Hindalco Industries Ltd.Strong Growth with Industry-Leading Margins

Hindalco Industries delivered robust performance in Q4 FY26, with consolidated business segment EBITDA rising 11% year-on-year to ₹10,812 crores and adjusted PAT increasing 10% to ₹5,796 crores.

The India business segment outperformed with EBITDA up 17% to ₹6,610 crores, driven by upstream aluminium achieving a global industry-leading $1,756 per ton EBITDA with 48% margins, reaffirming its first-decile cost curve position. The copper business recorded its highest-ever quarterly EBITDA of ₹907 crores, up 48% year-on-year. Novelis faced temporary headwinds from the Oswego fire but maintained underlying EBITDA near $500 per ton, with restart expected within weeks.

Management aggressively accelerated cost reduction initiatives, raising the FY26 exit run rate target to $200 million from an initial $75 million, while maintaining the $350-400 million savings goal by FY28. Strong cash generation of ₹21,858 crores supported a healthy balance sheet with net debt-to-EBITDA at 1.83x. Management reaffirmed all long-term guidance including Novelis' $600 per ton target and a fourfold India downstream EBITDA increase by FY30.