National Aluminium Company Limited (NATIONALUM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+8.4%

₹343.73

vs ₹316.95 price

Levered DCF

₹347.62

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.23×	6.11×	14.91×	10.04×	7.58×	7.75×	39.86×	6.25×
P/B	3.28×	1.81×	2.06×	1.1×	1.78×	0.94×	0.54×	1.03×
P/S	3.97×	1.92×	2.26×	1.01×	1.57×	1.13×	0.64×	0.94×
EV / EBITDA	7.28×	3.55×	10.32×	5.87×	4.83×	5.55×	10.77×	3.68×
Gross margin	56.5%	70.1%	53.9%	45.4%	64.0%	57.7%	50.8%	59.2%
Operating margin	40.3%	59.3%	38.3%	32.5%	47.2%	36.0%	27.1%	41.1%
Net margin	32.5%	31.4%	15.1%	10.1%	20.8%	14.5%	1.6%	15.1%
Current ratio	3.6×	2.61×	1.93×	1.84×	2.09×	2.1×	1.68×	1.93×
Debt / equity	0×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×
Interest coverage	72.1×	480.29×	292.91×	-5,783.01×	432.58×	454.92×	400.16×	1,984.71×
Dividend yield	2.8%	5.7%	2.5%	6.4%	4.9%	4.6%	9.5%	9.5%
Payout ratio	34.9%	34.9%	36.9%	64.0%	37.3%	35.4%	376.6%	59.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	26.8%	29.6%	13.8%	10.9%	23.5%	12.2%	1.4%	16.5%
Return on invested capital	23.1%	38.0%	23.0%	24.3%	35.3%	25.0%	11.8%	24.3%
Return on assets	21.8%	23.0%	10.3%	8.1%	17.1%	8.8%	0.9%	11.4%
Free cash flow yield	6.9%	14.4%	3.9%	-4.3%	12.4%	9.7%	-22.2%	14.1%
Earnings yield	8.2%	16.4%	6.7%	10.0%	13.2%	12.9%	2.5%	16.0%
Enterprise value	₹625.7B	₹269.5B	₹297.1B	₹144.4B	₹220.3B	₹99.7B	₹54.8B	₹107.2B
Net debt / EBITDA	-0.97×	-0.69×	0.02×	0.02×	-0.07×	-0.06×	0.1×	-0.04×
Cash conversion cycle (days)	54	90	21	52	18	55	119	70