Hindalco Industries Limited
Incorporated in 1958, Hindalco Industries Ltd. is a flagship company of the Aditya Birla Group. The Co and its subsidiaries are primarily engaged in the production of Aluminium and Copper. It is also engaged in the manufacturing of aluminium sheet, extrusion and light gauge products for use in packaging markets like beverage and food, can and foil products, etc.
Business Segments
1) Novelis (59% in 9M FY25 vs 65% in FY22): The subsidiary, Novelis is the leading producer of flat-rolled aluminum products and the world’s largest recycler of aluminum. It offers solutions to diverse industries, including beverage cans, automobiles, aerospace, and specialty markets such as foil packaging, transportation products, etc.
2) Copper (23% in 9M FY25 vs 19% in FY22): The company produces copper cathodes, and continuous cast copper rods in various sizes for industries like automotive, consumer durables, electrical equipment, etc.
3) Aluminium (18% in 9M FY25 vs 16% in FY24): The company is the world’s largest aluminum company by revenues and ranks among the global top 5 aluminum producers based on shipments. It operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants, and aluminum smelting to downstream rolling, extrusions, and foils.
Shareholding Pattern (March 2026)
Financial Summary
| Particular | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Sales – | 1,95,059 | 2,23,202 | 2,15,962 | 2,38,496 | 2,74,944 |
| Sales Growth % | 47.76% | 14.43% | -3.24% | 10.43% | 15.28% |
| Expenses + | 1,66,712 | 2,00,536 | 1,92,090 | 2,06,691 | 2,40,064 |
| Operating Profit | 28,347 | 22,666 | 23,872 | 31,805 | 34,880 |
| OPM % | 15% | 10% | 11% | 13% | 13% |
| Net Profit + | 13,730 | 10,097 | 10,155 | 16,002 | 13,391 |
| EPS in Rs | 61.1 | 44.93 | 45.19 | 71.2 | 59.59 |
| Dividend Payout % | 6% | 7% | 8% | 7% | 8% |
Synopsis of Financials
- Consolidated segment EBITDA: INR 10,812 cr (+11%).
- Reported consolidated PAT: INR 2,597 cr (-51%) impacted by exceptional items, “including the impact of the Novelis Oswego plant fire.”
- Adjusted for exceptional items: PAT INR 5,796 cr (+10%).
- Hindalco India segment EBITDA: INR 6,610 cr (+17%); India PAT INR 3,549 cr (+11%).
Final Outlook
Summary:
Hindalco Industries has delivered strong operational performance with record revenue and healthy EBITDA growth in FY26. The company continues to benefit from its diversified business model across aluminium, copper, and its global subsidiary Novelis. Although reported profit declined due to exceptional events, the underlying business remains strong, as reflected in the growth of adjusted profits and operating cash flows. Continuous investments in capacity expansion and value-added products are expected to strengthen future earnings. While fluctuations in global metal prices and high capital expenditure remain key risks, Hindalco’s strong market position and integrated operations provide a solid foundation for long-term growth.
Recent Performance (FY26 – Easy View):
- FY26 Revenue reached a record ₹2,74,944 Cr.
- Consolidated EBITDA increased 11% YoY to ₹10,812 Cr.
- Reported PAT declined 51% YoY due to exceptional losses, including the Novelis Oswego plant fire.
- Adjusted PAT (excluding exceptional items) increased 10% YoY.
- Operating cash flow remained strong at ₹21,858 Cr.
- The company continued aggressive capacity expansion through higher capital expenditure, particularly at Novelis.
Hindalco Industries is a financially strong and globally diversified metals company with consistent revenue growth, robust cash generation, and leadership across the aluminium value chain. The temporary decline in reported profit was driven by one-time exceptional events rather than weakness in core operations. With continued expansion, strong demand for aluminium and copper, and improving operational efficiency, the company is well-positioned for sustainable long-term growth.
