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Hindalco Industries Results: Latest Quarterly Results & Analysis

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Hindalco Industries Ltd. 07 Nov 2025 14:07 PM
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Q2FY26 Quarterly Result Announced for Hindalco Industries Ltd.

Aluminium Products company Hindalco Industries announced Q2FY26 results

  • Revenue: Rs 66,058 crore compared to Rs 58,203 crore during Q2FY25, change 13%.
  • EBITDA for the second quarter stood at Rs 9,684 crore, up 6% from Q2FY25.
  • Net Profit increased to Rs 4,741 crore, up 21% over Q2FY25.
  • EPS: Rs 21..35 for Q2FY26.

Satish Pai, Managing Director, Hindalco Industries, said: “Hindalco continued its growth momentum amid global volatility, delivering strong performance in both volumes and profitability. This performance was driven by robust contribution from India business, disciplined cost management and operational efficiencies across segments.

The Aluminium Upstream business continued to outperform with industry-best EBITDA margins of 45%. The Downstream segment reported a solid quarter with 69% EBITDA growth, supported by all-time high volumes and a superior product mix. The Copper business remained resilient, performing in line with our guidance even with lower TC/RCs. Novelis recorded a sequential improvement in both EBITDA and Net Income, despite net tariff impact partially offset by better pricing and accelerated cost efficiency initiatives.

Our integrated business model, prudent capital allocation and focus on cost optimisation, continues to enable us to deliver sustained, resilient growth across market cycles.

Our sustainability agenda remains focused on climate action, circularity through waste recycling, water stewardship and biodiversity protection.”

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Aluminium & Aluminium Products company Hindalco Industries announced Q1FY26 results

  • Revenue from Operations: Rs 64,232 crore compared to Rs 57,013 crore during Q1FY25, change 13%.
  • EBITDA: Rs 8,673 crore compared to Rs 7,992 crore during Q1FY25, change 9%.
  • PBT: Rs 5,676 crore compared to Rs 4,848 crore during Q1FY25, change 17%.
  • PAT: Rs 4,004 crore compared to Rs 3,074 crore during Q1FY25, change 30%.
  • EPS: Rs 18.03 for Q1FY26.

Satish Pai, Managing Director, Hindalco Industries, said: “After the record profitability of FY25, Hindalco sustained its growth momentum with a strong first quarter performance, driven by operational efficiencies, cost control, and an enhanced product mix. Aluminium India Upstream business continued to outperform with industry-best EBITDA margins of 44%.

Aluminium India Downstream had a stellar quarter and reported its strongest quarterly performance with 2x EBITDA growth. The Copper business delivered a healthy EBITDA in line with our guidance, despite lower TC/RCs. Novelis recorded 1% growth in shipments, driven by all-time high quarterly beverage can volumes and accelerated cost reduction initiatives.

We made significant progress in our downstream growth projects: the 170 KT Aditya FRP project, Aluminium AC fins, and the Copper IGT facility are under commissioning. Looking ahead, our integrated business model, strategic investments, and cost discipline position us well to deliver sustained growth.

On the ESG front, Hindalco continued to advance its sustainability agenda with a strong focus on climate action, waste recycling, water conservation, and biodiversity protection”

Result PDF

Aluminium and Aluminium Products company Hindalco Industries announced Q3FY25 results

Financial Highlights:

  • Record Aluminium Upstream EBITDA at Rs 4,222 crore, up 73%; EBITDA margin at 42%
  • Quarterly Copper EBITDA at Rs 777 crore, up 18%
  • Consolidated EBITDA at Rs 8,108 crore, up 28%
  • Consolidated Net Debt to EBITDA at 1.33x as of December 31, 2024

Business Highlights:

  • Hindalco secures Meenakshi Coal Mines boosting resource security
  • Hindalco becomes the first Indian company to be awarded the Copper Mark - JDDS Accreditation for its sustainable sourcing and production practices
  • Hindalco achieves ‘Top 1%’ ranking in the S&P Global Sustainability Yearbook 2025 with the highest ESG score in the aluminium sector globally
  • Novelis
    • Shipments at 904 KT, down 1%
    • Novelis Revenue at USD 4.1 billion, up 4%, driven by higher average aluminium prices
    • Adjusted EBITDA at USD 367 million, down 19% due to higher aluminum scrap prices and unfavourable product mix
    • Net Income at USD 110 million, down 9%
  • Aluminium (India)
    • Quarterly Upstream revenue at Rs 9,993 crore, up 25%
    • Record Aluminium Upstream EBITDA at Rs 4,222 crore, up 73%
    • Aluminium Upstream EBITDA per tonne was at USD 1,480, up 68%, with industry-best margins of 42%
  • Copper (India)
    • Revenue at Rs 13,732 crore, up 15%
    • EBITDA at Rs 777 crore, up 18%
    • Copper metal sales at 120 KT, up 1%
    • Copper Continuous Cast Rod (CCR) sales at 95 KT, up 1%

Satish Pai, Managing Director, Hindalco Industries, said, "Hindalco delivered robust consolidated results in the third quarter despite global uncertainties, driven by an excellent performance of its India business. The Aluminium India Upstream business achieved record quarterly EBITDA, with industry-leading margins of 42%. The downstream segment experienced consistent growth posting a 36% increase in EBITDA. The Copper business delivered a robust 18% growth in EBITDA. The business marked a significant milestone by achieving the ‘Copper Mark- JDDS’ for its responsible and sustainable production practices. Novelis continues to focus on operational and cost efficiency initiatives in the face of current pressures on scrap pricing

During the quarter we secured critical resources for our India upstream business, enhancing our global cost leadership. Key growth initiatives, such as the alumina refinery, aluminium smelter expansion, copper smelter expansion and the FRP project, remain on track. Our strong balance sheet positions us well for the next phase of transformative growth.

Our holistic ESG approach continues to gain global recognition. Hindalco is the only company to achieve a Top 1% ranking in the S&P Global Sustainability Yearbook 2025 with the highest ESG score in the aluminium sector.”

Result PDF

Aluminium Products company Hindalco Industries announced Q2FY25 results

  • Consolidated PAT at Rs 3,909 crore up 78%
  • India business PAT at Rs 2,850 crore, up 135% 
  • Aluminium Upstream EBITDA at Rs 3,709 crore, up 79%; EBITDA margin at 41%
  • All-time high quarterly Copper EBITDA at Rs 829 crore, up 27%
  • Novelis’ Rolled Product shipments at 945 KT, up 1%
  • Consolidated EBITDA at Rs 9,100 crore, up 49%
  • Consolidated Net Debt to EBITDA at 1.19x as of September 30th, 2024
  • Hindalco ranks as the World’s Most Sustainable Aluminium Company for the 5th consecutive year in S&P Global Corporate Sustainability Assessment rankings 2024

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, "Our India business delivered a strong operational performance in Q2 bolstered by our relentless focus on operational reliability and cost management. Consequently, our Aluminium India Upstream business reported an EBITDA per tonne of USD 1,349— the highest in the last 10 quarters and the best-in-industry globally. The Copper business achieved another record quarterly EBITDA. Novelis’ global footprint allowed the company to achieve record beverage packaging shipments, partially offsetting the impact from the flooding-related outage at Sierre.

During the quarter, we made significant progress across our growth projects in India Business and Novelis. Our company’s robust cash flow generation enabled us to maintain a consolidated net debt-toEBITDA ratio below 1.2x.

Notably, Hindalco has been recognized as the World's Most Sustainable Aluminium Company for the fifth consecutive year in the S&P Global Corporate Sustainability Assessment rankings 2024, achieving a score of 87 out of 100—up 9 points from last year’s score, and our highest score till date. This achievement underscores our comprehensive approach to ESG, with dedicated efforts towards water positivity, zero waste to landfill, net-zero emissions, and preserving biodiversity.”

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Aluminum products company Hindalco Industries announced Q1FY25 results:

  • Consolidated EBITDA at Rs 7,992 crore, up 31% YoY
  • Aluminium Upstream EBITDA at Rs 3,493 crore, up 81% YoY; Industry-best EBITDA margins at 40%
  • All-time high quarterly Copper EBITDA at Rs 805 crore, up 52% YoY
  • Novelis’ Adjusted EBITDA per tonne at USD 525, up 10% YoY 
  • Consolidated Net Debt to EBITDA at 1.24x as of June 30th, 2024 vs 1.73x as of June 30th, 2023

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, “Our strong Q1 results ride on the back of consistent operational excellence and cost optimization which allowed us to leverage the higher average metal prices. The Copper business achieved its highest quarterly EBITDA driven by high domestic sales (especially downstream products), healthy by-product credits and better operational efficiencies following a successful planned shutdown. The Aluminium India Upstream business recorded an 81% growth in EBITDA over the previous year. At 40%, it has registered the highest EBITDA margins globally. Novelis’ EBITDA per tonne at USD 525, was up 10% YoY, primarily due to increased volumes led by normalized beverage can shipments. Looking ahead, the major capital formation phase of the downstream business is near completion, and from here on, we will explore growth opportunities in the upstream business given our strong cash position.

On the ESG front, I am happy to report that we are on track on our roadmap for climate action, waste recycling, water conservation, and biodiversity protection.”

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Aluminium & Aluminium Products company Hindalco Industries announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Consolidated EBITDA at Rs 7,201 crore, up 24% YoY
  • Aluminium Upstream EBITDA at Rs 2,709 crore, up 24% YoY; Industry-best EBITDA margins at 32%
  • All-time high quarterly Copper EBITDA at Rs 776 crore, up 30% YoY
  • Novelis’ Adjusted EBITDA per tonne at USD 540, up 25% YoY

FY24 Financial Highlights:

  • Consolidated PAT at Rs 10,155 crore, up 1%
  • Consolidated EBITDA at Rs 25,728 crore, up 7%
  • All-time high Copper EBITDA at Rs 2,616 crore, up 16%
  • All-time high metal sales volumes in aluminium of 1,372 KT up by 2%, and copper at 506 KT, up 15%
  • Hindalco-Novelis in the top 1% S&P Global ESG score in the Aluminium Industry
  • Consolidated Net Debt to EBITDA at 1.21x as of March 31st, 2024 vs 1.39x a year ago
  • Board recommends dividend @350% (Rs 3.5/share) for FY24 vs 300% (Rs 3/share) for FY23

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, “Hindalco concluded the year with very strong results across all business segments. This was a clear testament to our strategic focus on value-added products and margin improvement. The Copper business has grown to become the 2nd largest in the world for Copper rods (excluding China). It achieved its best ever performance with sales crossing 500,000 tonnes for the first time, and an alltime high EBITDA for the quarter and the year. Similarly, the Aluminium India Upstream Business reported industry-best quarterly EBITDA margins of 32%, driven by higher volumes and cost optimisation. Our continued focus on enhancing share of the downstream segment is evident in its promising sales trajectory. Novelis demonstrated an improved EBITDA per tonne driven by lower operating costs, favourable metal benefits and market recovery.

We continue to maintain a strong balance sheet and solid liquidity even after repaying Rs 5,195 crore of debt in Hindalco India business during the year. This positions us well to stay on our growth track and drive our future organic growth plans with prudent capital allocation.

On the ESG front, our large scale renewable and energy storage projects have put us well on track for our climate action targets, and we have further advanced our initiatives in waste recycling, protecting biodiversity and water conservation.”

Result PDF

Aluminium & Aluminium Products company Hindalco Industries announced Q3FY24 results:

Financial Performance
- Consolidated Net Profit stood at Rs 2,331 crore, marking a significant increase of 71% YoY.
- Consolidated EBITDA was Rs 6,322 crore, up by a robust 61% YoY.
- Revenue from Operations saw a marginal decrease of 1% YoY to Rs 52,808 crore.
- The company reported a consolidated Net Debt to EBITDA ratio of 1.43x, an improvement from 1.6x as of December 31, 2022.

Business Segment Results
- Novelis: Adjusted EBITDA per ton reached $499, up 33% YoY, with adjusted EBITDA at $454 million, a rise again by 33% YoY.
- Aluminium Business (India):
- Upstream EBITDA grew by 54% YoY to Rs 2,443 crore.
- Downstream EBITDA decreased by 34% YoY to Rs 103 crore.
- Copper Business: EBITDA reached a record Rs 656 crore, an increase of 20% YoY.

Operational Highlights
- Record Copper EBITDA was supported by higher volumes and robust operations.
- Novelis saw improvement driven by favorable metal benefits from recycling and lower operating costs.
- The Indian Aluminium Upstream Business maintained industry-leading EBITDA margins at 30.7%.

Business Updates
- Hindalco has prepaid long-term loans of Rs 4,370 crore during the year.
- The company's India business began working on India's first Copper and e-waste recycling project in Gujarat.
- Work on the nation's first Copper Inner Grooved Tubes plant is set to be commissioned by the end of CY2024.

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, “We continue to stay on our growth track despite challenging market conditions, delivering a strong performance, driven by an enhanced product mix and lower input costs across our businesses.

The Copper Business registered a record EBITDA, up 20% YoY on the back of strong volume growth and robust operations. The Aluminium Upstream Business EBITDA rose 54% YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve. We continue to invest in promising growth areas both in aluminium and copper downstream. Our overseas business and global recycling leader Novelis showed 33% YoY improvement in EBITDA and EBITDA per ton, driven by favourable metal benefits from recycling, higher pricing, and lower operating costs.

Robust cash generation in India operations enables further deleveraging of our India business; Hindalco has pre-paid long-term loans of Rs 4,370 crores during the year amid a high-interest rate scenario. On the ESG front, our first-of-its-kind energy transition initiative is on course to begin ramping up of 100 MW of round-the-clock carbon-free power for our Odisha smelter, by Q4 of CY2024.”

 

 

Result PDF

Aluminium & Aluminium Products company Hindalco Industries announced Q2FY24 results:

  • Net Profit at Rs 2,196 crore, flat YoY
  • Consolidated EBITDA at Rs 6,096 crore, up 6% YoY
  • Novelis’ Adjusted EBITDA per ton at USD 519, up 1% YoY
  • Highest ever copper EBITDA at Rs 653 crore up 20% YoY
  • All-time high copper metal sales at 134 Kt, up 20% YoY
  • Hindalco to invest Rs 8,000 crore in a 2 million-tonne greenfield alumina refinery in Odisha
  • Hindalco selected Aluminium Industry Leader in the S&P Global Corporate Sustainability Assessment rankings 2023, for the 4th consecutive year
  • Hindalco’s India Business pre-pays long-term debt of Rs 2,120 crore in August 2023
  • Consolidated Net Debt to EBITDA at 1.66x at the end of September 30, 2023 (vs 1.73x as of June 30, 2023)

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, “Hindalco continues to demonstrate Sustain-Ability, through a performance that is robust and consistent. We have maintained momentum driven by our focus on cost control and a solid performance by all our downstream segments.

Copper Business delivered its best-ever quarterly results backed by record metal sales. Aluminium India Upstream EBITDA rose by 7% over the first quarter supported by higher volumes and lower input costs. Aluminium India Downstream Business EBITDA increased 16% sequentially due to higher volumes. Novelis continued to show sequential improvement in EBITDA and EBITDA per ton, driven by higher volumes, particularly in can shipments which grew 12% over the last quarter.

A noteworthy highlight is Hindalco’s recognition as the World’s Most Sustainable Aluminium Company for the fourth year in a row in the S&P Global Corporate Sustainability Assessment Rankings 2023. This is a matter of organizational pride and it reflects our holistic approach to long-term ESG performance.”

 

Result PDF

Aluminium & Aluminium Products company Hindalco Industries announced Q1FY24 results:

  • Quarterly consolidated PAT at Rs 2,454 crore, up 2% QoQ
  • Consolidated EBITDA at Rs 6,109 crore, up 5% QoQ
  • Novelis’ adjusted EBITDA per ton at USD 479, up 11% QoQ
  • All-time high copper metal sales at 118 Kt, up 1% QoQ
  • Consolidated Net Debt to EBITDA at 1.73x at the end of June 30, 2023 (vs 1.39x as of March 31, 2023)
  • Hindalco collaborates with Tata Motors to build the first-ever all-aluminium cargo body for the new generation Tata Ace EVs designed to enhance last-mile deliveries.

Commenting on the results, Satish Pai, Managing Director, Hindalco Industries, said, “FY24 has started on a promising note. Our focus on expanding our value-added portfolio and operational efficiencies has enabled us to deliver sustained performance in the face of continued macroeconomic pressures. An enhanced product mix saw the Aluminium India Downstream Business generating higher value, with Q1FY24 EBITDA increasing by 31% QoQ. Despite significant market headwinds, Novelis continued to show sequential improvement in adjusted EBITDA and EBITDA per ton, backed by record sales of automotive aluminium sheets. The Copper Business achieved record metal sales and maintained its market share despite undergoing a planned shutdown.

We will continue to strongly position our company for the future, by maintaining our focus on ESG, controlling costs, securitising resources, and driving downstream expansion.”

 

 

Result PDF

Aluminium company Hindalco Industries announced Q2FY23 results:

  • Consolidated revenue at Rs 56,176 crore, up 18% YoY
  • Quarterly consolidated PAT at Rs 2,205 crore, down 35% YoY
  • Quarterly consolidated EBITDA at Rs 5,743 crore, down 29% YoY
  • Novelis EBITDA per ton maintained at over $500 despite challenging headwinds
  • Aluminium upstream EBITDA at Rs 1,347 crore with EBITDA margins at 16.4%
  • Aluminium downstream EBITDA at Rs 200 crore, up 163% YoY; EBITDA per ton at $264, up 120% YoY
  • Quarterly copper EBITDA at Rs 544 crore, up 55% YoY; all-time high copper rod sales at 85 Kt, up 20% YoY
  • Consolidated net debt to EBITDA at 1.47x as of September 30, 2022 vs 1.93x as of September 30, 2021

Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said: “Over the years, Hindalco has transitioned to a resilient and integrated business model which supports our performance and profitability even when times are challenging. Despite a surge in input costs, the company produced the highest-ever aluminium metal volumes.

While the upstream aluminium business EBITDA was impacted due to elevated raw material and energy costs, our aluminium downstream business performed well with EBITDA more than doubling YoY due to better pricing and market demand. The copper business outperformed, reporting its highest-ever metal and copper rod sales. Novelis delivered another solid quarter with higher shipments driven by a recovery in automotive and aerospace segments and better pricing. The company maintained a strong balance sheet and robust cash flows with consolidated net debt to EBITDA ratio below 2 times.

Hindalco’s recognition as the World’s Most Sustainable Aluminium Company – for the third year in a row – by the S&P Dow Jones Sustainability Indices is an affirmation of our resilience and our future-ready approach to business.”

 

Result PDF

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