21 EBITDA estimate by 67% to factor recovery in LME prices, Revenue declined 34% YoY (29% QoQ) to INR13.8b on a lower LME aluminum price of USD1,493/t (-17% YoY; -12% QoQ) and lower aluminum volumes. EBITDA at INR1.3b (-38% QoQ) came in above our estimate of INR81m despite lower-than-expected volumes. Reported EBITDA still declined 40% YoY on lower alumina and It reported positive EBIT at INR470m after four quarters (v/s INR3m loss last year); revenue declined to INR9.3b (-37% YoY; -18% QoQ) on lower LME prices/volumes due to the impact of COVID-19. Aluminum LME prices have recovered to pre-COVID levels and turned positive YoY. We expect NACL to benefit from lower coal prices due to improved coal availability in India and lower input commodity costs such as furnace oil, etc. We maintain our positive stance on NACL considering its integrated business model, high cash levels, and attractive dividend yield.
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28 Jun 2020 | National Aluminium C.. |
Motilal Oswal
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68.80 | 40.00 | 31.90 (115.67%) | Target met |
Buy
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Lower input costs to support profitability
Motilal Oswal
NACL reported an improved 4QFY20 result, as expected, driven by lower cost of production. We raise our FY21 EBITDA estimate to factor lower input costs in FY21. Revenue declined 30% YoY (-7% QoQ) to INR19.4b on a lower LME aluminum price of USD1,694/t (-9% YoY, -3% QoQ). EBITDA at INR2.1b (+507% QoQ) came in above our estimate of INR1.2b, led by lower-than-expected production costs. Reported EBITDA still declined 60% YoY due to lower alumina and aluminum prices. EBIT loss was at INR0.2b (v/s INR1.9b profit last year); revenue declined to INR11.3b (-34% YoY, -15% QoQ) on lower LME prices/volumes due to the impact of COVID-19. Realization declined 8% YoY (and 3% QoQ) to USD1,905/t on account of lower LME and premiums. As a result, Operating Cashflows (OCF) were negative at INR3.5b. With estimated gradual recovery in aluminum demand, we expect prices to rise further.
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18 Nov 2019 | National Aluminium C.. |
Emkay
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68.80 | 37.00 | 42.35 (62.46%) | Target met |
Sell
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National Aluminum (NALCO) reported a very weak set of Q2FY20 results, driven by weak comm...
Emkay
Extended monsoons have also disrupted coal supplies in Q3. Hence, operationally Q3 should be weak. In addition, plans to diversify into unrelated minerals outside India at a peak of euphoria for Lithium and Cobalt could be value-dilutive, in our view. We revise FY20E EBITDA/PAT by 62%/66%, factoring in dismal Q2 results and also cut FY21/22E EBITDA by 24%/3% factoring in lower profitability. We value the stock at 4.5x Sep-21E EV/EBITDA. Downgrade NALCO to Sell with a TP of Rs37 (43 earlier) with UW stance in EAP. Key risk is higher alumina prices. Despite higher sales in Q2FY20, EBIT was significantly down, indicating that the company...
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13 Aug 2019 | National Aluminium C.. |
Motilal Oswal
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68.80 | 50.00 | 42.90 (60.37%) |
Buy
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Higher cost and lower realization impact performance
Motilal Oswal
Higher cost and lower realization impact performance Cutting estimates to factor in alumina/LME price decline EBITDA of INR2.1b (-59% QoQ) came in below our estimate of INR4.3b owing to higher aluminum cost of production, lower-than-expected aluminum volumes and likely lower alumina volumes. The sequential decline in EBITDA can be attributed to...
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31 May 2019 | National Aluminium C.. |
Motilal Oswal
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68.80 | 65.00 | 50.50 (36.24%) |
Buy
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Robust quarter on lower costs, strong volumes
Motilal Oswal
Robust quarter on lower costs, strong volumes Cutting estimates to factor in alumina/LME price decline; Maintain Buy EBITDA of INR5.2b (-10% QoQ) was 42% ahead of our estimate due to (a) lower power & fuel costs (-22% QoQ) and (b) higher alumina volumes (we assume to have come in at 380kt). The sequential decline in EBITDA can be attributed to lower...
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09 Feb 2019 | National Aluminium C.. |
Motilal Oswal
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68.80 | 69.00 | 58.95 (16.71%) |
Buy
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Disappointment in the form of higher cost of production
Motilal Oswal
9 February 2019 INR6.2b) in 3QFY19 owing to lower volumes/realizations and higher cost of production (CoP). The miss versus our estimate can primarily be ascribed to higher Production increased 12% QoQ to 532kt, but sales were down 10% QoQ to 293kt. Production was down 8% QoQ to 105kt, while sales were down USD2,241/t, even as LME was lower, due to higher product premiums. CoP increased USD172 QoQ to USD2,109/t, accentuated by reduced volumes leading to lower absorption of fixed cost. NACLs performance was impacted by alumina prices coming off their recent highs and fixed cost absorption being lower due to reduced volumes. We expect volumes to improve, which should drive down CoP, but the alumina benchmark prices have fallen further as Chinese supply is rising. We cut our alumina price estimate from USD400/t to USD350/t for FY20-21. We have also marginally cut aluminum product premiums and increased CoP.
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13 Nov 2018 | National Aluminium C.. |
HDFC Securities
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68.80 | 67.35 (2.15%) |
Results Update
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National Aluminium Company Ltd Q2FY19 results Comment
HDFC Securities
National Aluminium Company Ltd Q2FY19 results Comment Revenue increased by 2.27% to Rs. 3040.93 Cr in Q2FY19 when compared to the previous quarter. Also, it grew by 23.88% when compared with Q2FY18. The Sales had been increasing from Q4FY18 to Q2FY19.
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13 Nov 2018 | National Aluminium C.. |
Motilal Oswal
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68.80 | 90.00 | 67.35 (2.15%) |
Buy
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An other strong quarter; smelter now at full capacity
Motilal Oswal
12 November 2018 2QFY19 EBITDA declined 16% QoQ (+140% YoY) to INR8.5b (in-line), led by lower Effective tax rate stood at 38%, higher than our estimate of 33% and 34% in 1Q. Production was down 18% QoQ at 477kt due to seasonal factors. Sales, however, increased ~1% QoQ to 324kt, led by destocking. Alumina Calculated cost of production (CoP) increased QoQ. Production increased 4% QoQ (8% YoY) to 114kt, which is now near full capacity. Sales increased ~10% QoQ to 115kt. Aluminum realization declined by USD357 QoQ to USD2,162/t, as against a decline in LME of ~USD200/t. CoP was lower QoQ, aided by operating leverage benefit and currency depreciation. NACL is a key beneficiary of higher alumina prices as it is net long and has the advantage of low-cost captive bauxite. We have cut our alumina price estimate from USD450 to USD400/t for 4QFY19 and FY20.
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22 Oct 2018 | National Aluminium C.. |
Edelweiss
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68.80 | 68.00 | 67.35 (2.15%) | Target met |
Buy
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13 Aug 2018 | National Aluminium C.. |
HDFC Securities
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68.80 | 71.50 (-3.78%) |
Results Update
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08 Aug 2018 | National Aluminium C.. |
Motilal Oswal
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68.80 | 108.00 | 67.00 (2.69%) |
Buy
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Bumper quarter led by strong alumina pricing
Motilal Oswal
8 August 2018 NALCOs 1QFY19 EBITDA increased 61% QoQ (+344% YoY) to INR10.1b (est. of INR6.9b), driven by strong alumina pricing. Adj. PAT grew 70% QoQ (~5x YoY) to INR6.3b. PAT is adjusted for ~INR0.9b gain on revaluation of renewable purchase obligation after resumption of trading on electricity exchanges. Production increased 3% QoQ (+11% YoY) to 583kt - best ever in a quarter. Sales declined 27% QoQ (+24% YoY) to 320kt due to re-stocking. Alumina realization increased 36% QoQ to USD562/t. Production was down 2% QoQ but up 9% YoY to 110kt. Sales were down ~6% QoQ (+18% YoY) to 105kt. Aluminum realization increased ~7% QoQ to USD2,526/t led by higher LME.
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27 May 2018 | National Aluminium C.. |
Motilal Oswal
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68.80 | 128.00 | 73.25 (-6.08%) |
Buy
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Alumina destocking and prices drive strong perf.
Motilal Oswal
27 May 2018 NALCOs 4QFY18 adj. EBITDA increased 35% QoQ (47% YoY) to INR6.3b (est. The beat is on account of destocking of inventories and strong prices of alumina. EBITDA is adjusted for provision of INR1.4b in wage bill towards fluctuation in actuarial calculations. Adj. PAT increased 34% QoQ/38% YoY to INR3.7b. For the full year FY18, EBITDA increased 54% to INR16.6b driven by increase in sales tonnage of 9% for metal and 3% for alumina, increase in prices by 21% for LME and 43% for alumina, partially offset by 20% jump in wage bill, inflation in coal and other inputs. Adj. PAT increased 37% to INR9.
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