Hindalco Industries Limited (HINDALCO)
₹908.00 +1.58% last close, 16 Oct
Q2 FY27 results
📅 Next results: 06 Nov 2026 (board meeting)Hindalco Industries Limited's board meets on 6 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Hindalco Industries' revenue was ₹84,825 Cr (+32.1% year on year, +8.6% on the previous quarter), and net profit ₹7,013 Cr (+75.1% year on year); the operating margin was 16.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹84,825 | +32.1% | +8.6% |
| Operating profit | ₹13,932 | +76.2% | +39.1% |
| Net profit | ₹7,013 | +75.1% | +170.0% |
| EPS (₹) | 31.58 | +75.2% | +173.2% |
| Operating margin | 16.4% | — | — |
HINDALCO delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.44% of the HINDALCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.39%. That is close to its usual level. In HINDALCO futures, open interest fell 2.43% while the futures price rose 1.17%: short covering (shorts closing out).
Delivery in the last 5 sessions: 54.6% · 56.8% · 57.1% · 52.9% · 62.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hindalco Industries, through its step-down wholly owned subsidiary Aditya Holdings LLC, has jointly decided with AluChem Companies, Inc. to terminate their Equity Purchase Agreement. The termination is attributed to extended closure delays beyond the control of either party, concluding a process previously updated across six separate intimations since June 24, 2025. Hindalco stated that its strategic plan to expand high-value, technology-led value-added products in specialty alumina remains intact, and it will continue evaluating opportunities in the US and globally.
- Joint decision to terminate Equity Purchase Agreement with AluChem Companies, Inc. effective October 1, 2026
- Acquisition had seen extended closure delays referenced across 6 prior intimations since June 24, 2025
- Hindalco maintains broader strategy to scale high-value specialty calcined and tabular alumina products
- AluChem will continue independent operations across the specialty alumina value chain as it has for 48 years
Hindalco Industries announced that SEBI-registered ESG rating provider Niche Ninety Nine Capability and Certifications (OPC) Private Limited has assigned the company an ESG score of 67. The company clarified that this is an unsolicited, voluntary rating prepared independently from public domain information, without any engagement or mandate from Hindalco. Given that this is an informational third-party assessment with no direct financial or operational commitments, it has negligible impact on business fundamentals.
- SEBI-registered agency Niche Ninety Nine assigned an ESG rating of 67
- Hindalco did not engage or mandate the rating agency; report prepared independently from public data
- Disclosed on September 18, 2026 under Regulation 30 requirements
Hindalco Industries announced that its representatives will participate in the CITIC CLSA 33rd Investors' Forum 2026 in Hong Kong on September 21 and 22, 2026. The interactions will involve one-on-one and group investor meetings. The company confirmed that no unpublished price sensitive information (UPSI) will be shared, and existing presentations (Q1FY27 and Investor Day 2025) will be utilized. This is a routine institutional investor interaction for the ₹2,25,711 Cr market cap metal producer.
- Participation scheduled for September 21 (8:30 a.m. to 5:50 p.m.) and September 22, 2026 (8:30 a.m. to 12:30 p.m.)
- Format consists of one-on-one and group meetings at Hong Kong
- No Unpublished Price Sensitive Information (UPSI) will be shared
- Existing Q1FY27 Earnings Presentation and April 1, 2025 Investor Day materials to be used
Hindalco Industries announced that company representatives will participate in investor meetings at the Jefferies 5th India Forum on September 16, 2026, in Gurgaon. The interactions will include one-on-one and group meetings between 9:00 a.m. and 4:50 p.m. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared. Presentations used will refer to the previously released Q1FY27 Earnings Presentation and the April 1, 2025 Investor Day presentation.
- Scheduled meeting date: September 16, 2026 from 9:00 a.m. to 4:50 p.m.
- Event: Jefferies 5th India Forum taking place in Gurgaon
- Format consists of one-on-one and group investor meetings
- Company clarified no Unpublished Price Sensitive Information will be discussed
Hindalco Industries Limited has informed the exchanges that its representatives will participate in the UBS India Summit 2026 Investor Conference on September 10, 2026, in Mumbai. The interactions will consist of one-on-one and group meetings scheduled from 10:00 a.m. to 5:20 p.m. The company confirmed that no unpublished price sensitive information (UPSI) will be shared, and existing presentations (Q1FY27 Earnings Presentation and Investor Day 2025) will be used.
- Participation scheduled for September 10, 2026, at Mumbai
- Meeting format includes one-on-one and group meetings between 10:00 a.m. and 5:20 p.m.
- Company will use previously disclosed Q1FY27 Earnings Presentation and Investor Day 2025 (April 1, 2025) materials
- No Unpublished Price Sensitive Information (UPSI) will be shared
Hindalco Industries has commissioned India's first greenfield Superfine Precipitated Aluminium Trihydrate (PPT ATH) plant at Belagavi, Karnataka, with an initial Phase 1 capacity of 30,000 tonnes per annum. The facility is designed to scale up to 60,000 tonnes per annum to meet domestic demand for halogen-free flame-retardant materials across wires, cables, and EVs. The plant operates on 100% renewable energy and expands Hindalco's high-margin specialty alumina portfolio, replacing imports in critical fire-safety applications.
- Commissioned India's first greenfield Superfine PPT ATH plant with an initial annual capacity of 30,000 tonnes.
- Plant designed for future phased capacity expansion up to 60,000 tonnes per annum.
- Facility runs entirely on 100% renewable energy (biomass, solar, and wind) with Belagavi refinery achieving GHG intensity of 0.44 tCO2e per tonne.
- Addresses domestic wire and cable demand under BIS standard IS 17048:2018 for halogen-free flame-retardant (HFFR) cables.
Hindalco Industries has jointly incorporated an associate company, UHG Holdings IFSC Private Limited, at GIFT City, Gujarat, on August 20, 2026. Hindalco holds a 50% stake for a cash consideration of ₹5,00,000 (50,000 equity shares at ₹10 face value), alongside group entities UltraTech Cement (41%) and Grasim Industries (9%). The entity is formed to purchase, lease, charter, and operate aircraft, ships, and ocean vessels under IFSCA regulations. The financial outlay is negligible relative to Hindalco's annual scale (TTM revenue of ₹2,95,537 crore).
- Incorporated UHG Holdings IFSC Pvt Ltd in GIFT City on August 20, 2026, jointly with UltraTech (41%) and Grasim (9%).
- Hindalco holds a 50% stake comprising 50,000 shares at ₹10 face value (total consideration ₹5,00,000).
- Entity mandate covers leasing, owning, and operating aircraft, ships, ocean vessels, and transportation modes.
- Operations are subject to regulatory approval from the International Financial Services Centres Authority (IFSCA).
Hindalco's Q1 FY27 earnings call highlighted a constructive outlook for aluminum, with a projected global market deficit of 1 million tons in CY26. The company is scaling its renewable energy portfolio, targeting 884 MW of solar/wind and 125 MW of RTC capacity by the end of FY27. Domestic demand remains resilient, growing 3% YoY to 1.5 million tons, while management noted significant LME price volatility peaking at $3,850/ton. Operational efficiency remains high with a recycling rate of 80% and an improved LTIFR of 0.21.
- Global aluminum market deficit estimated at 1 million tons for CY26, up from pre-conflict expectations of 0.3 million tons.
- Renewable energy capacity to reach 884 MW solar/wind and 125 MW RTC by FY27-end, up from current 470 MW.
- India aluminum demand grew 3% YoY to approximately 1.5 million tons in Q1 FY27.
- Aluminum prices exhibited high volatility, peaking at USD 3,850 per ton before moderating to USD 3,200.
- Achieved 80% recycling of total waste generated and 142% recycling of bauxite residue (excluding Utkal).
Hindalco Industries has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference scheduled for August 17, 2026, in Mumbai. The company representatives will engage in one-on-one and group meetings from 9:00 a.m. to 4:50 p.m. Management will use previously disclosed information, including the Q1FY27 earnings presentation and the 2025 Investor Day deck. This is a routine engagement for a company with a TTM revenue of Rs 2,74,944 Cr and a market capitalization of Rs 2,35,138 Cr.
- Participation in Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026
- Meetings scheduled between 9:00 a.m. and 4:50 p.m. in Mumbai
- Discussion based on Q1FY27 Earnings and April 1, 2025, Investor Day presentations
- Company confirms no Unpublished Price Sensitive Information (UPSI) will be shared
Hindalco Industries has released the audio recording of its earnings conference call for the quarter ended June 30, 2026 (Q1 FY27). This is a standard regulatory procedure following the announcement of quarterly financial results. The recording provides management's verbal commentary on the company's performance, including updates on its $10 billion growth capex plan and the Bay Minette project in the US. As of the latest TTM data, Hindalco maintains a significant scale with revenue of ₹2,74,944 cr and a PAT of ₹13,391 cr.
- Audio recording for the quarter ended June 30, 2026, is now publicly available.
- The call was held following the Q1 FY27 financial results announcement on August 7, 2026.
- Filing made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company maintains a TTM revenue base of ₹2,74,944 cr and a market cap of ₹2,35,817 cr.
Hindalco Industries has announced a delay in the regulatory review process for its acquisition of AluChem Companies, Inc. The Committee on Foreign Investment in the United States (CFIUS) review timeline was paused due to a partial U.S. federal government shutdown. The company now anticipates the review to reach finality by September 2, 2026, subject to final clearance. This acquisition is being executed through Aditya Holdings LLC, a step-down wholly owned subsidiary of Hindalco.
- Anticipated finality of the CFIUS review process by September 2, 2026
- Fifth update provided for the AluChem acquisition since the first intimation on June 24, 2025
- Review delay caused by the tolling of statutory timelines during a U.S. federal government shutdown
- Acquisition being conducted via Aditya Holdings LLC, a step-down wholly owned subsidiary
Hindalco Industries has announced a capacity expansion at its Kuppam unit in Andhra Pradesh, adding 10 KTPA to the existing 20 KTPA capacity. The project involves an investment of ₹768 crores (plus ₹40 crores interest during construction) and is expected to be completed by FY2029. The expansion is driven by high current utilization levels of 80-85% at the facility. While the investment represents only ~0.28% of TTM revenue, it aligns with the company's strategic goal to quadruple Indian downstream capacity by FY30.
- Proposed capacity addition of 10 KTPA, representing a 50% increase over the current 20 KTPA capacity.
- Total project investment of ₹768 crores, excluding ₹40 crores in interest during construction.
- Projected completion timeline set for the financial year 2029.
- Current capacity utilization at the Kuppam unit is high, ranging between 80% and 85%.
Hindalco Industries has announced the elevation of Mr. Kailash Pandey to 'CEO - Aluminium Upstream' effective August 7, 2026. Mr. Pandey, a 30-year veteran who joined the company in 1995, previously served as Head of Mining and the Sambalpur Cluster. Concurrently, Mr. Sameer Nayak will cease to be a Senior Management Personnel (SMP) due to changes in organizational structure and reporting. This leadership transition occurs as Hindalco manages a massive 1,340 kt aluminium capacity and executes a $10 billion global growth capex plan.
- Mr. Kailash Pandey elevated to CEO - Aluminium Upstream effective August 7, 2026
- Mr. Pandey brings over 30 years of experience in operations and project execution since joining in 1995
- Mr. Sameer Nayak ceases to be Senior Management Personnel due to organizational restructuring
- Hindalco maintains a 1,340 kt aluminium capacity, ranking as India's second-largest manufacturer
- Upstream segment recently reported an EBITDA per ton of $1,521 in Q2 FY26
Hindalco delivered a record-breaking Q1 FY27, with consolidated revenue rising 32% YoY to ₹84,825 crore and PAT surging 75% to ₹7,013 crore. The performance was driven by all-time high EBITDA across all segments, particularly Aluminium Upstream which saw an 81% jump to ₹7,390 crore. Novelis showed recovery with a 37% EBITDA increase following the Oswego plant restart, while the Copper segment grew 36% despite maintenance shutdowns. Net Debt to EBITDA increased to 1.95x from 1.02x a year ago, reflecting ongoing growth capex.
- Consolidated EBITDA reached a record ₹14,989 crore, a 73% YoY increase
- Aluminium Upstream EBITDA per tonne hit an all-time high of $2,331, up 59% YoY
- Novelis Adjusted EBITDA rose 37% to ₹4,875 crore, aided by cost optimization and favorable exchange rates
- Copper segment EBITDA grew 36% to ₹918 crore despite a 16% drop in metal sales volume
- Effective tax rate dropped to 26% from 30% YoY due to the transition to a new tax regime
Hindalco reported a record-breaking Q1 FY27 with consolidated revenue growing 32% YoY to ₹84,825 crore and PAT surging 75% to ₹7,013 crore. The performance was driven by all-time high EBITDA across all segments, particularly Aluminium Upstream (+81% YoY) and a recovery in Novelis (+37% YoY). Profitability was further aided by a lower effective tax rate of 26% following a transition to the new tax regime. However, consolidated Net Debt to EBITDA increased to 1.95x from 1.02x a year ago, reflecting ongoing growth capex.
- Consolidated EBITDA reached an all-time high of ₹14,989 crore, a 73% YoY increase
- Aluminium Upstream EBITDA per tonne hit a record $2,331, up 59% YoY with 55% margins
- Novelis Adjusted EBITDA grew 37% YoY to ₹4,875 crore, supported by the Oswego plant restart
- Consolidated Net Debt to EBITDA rose to 1.95x as of June 30, 2026, compared to 1.02x in the previous year
- Copper segment recorded its highest-ever quarterly EBITDA of ₹918 crore, up 36% YoY
Financial Performance
Revenue Growth by Segment
India Upstream Aluminium revenue grew 10% YoY in Q2 FY26, while Copper revenue grew 12% YoY to INR 14,886 Cr in Q1 FY26. India Aluminium segment revenue increased 19% YoY to INR 51,087 Cr in FY25.
Geographic Revenue Split
Novelis (International) contributed over 60% of consolidated EBITDA in FY23 and FY24, and more than 45% in the first nine months of FY25. India operations account for the remaining share.
Profitability Margins
Consolidated PAT grew 21% YoY to INR 4,741 Cr in Q2 FY26. India business PAT rose 7% YoY to INR 3,059 Cr. H1 FY26 ROCE stood at 19.6%.
EBITDA Margin
India Upstream Aluminium EBITDA margin was 45% in Q2 FY26. India business EBITDA rose 15% YoY to INR 5,419 Cr. Novelis adjusted EBITDA per ton was $506 in Q2 FY26.
Capital Expenditure
Planned growth capex of $10 billion (approx. INR 83,000 Cr) for FY26-FY29. H1 FY26 capex was INR 11,330 Cr, up 23% YoY. FY25 capex was approximately INR 17,400 Cr.
Credit Rating & Borrowing
CRISIL A1+ reaffirmed for commercial paper; CARE AA+ Stable for long-term facilities. Novelis bond issuance coupon was 6.375%, while Hindalco aims to raise $750 million debt at lower rates via AV Minerals.
Operational Drivers
Raw Materials
Alumina (surplus capacity), Aluminium scrap (impacting Novelis margins), and Copper concentrate (TC/RC dependent).
Import Sources
Domestic sourcing for alumina via Utkal Alumina; international sourcing for copper concentrate and aluminium scrap for Novelis operations in the US and Europe.
Key Suppliers
Not disclosed in available documents beyond internal sourcing from subsidiaries like Utkal Alumina International Ltd.
Raw Material Costs
Aluminium scrap costs resulted in moderation of Novelis margins to $400/t in 9M FY25 from $510/t in FY24. India business benefits from 100% captive raw material support.
Manufacturing Efficiency
India Upstream Aluminium EBITDA per ton of $1,521 in Q2 FY26. Novelis maintains EBITDA per ton above $500 on an underlying basis.
Strategic Growth
Expected Growth Rate
3-4%
Growth Strategy
Execution of the $10 billion growth capex plan, including the Bay Minette project in the US to address a 400-500 kt short-fall in can sheet. India expansion includes a 0.85 MTPA greenfield alumina project and downstream capacity augmentation.
Products & Services
Aluminium flat-rolled products (40% domestic market share), beverage packaging, automotive aluminium sheets, copper cathodes, and specialty alumina.
Brand Portfolio
Hindalco, Novelis, Utkal Alumina.
New Products/Services
Expansion into high-margin downstream products and circular solutions with a target of 75% average recycled content by 2030.
Market Expansion
Targeting US beverage packaging and automotive markets via Bay Minette; expanding Indian downstream capacity 4x by FY30.
Market Share & Ranking
Second-largest aluminium manufacturer in India (1,340 kt capacity); over 40% share in domestic flat-rolled products; world's largest recycler of aluminium.
Strategic Alliances
Novelis Inc. is a 100% owned subsidiary; Utkal Alumina International Ltd is a key subsidiary for raw material security.
External Factors
Industry Trends
Growing demand for circular solutions and recycled aluminium; US market short of can sheet by 400-500 kt.
Competitive Landscape
Intense competition in copper smelter buying terms with spot terms settling around negative 10 cents per pound.
Macro Economic Sensitivity
Highly sensitive to LME aluminium and copper prices and global demand for beverage packaging and automotive sectors.
Consumer Behavior
Shift toward aluminium as the material of choice for sustainable packaging and lightweight automotive applications.
Geopolitical Risks
USA-China trade tensions, CBAM impact in Europe, and tariff headwinds affecting Novelis shipments.
Regulatory & Governance
Industry Regulations
Compliance with SEBI Listing Regulations and ESG reporting standards; monitoring of CBAM in Europe.
Environmental Compliance
Aims to be carbon neutral and water positive by 2050; SES ESG rating of 68.4 assigned in 2025.
Risk Analysis
Key Uncertainties
Volatility in LME prices and input costs; execution risks for the $10 billion capex plan; potential for net debt to EBITDA to exceed 2.5x.
Geographic Concentration Risk
Significant revenue concentration in the US and Europe via Novelis (>45% EBITDA) and India.
Third Party Dependencies
Dependency on global copper concentrate suppliers and aluminium scrap markets.
Technology Obsolescence Risk
Focus on 'operational excellence by design' and digital transformation to maintain lowest-cost producer status.
Credit & Counterparty Risk
Strong liquidity with INR 21,800 Cr in liquid investments supports counterparty risk management.
