National Aluminium Co. Moat Analysis: Score & Risks
National Aluminium Co. Ltd.
A first-pass moat teardown of National Aluminium Co. Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow-to-wide read — primary edge in Cost Advantage. Provisional, single-pass evidence.
National Aluminium Co. Ltd. scores 5.68 on MoatSCORE 6.0 — a narrow-to-wide moat in Metals. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“The cost of production for bauxite ranges from ₹1,000 to ₹1,100.”
“Panchapatmali Bauxite Mines (Central & North Block) and South Block have all statutory clearances with lease validity upto 16.11.2032 & 19.07.2029 respectively.”
“There's no fixed strategy. Generally, roughly 40% of sales are through term contracts, and 60% are spot sales. However, this year, alumina prices are abnormally high, so we've capitalized by focusing on spot sales.”
“Agreement signed with Rio Tinto Alcan for R&D co-operation and AP2XN project for reducing the power consumption in smelter has been taken up as the 1st project.”
“Earlier the LME prices were about 2600 dollars, but since the announcement in April, it has reduced to 2300 dollars.”
“The Indian primary aluminium industry faces several critical challenges including rising import volumes, decrease in domestic primary market share and escalating production and logistical costs.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow-to-wide read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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