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Revenue
₹64,890 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹9,774 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Hindalco delivered a record-breaking Q4 FY25 with consolidated EBITDA up 24% YoY to INR 9,774 crore and PAT up 66% YoY to INR 5,284 crore. India aluminum upstream EBITDA hit a record INR 4,838 crore with industry-best margins of 47%, driven by lower input costs and favorable macros. Novelis EBITDA fell 8% YoY to $473 million due to tighter scrap spreads and tariff impacts, but management expects improvement as USMCA 2.0 progresses. Downstream aluminum EBITDA also hit a record INR 219 crore, up 52% YoY, supported by product mix improvement. Key growth drivers include the Aditya FRP project commissioning, copper IGT plant, and battery enclosure ramp-up. Risks include sustained scrap cost pressure at Novelis and global trade policy uncertainty.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided downstream EBITDA per ton between $250 and $300 for FY26, driven by product mix improvement and new capacities.
- Capital expenditure for Indian operations expected to be INR 7,500-8,000 crore in FY26, up from INR 6,500 crore in FY25.
- The 160 KTPA FRP plant at Aditya is expected to sell 60-70 KT in FY26, with ramp-up starting in June.
- The 600 KT greenfield rolling and recycling facility at Bay Minette is progressing steadily, with over 90% engineering complete.
Risks flagged
- Novelis faces a $40 million per quarter net negative impact from U.S. tariffs and elevated scrap spreads, with uncertainty around USMCA 2.0 timing.
- Annual TC/RC benchmark for 2025 settled at $0.0545/lb, down 73% YoY, pressuring copper EBITDA which fell 21% in Q4.
- U.S. tariff measures and trade tensions could slow global GDP growth, impacting aluminum demand and pricing.
- Alumina prices remain volatile due to Guinea supply risks; management assumes $350-$400/ton range for planning.
Key quotes
- Hindalco has been recognized as the world's most sustainable aluminum company for the fifth year in a row, achieving highest-ever ESG scores in the S&P Global CSA ranking.
- Our cost position is expected to strengthen further as we progress towards enhancing resource security through our captive coal and low-cost alumina.
- We are structurally transforming our cost base to protect margins and strengthen our profitability in Novelis.
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