| Project Cost | ₹30,000 CrApproved Capex |
|---|---|
| Market Cap | ₹59,598.7 CrMetals & Mining |
| P/E TTM | 8.33Sector PE 16.74 |
| Revenue TTM | ₹20,465.6 Cr7.96% Annual Growth |
Key highlights
- Approved investment of approximately ₹30,000 crore for the Angul brownfield expansion
- Smelting capacity to increase by 0.5 MTPA, reaching a total of 1.0 MTPA
- Targeted commercial commissioning scheduled for the 2030-31 period
- Establishment of a 50:50 JV with NLC India for a 1,080 MW captive thermal power plant
- Licensing agreement with Emirates Global Aluminium for DX+ Ultra smelting technology
| . | |
|---|---|
| . |
A ₹30,000 Crore Blueprint for Capacity Doubling
National Aluminium Company Limited is executing a massive brownfield expansion at its Angul complex in Odisha, representing an approved investment of approximately ₹30,000 crore. This strategic move is designed to augment smelting capacity by 0.5 million tonnes per annum (MTPA), effectively doubling the current output of 0.46 MTPA to roughly 1.0 MTPA. The project aligns with NALCO's long-term growth strategy to capitalize on rising domestic demand and strengthen self-reliance in the aluminium sector.
Commissioning is targeted for 2030-31, providing a significant multi-year runway for industrial development and regional economic growth in the state of Odisha.
Critical Infrastructure: Power, Technology, and Land
- 50:50 Joint Venture with NLC India Limited to build a 1,080 MW (4x270 MW) captive thermal power plant
- Licensing of energy-efficient DX+ Ultra proprietary technology from Emirates Global Aluminium
- Integration of 200–250 MW of renewable energy to support sustainability and cleaner production
- Recent RPDAC meeting held to expedite land acquisition, compensation, and rehabilitation at Angul
- The project requires an additional 1,100 MW of power to sustain expanded smelting operations
Strategic Synergies with Alumina Refining
The smelter expansion is vertically integrated with the ongoing 5th Stream Alumina Refinery project at Damanjodi, which is expected to generate surplus alumina even after meeting the requirements of the expanded Angul facility. For the quarter ended September 30, 2026, NALCO reported operating revenue of ₹5,419.44 crore, reflecting a 26.26% year-on-year growth, alongside a net profit of ₹1,835.05 crore. While surplus alumina will initially serve export markets, the company is evaluating a second Greenfield 0.5 MTPA smelter to further convert surplus raw material into finished aluminium.
This integrated approach leverages NALCO's high operating margins, which stood at 44.48% in the latest quarter.
| Date | Announcement | Amount |
|---|---|---|
| 07 Sep 2026 | Technology licensing agreement signed with Emirates Global Aluminium (EGA) to deploy DX+ Ultra smelting technology for 0.5 MTPA brownfield smelter expansion at AngulSource: nalcoindia.com | – |
| 26 Aug 2026 | Execution of Government Land Lease Deed with IDCO for Overland Conveyor Corridor and Water Intake Facility for 3.5 MTPA Pottangi Bauxite MinesSource: business-standard.com | – |
| 08 Jul 2026 | 50:50 joint venture agreement signed with NLC India Limited to establish a 1,080 MW (4x270 MW) coal-based thermal captive power plant at AngulSource: psuconnect.in | ₹12,000.00 Cr |
| 09 Dec 2025 | Award of 25-year Mine Developer and Operator (MDO) contract to Dilip Buildcon Limited for development and operation of the 3.5 MTPA Pottangi Bauxite MinesSource: nalcoindia.com | ₹5,000.00 Cr |
| 05 Jun 2025 | Regulatory clarification confirming the ₹30,000 crore capex plan for 0.5 MTPA brownfield smelter expansion and integrated captive power plant remains on trackSource: angelone.in | ₹30,000.00 Cr |
What to watch next
- Commissioning of the 1 MTPA 5th stream alumina refinery at Damanjodi, expected by Dec 2026
- Final site selection for the proposed 0.5 MTPA Greenfield aluminium smelter project
- Progress on the formation and environmental clearances for the NLC India power joint venture
- Next quarterly financial results announcement scheduled for early February 2027
| Share price | ₹324.5 |
|---|---|
| Market capitalisation | ₹59,598.70 Cr |
| Revenue (annual) | ₹17,843.05 Cr |
| Net profit (annual) | ₹5,797.01 Cr |
| Revenue (latest quarter) | ₹5,419.44 Cr+2.21% vs previous quarter |
| Net profit (latest quarter) | ₹1,835.05 Cr-8.39% vs previous quarter |
| P/E (TTM) | 8.33×Sector 16.74× |
| Promoter holding | 51.28%0.00% QoQ |
| FII holding | 21.98%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by National Aluminium Company Limited announcing progress and key partnerships for its Angul smelter expansion project. Market figures from a third-party data provider.
