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Revenue
₹66,521 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹8,762 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindalco's Q3 FY26 consolidated EBITDA rose 6% YoY to INR 8,762 crore, driven by strong India upstream performance (EBITDA up 14% YoY to INR 4,832 crore, $1,572/ton). PAT fell 45% to INR 2,049 crore due to Novelis Oswego fire exceptional items; adjusted PAT was INR 4,051 crore (+8% YoY). Novelis shipments declined 3% to 881 KT, with adjusted EBITDA of $436 million (+22% YoY excluding fire/tariff impacts). India aluminum downstream EBITDA surged 55% YoY to INR 233 crore. Copper EBITDA fell 23% to INR 595 crore on lower TCRCs. Management expects Q4 India cost to rise ~1% due to CP Coke. Novelis Oswego hot mill restart in late Q1 FY27; Bay Minette commissioning on track for H2 CY26. Key risk: Novelis net debt could spike to high $8B before insurance recoveries, potentially breaching 2x leverage target temporarily.
Colored figures show movement against the previous available record.
Guidance to track
- The Oswego hot mill is expected to restart in late Q1 of fiscal year 2027, recovering lost volumes.
- The 600 KT greenfield rolling and recycling facility is scheduled for completion in the second half of calendar year 2026.
- India capital expenditure for next fiscal year is expected to be in the range of INR 10,000-12,000 crore, similar to FY26.
- Management reiterated the long-term target of $600 per ton EBITDA, supported by cost savings and Bay Minette ramp-up.
Risks flagged
- Net debt at Novelis could rise to high $8 billion due to Oswego fire costs and Bay Minette capex, potentially pushing consolidated leverage above the 2x target temporarily.
- Novelis expects a similar 70 KT volume loss in Q4 due to Oswego, with EBITDA impact rising to $60-65 million.
- The Chakla mine box cut is delayed by about a quarter to April, pushing first production to H1 FY27.
- Spot TC/RCs remain negative at -$0.10-0.11/lb, and long-term contracts settled at 0 cents, pressuring copper margins.
Key quotes
- Our long-term guidance of $600 per ton remains intact as we advance on accelerated pace in our $300 million structural cost reduction program.
- The underlying EBITDA per ton would have been nearly $500, excluding the impacts of tariffs and Oswego fires.
- We are not going to be going out to raise any more debt other than the already planned debt that we would have raised.
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