<ul><li>NALCO's Q4 results showed a robust performance with a 148.7% increase in Ebitda YoY driven by higher alumina and aluminium realizations.</li><li>ICICI Securities expects future earnings to decline as alumina prices are expected to remain subdued due to increased supplies from China and India.</li><li>The brokerage foresees limited volume growth in the near term, with alumina prices expected to range between $350-$400/tonne.</li><li>Due to the perceived risk of future earnings decline, ICICI Securities downgraded NALCO to 'Hold' despite viewing the risk-reward balance as stable at the current market price.</li></ul>

NALCO Q4 Results Review: Robust Show; But Future Earnings Likely To Slip — ICICI Securities Downgrades To Hold

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