Analysts/Institutional Investor Meet/Con. Call Updates

संदभ(cid:330)/Ref. : NBC/S/4.5 & 4.5(A)/2026/1580 िदनांक/Dated:.09.11.2026 To, To, (cid:366)बंधक/The Manager (cid:366)बंधक/The Manager Phiroj Jeejeebhoy Towers, National Stock Exchange of India Ltd., दलाल (cid:720)(cid:332)ीट/Dalal Street, ए(cid:411)च(cid:336)ज (cid:600)ाजा, बां(cid:363)ा-कु ला(cid:330) क(cid:817)(cid:600)े(cid:411), मु(cid:638)ई/MUMBAI- 400 001 Exchange Plaza, Bandra-Kurla Complex, (cid:304)(cid:716)प कोड/Scrip Code: 532234 बां(cid:363)ा ई(cid:720)/Bandra East, मु(cid:638)ई/MUMBAI-400 051 (cid:366)तीक/Symbol: NATIONALUM Transcript of the Earnings Conference Call held on 03.11.2026 (cid:373)ीमान/Dear Sir, Further to our letter dated 03.11.2026 and pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, enclosed please find the transcripts of the Earnings Conference Call held on 03.11.2026 for discussions on Company's business and outlook post declaration of Unudited Financial Results for 2nd Quarter and half year ended 30th September, 2026. Neither any Unpublished Price Sensitive Information (UPSI) was shared during the aforesaid Earnings Conference Call nor is mentioned in the enclosed transcripts. This is for your information and record. ध(cid:586)वाद/Thanking you. भवदीय/Yours faithfully, For National Aluminium Co. Ltd. (बी. के . सा(cid:353))/ (B.K. Sahu) Company Secretary and Compliance Officer ACS: 9953 Encl.: As above 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 “National Aluminium Company Limited (NALCO) Q2 FY27 Earnings Conference Call” November 03, 2026 NALCO MANAGEMENT TEAM Shri Brijendra Pratap Singh – Chairman-cum-Managing Director Shri Abhay Kumar Behuria – Director (Finance) Shri Bharat Kumar Sahu – Company Secretary MODERATOR Ms. Shweta Dikshit – Systematix Group Page 1 of 21 National Aluminium Company Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 FY27 Earnings Conference Call of National Aluminium Company Limited Conference Call hosted by Systematix Group. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shweta Dikshit from Systematix Group. Thank you and over to you, ma'am. Shweta Dikshit: Thank you, Iqra. Good morning everyone. On behalf of Systematix, we welcome you to the Q2 and FY27 Earnings Conference Call of National Aluminium Company Limited. I would like to thank the management for giving us the opportunity to host this call. And I now hand over to Mr. Bharat Sahu, Company Secretary, NALCO. To discuss the company's results as well as introduce the management. Over to you, sir. Bharat Kumar Sahu: Thank you, ma'am. Namaste, good morning. Warm greetings from National Aluminium Company Limited, the Navratna CPSE under Ministry of Mines. It's a privilege introducing our CMD, Shri Brijendra Pratap Singh; and Shri Abhay Kumar Behuria Director Finance attending this earnings call today. I am Bharat Kumar Sahu, Company Secretary and Compliance Officer of NALCO. NALCO published an impressive Q2 and H1 '27 financial results last evening after the board took it on the record. I take the pleasure informing all of you that this is the best ever half yearly results with regard to revenue, PBT, PAT, and EBITDA of NALCO since its inception. A presentation in this regard has already been uploaded in the websites of the stock exchanges with the NSE, BSE and also on the website of our company, NALCO. It is also circulated to all of you through systematics. We hope you all must have received it right now. Just to briefly give you idea about the results yesterday. In fact, the H1 revenue was all time high of INR11,143 crores, all time high of EBITDA of INR5,539 crores, highest ever PBT of INR5,160 crores, highest ever PAT of INR3,837 crores. The H1 net profit was up by 54% year-on-year basis compared to INR3,837 crores of last year '25-26’. The Q2 net profit, of Rs.1,835 up by 28% year-on-year basis. So without waiting any time, we open the floor for question answers from our side and our CMD Shri Brijendra Pratap Singh sir will address all the queries raised by the team members attending this conference call. Thank you. Moderator: Thank you very much. We will now begin with the question-and-answer session. The first question is from the line of Manav Gogia from Aditya Birla Institutional Equities. Please go ahead. Manav Gogia: Yes. Hi, good morning, and thank you so much for the opportunity. So my first question comes around what's the status on the refinery? And if you could just elaborate on where we are currently in terms of commissioning and the stabilization? And along with this, if you could also Page 2 of 21 National Aluminium Company Limited November 03, 2026 provide me with the status of Pottangi mines, and how the Utkal coal mine expansion is looking for this particular fiscal? Brijendra Pratap Singh: Okay. Good morning. Thank you, Mr. Manav. Three questions which you have asked regarding the refinery, Pottangi and Utkal. Myself BP Singh CMD, NALCO. Refinery, 5th Stream refinery is in very advanced phase of completing the mechanical completion. We have already many packages. We have completed and started the trials testing. Out of around 50 packages, around 30 packages, 34 packages, 35 packages already have been completed. Three, four packages are in the critical path, which are already almost 90% completion. Physical completion, 90%, 92% physical completion is there. So what we are targeting is the packages which are getting completed. We are already have started doing the trials for that packages, no-load trials and all. So integrated trial of the 5th Stream and start of the production, we have planned in last quarter -- last month, last week of the December. Maybe we will be completing all the packages which is left out and starting the integrated trial and starting the production from last week of December or maybe early of January. So that is the status of 5th Stream refinery. Pottangi mines, we are very aggressively working with state government and the locals out there. We have ordered to an MDO, Dilip Buildcon. They are also engaging with the local people. They started some jobs there. But our one of the main constraints which we are facing is starting the mines is the clearing of the trees for the road making going from NH to mines. So that's some kind of resistance we are getting from the locals and local activities, but it is taken at the highest level when the -- our ministry, state government, they are seeing it. They are negotiating with the people, and we are hoping that within two, three months, we'll be able to solve this issue and start the mines. So that is one issue of concern for us, which we are taking it very aggressively at all levels, and we are very much sure that we'll be able to solve it. Utkal coal mines already -- last year, we have done 4.8 million tons or 4 million tons to the rated capacity of the mines. This year, we have planned for 4.8 million tons. All clearances are there with us. Environmental clearance for 4.8 million is under process, and I think within two or three months, we'll be getting that. But for this year -- yearly, we are going as per the rate of 4.8 million tons production of coal. So that target of 4.8 million tons will be based on Utkal coal. So I think these are the three queries which were you required. It is clear from our reply. Manav Gogia: Yes. Thank you so much, sir, for the detailed answer. Just one more thing. So you're sayin [Showing first 8,000 characters — download PDF for full document]