{"id":333774,"date":"2026-10-30T15:49:21","date_gmt":"2026-10-30T10:19:21","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=333774"},"modified":"2026-10-30T15:49:21","modified_gmt":"2026-10-30T10:19:21","slug":"nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/","title":{"rendered":"NALCO Share Price Up 242% in 3 Years But 29% Below Its Record High: Is There More Rally Left in the Navratna PSU Stock Ahead of NALCO Q2 Results on 2 November 2026?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>NALCO share price Rs 314.55 (30 Oct close), down 2.77%. Up 242% in 3 years. 29% below high of Rs 445.15. P\/E 8.83, yield 3.54%. Q2 results on 2 Nov.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">NALCO share price is Rs 314.55 on the NSE at the close on 30 October 2026, down 2.77% on the day, which leaves the stock up about 242% over three years and 36% over one year but 29% below its record high of Rs 445.15. The Navratna aluminium producer reports NALCO Q2 results on 2 November 2026 along with an interim dividend decision. At a trailing P\/E of 8.8 times, a 3.54% dividend yield and zero debt, the stock is not expensive, but its profits track LME aluminium prices, which management expects to stabilise at USD 2,900 to 3,000 per tonne. Whether the rally resumes depends on Q2 margins holding in the 40% to 45% range and on aluminium holding above USD 2,800.<\/p>\n<\/p><\/div>\n<p>The <strong>NALCO share price<\/strong> has delivered a return of about 242% over three years, turning the state-run <strong>Navratna PSU<\/strong> aluminium producer into one of the best performing <strong>Navratna PSU<\/strong> stocks on the NSE, but the stock closed at Rs 314.55 on 30 October 2026, down 2.77% on the day and 29% below the <strong>record high<\/strong> of Rs 445.15. With NALCO Q2 results due on Monday, 2 November 2026, investors are asking whether the NALCO stock has more rally left or whether the easy money from the aluminium upcycle has been made.<\/p>\n<p>This article looks at where the <strong>NALCO share price<\/strong> stands today, what drove the three-year rally, what to expect from the NALCO Q2 results and interim dividend, how <strong>aluminium prices<\/strong> and the <strong>LME<\/strong> shape the outlook, and the levels and valuation that matter for anyone deciding whether to buy, hold or book profits in NALCO stock.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=discover\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#NALCO_Share_Price_Today_Key_Data_on_30_October_2026\" title=\"NALCO Share Price Today: Key Data on 30 October 2026\">NALCO Share Price Today: Key Data on 30 October 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Why_NALCO_Share_Price_Is_Up_242_in_3_Years_The_NALCO_Stock_Story\" title=\"Why NALCO Share Price Is Up 242% in 3 Years: The NALCO Stock Story\">Why NALCO Share Price Is Up 242% in 3 Years: The NALCO Stock Story<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#1_Aluminium_and_Alumina_Prices\" title=\"1. Aluminium and Alumina Prices\">1. Aluminium and Alumina Prices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#2_Debt-Free_Balance_Sheet_and_High_Dividends\" title=\"2. Debt-Free Balance Sheet and High Dividends\">2. Debt-Free Balance Sheet and High Dividends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#3_Expansion_and_Captive_Resources\" title=\"3. Expansion and Captive Resources\">3. Expansion and Captive Resources<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#NALCO_Q2_Results_Preview_What_to_Watch_on_2_November_2026\" title=\"NALCO Q2 Results Preview: What to Watch on 2 November 2026\">NALCO Q2 Results Preview: What to Watch on 2 November 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Is_There_More_Rally_Left_in_NALCO_Stock\" title=\"Is There More Rally Left in NALCO Stock?\">Is There More Rally Left in NALCO Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#NALCO_Share_Price_Valuation_Is_the_PSU_Stock_Still_Undervalued\" title=\"NALCO Share Price Valuation: Is the PSU Stock Still Undervalued?\">NALCO Share Price Valuation: Is the PSU Stock Still Undervalued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Should_You_Buy_Hold_or_Sell_NALCO_Shares_Now\" title=\"Should You Buy, Hold or Sell NALCO Shares Now?\">Should You Buy, Hold or Sell NALCO Shares Now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Frequently_Asked_Questions_on_NALCO_Share_Price\" title=\"Frequently Asked Questions on NALCO Share Price\">Frequently Asked Questions on NALCO Share Price<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#What_is_the_NALCO_share_price_today_30_October_2026\" title=\"What is the NALCO share price today, 30 October 2026?\">What is the NALCO share price today, 30 October 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#How_much_has_NALCO_share_price_gained_in_3_years\" title=\"How much has NALCO share price gained in 3 years?\">How much has NALCO share price gained in 3 years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#When_are_the_NALCO_Q2_results_for_FY27\" title=\"When are the NALCO Q2 results for FY27?\">When are the NALCO Q2 results for FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Why_is_NALCO_share_price_falling_today\" title=\"Why is NALCO share price falling today?\">Why is NALCO share price falling today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#Is_NALCO_stock_a_good_buy_at_the_current_price\" title=\"Is NALCO stock a good buy at the current price?\">Is NALCO stock a good buy at the current price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#What_is_the_NALCO_dividend_yield_and_payout\" title=\"What is the NALCO dividend yield and payout?\">What is the NALCO dividend yield and payout?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#What_are_the_key_risks_for_NALCO_share_price\" title=\"What are the key risks for NALCO share price?\">What are the key risks for NALCO share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/nalco-share-price-up-242-percent-3-years-more-rally-left-q2-results\/#What_is_the_NALCO_share_price_target_according_to_brokerages\" title=\"What is the NALCO share price target according to brokerages?\">What is the NALCO share price target according to brokerages?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"NALCO_Share_Price_Today_Key_Data_on_30_October_2026\"><\/span><strong>NALCO Share Price Today: Key Data on 30 October 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>NALCO share price<\/strong> opened at Rs 320.40 on the NSE, touched a high of Rs 321.35 and fell to a low of Rs 314.10 before closing at Rs 314.55, down Rs 8.95 or 2.77% from the previous close of Rs 323.50, on volume of 32 lakh shares. The fall in the NALCO stock came with a 0.54% decline in the Nifty Metal index and broad weakness in mid-cap and small-cap stocks on Friday. The NALCO stock had jumped 5% on 28 October, so part of Friday&#8217;s move was profit taking after that bounce.<\/p>\n<table>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>Value (30 October 2026)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>NSE symbol<\/td>\n<td>NATIONALUM<\/td>\n<\/tr>\n<tr>\n<td>NALCO share price (close)<\/td>\n<td>Rs 314.55 (down 2.77%)<\/td>\n<\/tr>\n<tr>\n<td>Day&#x27;s range<\/td>\n<td>Rs 314.10 to Rs 321.35<\/td>\n<\/tr>\n<tr>\n<td>52-week high (record high)<\/td>\n<td>Rs 445.15<\/td>\n<\/tr>\n<tr>\n<td>52-week low<\/td>\n<td>Rs 228<\/td>\n<\/tr>\n<tr>\n<td>Fall from record high<\/td>\n<td>About 29%<\/td>\n<\/tr>\n<tr>\n<td>1-year return<\/td>\n<td>About 36%<\/td>\n<\/tr>\n<tr>\n<td>3-year return<\/td>\n<td>About 242% to 254% depending on the start date<\/td>\n<\/tr>\n<tr>\n<td>Market capitalisation<\/td>\n<td>Rs 59,599 crore<\/td>\n<\/tr>\n<tr>\n<td>P\/E ratio (TTM)<\/td>\n<td>8.83<\/td>\n<\/tr>\n<tr>\n<td>P\/B ratio<\/td>\n<td>2.76<\/td>\n<\/tr>\n<tr>\n<td>Dividend yield<\/td>\n<td>3.54%<\/td>\n<\/tr>\n<tr>\n<td>Debt to equity<\/td>\n<td>0.00<\/td>\n<\/tr>\n<tr>\n<td>ROE<\/td>\n<td>26.83%<\/td>\n<\/tr>\n<tr>\n<td>NALCO Q2 results date<\/td>\n<td>2 November 2026 (board also to consider interim dividend)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: NSE, BSE, company filings and exchange data. Prices are as of the close on 30 October 2026. The three-year return depends on the start date in late October 2023, so data providers show 242% to 254%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_NALCO_Share_Price_Is_Up_242_in_3_Years_The_NALCO_Stock_Story\"><\/span><strong>Why NALCO Share Price Is Up 242% in 3 Years: The NALCO Stock Story<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>NALCO share price<\/strong> has risen about 242% in three years because <strong>aluminium prices<\/strong> on the <strong>LME<\/strong> climbed from around USD 2,200 per tonne in late 2023 to above USD 3,000 in early 2026, while NALCO&#8217;s own costs stayed among the lowest in the world thanks to captive bauxite mines, its own alumina refinery and captive power. That combination turned a modest commodity cycle into a profit explosion for the NALCO stock: quarterly net profit went from a few hundred crore in FY24 to Rs 1,430 crore in Q2 FY26 and Rs 2,003 crore in Q1 FY27, with EBITDA margins near 45%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Aluminium_and_Alumina_Prices\"><\/span><strong>1. Aluminium and Alumina Prices<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>NALCO sells both aluminium metal and alumina, and both benefited from supply constraints in China, which capped smelting capacity, and in Europe, where high energy costs shut smelters. The <strong>LME<\/strong> aluminium price touched USD 3,082 per tonne in January 2026, its highest in over three years, and the <strong>NALCO share price<\/strong> <strong>record high<\/strong> of Rs 445.15 came in that window. Alumina spot prices had also spiked above USD 380 per tonne in 2025 before easing, which padded margins in the alumina segment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Debt-Free_Balance_Sheet_and_High_Dividends\"><\/span><strong>2. Debt-Free Balance Sheet and High Dividends<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>NALCO is <strong>debt-free<\/strong>, with a debt to equity ratio of zero and cash to fund its Rs 7,000 crore expansion plan without borrowing. That has let the company pay out around 40% of profits, giving the stock a trailing <strong>dividend yield<\/strong> of 3.54% even after the rally, and the board will consider another interim dividend alongside the NALCO Q2 results on 2 November. For a <strong>Navratna PSU<\/strong> owned by the Government of India, the dividend has been a steady reason for domestic institutions to hold the NALCO stock through every correction in the <strong>NALCO share price<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Expansion_and_Captive_Resources\"><\/span><strong>3. Expansion and Captive Resources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The company&#8217;s alumina refinery expansion and its Pottangi bauxite mines in Odisha, which were planned to start by mid-2026, have improved its raw material security. Management has guided, ahead of the NALCO Q2 results, for FY27 revenue of about Rs 19,000 crore, up from roughly Rs 17,700 crore in FY26, with EBITDA margins in the 40% to 45% range as input costs for caustic soda and fuel oil ease in the second half.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live NALCO stock data<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"NALCO_Q2_Results_Preview_What_to_Watch_on_2_November_2026\"><\/span><strong>NALCO Q2 Results Preview: What to Watch on 2 November 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The NALCO Q2 results on 2 November 2026 will be judged, as with every <strong>Navratna PSU<\/strong>, against a strong base: Q2 FY26 net profit was Rs 1,430 crore on revenue of Rs 4,292 crore with a 45% margin, and Q1 FY27 net profit was Rs 2,003 crore on revenue of Rs 5,476 crore. The key questions for the NALCO Q2 results are whether <strong>LME<\/strong> realisations held up in the September quarter, whether alumina prices, which management said had fallen to around USD 320 per tonne spot from a USD 380 average, have stabilised, and whether the 10% to 12% rise in production costs reported earlier in the year has started to reverse.<\/p>\n<table>\n<thead>\n<tr>\n<th>NALCO quarterly data<\/th>\n<th>Q1 FY27<\/th>\n<th>Q2 FY26<\/th>\n<th>What to watch in Q2 FY27<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Revenue<\/td>\n<td>Rs 5,476 crore<\/td>\n<td>Rs 4,292 crore<\/td>\n<td>Whether revenue stays above Rs 5,000 crore<\/td>\n<\/tr>\n<tr>\n<td>Net profit<\/td>\n<td>Rs 2,003 crore<\/td>\n<td>Rs 1,430 crore<\/td>\n<td>Whether profit holds near Rs 1,800 to 2,000 crore<\/td>\n<\/tr>\n<tr>\n<td>EBITDA margin<\/td>\n<td>Above 40%<\/td>\n<td>45%<\/td>\n<td>Whether margin stays in the 40% to 45% guided range<\/td>\n<\/tr>\n<tr>\n<td>Interim dividend<\/td>\n<td><\/td>\n<td><\/td>\n<td>Board to consider on 2 November 2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: company filings and exchange disclosures. A NALCO Q2 results conference call is scheduled for 3 November 2026 at 10:30 AM, where management commentary on <strong>aluminium prices<\/strong> and alumina demand will matter as much as the numbers. The trading window for insiders is closed until 4 November.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_There_More_Rally_Left_in_NALCO_Stock\"><\/span><strong>Is There More Rally Left in NALCO Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>More rally in the NALCO stock depends almost entirely on <strong>aluminium prices<\/strong>, because NALCO is a pure commodity play with no hedge against the cycle. Management expects <strong>LME<\/strong> aluminium to stabilise at USD 2,900 to 3,000 per tonne on a continuing supply-demand gap, and at those levels the current profit run rate holds and the NALCO stock at 8.8 times trailing earnings looks undervalued relative to its own history. If aluminium slips back towards USD 2,600, which was the Q2 FY26 average, margins compress and the <strong>NALCO share price<\/strong> would struggle to reclaim its <strong>record high<\/strong>.<\/p>\n<p>The chart of the NALCO share price adds a second layer. The <strong>NALCO share price<\/strong> has corrected 29% from Rs 445.15 and spent most of October between Rs 296 and Rs 325, with the 52-week low of Rs 228 far below. A close above Rs 325 after the NALCO Q2 results would signal that the correction in the NALCO stock is over, while a fall below Rs 296, the late-October low, would open the door to the Rs 250 to 260 zone where YES Securities had set an older Rs 247 target. The Nifty Metal index, which drives the NALCO stock on most days and which fell 3% in early January on West Asia tensions and oil prices, remains sensitive to global risk sentiment.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the NALCO share price live and get daily stock research.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"NALCO_Share_Price_Valuation_Is_the_PSU_Stock_Still_Undervalued\"><\/span><strong>NALCO Share Price Valuation: Is the PSU Stock Still Undervalued?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At Rs 314.55 the <strong>NALCO share price<\/strong> trades at 8.83 times trailing earnings against an industry P\/E of about 10, at 2.76 times book value, and with a 3.54% <strong>dividend yield<\/strong>, so on every conventional metric the NALCO stock is not expensive going into the NALCO Q2 results. The catch is that those earnings are cyclical. Return on equity of 26.8% and a PEG ratio under 0.5 look attractive, but both would shrink quickly in a downturn in <strong>aluminium prices<\/strong>. Compared with Hindalco, the larger listed peer, the NALCO stock carries no debt and a higher dividend yield, but it also lacks the downstream and overseas diversification that smooths Hindalco&#8217;s earnings.<\/p>\n<table>\n<thead>\n<tr>\n<th>Valuation metric<\/th>\n<th>NALCO (30 October 2026)<\/th>\n<th>Comment<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Trailing P\/E<\/td>\n<td>8.83<\/td>\n<td>Below the non-ferrous metals industry P\/E of about 10<\/td>\n<\/tr>\n<tr>\n<td>P\/B ratio<\/td>\n<td>2.76<\/td>\n<td>Up from around 1 at the start of the rally<\/td>\n<\/tr>\n<tr>\n<td>Dividend yield<\/td>\n<td>3.54%<\/td>\n<td>Payout ratio near 40%<\/td>\n<\/tr>\n<tr>\n<td>ROE<\/td>\n<td>26.83%<\/td>\n<td>Driven by the aluminium upcycle<\/td>\n<\/tr>\n<tr>\n<td>Debt to equity<\/td>\n<td>0.00<\/td>\n<td>Debt-free, expansion funded internally<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: NSE and exchange data as of 30 October 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_You_Buy_Hold_or_Sell_NALCO_Shares_Now\"><\/span><strong>Should You Buy, Hold or Sell NALCO Shares Now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Holding NALCO stock into the NALCO Q2 results, with a plan to add on a dip towards Rs 296 if the numbers confirm margins above 40%, is a reasonable stance for investors who already own it, because the valuation is undemanding and the <strong>dividend yield<\/strong> pays you to wait. Buying the NALCO stock fresh ahead of the NALCO Q2 results is a bet on the print and on <strong>aluminium prices<\/strong> holding, which is a coin toss over a weekend. Investors who have ridden the 242% rally and want to lock in gains can consider trimming the NALCO stock into any post-results bounce above Rs 325 while keeping a core position for the dividend. Consult a SEBI-registered financial advisor before acting.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=discover\"><strong>Subscribe to Univest Pro for premium metal stock research<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>NALCO share price<\/strong> at Rs 314.55 on 30 October 2026 carries a 242% three-year gain and a 29% correction from its <strong>record high<\/strong> at the same time, which is the typical shape of a commodity stock in the middle of its cycle. The NALCO Q2 results on 2 November 2026, the interim dividend decision and management&#8217;s view on <strong>LME<\/strong> aluminium will decide whether the next move is back towards Rs 400 or down towards Rs 260. The NALCO stock is a <strong>debt-free<\/strong> <strong>Navratna PSU<\/strong>, pays a 3.54% yield and trades at under 9 times earnings, so the risk is not valuation but the direction of <strong>aluminium prices<\/strong>.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_on_NALCO_Share_Price\"><\/span><strong>Frequently Asked Questions on NALCO Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_NALCO_share_price_today_30_October_2026\"><\/span><strong>What is the NALCO share price today, 30 October 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NALCO share price closed at Rs 314.55 on the NSE on 30 October 2026, down 2.77% from the previous close of Rs 323.50. The NALCO stock traded between Rs 314.10 and Rs 321.35 during the session on volume of about 32 lakh shares. NALCO&#x27;s market capitalisation is about Rs 59,599 crore, and the stock is 29% below its 52-week and record high of Rs 445.15 while remaining about 38% above its 52-week low of Rs 228.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_has_NALCO_share_price_gained_in_3_years\"><\/span><strong>How much has NALCO share price gained in 3 years?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NALCO share price has gained about 242% over three years, with some data providers showing returns of 248% to 254% depending on the exact start date in late October 2023, when the stock traded at roughly Rs 90 to 95. Over one year the NALCO stock is up about 36%, and over five years about 228%. The rally was driven by rising LME aluminium prices, a debt-free balance sheet, record quarterly profits and consistent dividend payouts by the Navratna PSU.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_are_the_NALCO_Q2_results_for_FY27\"><\/span><strong>When are the NALCO Q2 results for FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NALCO Q2 results for the quarter and half year ended 30 September 2026 will be considered by the board on Monday, 2 November 2026, along with a proposal for an interim dividend for FY27. The company will host a NALCO Q2 results conference call on 3 November 2026 at 10:30 AM IST, and the NALCO share price is likely to react at the open on 3 November. The trading window for company insiders is closed from 1 October to 4 November 2026 in line with insider trading rules.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_NALCO_share_price_falling_today\"><\/span><strong>Why is NALCO share price falling today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NALCO share price fell 2.77% on 30 October 2026 because of profit taking after a 5% jump on 28 October, a 0.54% fall in the Nifty Metal index, and broad selling in mid-cap and small-cap stocks, with the Nifty Smallcap 100 down 1.85% on the day. There was no company-specific negative news; the NALCO stock remains in the Rs 296 to Rs 325 range it has held through most of October ahead of the NALCO Q2 results on 2 November.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_NALCO_stock_a_good_buy_at_the_current_price\"><\/span><strong>Is NALCO stock a good buy at the current price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NALCO stock at Rs 314.55 trades at a trailing P\/E of 8.83 times, a P\/B of 2.76, a dividend yield of 3.54% and with zero debt, which makes it inexpensive on conventional metrics, but its earnings depend on LME aluminium prices. If aluminium stabilises at USD 2,900 to 3,000 per tonne as management expects, the current profit run rate holds and the stock looks undervalued. If prices fall back towards USD 2,600, margins would compress. The NALCO Q2 results on 2 November are the next trigger for the NALCO share price, and investors should consult a SEBI-registered financial advisor before buying.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_NALCO_dividend_yield_and_payout\"><\/span><strong>What is the NALCO dividend yield and payout?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> NALCO&#x27;s trailing dividend yield is about 3.54% at a share price of Rs 314.55, with the company maintaining a dividend payout ratio of around 40% of profits. NALCO has paid interim and final dividends every year, and the board will consider another interim dividend for FY27 at its meeting on 2 November 2026 alongside the NALCO Q2 results. The company&#x27;s debt-free balance sheet allows it to fund its Rs 7,000 crore expansion plan while continuing to pay dividends.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_risks_for_NALCO_share_price\"><\/span><strong>What are the key risks for NALCO share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The key risks for NALCO share price are a fall in LME aluminium prices below USD 2,800 per tonne, weaker alumina spot prices, which had slipped to around USD 320 per tonne from a USD 380 average, higher input costs for caustic soda and fuel oil, and global risk-off events such as West Asia tensions that hit metal stocks. The NALCO stock is a pure commodity play without downstream diversification, so its earnings and the NALCO share price move with the aluminium cycle in both directions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_NALCO_share_price_target_according_to_brokerages\"><\/span><strong>What is the NALCO share price target according to brokerages?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Brokerage targets on NALCO vary with the aluminium outlook. YES Securities initiated coverage with an Add rating and a Rs 247 target earlier in the cycle, valuing the company at 6 times EV\/EBITDA, a level the stock has since moved well above. Kotak Equities has raised its rating and target during the rally, and Emkay estimated EBITDA upgrades of about 5% for NALCO if spot aluminium prices held through FY27. Fresh targets on the NALCO share price are likely after the NALCO Q2 results on 2 November 2026, and investors should treat older targets as reference points rather than forecasts.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the NALCO share price today, 30 October 2026?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"NALCO share price closed at Rs 314.55 on the NSE on 30 October 2026, down 2.77% from the previous close of Rs 323.50. The NALCO stock traded between Rs 314.10 and Rs 321.35 during the session on volume of about 32 lakh shares. NALCO's market capitalisation is about Rs 59,599 crore, and the stock is 29% below its 52-week and record high of Rs 445.15 while remaining about 38% above its 52-week low of Rs 228.\"}},{\"@type\":\"Question\",\"name\":\"How much has NALCO share price gained in 3 years?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"NALCO share price has gained about 242% over three years, with some data providers showing returns of 248% to 254% depending on the exact start date in late October 2023, when the stock traded at roughly Rs 90 to 95. Over one year the NALCO stock is up about 36%, and over five years about 228%. The rally was driven by rising LME aluminium prices, a debt-free balance sheet, record quarterly profits and consistent dividend payouts by the Navratna PSU.\"}},{\"@type\":\"Question\",\"name\":\"When are the NALCO Q2 results for FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"NALCO Q2 results for the quarter and half year ended 30 September 2026 will be considered by the board on Monday, 2 November 2026, along with a proposal for an interim dividend for FY27. The company will host a NALCO Q2 results conference call on 3 November 2026 at 10:30 AM IST, and the NALCO share price is likely to react at the open on 3 November. The trading window for company insiders is closed from 1 October to 4 November 2026 in line with insider trading rules.\"}},{\"@type\":\"Question\",\"name\":\"Why is NALCO share price falling today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"NALCO share price fell 2.77% on 30 October 2026 because of profit taking after a 5% jump on 28 October, a 0.54% fall in the Nifty Metal index, and broad selling in mid-cap and small-cap stocks, with the Nifty Smallcap 100 down 1.85% on the day. There was no company-specific negative news; the NALCO stock remains in the Rs 296 to Rs 325 range it has held through most of October ahead of the NALCO Q2 results on 2 November.\"}},{\"@type\":\"Question\",\"name\":\"Is NALCO stock a good buy at the current price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"NALCO stock at Rs 314.55 trades at a trailing P\/E of 8.83 times, a P\/B of 2.76, a dividend yield of 3.54% and with zero debt, which makes it inexpensive on conventional metrics, but its earnings depend on LME aluminium prices. If aluminium stabilises at USD 2,900 to 3,000 per tonne as management expects, the current profit run rate holds and the stock looks undervalued. If prices fall back towards USD 2,600, margins would compress. The NALCO Q2 results on 2 November are the next trigger for the NALCO share price, and investors should consult a SEBI-registered financial advisor before buying.\"}},{\"@type\":\"Question\",\"name\":\"What is the NALCO dividend yield and payout?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"NALCO's trailing dividend yield is about 3.54% at a share price of Rs 314.55, with the company maintaining a dividend payout ratio of around 40% of profits. NALCO has paid interim and final dividends every year, and the board will consider another interim dividend for FY27 at its meeting on 2 November 2026 alongside the NALCO Q2 results. The company's debt-free balance sheet allows it to fund its Rs 7,000 crore expansion plan while continuing to pay dividends.\"}},{\"@type\":\"Question\",\"name\":\"What are the key risks for NALCO share price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The key risks for NALCO share price are a fall in LME aluminium prices below USD 2,800 per tonne, weaker alumina spot prices, which had slipped to around USD 320 per tonne from a USD 380 average, higher input costs for caustic soda and fuel oil, and global risk-off events such as West Asia tensions that hit metal stocks. The NALCO stock is a pure commodity play without downstream diversification, so its earnings and the NALCO share price move with the aluminium cycle in both directions.\"}},{\"@type\":\"Question\",\"name\":\"What is the NALCO share price target according to brokerages?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Brokerage targets on NALCO vary with the aluminium outlook. YES Securities initiated coverage with an Add rating and a Rs 247 target earlier in the cycle, valuing the company at 6 times EV\/EBITDA, a level the stock has since moved well above. Kotak Equities has raised its rating and target during the rally, and Emkay estimated EBITDA upgrades of about 5% for NALCO if spot aluminium prices held through FY27. Fresh targets on the NALCO share price are likely after the NALCO Q2 results on 2 November 2026, and investors should treat older targets as reference points rather than forecasts.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NALCO share price is Rs 314.55, up 242% in three years but 29% below its record high. With Q2 results due on 2 November, here is what the aluminium cycle and valuation say about more upside.<\/p>\n","protected":false},"author":38,"featured_media":333773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[6720,3922,5354,6996,18843,18842,7865],"class_list":["post-333774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-aluminium-stocks","tag-dividend-stocks","tag-metal-stocks","tag-nalco","tag-nalco-q2-results","tag-nalco-share-price","tag-navratna-psu"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["333773"],"rank_math_title":["NALCO Share Price Up 242% in 3 Years: Is NALCO Stock a Buy Now?"],"rank_math_description":["NALCO share price is Rs 314.55 on 30 October 2026, up 242% in 3 years but 29% off its high. NALCO Q2 results on 2 Nov, aluminium outlook, can NALCO stock rally more."],"rank_math_focus_keyword":["NALCO share price"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/nalco-share-price-up-242-in-3-years-but-29-below-its-record-high-is-there-more.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/333774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=333774"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/333774\/revisions"}],"predecessor-version":[{"id":333775,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/333774\/revisions\/333775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/333773"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=333774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=333774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=333774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}