HINDALCO INDUSTRIES LTD

Operates across the non-ferrous metals value chain through four reporting segments. The largest, Novelis (56.1% of FY26 segment revenue at ₹1,62,882 crore), is a wholly-owned US subsidiary that makes rolled and recycled aluminium products, with a Bay Minette project ramping up to 600 KT over 18-24 months. The Copper segment (24.1%, ₹69,838 crore) smelts and refines copper; a new Pakhajan copper recycling plant is set to commission in August 2026. Aluminium upstream (14.3%, ₹41,447 crore) covers bauxite mining, alumina refining and aluminium smelting; an Aditya smelter is being expanded with the first 180 pots in December 2027 and the next 180 in December 2028, and three captive coal mines (Chakla, Meenakshi, Bandha) are under development. Aluminium downstream (5.5%, ₹15,938 crore) sells value-added rolled and extruded products; FY26 downstream shipments were up 18% YoY to 124 KT and a new Chakan bicycle components plant makes frames, forks, handlebars and wheel rims. Materials (bauxite, copper concentrate, aluminium scrap) account for 69% of revenue. Consolidated capex was ₹31,619 crore in FY26, up 47% YoY, with ₹50,000 crore earmarked for growth projects and another ₹50,000 crore under evaluation.