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Revenue
₹58,203 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹9,100 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindalco reported a strong Q2 FY25 with consolidated EBITDA up 49% YoY to INR 9,100 crore and PAT up 78% YoY to INR 3,909 crore, driven by record beverage packaging shipments at Novelis, better cost control in India aluminum, and a record performance in copper. India aluminum EBITDA surged 79% YoY to INR 3,709 crore with margins of 41%, while copper EBITDA hit an all-time high of INR 829 crore. Novelis EBITDA per ton fell 6% YoY to $489 due to rising scrap prices and a $25 million flood impact at Sierre. Management guided for India CapEx of ~INR 8,000 crore in FY26, with brownfield smelter expansions in aluminum (180kt) and copper (280-300kt) expected to deliver double-digit IRRs. Key risk: near-term pressure on Novelis margins from elevated scrap spreads, which management expects to worsen in H2 before stabilizing.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for India CapEx of approximately INR 8,000 crore in FY26, up from ~INR 6,000 crore in FY25, driven by brownfield smelter expansions.
- The 180kt brownfield aluminum smelter expansion at Aditya is expected to come on stream in October 2027, powered by renewable energy.
- The 280-300kt copper smelter expansion at Dahej is expected to be completed in 2029, with long-term concentrate contracts being discussed.
- The 600kt greenfield Bay Minette project is on track for completion in the second half of calendar year 2026, with 420kt capacity contracted for beverage packaging.
Risks flagged
- Management acknowledged that scrap spreads are in uncharted territory and expect some worsening in Q3 and Q4 due to elevated scrap prices and seasonality.
- When asked about the long-term $600/ton EBITDA target, management reiterated confidence but declined to provide short-term guidance, indicating uncertainty.
- Spot TC/RCs are at historically low levels, which could pressure copper smelter margins if they do not recover by the time the new smelter is commissioned.
- Management highlighted increasing geopolitical tensions, negative spillovers from China's slowdown, and financial market volatility as key risks to the global outlook.
Key quotes
- We are in uncharted territory right now. This is the situation. So we will see where it goes.
- I really believe that the downturn is the best time to invest if you have the balance sheet strength. And that is what Hindalco has in India right now.
- The integrated model of Hindalco between upstream and downstream means that some parts can have headwinds, some parts have tailwinds. And that's why when you look at our consolidated results, we are doing very well compared to most of our competitors in the industry.
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