Antique has maintained a ‘Buy’ rating on the stock with a target price of ₹463 per share, implying a potential upside of 31% from current levels.
The brokerage expects firm aluminium prices and higher alumina volumes to support the company’s revenue growth in the coming years.
It also believes that lower bauxite mining costs, a favourable coal cost structure and rationalisation of employee expenses will help reduce costs and support margin expansion.
Another key growth trigger is NALCO’s fifth alumina refinery stream, with a capacity of 1 million tonnes per annum (mtpa), which is expected to begin commissioning in the first quarter of FY27.
The brokerage estimates the project could contribute around 0.2 million tonnes of alumina production during FY27.
In addition, the management has outlined plans to increase value-added product (VAP) capacity over the next three years, which could further strengthen profitability and product mix.
Among the 14 analysts tracking the stock, three have a ‘Buy’ recommendation, five have a ‘Hold’ rating, while six maintain a ‘Sell’ call, indicating a divided view on the company’s prospects.
Shares of NALCO were trading 1.15% lower at ₹351.35 on Wednesday. Despite the decline, the stock has gained nearly 12% so far in 2026.
