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Hindalco Industries Limited — Q1 FY26
Hindalco's Q1 FY26 consolidated EBITDA was flat YoY at INR 8,539 crore, while PAT grew 30% to INR 4,004 crore, driven by strong India performance.
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Hindalco's Q1 FY26 consolidated EBITDA was flat YoY at INR 8,539 crore, while PAT grew 30% to INR 4,004 crore, driven by strong India performance. India aluminium upstream EBITDA per ton reached $1,467, up 15% YoY, with cost of production at a three-quarter low. Downstream aluminium delivered record EBITDA of INR 229 crore, up 108% YoY, supported by value-added products like battery enclosures. Novelis shipments grew 1% to 963 KT, but EBITDA fell 17% to $416 million due to elevated scrap prices and tariffs. Management expects Novelis margins to improve in H2 via cost savings and scrap spread recovery. Key risks include sustained tariff headwinds and subdued copper TC/RCs.
हिंडाल्को की पहली तिमाही (अप्रैल-जून 2025) में कमाई पिछले साल जैसी ही रही, लेकिन मुनाफा 30% बढ़कर 4,004 करोड़ रुपये हो गया। भारत में एल्युमीनियम बनाने की लागत तीन तिमाहियों में सबसे कम रही, जिससे प्रति टन कमाई 15% बढ़कर 1,467 डॉलर हो गई। डाउनस्ट्रीम (तैयार उत्पाद) से मुनाफा दोगुना से ज्यादा बढ़कर 229 करोड़ रुपये रहा, जिसमें बैटरी केस जैसे खास उत्पादों का बड़ा योगदान रहा। नोवेलिस की बिक्री 1% बढ़ी, लेकिन कच्चे माल की ऊंची कीमतों और टैरिफ के कारण मुनाफा 17% गिर गया। कंपनी को उम्मीद है कि साल की दूसरी छमाही में लागत बचत से नोवेलिस का मुनाफा सुधरेगा। मुख्य जोखिम: टैरिफ बढ़ना और तांबे की कमाई कम रहना।
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Novelis Shipments
963 KT
+1% YoY
Beverage packaging demand drove 8% growth in that segment, offsetting stable demand elsewhere.
India Aluminium Upstream EBITDA per Ton
$1,467
+15% YoY
Driven by lower input costs and operational excellence, maintaining global industry-leading margins.
India Aluminium Downstream EBITDA
INR 229 crore
+108% YoY
Record quarterly EBITDA from higher value additions like battery enclosures and premiumization.
Novelis EBITDA
$416 million
-17% YoY
Impacted by elevated scrap prices and net negative tariff effects; cost savings program on track.
What Changed vs Last Quarter
NEW
Novelis FY26 cost savings target raised to >$100 million
Early actions from the $300 million structural cost reduction program have accelerated savings; exit rate target increased from $75 million to over $100 million.
NEW
Novelis EBITDA anchor of $600 per ton remains target
Despite current headwinds, management maintains high confidence in achieving $600 per ton EBITDA through cost actions and tariff mitigation.
UPDATED
India aluminium downstream EBITDA per ton target of $250-300
Management targets EBITDA per ton between $250 and $300 as volumes ramp up with new FRP capacity.
UPDATED
India CapEx of INR 7,500-8,000 crore in FY26, INR 15,000 crore in FY27
Capital expenditure for India business guided at INR 7,500-8,000 crore this year, peaking at INR 15,000 crore next year driven by expansion projects.
DROPPED
Aditya FRP to contribute 60-70 KT commercial sales in FY26
The 160 KTPA FRP plant at Aditya is expected to sell 60-70 KT in FY26, with ramp-up starting in June.
DROPPED
Novelis Bay Minette project on track with 90% engineering complete
The 600 KT greenfield rolling and recycling facility at Bay Minette is progressing steadily, with over 90% engineering complete.
NEW RISK
Elevated scrap prices and margin pressure
Higher scrap prices versus prior year and less stable product mix continue to pressure Novelis margins, though spreads are expected to improve.
NEW RISK
Subdued copper TC/RCs
Global concentrate market remains tight with spot TC/RCs at record lows; management expects TC/RCs to remain subdued for next couple of years.
NEW RISK
Renewable power project delays
RERTC projects are running late due to slow grid connectivity approvals, potentially impacting cost reduction timelines.
RISK GONE
Copper TC/RC decline
Annual TC/RC benchmark for 2025 settled at $0.0545/lb, down 73% YoY, pressuring copper EBITDA which fell 21% in Q4.
RISK GONE
Global trade policy uncertainty
U.S. tariff measures and trade tensions could slow global GDP growth, impacting aluminum demand and pricing.
RISK GONE
Alumina price volatility
Alumina prices remain volatile due to Guinea supply risks; management assumes $350-$400/ton range for planning.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q3 FY25, Q4 FY25
The 600 KT greenfield rolling and recycling facility at Bay Minette is progressing steadily, with over 90% engineering complete.
Mentioned in Q3 FY25, Q4 FY25
Annual TC/RC benchmark for 2025 settled at $0.0545/lb, down 73% YoY, pressuring copper EBITDA which fell 21% in Q4.
Fast read
Guidance and risk preview
Early actions from the $300 million structural cost reduction program have accelerated savings; exit rate target increased from $75 million to over...
Novelis faces $60 million quarterly EBITDA impact from U.S.
View Risks →