Transcript for the Q4 and FY2025-26 Earnings call for the quarter and year ended March 31, 2026.
HINDALCO · price
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Hindalco reported Q4 FY26 consolidated EBITDA of INR 10,812 crores, up 11% YoY, with adjusted PAT of INR 5,796 crores (excluding Oswego fire impact of ~$53M). India upstream aluminum delivered industry-leading EBITDA of $1,756/ton with 48% margins. Copper business hit a record INR 907 crores EBITDA (up 48% YoY) driven by strong sulfuric acid realizations. Novelis reported adjusted EBITDA of $498M ($543/ton). The company raised its cost savings run rate to $200M and remains committed to the $350-400M structural reduction by FY28. Long-term guidance of $600/ton for Novelis remains intact. Peak consolidated net debt expected between INR 80,000-90,000 crores over next 2 years.
Strong operational performance with margin resilience. Expansion projects (Aditya smelter Dec 2027, Bay Minette commissioning FY27) on track. Coal mine delays mean meaningful captive coal only from FY28. Near-term cost inflation (~5% in Q1) from furnace oil prices but structural cost advantages intact.