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Revenue
₹66,058 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹9,104 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindalco delivered a resilient Q2 FY26 with consolidated EBITDA up 6% YoY to INR 9,104 crore and PAT up 21% to INR 4,741 crore, driven by strong India upstream aluminum (EBITDA +22% YoY, INR 4,524 crore) and record downstream EBITDA of INR 261 crore (+69% YoY). Novelis adjusted EBITDA per ton exceeded $500 despite $54 million tariff impact, with mitigation run rate now at $125 million. India aluminum EBITDA margin remained best-in-class at 45%. Management guided for flat-to-1% higher costs in Q3 and reiterated consolidated net leverage below 2x despite $10 billion CapEx plan. Key risk: Bay Minette cost overrun to $5 billion and execution complexity could pressure returns if LME softens.
Colored figures show movement against the previous available record.
Guidance to track
- Management committed to keeping consolidated net debt-to-EBITDA below 2x over the next four years despite $10 billion CapEx plan.
- Next fiscal year CapEx expected to be around INR 11,000 crore, up from INR 8,500 crore in FY26.
- Three-year program targeting permanent cost reduction through organizational restructuring and manufacturing optimization.
- Outage impact is a timing issue; headwind this fiscal year will largely be recovered next year.
Risks flagged
- Project cost increased to ~$5 billion from $4.1 billion due to inflation and engineering complexity; IRR now slightly below double-digit.
- Q2 tariff impact was $54 million; while mitigation is progressing, full elimination depends on policy and operational shifts.
- Aggressive short-term hedging (49% of Q4 at $2,760/ton) limits benefit from LME rally above $2,900.
- Cost of production rose 3-4% QoQ in Q2 due to higher coal costs and planned shutdowns; Q3 expected flat to +1%.
Key quotes
- The strategic rationale for building a large-scale rolling mill in the U.S. is stronger than ever before.
- We are discovering more efficiency opportunities even in phase one of Bay Minette. It makes us feel comfortable that besides the strategic rationale, even the financial rationale of Bay Minette is fairly intact even with the first phase.
- The underlying positivity in the business is becoming better. Unfortunately, we are having extraneous events... When you take this out and you think about the underlying health of the business, things are really looking pretty positive.
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