Interim report
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National Aluminium Company Limited (A Government of India Enterprise) REGD. & CORPORATE OFFICE Nalco Bhawan, Nayapalli, Bhubaneswar–751013,India CIN # L27203OR1981GOI000920 Tel.:0674-2301988-999, Ext.:2265, 2266, 2267, 2585, 2587, E-mail:company_secretary@nalcoindia.co.in,Website:www.nalcoindia.com संदभŊ/Ref. : NBC/S/4.5 & 4.5(A)/2026/1552 िदनांक/Dated: 02.11.2026 To, Ůबंधक/The Manager बीएसई िलिमटेड/BSE Limited, फीरोज जीजीभोय टावसŊ/ Phiroj Jeejeebhoy Towers, दलाल ːŌ ीट/Dalal Street, मुɾई/MUMBAI‐ 400 001 İˌप कोड/Scrip Code: 532234 To, Ůबंधक/The Manager अनुसूचन िवभाग/Listing Department नेशनल ːॉक एƛचŐज ऑफ इंिडया िल., National Stock Exchange of India Ltd., एƛचŐज ɘाजा, बांūा‐कु लाŊ क̱ɘेƛ, Exchange Plaza, Bandra‐Kurla Complex, बांūा ईː/Bandra East, मुɾई/MUMBAI‐400 051 Ůतीक/Symbol: NATIONALUM िवषय: 02.11.2026 को आयोिजत िनदेशक मंडल की बैठक के पįरणाम। Sub: Outcomes of the meeting of the Board of Directors held on 02.11.2026. महोदय/Dear Sir, Further to our letter dated 22.10.2026 pertaining to the meeting of Board of Directors held on 02.11.2026, the outcomes of the meeting of the Board of Directors are as follows: 1.0 Unaudited Financial Results (Standalone & Consolidated) for the 2nd quarter and half year ended 30th September, 2026: a) In terms of Regulation 33 of SEBI (LODR) Regulations, 2015, the Board has taken on record the Unaudited Financial Results (Standalone & Consoli dated) of the Company for the 2 nd quarter and half year ended 30 th September, 2026. In this connection, please find enclosed a copy of the Unaudited Financ ial Results (Standalone & Consolidated) for the 2 nd quarter and half year ended 30 th September, 2026 along with a copy of the Limited Review Report given by the Statutory Auditors on the Unaudited Financial Results (Standalo ne & Consolidated) for the 2nd quarter and half year ended 30 th September, 2026 (Annexure). b) Necessary publication is also being made in newspapers. 2.0 Declaration of Interim Divi dend for the financial year 2026-27: a) In terms of provisions under the Companies Act, 2013 and pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, the Board of Directors in their meeting held today i.e. 02.11.2026 have approved payment of Interim dividend @ Rs.4.50/ - per share (90% on Face value of Rs.5/ - e a c h ) on the paid -up equity share capital of Rs.918.32 crore for the financial year 2026-27. b) The Company has fixed Friday, the 6 th November, 2026 as Record Date for payment of above Interim Dividend for the financial year 2026-2 7 to the eligible shareholders.
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National Aluminium Company Limited (A Government of India Enterprise) REGD. & CORPORATE OFFICE Nalco Bhawan, Nayapalli, Bhubaneswar–751013,India CIN # L27203OR1981GOI000920 Tel.:0674-2301988-999, Ext.:2265, 2266, 2267, 2585, 2587, E-mail:company_secretary@nalcoindia.co.in,Website:www.nalcoindia.com c) The payment of interim dividend shall be made on or before 0 1.12.2026 to all eligible shareholders, whose names appear in the Register of Me mbers as on Record Date. As per the provisions of the Income Tax Act, 2025, dividend income is taxable in the hands of shareholders, and the Company is required to deduct TDS at t he prescribed rates. Shareholders seeking lower or nil TDS for FY 2026-27 are reques ted to submit the requisite forms/ documents along with copy of PAN on or before 09.11.2026. Requests received thereafter shall not be entertained. In the absence of valid documents, TDS shall be deducted at the applicable rates. No claim shall lie against the Company for taxes so deducted. Necessary publication about the Record Date is also being made in the Newspapers. The meeting commenced at 1700 Hours and concluded at 2000 Hours. This is for your information and record. Thanking you, भवदीय/Yours faithfully, कृ ते नेशनल एʞूिमिनयम कं पनी िलिमटेड For National Aluminium Co. Ltd. (बी. के . साš)/(B. K. Sahu) कं पनी सिचव और अनुपालन अिधकारी / Company Secretary & Compliance Officer ACS: 9953 Encl.: As above
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IND I A SKB & ASSOCIATES Chartered Accountants 5th Floor, IDCO Tower, Janpath, Bhubaneswar-751022 BM CHATRATH & CO LLP Chartered Accountants 21, Hemanta Basu Sarani, Kolkata- 70000 I Independent Auditor's Review Report on the Unaudited Standalone Financial Results for the Quarter and Half year ended 301h September, 2026. Review Report to The Board of Directors, National Aluminium Company Limited, Nalco Bhawan, P/1, Nayapalli, Bhubaneswar, 751013 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of National Aluminium Company Limited ("the Company") for the quarter and half year ended 30th September 2026 ("the Statement") attached herewith, being prepared by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors in their meeting held on 2nd November,2026, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. We have not performed an audit and accordingly, we do not express,.an audit oplillon.
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Emphasis of Matter: 4. We draw attention to the matter mentioned in; i) Note 6 to the Statement, regarding non recognition of revenues from two wind power plants pending execution of power purchase agreement ("PPA") with the State Government of Rajasthan and matter being sub-judice before the Hon 'ble High Court of Rajasthan. Our conclusion on the Statement is not modified in respect of the above matter. 5. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone F inancial Results prepared in accordance with applicable Indian Accounting Standards (Ind AS) and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations,2015, as amended including the manner in which it is to be disclosed, or that it contains any material misstatement. �as�...,.al.frt���� Partner M. No. 316572 UDIN: 26316572QCCCJW 4692 Place: New Delhi Date: 2nd November, 2026 For 8 M Chatrath & Co LLP CA Sanjay Sarkar Partner M. No. 064305 UDIN: 26064305TQMBCH3531 Place: New Delhi Date: 2nd November, 2026
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SI. No I II m IV V VI VII VIII IX X XI XII lxm XIV '11Mifil � NALCO NAnONAL ALUMINIUM COMPANY UMITED (A Govemment ol India Enterprise) CIN:L272030R1981GOI000920 Regel. Office: NALCO Bhawan, Plot No. P/1, Nayapalll, Bhubaneswar -751013 (Odlsha) Website: -.nalcolndla.c:om; E-mall: company_secretaryOnalcolndla.co.ln, Tel. No.: 0674-2303197 Standalone Flnanclal R .. ults for the Quarter and Six Months Ended September 30, 2026 Statement of profit and LOSS Particulars Revenue from Operations Other Income Total Income (I + II) Expen- (a) Cost of raw materials consumed (bl Cost of power and fuel consumed (c) Changes In Inventories of finished goods and work-In· progress (d) Employee benefits expense (el Finance costs (f) Depredation, amortisation and Impairment (g) Other expenses Total expenses [Sum of (a) to (g)] Profit before exceptional Items and tax cm-IV> Exceptional Items- Expenses/ (Income) Profit before tax (V-VI) Tax expense: (i) Current tax Current year Earlier years (ii) Deferred tax Profit for the period {VII-VIII) Other Comprehensive Income a. (i) Items that will not be reclassified to Profit or ross (ii) Income tax relating to items that will not be reclassified to profit or loss b. (i) Items that will be reclassified to profit or loss (ii) Income tax relatlng to items that will be redassified to profit or loss Other Comprehensive Income for the period (net of tax) Total comprehensive Income for the period (IX+X) Paid-up equity share capital (Face value of, 5/- each) Reserves (exdudlng Revaluation Reserve) as per Audited Balance Sheet Earning per equity share of face value of , 5 each (not annuallsed) (i) Basic (') Clll Diluted (') uarter Ended 30-09-2026 3G-06-2026 lUnaudlted) CUnaudltedl 5,419.44 5,302.38 248.08 173.30 5,667.52 5,475.68 808.36 728.54 1,065.95 972.73 57.27 (129.77) 407.85 395.48 9.56 9.55 177.74 182.35 669.45 627.90 3,196.18 2,786.78 2,471.34 2,688.90 - - 2,471.34 2,688.90 636.25 686.52 625.21 668.46 1.66 . 9.38 18.06 1,835.09 2,002.38 (2.24) 5.46 0.04 (0.08) . . . . (2.20) 5.38 1,832.89 2,007.76 918.32 918.32 9.99 10.90 9.99 10.90 Six Months Ended 30-G9-202S 30-09-2026 3()-09-2025 (Unaudited) (Unaudltecll CUnaudltedl 4,292.34 10,721.82 8,099.28 151.47 421.38 274.98 4,.443.81 11,143.20 8,374.26 564.91 1,536.90 1,116.70 869.71 2,038.68 1,721.57 (1.01) (72.50) (87.90) 440.35 803.33 885.79 8.36 19.11 16.40 173.75 360.09 352.09 492.51 1,297.35 1,045.11 2,548.58 5,982.96 5,049.76 1,895.23 5,160.24 3,324.50 - - - 1,895.23 5,160.24 3,324.50 462.06 1,322.77 827.47 492.51 1,293.67 869.69 (2.22) 1.66 (2.22) (28.23) 27.44 (40.00) 1,433.17 3,837.47 2,497.03 13.42 3.22 9.93 0.70 (0.04) 0.70 - - - - - - 14.12 3.18 10.63 1,.447.29 3,840.65 2,507.66 918.32 918.32 918.32 - - 7.80 20.89 13.60 7.80 20.89 13.60 Refer to accompanying notes to the financial results Cf In Crorel Year Ended 31-03-2026 (Audited\ 17,843.05 665.83 18,508.88 2,387.75 3,307.36 154.49 1,721.20 99.80 745.36 2,325.47 10,741.43 7,767.45 - 7,767.45 1,951.69 2,020.00 (2.43) (65.88) 5,815.76 21.86 (0.32) - - 21.54 5,837.30 918.32 20,944.44 31.67 31.67
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Segment lnformatloft • STANDALONE " SI. <M•·----- -ow-nn n••n- Year Ended (' I Oore) Ho. hrtkvlal'II JG-09-2026 30-06-2026 30-09-2025 3CHl9·2026 30-09-2025 31-03-2026 fUMudlted) (Unaudited) (Unaudited) fUnaudltedl f Unaudited l {Audited) 1 2 3 4 5 6 7 a 1 Seg-i ttevenue: a) Chemlals 1,692.57 1,569.93 1,834.05 3,262.50 3;462.16 6,694.25 b) Aluminium 4,164.S4 4,188.82 2,880.35 8,353.36 5,588.69 12,944.71 C) Unallocllted Common 22.67 28,98 q.83 51.65 22.99 33.20 Total: 5,879.78 5,787.73 4,728.23 11,667.51 9,073.84 19,672.16 Less: Inter seoment revenue ,JU.J\U �BS.JS . .-.� .. o �S62 ill,Sli l ll22 11 Income from opentloM 5,419.44 5�02.38 4,292.34 10,721.82 8,099.28 17,843.05 2 Segment lte9ults : Profit l>ffl>re tax, exceptlonal Items and Interest : a) Olemlc:als 281.90 270.92 623.68 S52.82 1,126.47 2,034.16 b) Aluminium 2,058.1� 2,325.70 1,189.37 4,383.85 2,087.55 5,564.28 Sub-total: 2,340.05 2,596.62 1,813.05 4,936.67 3,214.02 7,598.44 Except!Onal lnco�(Ex�) . . . - . . Less: Illtl!ttst & nn,nctnQ charoes 9.56 9.55 8.36 19.11 16..40 99.80 Add: Interest and dMdend Income 220.66 167.)7 144.93 388.03 263.27 600.25 Add: Other unallocated Income net or unallocated expenses (22,81) (6�.54) (54.39) (145.3� (136.32) (331.M) Total Proffl befor'e TH : 2,471.34 �688.90 1,!25,23 s,160.24 3�24.50 7,767.45 3 Segmmtt Anets a Uabllltles Anet, a) ChemlclllS 10,916.14 10,892.20 9,798.n 10,916.14 9,798.n 10,894.93 b) Aluminium 6,060.70 6,095.92 6,145.34 6,060.70 6,145.34 5,882.46 C) Unanocated Common ll,!i!iMfi lZ,Qfil.29 2.J1Ml 1l !i�Mi 2JlMl 112,!!26,Qfi Total: 311,5U,311 2i,115ld1 Uabllltles 25,21i2.52 311,5J1.lll � 262.52 2fidlll3d:i a) Olernk:llls 1,540.93 1,614.20 1,365.46 1,540.93 1,365.46 1,606.49 b) Aluminium 2,397.53 2,483.21 1,999.85 2,397.53 1,999.85 2,165.84 C) Unallocated Common 1,440.42 1,450.79 1,802.95 1.440.42 1,802.95 1,168.36 Total: s,378.88 5,548.20 :i,161 2§ 5.lll.11 5,1§1,2.fi � !Ml:2,6
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Notes: 1. Statement of Assets and Liabilities - STANDALONE (fin Crore) Particulars As at As at 30-09-2026 31-03-2026 Assets (1) Non-current assets (Unaudl�ed) (Audit�) (a) Property, plant and equipment 6,976.76 6,749.95 (b) Capital work-In-progress 6,411.73 6,296.00 (c) Intangible assets 872.10 897.92 (d) Intangible assets under development 1.76 2.51 (e) Financial assets (I) Investments 499.61 499.61 {Ii) Loans 88.48 88.68 {iii) other financial assets 25.67 20.01 (f) Current tax assets (Net) 143.20 123.50 Other non-current assets 535.83 504.96 Total non-current assets 15,555.14 15,183.14 (2) Current assets (a) Inventories 1,863.68 1,834.90 {b) Financial assets (i) Investments 50.03 292.93 (ii) Trade receivables 14.43 214.68 (Iii) Cash and cash equivalents 101.03 153.45 (iv) Bank balances other than (ill) above 12,129.23 8,254.29 (v) Loans 26.64 26.99 (vi) other financial assets 88.94 44.56 (c) Current tax assets (Net) 5.36 99.89 d Other current assets 696.82 698.62 Total current assets 14,976.16 11,620.31 Total assets 30 531.30 26 803.45 Equity and liabilities (1) Equity (a) Equity share capital 918.32 918.32 b Other e ui 24 234.10 20,944.44 Total e.9�ity _ 25,152.42 21,862.76 Liabilities (2) Non-current liabilities (a) Financial liabilities (i) Lease liabilities 50.20 52.40 (ii) Trade payables (a) Dues of micro and small enterprises (b) Dues of creditors other than micro 16.73 16.08 and small enterprises (iii) Other financial liabilities 338.29 384.38 (b) Provisions 313.54 307.51 (c) Deferred tax liabilities (Net) 753.07 725.59 d Other non-current liabilities 230.50 230.50 Total non-current liabilities 1,702.33 1,716.46 (3) Current liabilities (a) Financial liabilities (I) Lease liabilities 7.73 7.43 (ii) Trade payables (a) Dues of micro and small enterprises 104.96 156.01 (b) Dues of creditors other than micro 503.21 641.27 and small enterprises {iii) Other financial liabilities 1,672.88 1,538.15 (b) Other current liabilities 879.01 611.85 (c) Provisions 301.65 264.70 d Current tax liabilities Net 207.11 4.82 � Total current liabilities 3,676.55 3 224.23 Total liabilities 5,378.88 4 940.69 Total and liabilities 30 531.30 26 803.45
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2. Statement of c .. h Flow• - STANDALONE "In Crorel Six Month• Ended Partlculans 30-09-2028 30-09-2025 <Unaudited) (Unaudited) A. Cash flows from operating activities Proflt for the period 3,837.47 2,497.03 Adjustments for: Income tax expense recognised In profit or loss 1,322.77 827.47 Finance costs recognised In profit or loss 19.11 16.40 Interest Income recognised In profit or loss (380.86) (250.78) Dividend income recognised in profit or loss (10.08) (14.89) Net (gain)/ loss on disposal of property, plant and equipment 1.04 0.01 Net (gain) / loss artsing on financial assets mandator11y-measured at fair value 2.89 2.42 through profit or loss Impairment loss recognised on other assets 1.64 (0.24) Inventories of stores, spares written off 7.26 4.15 Depreciation, amortisation and impairment of non-current assets 360.09 352.09 Unrealised foreign exchange (galn)/loss (Net) (1.54) 0.05 Operating profit before working capital changes 5,159.79 3,433.71 Movements In working capital: (Increase) / decrease in inventories (36.04) {114.06) (Increase) / decrease in trade receivables 200.25 158.85 (Increase) / decrease in loans and other financial asset (51.06) {29.22) (Increase) / decrease in other assets (12.92) 103.69 Increase/ (decrease) in trade payables (186.92) 44.22 Increase/ (decrease) in other financial liabilities 30.02 (138.76) Increase/ (decrease) in other liabilitles 253.41 (160.03) Increase/ (decrease) in provisions 33.07 60.12 Cash (used in)/ generated from operations 5,389.60 3,358.52 Income taxes paid '1.018.21.) (637.581 Net cash flow from operating activities 4.371.39 2.720.94 B. Cash flows from investing activities Payments to acquire financial assets (50.00) (231.00) Proceeds from sale of financial assets 290.00 424.00 (Investment in) / redemption of tenn deposits with banks (3,741.00) (2,091.16) Dividends received from other investments 13.01 19.81 Interest received from banks and others 256.21 149.60 Payments for property, plant and equipment (including capital advances) (646.08) (895.99) Proceeds from disposal of property, plant and equipment 9.77 7.06 Payments for other intangible assets C0.24) (0.541 Net cash flow from investing activities (3.JM..11.33) (2.618.221 c. cash flows from financing activities . Proceeds from/ (Payment towards) short term borrowings (124.22) Payment of lease liability (4.00) (3.68) Finance cost paid (0.49) (0.86) Dividends paid on equity shares (550.99) - Net cash flow from financing activities (555.48) (128.76) Net Increase or (decrease) In cash or cash equivalents {52.42) (26.04) cash and cash equlvalenta at the beginning of the year 153.45 121.40 Cash and cash equivalents at the end of the period 101.03 95.36 Note: 2.1. Statement of cash Flows is prepared using indirect method as per Indian Accounting Standard-7: Statement of cash Rows. 2.2. Figures in th� brackets are cash outflow/inflow as the case may be.
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3 In absence of Audit Committee, the financial results have been approved by the Board of Directors In Its meeting held on 2nd November, 2026. Limited Review as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 has been carried out by the Joint Statutory Auditors of the Company. 4 The Board of Directors at Its meeting held on 2nd November, 2026 has approved Interim dividend of f 4.50/- per equity share (90% on face value of f 5/- each) amounting to f 826.48 crore for the FY 2026-27 and fixed 6th November, 2026 as the record date for detennlnlng the ellglbtllty of shareholders for payment of Interim dividend. 5 Based on the recommendation of the Board, the shareholders of the Company had approved final dividend of f 1/- per equity share (20% on face value off 5/- each) amounting to f 183.66/- crore for the FY 2025-26 at 45th Annual General Meeting held on 31st August, 2026 and the same was paid on 28 September, 2026. The total dividend pay out for the FY 2025-26 Is fll.50 per equity share (Interim dividend off 10.50/-per equity share and final dividend off 1.00/- per equity share) amounting to f 2,112.12/- crore. 6 The Company has not recognised the revenue from Its two wind power plants (WPP) located In the State of Rajasthan due to non execution of fresh Power Purchase Agreement (PPA) since 01.04.2019 and such Issue Is being subjudlce before Hon'ble High Court of Rajasthan based on writ petition filed by the Company. 7 captive coal consumed for generation of power has been reported under "Cost of power and fuel consumed". Accordingly, figures pertaining to previous periods under heads "other expenses", "Changes In Inventories of finished goods and work-ln progress" and "cost of power and fuel consumed" have been regrouped. 8 Figures pertaining to previous periods have been regrouped, recast and rearranged, wherever necessary. Place : New Delhi � (Brijendra Pratap Singh) Dat.ed : 2nd November, 2026 Chairman-cum-Managing Director r
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SRB & ASSOCIATES Chartered Accountants 5th Floor, JDCO Tower, I N D I A Janpath, Bhubaneswar-751022 BM CHATRATH & CO LLP Chartered Accountants 21, Hemanta Basu Sarani, Kolkata- 700001 Independent Auditor's Review Report on the Unaudited Consolidated Financial Results for the Quarter and Half year ended 301h September, 2026 Review Report to The Board of Directors National Aluminium Company Limited Nalco Bhawan, P/1, Nayapalli, Bhubaneswar, 751013 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of National Aluminium Company Limited (the " Parent Company") for the quarter and half year ended 30th September, 2026, and its share of the net profit/ (loss) after tax and total comprehensive income/ (loss) of its Jointly Controlled Entities for the Quarter and Half year ended 30th September, 2026, which are included in the accompanying Statement of Unaudited Consolidated Financial Results ("the Statement") attached herewith being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Parent Company's Management and approved by the Parent Company's Board of Directors in their meeting held on 2nd November,2026, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ''Review of Interim Financial Information performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
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We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (List ing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of four Jointly Controlled Entities namely: i) Angul Aluminium Park Private Limited; ii) GACL-NALCO Alkalies & Chemicals Private Limited; iii) Utkarsha Aluminium Dhatu Nigam Limited; and iv) Khanij Bidesh India Limited. Emphasis of Matter: 5. We draw attention to the matter mentione d in: i) Note 7 to the Statement, regarding non recognition of revenue from two wind power plants pending execution of power purchase agreement ("PPA") with the State Government of Rajasthan and matter being sub-judi ce before the Hon 'ble High Court of Rajasthan. Our conclusion on the Statement is not modified in respect of the above matter. Other Matters: 6. We did not review the interim financial results of3 (three) Jointly Controlled Entities included in the Unaudited Consolidated Financial Results of the Company, whose results reflect the Company's share of net profit / (loss) after tax of� (2.53) crores and total comprehensive income/(loss) of� (2.53) crores for the quarter and half year ended 30"1 Sept, 2026 as considered in the Unaudited Consolidated Financial Results. These interim financial information / financial results have not been reviewed, however, have been certified and furnished to us by the Management and our conclusion on the financial results, in so far as it relates to the ammmts and disclosures included in respect of these Jointly Controlled Entities, is based solely on the certification by the management and the procedures perfonned by us as stated in paragraph 3 above. Our conclusio n on the Statement is not modified in respect of the above matter. 7. The Unaudited Consolidated Financial Results include the interim financial results of 1 (one) Jointly Controlled Entity, whose results reflect the Company's share of net profit/ (loss) after tax of� 3.25 crores and total comprehensive income I (loss) of� 3.25 crores for the quarter and half year ended 30th September, 2026 respectively. These interim financial infonnation / financial results have been reviewed by other auditor, whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this Jointly Controlled Entities, is based solely on the report of the other auditors and the procedures perfonned by us as stated in paragraph 3 above.
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8. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors and management's certified un reviewed result as referred to in paragraph 6 & 7 respectively of this report, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations,2015 as amended including the manner in which it is to be disclosed, or that it contains any material misstatement For SRB & Associates Chartered Accou ntants F. Regd. No.310009E ba� m�a�r ,,..._ Partner M. No. 316572 UDIN: 26316572HJWXTZ6800 Place: New Delhi Date: 2nd November, 2026 For B M Cbatrath & Co LLP CA Sanjay Sarkar Partner M. No. 064305 UDIN:26064305�1(1\16101 Place: New Delhi Date: 2nd November, 2026
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SI. No I II lll IV V VII IVIn X XI xn IXID XIV xv .. ,Metil � NALCO NATIONAL ALUMINIUM COMPANY UMITED (A Government of India Enterprise) CIN:L272030R1981GOI000920 Regel. Office: NALCO Bhawan, Plot No. P/1, Nayapalll, Bhubaneswar ·751013 (Odl•ha) Webalte: -.nalcolndla.com; E-mall: company_NCretaryOnalcolndla.co.ln, Tel. No.: 0674-2303197 Consolldated Flnanclal Results for the Quarter and Six Month• Ended September 30, 2026 Statement of Profit and Loss Parttculars Revenue from Operations Other Income Total Income (I + II) ex.,._. (a) Cost of raw materials consumed (b) Cost of power and fuel consumed (c) Changes In Inventories of finished goods and work-In- progress (d) Employee benefits expense (e) Anance costs (f) Depreciation, amortisation and Impairment (g) Other expenses Total expe- [Sum of (a) to (g)] Profit before exceptional Item• and tax (Ill· IV) Exceptional Items- Expensea/ (Income) Share of profit/(loss) of Joint Ventures Profit before tax (V·Vl+VII) Tax experwe: (i) Current tax Current year Earlier years (ii) Deferred tax Profit for the period (VIII-IX] other Comprehensive Income a. (i) Items that will not be redassified to Profit or loss (ii) Share of other comprehensive Income of joint venture accounted for using equity method (iii) Income tax relating to Items that will not be reclassified to profit or loss b. (i) Items that will be reclasslfled to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss other Compreh«laive Income for the period (net of tax) Total compreheualve Income for the period (X+XI) Paid-up equity share capital (Face value off 5/· each) �es (excluding Revaluation RNerve) • per Audited Balance Sheet Eaming per equity share of face value of f 5 each (not annualised) (I) Basic (f) (Ill Diluted (f) 4 ,uarter l!nded 30-09-2026 30-06-2026 (Unaudited) {Unaudited) 5,419.44 5,302.38 248.08 173.30 5,667.52 5,475.68 808.36 728.54 1,065.95 972.73 57.27 (129.77) 407.85 395.48 9.56 9.55 177.74 182.35 669.45 627.90 3,196.18 2,786.78 2,471.34 2,688.90 . . (0.04) 0.76 2,471.30 2,689.66 636.25 686.52 625.21 668.46 1.66 - 9.38 18.06 1,835.05 2,003.14 (2.24) 5.46 - - 0.04 (0.08) - - (2.20) 5.38 1,832.85 2,008.52 918.32 918.32 9.99 10.91 9.99 51x MgntM liol&ld 30-G9·2025 30-G9-2026 30-G9·2025 (Unaudited) (Unaudited) (Unaudited) 4,292.34 10,721.82 8,099.28 151.47 421.38 274.98 4,443.81 11,143.20 8,374.26 564.91 1,536.90 1,116.70 869.71 2,038.68 1,721.57 (1.01) (72.50) (87.90) 440.35 803.33 885.79 8.36 19.11 16.40 173.75 360.09 352.09 492.51 1,297.35 1,045.11 2,548.58 5,982.96 5,049.76 1,895.23 5,160.24 3,324.50 . . . (3.23) 0.72 (17.61) 1,892.00 5,160.96 3,306.89 462.06 1,322.n 827.47 492.51 1,293.67 869.69 (2.22) 1.66 (2.22) (28.23) 27.44 (40.00) 1,429.94 3,838.19 2,479.42 13.42 3.22 9.93 - - - 0.70 (0.04) 0.70 - - - - - - 14.12 3.18 10.63 1,444.06 3,841.37 2,490.05 918.32 918.32 918.32 . . 7.79 20.90 13.50 Refer to accompanying notes to the financial results 10.91 7.79 20.90 13.50 ,.. .... (f In Crore) Year Ended 31-03-2026 (Audited) 17,843.05 665.83 18,508.88 2,387.75 3,307.36 154.49 1,721.20 99.80 745.36 2,325.47 10,741A3 7,767A5 . (18.75) 7,748.70 1,951.69 2,020.00 (2.43) (65.88) 5,797.01 21.86 0.02 (0.32) - - 21.56 5,818.57 918.32 20,685.39 31.56 31.56
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Segment Information - CONSOUDATED SI. �-·----- -·· ---- r-�-� (' In Crore) No. Partlcularw 30-09-2028 30-08-2028 30-09-2025 30-o9-2028 30-09-2025 31-03-2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited\ 1 2 3 4 5 e 7 8 1 Segment Revenue : a) Chemicals 1,692.57 1,569.93 1,834.05 3,262.50 3,462.16 6,694.25 b) Alumlnlum 4,164.54 4,188.82 2,880.35 8,353.36 5,588.69 12,944.71 C) Unallocated Common 22.67 28.98 13.83 51.65 22.99 33.20 Total: 5,879,78 5,787.73 4,728.23 11,667.51 9,073.84 19,672.16 Less: Inter segment revenue �12.J� �!i.J!i �J!i,ll2 2�5.62 2Z�.!i6 1.a:z2.u Income from operations 5,419.44 s,302.38 4,292.34 10,721.82 8,099.28 17�3.05 2 Segment Results Prollt before tax, exceptional Items and Interest : a) Chemicals 281.90 270.92 623.68 552.82 1,126.47 2,034.16 b) Alumlnlum 2,058.15 2,325.70 1,189.37 4,383.85 2,087.55 5,564.28 Sub-total: 2,340.05 2,596.62 1,813.05 4,936.67 3,214.02 7,598.44 Exceptional Income/(Expenses) - - - - - - Less: Interest & llnanctng charges 9.56 9.55 8.36 19.11 16.40 99.80 Add: Interest and dividend Income 220.66 167.37 144.93 388.03 263.27 600.25 Add: Other unallocated Income net of unallocated expenses (79.81) (65.54) (54.39) (145.35) (136.39) (331.44) Share of loss of Joint Ventures (12�} 12,Z6 (3 ZJ} 12,ZZ (1Z 61} (lll,Z!il Total Profit before Tax : 2�71.30 2,889.'6 1,892.00 5,160.96 3,306.89 7,748.70 3 Segment ASNta • Uabllltles Auets a) Chemlcals 10,916.14 10,892.20 9,798.77 10,916.14 9,798.77 10,894.93 b) Alumlnlum 6,060.70 6,095.92 6,145.34 6,060.70 6,145.34 5,882.46 c) Unallocated Common 1J,:Z26,13 11,llQ!i,1212 2,12612.� 1J,:Z26,13 2,12612 � 2 Z6Z,121 Total: Jl,2Z2,IIZ D,ZIIJ,J.2 Uabllltles 2:i,IIM,:ill Jl,2Z2,IIZ 2:i,IIM,:ill 21i.�.g a) Chemlcals 1,540.93 1,614.20 1,365.46 1,540.93 1,365.46 1,606.49 b) Alumlnlum 2,397.53 2,483.21 1,999.85 2,397.53 1,999.85 2,165.84 c) Unallocated Common 1,440.42 1,450.79 1,802.95 1,440.42 1,802.95 1,168.36 ...... ,: 5,378.88 5,548.20 :i,J.lill,21i :i,JZBJHI :i,J.lill,21i �.�.Iii!
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r Notes: 1. Statement of Assets and Liabilities -CONSOUDATED Particulars Assets (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Intangible assets (d) Intangible assets under development (e) Investment Accounted for using Equity Method (f) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Current tax assets (Net) h Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (I) Investments (ii) Trade receivables (iii) cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Current tax assets (Net) d Other current assets Total current assets Total assets Equity and liabilities (1) Equity (a) Equity share capital b Other e ui _ _!otal_ equi�-- _ Liabilities (2) (3) Non-current liabilities (a) Financial liabilities (i) Lease liabilities (ii) Trade payables (a) Dues of micro and small enterprises (b) Dues of creditors other than micro and small enterprises (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (Net) d Other non-current liabilities To�J n_on-current liabilities Current liabilities (a) Financial liabilities (i) Lease liabilities (ii) Trade payables (a) Dues of micro and small enterprises {b) Dues of creditors other than micro and small enterprises (iii) Other financial liabllltles {b) Other current liabilities (c) Provisions d Current tax liabilities Net Total current liabilities Total liabilities and liabilities A.sat 30-09-2026 (Unaudited) 6,976.76 6,411.73 872.10 1.76 241.25 0.03 88.48 25.67 143.20 535.83 15,296.81 1,863.68 50.03 14.43 101.03 12,129.23 26.64 88.94 5.36 696.82 14 976.16 30 272.97 918.32 23 975.77 24,89�09 50.20 16.73 338.29 313.54 753.07 230.50 1,702.33 7.73 104.96 503.21 1,672.88 879.01 301.65 207.11 3 676.55 5 378.88 30 272.97 {fin Crore) A.sat 31-03-2026 (Audited) 6,749.95 6,296.00 897.92 2.51 240.53 0.03 88.68 20.01 123.50 504.96 _1_4,924.0!_ 1,834.90 292.93 214.68 153.45 8,254.29 26.99 44.56 99.89 698.62 11 620.31 26 544.40 918.32 20,685.39 52.40 16.08 156.01 641.27 1,538.15 611.85 264.70 4.82 3 224.23 4 940.69 26 544.40
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2, Statement of Cash Flows - CONSOUDATED "In Crorel Six Months Ended Particulars 3CJ-09-2026 30-09-2025 (Unaudited\ (Unaudited) A. Cash flows from operating activities Profit for the period 3,838.19 2,479.42 Adjustments for: 1,322.77 827.47 Income tax expense recognised in profit or loss Share of (profit) / loss of Joint Ventures (0.72) 17.61 Anance costs recognised in profit or loss 19.11 16.40 Interest income recognised in profit or loss (380.86) (250.78) Dividend income recognised in profit or loss (10.08) (14.89) Net (gain)/ loss on disposal of property, plant and equipment 1.04 0.01 Net (gain) / loss arising on financial assets mandatorlly-measured at fair- 2.89 2.42 -value through profit or loss Impairment loss recognised on other assets 1.64 (0.24) Inventories of stores, spares written off 7.26 4.15 Depreciation, amortisation and impainnent of non-current assets 360.09 352.09 Unrealised foreign exchange (galn)/loss (Net) (1.54) 0.05 Operating profit before working capital changes 5,159.79 3,433.71 Movements in working capital: (Increase) / decrease in Inventories (36.04) (114.06) (Increase) / decrease in trade receivables 200.25 158.85 (Increase) / decrease in loans and other financial asset (51.06) (29.22) (Increase) / decrease in other assets (12.92) 103.69 Increase/ (decrease) In trade payables (186.92) 44.22 Increase/ (decrease) in other financial liabilities 30.02 (138.76) Increase/ (decrease) in other liabilities 253.41 (160.03) Increase/ (decrease) in provisions 33.07 60.12 cash (used in)/ generated from operations 5,389.60 3,358.52 Income taxes paid (1,018.21) (637.58) Net cash flow from operating activities 4,371.39 2.720.94 B. cash flows from investing activities Payments to acquire financial assets (50.00) (231.00) Proceeds from safe of financial assets 290.00 424.00 (Investment in)/ redemption of tenn deposits with banks (3,741.00) (2,091.16) Dividends received from other investments 13.01 19.81 Interest received from banks and others 256.21 149.60 Payments for property, plant and equipment (including capital advances) (646.08) (895.99) Proceeds from disposal of property, plant and equipment 9.77 7.06 Payments for other intangible assets (0.241 <0.541 Net cash flow from investing activities {3.868.33) (2,618.22) c. cash flows from financing activities Proceeds from / (Payment towards) short term borrowings - (124.22) Payment of lease liability (4.00) (3.68) Finance cost paid (0.49) (0.86) Dividends paid on equity shares (550.99) - Net cash flow from financing activities (555.48) (128.76) Net Increase or (decrease) in cash or cash equivalents (52.42) (26.04) cash and cash equivalents at the beginning of the year 153.45 121.40 cash and cash equivalents at the end of the period 101.03 95.36 Note: 2.1. Statement of cash Flows is prepared using indirect method as per Indian Accounting Standard-7: Statement of cash Flows. 2.2. Figures in the brackets are cash outflow/inflow as the case may be.
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3 In absence of Audit Committee, the financial results have been approved by the Board of Directors In Its meeting held on 2nd November, 2026. Limited Review as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 has been carried out by the Joint Statutory Auditors of the Company. 4 The Company has four Joint Venture companies namely- 1. M/s. Angul Aluminium Park Pvt. Limited 2. M/s. GACL-NALCO Alkalies & Chemicals Private Limited 3. M/s. Khanlj Bldesh India Limited 4. M/s. Utkarsha Aluminium Dhatu Nlgam Limited. Out of the four joint venture companies whose financials have been consolidated, financials of M/s. Angul Aluminium Park Pvt. Limited, M/s. Khanlj Bldesh India Limited and M/s. Utkarsha Aluminium Dhatu Nlgam Limited, have been consolidated on the basis of financials as certified by the management as on reporting date, the effect of which is not material. 5 The Board of Directors at its meeting held on 2nd November, 2026 has approved Interim dividend of f 4.50/- per equity share (90% on face value off 5/- each) amounting to f 826.48 crore for the FY 2026-27 and fixed 6th November, 2026 as the record date for determining the ellglblllty of shareholders for payment of interim dividend. 6 Based on the recommendation of the Board, the shareholders of the Company had approved final dividend of f 1/- per equity share (20% on face value off 5/- each) amounting to f 183.66/- crore for the FY 2025-26 at 45th Annual General Meeting held on 31st August, 2026 and the same was paid on 28 September, 2026. The total dividend pay out for the FY 2025-26 Is fll.50 per equity share (interim dividend off 10.50/-per equity share and final dividend off 1.00/- per equity share) amounting to f 2,112.12/- crore. 7 The Company has not recognised the revenue from its two wind power plants (WPP) located in the State of Rajasthan due to non execution of fresh Power Purchase Agreement (PPA) since 01.04.2019 and such issue is being subjudice before Hon'ble High Court of Rajasthan based on writ petition filed by the Company. 8 captive coal consumed for generation of power has been reported under ·eost of power and fuel consumed•. Accordingly, figures pertaining to previous periods under heads "other expenses", •changes in inventories of finished goods and work-in progress" and "cost of power and fuel consumed" have been regrouped. 9 Figures pertaining to previous periods have been regrouped, recast and rearranged, wherever necessary. Place : New Delhi Dated : 2 nct November, 2026 (Brijendra Pratap Singh) Chairman-cum-Managing Director