New Delhi, Nov. 19 -- There's something fascinating about the way markets treat PSU stocks. They love them in good times, abandon them in uncertain times and rediscover them only after a big rally has already played out. A classic case of "too late, too often".

But every few years, one PSU rises above the noise and quietly rewrites its own story. Right now, that is a metals giant that resembles one in all the ways that matter: stability, capital efficiency, a fortress balance sheet and enviably low valuations.

That stock is Nalco.

National Aluminium Co. Ltd (Nalco) has just delivered its best-ever Q2 FY26 and H1 FY26 performance, creating a valuation gap that's hard to justify. Despite higher volumes, expanding margins and a large cape...