NATIONALUM Q2 FY27 Guidance vs Delivery (NATIONALUM Management Mirror)

5th Stream Refinery Trials Deferred to Late Dec'26 From Jun'26 Guided in Mar'26 Qtr

In the Sep'26 Qtr concall, management updated that mechanical completion of the 5th stream alumina refinery is at an advanced stage. Against initial guidance in the Mar'26 Qtr concall for commissioning to begin in Jun'26, which was subsequently deferred in the Jun'26 Qtr concall to Nov'26-Dec'26 production, integrated trials and production are now further deferred to late Dec'26 or early Jan'27. Management maintained full-year FY27 alumina production guidance at 2.40 to 2.45 million tonnes, slightly revised from the approximately 2.5 million tonnes targeted in prior quarters. The new stream will take 3-5 months to ramp up, contributing 0.15-0.20 million tonnes in H2 FY27 and 0.75-0.80 million tonnes in FY28.