NSE: HINDALCO · BSE: 500440
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Novelis (56%), Copper (24%), Aluminium upstream (14%), Aluminium downstream (6%). Cyclical, asset-heavy non-ferrous metals and mining.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,95,059 | 2,23,202 | 2,15,962 | 2,38,496 | 2,74,944 |
| EBITDA (ex other income) | 28,929 | 22,707 | 23,893 | 30,926 | 27,921 |
| margin % | 14.8 | 10.2 | 11.1 | 13.0 | 10.2 |
| Owners' profit | 13,730 | 10,097 | 10,155 | 16,001 | 13,391 |
| EPS, as reported (₹) | 61.73 | 45.42 | 45.71 | 72.05 | 60.31 |
| ROE % · ROCE % | 17.6 · 16.0 | 10.6 · 10.3 | 9.6 · 10.4 | 12.9 · 12.8 | 9.8 · 9.5 |
| Debt / equity (x) | 0.81 | 0.62 | 0.51 | 0.50 | 0.71 |
| Cash from operations | 16,838 | 19,208 | 24,056 | 24,410 | 10,250 |
| Capex | (5,426) | (9,842) | (15,728) | (20,649) | (30,096) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58,203 | 58,390 | 64,890 | 64,232 | 66,058 | 66,521 | 78,133 | 84,825 |
| Profit before tax | 5,643 | 5,295 | 6,550 | 5,674 | 6,539 | 2,832 | 3,455 | 9,387 |
| Net profit | 3,909 | 3,735 | 5,284 | 4,004 | 4,741 | 2,049 | 2,597 | 7,013 |
| EPS (₹) | 17.59 | 16.82 | 23.80 | 18.03 | 21.35 | 9.23 | 11.70 | 31.58 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Novelis | 43,810 | 15.1 |
| (b) Aluminium upstream | 11,418 | 3.9 |
| (c) Aluminium downstream | 4,867 | 1.7 |
| (d) Copper | 22,156 | 7.6 |
| Novelis | 1,19,072 | 41.0 |
| Aluminium upstream | 30,029 | 10.4 |
| Aluminium downstream | 11,071 | 3.8 |
| Copper | 47,682 | 16.4 |
| Total, before eliminations | 2,90,105 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDALCO INDUSTRIES LTD ◆ | 1,98,413 | 12.1 | 1.45 | 9.1 | 9.8 | 8.0 | — | 15.0 |
| NATIONAL ALUMINIUM CO LTD | 59,415 | 8.8 | 2.75 | 6.9 | 26.8 | 33.3 | 14.8 | 54.3 |
| ARFIN INDIA LIMITED | 1,468 | 79.8 | 8.62 | 33.9 | 9.1 | 12.0 | — | 4.9 |
| MMP INDUSTRIES LIMITED | 1,143 | 22.8 | 3.30 | 23.4 | 8.9 | 7.7 | 29.0 | 9.0 |
| MAAN ALUMINIUM LIMITED | 539 | 35.9 | 1.96 | — | 4.7 | 6.1 | — | 3.1 |
| Msafe Equipments Limited | 518 | 24.4 | — | — | — | 27.4 | — | — |
| PG FOILS LTD. | 212 | — | 0.64 | — | (2.5) | (2.1) | — | (2.9) |
| MANAK ALUMINIUM CO. LTD. | 184 | 20.9 | 1.29 | — | 5.3 | 4.6 | — | 9.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 15.9 | 5 of 14 | 69% |
| P/B | 1.4 | 1.9 | 5 of 12 | 64% |
| ROCE | 8.0 | 8.0 | 8 of 15 | 50% |
| ROE | 9.8 | 7.6 | 4 of 12 | 73% |
| Debt / Equity | 0.7 | 0.6 | 8 of 12 | 36% |
| EBITDA margin | 15.0 | 6.0 | 2 of 12 | 91% |
| Revenue growth | 32.1 | 9.8 | 3 of 13 | 83% |
| Profit growth | 75.2 | 55.9 | 6 of 12 | 55% |
| Market cap | 198413 | 184 | 1 of 15 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Hindalco gets ESG rating of 68 from NSE Sustainability Ratings | business updates | medium | — | — |
| 9 Oct 2026 · Public notice: shareholder reports loss of share certificates | compliance | minimal | — | — |
| 7 Oct 2026 · Hindalco files SEBI compliance certificate for share demat processing, Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Hindalco terminates AluChem acquisition deal | strategic transactions | high | — | — |
| 25 Sept 2026 · Board meeting on Nov 6, 2026 for Q2 FY27 results; trading window closed Oct 1 to Nov 9 | compliance | minimal | — | — |
| 22 Sept 2026 · LIC cuts stake in Hindalco by 2.02 percent via market sale | ownership changes | medium | — | — |
| 18 Sept 2026 · Hindalco gets ESG rating of 67 from SEBI registered provider | business updates | medium | — | — |
| 11 Sept 2026 · Hindalco to attend CITIC CLSA 33rd Investors Forum 2026 in Hong Kong | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Special window for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 8 Sept 2026 · Hindalco to attend Jefferies 5th India Forum on Sept 16 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.