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Stock Analysis

Description

Hindalco Industries Limited, a flagship company of the Aditya Birla Group, is a leading manufacturer of Aluminium and Copper. The company also produces aluminium products for packaging, automotive, and aerospace sectors.

Key Growth Triggers

Strong performance in India Aluminium Upstream (+17% EBITDA YoY) and Downstream (+108% EBITDA YoY) segments, indicating healthy domestic demand and operational efficiency.
Strategic acquisition of US-based AluChem Companies for $125 million and progress in acquiring EMIL Mines and Mineral Resources Limited to bolster its specialty alumina portfolio and resource security.
Ambitious $10 billion global investment plan over five years for capacity expansion in aluminium and copper, including significant projects in India and at Novelis, aiming to quadruple downstream EBITDA by FY30.

Order Book

Currently no data available for Order Book.

Key Red Flags

Novelis, a key subsidiary, faced an EBITDA decline of 17% YoY due to higher scrap prices and tariffs, indicating external cost pressures.
Recurrent fire incidents at Novelis's Oswego plant are a concern for operational continuity, impacting production and projecting a significant FY26 free cash flow impact, albeit with insurance mitigation.
Delays in the AluChem acquisition's CFIUS review due to US government shutdowns.

Key Dates To Watch

Q1 FY26 Earnings Call: August 11, 2025 (Novelis) and August 12, 2025 (Hindalco).
Board meeting for Q2 FY26 results: November 7, 2025.
Deadline for updating KYC for dividend payment: November 6, 2025.

Corporate Announcements

23rd Mar 26

Impact Rating: 9

Hindalco Industries Limited will hold a Board meeting on May 22, 2026, to approve audited financial results for Q4 and FY26 and consider dividend. Trading window will be closed from April 1, 2026, to May 25, 2026.

23rd Mar 26

Impact Rating: 7

Hindalco Industries Limited announces a Board Meeting on May 22, 2026, for approving FY26 audited financial results and considering dividend. Trading window closes April 1, reopening May 25.

23rd Mar 26

Impact Rating: 2

No description available.

15th Mar 26

Impact Rating: 8

Hindalco Industries denies halting aluminium product sales due to the Iran war, calling the news misleading. A minor supply disruption in its Extrusions segment affects less than 0.1% of overall operations, with other businesses continuing normally.

12th Mar 26

Impact Rating: 7

Hindalco Industries' subsidiary, Novelis Inc., is proceeding with a significant financial move by filing for a $225 million municipal bond offering. This announcement was made public on March 12, 2026, via a Form 8-K filing.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Hindalco Inds.	932.65	29.23	209587.65	0.52	2266.00	19.83	24780.00	11.31	12.87	97936.00	12.81	7152.00	2266.00	2.94	5.84	0.18
2.	Natl. Aluminium	361.45	10.83	66384.98	2.89	1429.94	36.71	4292.34	7.27	43.96	18029.33	46.89	6112.97	1429.94	3.37	25.01	0.00
3.	Arfin India	80.82	192.07	1363.59	0.14	2.45	-5.04	127.94	-14.20	13.97	570.54	5.87	7.10	2.45	8.52	2.91	0.93
4.	Maan Aluminium	147.05	51.35	795.31	0.00	5.77	12.48	191.08	-6.99	12.13	830.22	3.06	15.49	5.77	4.26	6.83	0.44
5.	MMP Industries	251.00	15.68	637.60	0.79	7.01	20.24	187.68	29.59	14.32	762.49	7.96	40.60	7.01	1.98	7.97	0.54
6.	Manaksia Alumi.	59.00	61.22	386.69	0.12	1.11	-33.93	131.21	-12.88	10.53	542.43	8.30	6.32	1.11	2.76	1.31	1.94
7.	PG Foils	281.05	47.21	331.49	0.00	-8.03	-217.06	73.55	-26.65	9.40	418.57	1.89	7.02	-8.03	0.99	5.68	0.26
–	Median: 8 Co.	199.03	38.22	716.45	0.13	5.97	16.16	186.13	0.14	13.42	666.51	6.92	13.21	5.97	2.85	6.33	0.35

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	18,382	18,983	19,995	19,904	20,676	20,289	22,140	22,155	22,262	23,776	25,116	24,264	24,780
Expenses	17,005	17,640	18,220	18,343	18,920	18,326	19,920	19,406	19,513	21,112	22,117	21,126	21,040
Operating Profit	1,377	1,343	1,775	1,561	1,756	1,963	2,220	2,749	2,749	2,664	2,999	3,138	3,740
Other Income	190	137	166	213	199	133	179	155	825	140	209	313	250
Profit before tax	796	707	1,095	940	1,128	1,296	1,631	2,161	2,848	2,064	2,449	2,724	3,252
Tax %	31%	30%	24%	36%	25%	35%	13%	32%	34%	29%	36%	32%	30%
Net Profit	548	498	832	600	847	838	1,412	1,471	1,891	1,463	1,561	1,862	2,266
EPS in Rs	2.44	2.22	3.70	2.67	3.77	3.73	6.28	6.55	8.41	6.51	6.95	8.29	10.08

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	27,851	34,525	34,271	36,937	42,809	45,749	40,242	42,701	67,653	76,878	83,009	93,309	97,936
Expenses	25,372	31,103	30,916	32,125	37,685	41,503	36,578	38,607	56,455	69,456	75,509	82,148	85,395
Operating Profit	2,479	3,423	3,355	4,812	5,124	4,246	3,664	4,094	11,198	7,422	7,500	11,161	12,541
Other Income	741	299	968	1,092	623	940	675	657	428	627	724	1,329	912
Interest	712	1,637	2,390	2,323	1,901	1,683	1,679	1,469	1,417	1,300	1,268	939	820
Depreciation	823	837	1,282	1,428	1,617	1,693	1,708	1,708	1,752	1,874	1,961	2,029	2,144
Profit before tax	1,685	1,247	651	2,153	2,229	1,810	952	1,574	8,457	4,875	4,995	9,522	10,489
Net Profit	1,413	925	552	1,557	1,436	1,205	620	993	5,507	3,326	3,697	6,387	7,152
EPS in Rs	6.85	4.48	2.67	6.94	6.40	5.37	2.76	4.42	24.51	14.80	16.45	28.42	31.83
Dividend Payout %	15%	22%	37%	16%	19%	22%	36%	67%	16%	20%	21%	17%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	206	207	207	223	223	222	222	222	222	222	222	222	222
Reserves	36,526	37,049	41,955	47,110	49,228	48,336	45,272	49,842	54,206	58,267	63,485	69,984	73,054
Borrowings	27,020	29,007	28,676	27,150	20,297	19,534	23,367	20,240	19,421	13,071	8,376	11,903	12,841
Other Liabilities	10,018	9,739	9,604	12,153	12,981	13,410	11,197	17,643	25,208	25,362	24,953	26,818	32,546
Total Liabilities	73,770	76,001	80,442	86,635	82,729	81,502	80,058	87,947	99,057	96,922	97,036	108,927	118,663
Fixed Assets	18,055	26,060	32,243	34,384	34,364	33,523	33,368	32,390	32,300	32,103	33,214	34,036	35,573
Gross Block	26,804	35,434	43,303	46,742	48,264	48,839	50,257	51,041	52,507	53,703	56,422	58,933	–
Accumulated Depreciation	8,749	9,374	11,060	12,358	13,900	15,316	16,889	18,651	20,207	21,600	23,208	24,897	–
CWIP	17,277	10,744	3,079	712	737	982	1,282	1,709	1,581	2,987	4,040	7,675	7,020
Investments	21,907	21,251	27,321	29,332	27,025	25,494	24,639	31,731	29,655	29,766	29,735	33,991	34,411
Other Assets	16,531	17,946	17,799	22,207	20,603	21,503	20,769	22,117	35,521	32,066	30,047	33,225	41,659
Total Assets	73,770	76,001	80,442	86,635	82,729	81,502	80,058	87,947	99,057	96,922	97,036	108,927	118,663

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,031	1,029	3,641	5,898	4,414	3,171	2,786	5,564	5,208	4,836	8,112	8,890
Cash from Investing Activity	-3,403	-318	-1,050	-1,229	2,287	-811	-2,244	-3,486	-1,937	-1,481	312	-7,432
Cash from Financing Activity	1,601	-842	-2,931	-584	-9,188	-2,657	1,181	-4,306	-869	-6,290	-8,036	-1,401
Net Cash Flow	230	-131	-341	4,085	-2,487	-297	1,723	-2,228	2,402	-2,935	388	57

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	17	19	21	19	15	17	19	14	14	12	11	12
Inventory Days	178	152	158	169	157	153	179	219	189	152	126	131
Days Payable	87	63	74	89	81	77	64	121	99	73	57	61
Cash Conversion Cycle	107	108	105	98	91	93	135	112	104	91	79	82
Working Capital Days	21	25	44	-35	28	33	7	6	-2	34	34	27
ROCE %	4%	5%	4%	6%	6%	4%	4%	3%	14%	8%	9%	13%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%	34.65%
FIIs	25.66%	26.08%	26.25%	27.01%	27.89%	26.82%	27.18%	28.58%	28.04%	28.15%	27.60%	28.13%
DIIs	26.87%	26.20%	26.08%	25.78%	25.06%	25.64%	25.41%	24.17%	24.53%	24.68%	24.93%	24.11%
Public	12.20%	12.44%	12.42%	11.92%	11.59%	12.08%	11.98%	11.78%	11.99%	11.71%	12.01%	12.23%