Tariff impact on Novelis
Novelis faces $60 million quarterly EBITDA impact from U.S. tariffs at 50% rate, primarily from inter-region shipments (Korea, South America).
HINDALCO / Q1-FY26 / risks
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Hindalco Industries · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Elevated scrap prices and margin pressure
Higher scrap prices versus prior year and less stable product mix continue to pressure Novelis margins, though spreads are expected to improve.
Subdued copper TC/RCs
Global concentrate market remains tight with spot TC/RCs at record lows; management expects TC/RCs to remain subdued for next couple of years.
Renewable power project delays
RERTC projects are running late due to slow grid connectivity approvals, potentially impacting cost reduction timelines.