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Revenue
₹58,390 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹8,108 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Hindalco delivered a strong Q3 FY25 with consolidated EBITDA up 28% YoY to INR 8,108 crore and PAT up 60% YoY to INR 3,735 crore, driven by record Indian aluminum EBITDA of INR 4,222 crore (up 73% YoY) on low input costs and favorable macros. Copper EBITDA rose 18% YoY to INR 777 crore, though Novelis EBITDA fell 19% to $367 million due to high scrap costs. Management guided for Q4 copper EBITDA around INR 600 crore/quarter and expects Novelis margins to improve on higher volumes and repriced beverage can contracts. Key risks include sustained high scrap prices, potential US tariffs on aluminum imports, and execution of a large capex pipeline (INR 40,000 crore in India plus Bay Minette). The company remains focused on cost control and project execution, with no new opportunities being pursued.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects quarterly copper EBITDA to be around INR 600 crore next year, down from current levels due to lower TC/RCs.
- Q4 volumes expected to be around Q2 levels (likely ~950 KT), driven by operating leverage and repriced beverage can contracts.
- Capital expenditure in India for FY26 is guided at INR 8,000 crore, with peak spending in FY27-FY28.
- The 600 KT greenfield project remains on track, with 420 KT already contracted for beverage packaging and automotive.
Risks flagged
- High aluminum scrap prices have compressed Novelis EBITDA per ton; management expects scrap prices to peak but structural headwinds remain.
- Novelis faces uncertainty over tariff exemptions; management is confident but acknowledges risk if exemptions are not granted.
- Multiple large projects in India and Novelis simultaneously could strain execution; management is focused but history shows risks.
- Benchmark TC/RC fell 73% YoY to $0.056/lb; management guided lower copper EBITDA from Q1 FY26.
Key quotes
- We are not going to look at any other new opportunities. So the whole management team is focused on these four projects.
- We simply do not see a scenario where there will not be a settlement soon around reciprocal tariffs.
- The contracts that we have entered into now are much longer-tenure contracts generally... a big bulk of the contracts have really been renewed at higher pricing right until the end of the decade.
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