Name: Latest research reports of National Aluminium Company Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: National Aluminium Company Ltd.
Rating: 4
Author: ICICI Securities Limited

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	16 Jul 2025	National Aluminium	Consensus Share Price Target	188.02	220.56	-	17.31	hold	pdf Detailed Estimates
	25 May 2023	National Aluminium	ICICI Securities Limited Target	188.02	86.00	80.65 (133.13%)	Target met	Accumulate	pdf post cache	Broker Report Robust show; cost efficiencies in offing ICICI Securities Limited NALCO’s Q4FY23 EBITDA of Rs7.7bn (down 53% YoY, up 64.6% QoQ) was significantly ahead of consensus and our estimates of Rs5.4bn primarily on lower than expected power and fuel cost. pdf Copy Link Share on Share on Share on Share on Alert
	24 May 2023	National Aluminium	Motilal Oswal Target	188.02	90.00	80.65 (133.13%)	Target met	Neutral	pdf post cache	Broker Report Strong beat on all fronts Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	02 May 2023	National Aluminium	Motilal Oswal Target	188.02	80.00	83.10 (126.26%)	Target met	Neutral	pdf post cache	Broker Report Increase in alumina refinery capacity and robust domestic demand to drive performance Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	13 Feb 2023	National Aluminium	Axis Direct Reco Target	188.02	84.00	78.90 (138.30%)	Target met	Hold	pdf post cache	Broker Report Result Update:Natl. Aluminium Axis Direct Capex requirement and probable cost overruns over the next few years on alumina refinery plant expansion along with delay in commissioning of coal blocks could put pressure on the cash flows of the company. We maintain our HOLD rating on NALCO. pdf Copy Link Share on Share on Share on Share on Alert
	12 Feb 2023	National Aluminium	ICICI Securities Limited Target	188.02	79.00	76.70 (145.14%)	Target met	Hold	pdf post cache	Broker Report Robust show, but upside capped ICICI Securities Limited NALCO’s Q3FY23 EBITDA of Rs4.6bn (down 61% YoY) was significantly ahead of consensus and our estimates primarily due to lower than expected power and fuel cost. pdf Copy Link Share on Share on Share on Share on Alert
	12 Feb 2023	National Aluminium	Motilal Oswal Target	188.02	88.00	76.70 (145.14%)	Target met	Neutral	pdf post cache	Broker Report Revenue and profitability beat estimates; outlook stable Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	10 Nov 2022	National Aluminium	Motilal Oswal Reco Target	188.02	70.00	72.45 (159.52%)	Target met	Neutral	pdf post cache	Broker Report EBTIDA and PAT disappoint despite higher volumes Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	10 Nov 2022	National Aluminium	ICICI Securities Limited	188.02	76.00	74.10 (153.74%)	Target met	Hold	pdf post cache	Broker Report Perceive mixed outlook ahead ICICI Securities Limited NALCO’s Q2FY23 EBITDA of Rs3.3bn (down 70% YoY) missed estimates owing to the double whammy of lower volume and higher cost, primarily at aluminium (Al) division. pdf Copy Link Share on Share on Share on Share on Alert
	27 May 2022	National Aluminium	Axis Direct Target	188.02	107.00	92.95 (102.28%)		Buy	pdf post cache	Broker Report Result Update:Natl. Aluminium Axis Direct We continue to value the company at 5.5x FY24 EBITDA and 0.5x book value of CWIP. TP implies an upside potential of 15% from the CMP. pdf Copy Link Share on Share on Share on Share on Alert
	26 May 2022	National Aluminium	Motilal Oswal Target	188.02	110.00	93.05 (102.06%)		Buy	pdf post cache	Broker Report EBITDA beat driven by a marginal revenue beat Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
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28.51% Fall from 52W High

National Aluminium Company Ltd. share price target

National Aluminium Company Ltd. has an average share price target of 209.67. The consensus estimate represents an upside of 11.51% from the last price of 188.02. View 10 reports from 6 analysts offering long-term price targets for National Aluminium Company Ltd..

Robust show; cost efficiencies in offing

Strong beat on all fronts

Increase in alumina refinery capacity and robust domestic demand to drive performance

Result Update:Natl. Aluminium

Robust show, but upside capped

Revenue and profitability beat estimates; outlook stable

EBTIDA and PAT disappoint despite higher volumes

Perceive mixed outlook ahead

Result Update:Natl. Aluminium

EBITDA beat driven by a marginal revenue beat

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