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Beat on all fronts, fueled by favorable pricing and operating efficiency

Highlights of the 4Q consolidated performance:

* Revenue stood at INR52.7b (+47% YoY and +13% QoQ) vs. our est. of INR43.6b, driven by strong aluminum and alumina prices.

* Consolidated EBITDA stood at INR27.5b (+149% YoY and +18% QoQ) vs. our est. of INR19.1b. This growth was driven by improved efficiency and momentum in expansion projects. EBITDA margin stood at 52.3% in 4QFY25 vs. 49.9% in 3QFY25 and 30.9% in 4QFY24.

* APAT for the quarter stood at INR20.7b (+205% YoY and +32% QoQ) vs. our est. of INR12.7b.

* For FY25, revenue grew 28% YoY to INR168b, EBITDA jumped 163% YoY to INR76b, and APAT surged 165% YoY to INR53b. The company achieved bauxite excavation of 7.648mt and domestic metal sales of 0.455mt in FY25.

* In FY25, NACL declared a final dividend of INR4/share, totaling INR8/share

Chemical business performance:

* Revenue from the chemicals business came in at INR25b, up 1% QoQ and 60% YoY, in 4QFY25.

** EBIT stood at INR13.2b (+152% YoY and +3% QoQ) in 4QFY25

Aluminum business performance:

* Revenue from the aluminum business stood at INR32.5b, up 25% QoQ and 33% YoY in 4QFY25.

* EBIT for the vertical stood at INR14.3b, up 206% YoY and 51% QoQ in 4QFY25.

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