Analysts/Institutional Investor Meet/Con. Call Updates

सदं भ/�Ref. : NBC/S/4.5 & 4.5(A)/2026/1160 दनाकं /Dated:.05.08.2026 To, To, Phiroj Jeejeebhoy Towers, National Stock Exchange of India Ltd., मु�ई/MUMBAI- 400 001 Exchange Plaza, Bandra-Kurla Complex, ��प कोड/Scrip Code: 532234 बांद्रा ई�/Bandra East, मु�ई/MUMBAI-400 051 प्रतीक/Symbol: NATIONALUM Transcript of the Earnings Conference Call held on 03.08.2026 Further to our letter dated 03.08.2026 and pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, enclosed please find the transcripts of the Earnings Conference Call held on 03.08.2026 for discussions on Company's business and outlook post declaration of Unudited Financial Results for 1st Quarter ended 30th June, 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 Neither any Unpublished Price Sensitive Information (UPSI) was shared during the aforesaid Earnings Conference Call nor is mentioned in the enclosed transcripts.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�वाद/Thanking you. भवदीय/Yours faithfully, For National Aluminium Co. Ltd. (बी. के . सा�)/ (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 Q1 FY27 Earnings Conference Call” August 03, 2026 NALCO MANAGEMENT TEAM Shri Brijendra Pratap Singh – Chairman-cum-Managing Director Shri Pankaj Kumar Sharma – Director (Production) Shri Jagdish Arora – Director (P&T) Dr. Tapas Kumar Pattanayak – Director (HR) Shri Abhay Kumar Behuria – Director (Finance) Shri Bharat Kumar Sahu – Company Secretary MODERATOR Ms. Shweta Dikshit – Systematix Group Page 1 of 20 National Aluminium Company Limited August 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Call of National Aluminum Company Limited NALCO Conference Call hosted by Systematix Group. As a reminder, all participant 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. I now hand the conference over to Ms. Shweta Dixit from Systematix Group. Thank you, and over to you, Ms. Dixit. Shweta Dikshit: Thank you, Shailendra. Good morning, everyone. On behalf of Systematix, we welcome you to the Q1 FY27 Earnings Conference Call of NALCO 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 financial and operational performance. Over to you, sir. Bharat Sahu: Namaste. Good morning. Warm greetings from NALCO, Navratna CPSE under Ministry of Mines. Let me, at the outset, introduce our functional directors sitting in this earnings call. Sitting in the middle is our CMD, Shri Brijendra Pratap Singh; sitting next to him, Director, Finance, Shri Abhay Kumar Behuria; and sitting next to him is Dr. Tapas Kumar Pattanayak, our Director, HR, sitting next to me is our Director, Production, Shri Pankaj Kumar Sharma sir. And I am Bharat Sahu, Company Secretary and Compliance officer. On 31st July evening, NALCO Board considered and approved the financial results for the first quarter of FY27. Nalco has registered a robust performance in the Q1. And the presentation is already uploaded in the website of the stock exchange, also on the website of the company. It is a robust performance, and I will request our CMD, sir, just to highlight some of the key financials of this Q1, and then we'll start taking the call, the questions from your side, please. Brijendra Pratap Singh: Good morning. At the outset, our performance for the Q1, already the presentation is loaded, but I would like to give a few highlights of the Q1 performance. Q1, our overall total income, which grew if you compare to previous year Q1 from INR3,930 crores to INR5,400 crores, around 39% growth Q1 to Q1, same if you see CPLY. Earnings, if you see PBT grew by around 88%. EBITDA grew by around 78%. So there has been a substantial growth both in revenue collection, both in profitability of the company. If you see the highlights of the performance, physical performance also has been very good, whatever targets we have set in the beginning of the year, almost all targets we have achieved. We have achieved best ever production in bauxite, in hydrate production and wind power in power generation as far as quarter 1 progress is concerned, best quarter 1 in all these areas. Financially, if you see best quarter performance we have done as far as our revenue generation is concerned, is the ever best quarter we have done. As far as profitability is concerned, best Q1 profitability we have achieved. And the major contributors have been, of course, our internal, if we see improvement in the volumes of production, whatever targets we have taken, almost we have reached to the peak of the volume in all the areas, if we see refinery, if you see our metal Page 2 of 20 National Aluminium Company Limited August 03, 2026 production, all the areas, and we have targeted at least 5% to 10% more than the capacity utilization, whatever we are going to do more than the rated capacity we have targeted this year. As far as other areas are concerned, we are also targeting to reduce our cost, increase our efficiencies, which is in our hand that is increasing volumes and reducing the cost. We are also going for some value-added products for our future or future expansions as far as expansion is concerned, 5th Stream refinery is going to come this year. And also, we are targeting to expand our smelter capacity for which we are going for CPR mixing capacity, going ahead with the various milestones, which we'll be discussing in the presentation. So once again, thank you, Systematix Group for organizing this conference call. Bharat Sahu: Ma'am, over to you. We can now request all our esteemed participants to come forward with their questions. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Mr. Amit Lahoti from Aditya Birla Capital. Amit Lahoti: In the refinery, how is the commissioning process moving there? And can we still produce 300,000 tons in the current fiscal? Brijendra Pratap Singh: Our 5th Stream refinery, the current, we have June onwards, we have started the commissioning of a few of the decommissioning activities we have started. Few of the packages, almost around 50 -- more than 50 packages are there. A few of the packages, mechanical completion already has been done and the trial of those packages are under process. A few of the packages are left out. Our target is by September end, we have to complete mechanical completion of all these packages, do the integrated trial first. That is the water runs to be done within the packages. And after that, we start the actual production process, which will take maybe 3 to 4 months to stabilize and reach to the level of 60%, 70%. This year, our target was that we'll be producing around 2 lakh tons of alumina from this refinery. So even if we start the actual production from November, December onwards, after that also, we'll be able to achieve those kinds of figures from the 5th Stream refinery, that is around 2 lakh tons of alumina production. Amit Lahoti: Right. So why has there been a delay? Because earlier we were planning to start producing from June onwards. So as we are seeing around 6 months of a delay, any reason around that? Brijendra Pratap Singh: We were planning to start the commissioning activity from June onwards and after that, complete it in next 3 to 4 months. Of course, the mechanical completion, which was supposed to be done by June, July, maybe getting [Showing first 8,000 characters — download PDF for full document]