Amid strong demand and firm prices, Nalco’s shares have more than doubled over the past year. The stock trades at an enterprise value of 7 to 7.5 times FY27 estimated Ebitda, according to various brokerages. Further upside may be difficult. “Despite strong fundamentals, zero debt, favorable LME prices and a robust demand outlook for aluminium in India, the near-term upside is capped by limited production headroom, trade tension, on-time execution challenges, and regulatory risks,” Motilal Oswal Financial Services said in its Q3FY26 results review report.
