Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,045.00 last close on 30 Oct 2026 −1.16%
Research updated
Hindalco Industries Ltd.
NSE: HINDALCOBasic MaterialsAluminum
- Last close
- ₹884.70
- Day change
- −₹1.60 (−0.18%)vs
- Market cap
- ₹2.02 lakh crIndian rupees
- Research updated
- 2 reports
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About Hindalco Industries
Hindalco Industries Ltd. is an Indian non-ferrous metals company and the metals flagship of the Aditya Birla Group. Headquartered in Mumbai, it operates primarily in aluminium, copper, and related chemical products, with a fully integrated presence across mining, refining, smelting, power generation and downstream fabrication. In aluminium, Hindalco produces primary metal, alumina, rolled products, extrusions and foils, supplying customised solutions for sectors such as automotive and transport, aerospace and defence, building and construction, electricals, electronics, beverage and food packaging, consumer durables and renewables. Its copper operations include copper cathodes, continuous cast rods, alloy and recycled rods, as well as by-products like sulphuric acid, di-ammonium phosphate and precious metals, serving electrical, telecom, industrial, agrochemical and infrastructure applications. Through its global subsidiary Novelis, Hindalco is a leading producer of flat-rolled aluminium products and a major recycler of aluminium, giving it a significant role in global packaging and automotive supply chains. The company’s broad industrial footprint makes it a key supplier to core manufacturing and energy-related industries in India and worldwide.
- Sector
- Basic Materials
- Industry
- Aluminum
- Listing
- NSE: HINDALCO
- Next results
- Employees
- 85,107
- Headquarters
- Mumbai, India
- ISIN
- INE038A01020
- Website
- hindalco.com
Public research · Report of
Business model & financial foundation
Hindalco (NSE: HINDALCO), Aluminium and copper: integrated primary aluminium, flat-rolled products and recycling (Novelis), copper smelting: revenue of ₹2,74,944 crore in FY26 (+15.3% on FY25), an EBITDA margin of 12.8%, net profit of ₹13,391 crore and net debt of ₹64,841 crore.
- Revenue, FY26 (₹ crore)
- 2,74,944
- consolidated
- Revenue growth, FY26
- +15.3%
- on FY25
- EBITDA margin, FY26
- 12.8%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 13,391
- to owners
- Return on equity, FY26
- 10.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 64,841
- Net debt (gross debt less cash and treasury investments, company definition)
- Market capitalisation (₹ crore)
- 2,09,075
- at the close of 16 Oct 2026
Company profile
Hindalco is the Aditya Birla Group's metals flagship. Through Novelis it is the world's largest aluminium flat-rolled products maker and recycler (beverage can, automotive, aerospace sheet), earning a conversion margin per tonne largely passing metal through. In India it runs a low-cost integrated aluminium chain (captive bauxite, ~3.8 Mt alumina, 1.34 Mt primary metal) whose margin moves with LME, plus downstream rolling/extrusions and a 0.4 Mt custom copper smelter earning TC/RC and by-product margins.
| Item | Value |
|---|---|
| Legal name | Hindalco Industries Limited |
| Exchange and ticker | NSE: HINDALCO; BSE: 500440 |
| ISIN | INE038A01020 |
| CIN | L27020MH1958PLC011238 |
| Sector | Basic Materials |
| Industry | Aluminium and copper: integrated primary aluminium, flat-rolled products and recycling (Novelis), copper smelting |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP |
| Market capitalisation | ₹2,09,075 crore (16 Oct 2026) |
| Shares outstanding | 222.04 crore shares (FY26) |
| Price | ₹893.8 (close, 16 Oct 2026) |
| 52-week range | ₹763.5 - ₹1,176 (to 16 Oct 2026) |
| Website | https://www.hindalco.com |
Corporate structure and shareholding
Parent: Aditya Birla Group (promoter group 34.66% as of 30 Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| Novelis Inc. | 100% | Global aluminium flat-rolled products and recycling; ~3.6 Mt FY26 shipments; Bay Minette 600 kt greenfield under commissioning |
| A.V. Minerals (Netherlands) N.V. | 100% | Holding company of Novelis; raised US$1.0bn loan to fund US$950m equity infusion into Novelis in FY26 |
| Utkal Alumina International Limited | 100% | Alumina refinery in Odisha supplying Hindalco's smelters |
| Hindalco-Almex Aerospace Limited | 97% | Aerospace aluminium alloys |
| Dahej Harbour and Infrastructure Limited | 100% | Port infrastructure for the Dahej copper smelter |
| East Coast Bauxite Mining Co. Pvt. Ltd. | 74% | Bauxite mining |
55 subsidiaries at 31 Mar 2026; joint operations include Aluminium Norf (50%), Logan Aluminium (40%), Ulsan Aluminium (40%), Mahan Coal (50%).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 34.64% | 34.64% | 34.64% | 34.66% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 28.13% | 28.16% | 29.96% | 31.41% |
| Domestic institutions | 28.40% | 27.70% | 25.90% | 24.40% |
| of which mutual funds | 12.90% | 13.27% | 11.37% | 10.05% |
| Retail | 8.30% | 9.00% | 9.00% | 9.10% |
| Other | 0.50% | 0.50% | 0.50% | 0.50% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Hindalco (NSE: HINDALCO) earns in three economics. Novelis (100% owned, about 59% of revenue) rolls and recycles aluminium sheet; beverage cans were 62% of FY26 shipments and auto 18%. It earns a conversion margin per tonne, with metal passed through on a lag. India upstream is an integrated chain from bauxite to alumina to smelter (1.34 Mt of metal). Its EBITDA per tonne moves with LME against a rupee cost stack of coal, carbon and alumina. Copper is a custom smelter earning TC/RC and by-product margins. India downstream (FRP, extrusions, foil) is small but growing.
| Segment | ebitda usd, FY26 (US$ million) | Share | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Novelis (US GAAP, management basis) | 1,645 | 100.0% | ||||
| Aluminium Upstream (India) | 41,447 | 37.2% | 18,884 | 83.3% | ||
| Aluminium Downstream (India) | 978.0 | 4.3% | ||||
| Copper (India) | 69,838 | 62.8% | 2,809 | 12.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| National Aluminium Company (NATIONALUM) | Indian integrated bauxite-alumina-aluminium producer; closest domestic upstream comparable |
| Vedanta Aluminium Metal (VAML) | Largest Indian primary aluminium producer, listed after Vedanta demerger |
| Vedanta Limited (VEDL) | Diversified metals with large aluminium segment |
| Hindustan Copper (HINDCOPPER) | Indian copper producer; comparable for the copper segment |
| Alcoa Corporation | Global integrated bauxite-alumina-aluminium producer (NYSE: AA) |
| Constellium SE | Closest listed comparable to Novelis in aluminium rolled products (NYSE: CSTM) |
| Norsk Hydro | Integrated aluminium with rolling and recycling (Oslo: NHY) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,93,888 | 2,21,937 | 2,15,962 | 2,38,496 | 2,74,944 |
| Cost of revenue (vendor classification) * | 1,28,736 | 1,52,657 | 1,46,223 | 1,57,657 | 1,90,927 |
| Other operating costs (vendor classification) * | 30,369 | 40,453 | 38,063 | 39,792 | 37,346 |
| EBITDA (vendor classification) * | 31,159 | 24,484 | 25,168 | 34,538 | 38,869 |
| Operating EBIT excluding other income and exceptional items | 22,795 | 16,843 | 16,351 | 23,924 | 26,054 |
| Finance cost | 3,221 | 3,602 | 3,858 | 3,419 | 3,480 |
| Profit before tax | 19,574 | 13,241 | 14,012 | 22,337 | 18,496 |
| Tax | 5,373 | 3,144 | 3,857 | 6,335 | 5,105 |
| Profit for the year before non-controlling interests | 13,730 | 10,097 | 10,155 | 16,002 | 13,391 |
| Diluted EPS (₹) | 61.65 | 45.36 | 45.65 | 71.91 | 60.20 |
| Operating EBITDA excluding other income | 24,232 | 32,788 | 35,208 | ||
| Other income | 1,496 | 2,708 | 2,889 | ||
| D&A including impairment | 7,881 | 8,864 | 9,154 | ||
| Exceptional items signed | 21.0 | -879.0 | -6,963 | ||
| Share of associates | 2.00 | 3.00 | -4.00 | ||
| PAT owners | 10,155 | 16,001 | 13,391 | ||
| Materials purchases inventory change | 1,33,855 | 1,47,113 | 1,77,038 | ||
| Employee expense | 14,778 | 15,406 | 17,148 | ||
| Power fuel | 14,476 | 14,396 | 13,622 | ||
| Other expenses including financial-asset impairment (net) | 28,621 | 28,793 | 31,928 | ||
| Profit attributable to non-controlling interests | 0.00 | 1.00 | 0.00 | ||
| Cost of materials consumed as reported | 1,30,768 | 1,48,244 | 1,89,642 | ||
| Purchases of stock-in-trade | 1,758 | 1,196 | 1,478 | ||
| Changes in finished goods WIP and stock-in-trade inventories | 1,329 | -2,327 | -14,082 | ||
| Other expenses as reported (before financial impairment) | 28,596 | 28,757 | 31,934 | ||
| Impairment loss or reversal on financial assets (net) | 25.0 | 36.0 | -6.00 | ||
| Depreciation and amortisation excluding impairment | 7,521 | 7,881 | 8,830 | ||
| Non-current asset impairment outside exceptional items (net) | 360.0 | 983.0 | 324.0 | ||
| Current tax expense | 3,005 | 6,354 | 7,531 | ||
| Deferred tax expense or credit | 852.0 | -19.0 | -2,426 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 78,202 | 94,817 | 1,06,157 | 1,23,721 | 1,36,595 |
| Current and non-current borrowings excluding lease liabilities | 64,489 | 60,291 | 54,501 | 61,931 | 96,659 |
| Cash and cash equivalents | 11,639 | 12,840 | 11,816 | 9,808 | 14,350 |
| Trade receivables carrying amount | 21,076 | 16,214 | 16,404 | 19,834 | 27,222 |
| Inventories | 44,483 | 42,958 | 40,812 | 48,801 | 75,517 |
| Trade payables excluding supplier financing credit | 43,838 | 41,495 | 32,858 | 40,434 | 61,624 |
| Net PPE excluding ROU CWIP goodwill and intangible assets | 908.0 | 1,042 | 77,151 | 81,739 | 91,288 |
| Capital work-in-progress excluding intangible development | 5,274 | 10,377 | 14,591 | 27,023 | 47,569 |
| Total assets | 2,23,062 | 2,24,817 | 2,31,907 | 2,65,991 | 3,47,795 |
| Net debt (gross debt less cash and treasury investments, company definition) | 35,332 | 64,841 | |||
| Borrowings plus lease liabilities per capital management | 63,929 | 99,161 | |||
| Current and non-current lease liabilities | 1,998 | 2,502 | |||
| Supplier financing credit separate from trade payables | 4,475 | 1,713 | 4.00 | ||
| Right of use assets (separate from PPE) | 2,547 | 2,498 | 2,929 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 958.0 | 22,131 | 24,056 | 24,410 | 10,250 |
| Free cash flow (vendor definition) * | 11,412 | 9,471 | 8,328 | 3,761 | -19,846 |
| Cash dividends paid (outflow negative) | -667.0 | -890.0 | -667.0 | -778.0 | -1,110 |
| Gross cash capex: PPE intangibles investment property (outflow -) | -5,355 | -9,637 | -15,728 | -20,649 | -30,096 |
| PPE intangible and investment property disposal receipts | 50.0 | 245.0 | 338.0 | ||
| Net cash capex after asset disposal proceeds (outflow -) | -15,678 | -20,404 | -29,758 | ||
| CFO less gross cash capex | 8,328 | 3,761 | -19,846 | ||
| Cash generated from operations before tax | 26,731 | 29,877 | 16,726 | ||
| Income taxes paid net of refunds (outflow negative) | -2,675 | -5,467 | -6,476 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 222.41 | 222.29 | 222.16 | 222.09 | 222.04 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 58,203 | 58,390 | 64,890 | 64,232 | 66,058 | 66,521 | 78,133 | 84,825 |
| Cost of revenue (vendor classification) * | 37,720 | 37,405 | 46,545 | 43,029 | 43,742 | 44,719 | 54,378 | 56,054 |
| Other operating costs (vendor classification) * | 10,587 | 11,523 | -3,182 | 10,955 | 11,374 | 11,698 | 11,529 | 12,411 |
| EBITDA (vendor classification) * | 7,172 | 6,172 | 7,194 | 6,599 | 7,535 | 6,301 | 8,822 | 12,698 |
| EBIT * | 6,512 | 6,113 | 7,334 | 6,430 | 7,343 | 3,710 | 4,493 | 10,359 |
| Finance cost | 869.0 | 817.0 | 874.0 | 754.0 | 803.0 | 881.0 | 1,042 | 966.0 |
| Profit before tax | 5,643 | 5,296 | 6,550 | 5,676 | 6,540 | 2,829 | 3,451 | 9,393 |
| Tax expense | 1,734 | 1,561 | 1,266 | 1,672 | 1,799 | 780.0 | 854.0 | 2,380 |
| Profit for the period | 3,909 | 3,735 | 5,284 | 4,004 | 4,741 | 2,049 | 2,597 | 7,013 |
| Diluted EPS (₹) | 17.56 | 16.79 | 23.75 | 18.00 | 21.32 | 9.21 | 11.67 | 31.51 |
| Materials consumed + purchases of stock-in-trade + change in inventories | n.r. | n.r. | n.r. | 40,949 | 41,587 | 42,499 | 52,003 | 53,717 |
| Employee benefits expense | n.r. | n.r. | 3,930 | 4,253 | 4,121 | 4,349 | 4,425 | 4,725 |
| Power and fuel | 3,585 | n.r. | 3,572 | 3,465 | 3,447 | 3,284 | 3,426 | 3,649 |
| Other expenses incl. impairment on financial assets | n.r. | n.r. | n.r. | 7,494 | 7,932 | 8,395 | 8,107 | 8,802 |
| Operating EBITDA (company EBITDA less other income) | 8,025 | 7,599 | 9,596 | 8,071 | 8,971 | 7,994 | 10,172 | 13,932 |
| Other income | 1,075 | 509.0 | 700.0 | 602.0 | 713.0 | 549.0 | 1,025 | 1,057 |
| Depreciation, amortisation and impairment of non-current assets | 2,074 | 1,955 | 2,878 | 2,245 | 2,160 | 2,220 | 2,529 | 2,337 |
| Share in equity-accounted investments | 0.00 | 1.00 | 0.00 | 2.00 | 1.00 | -3.00 | -4.00 | 6.00 |
| Exceptional income/(expenses), net | -514.0 | -41.0 | 6.00 | 0.00 | -182.0 | -2,610 | -4,171 | -2,299 |
| Profit attributable to owners | 3,909 | 3,735 | 5,284 | 4,004 | 4,741 | 2,049 | 2,597 | 7,013 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 48.0% | 14.5% | -2.7% | 10.4% | 15.3% |
| EBITDA margin | 11.2% | 13.7% | 12.8% | ||
| Net margin | 4.7% | 6.7% | 4.9% | ||
| Return on equity | 10.1% | 13.9% | 10.3% | ||
| Return on capital employed | 17.3% | 11.3% | 10.4% | 13.8% | 12.4% |
| Return on assets | 4.4% | 6.4% | 4.4% | ||
| Net debt (₹ crore) | 35,332 | 64,841 | |||
| Net debt / EBITDA | 1.08x | 1.84x | |||
| Interest cover | 7.08x | 4.68x | 4.24x | 7.00x | 7.49x |
| Asset turnover | 0.94x | 0.99x | 0.95x | 0.96x | 0.90x |
| Receivable days | 40 | 27 | 28 | 30 | 36 |
| Inventory days (on revenue) | 84 | 71 | 69 | 75 | 100 |
| Payable days (on revenue) | 83 | 68 | 56 | 62 | 82 |
| Cash conversion | 2.37x | 1.53x | 0.77x | ||
| Capex intensity | 2.8% | 4.3% | 7.3% | 8.7% | 10.9% |
| Free cash flow (₹ crore) | -4,397 | 12,494 | 8,328 | 3,761 | -19,846 |
| Dividend payout | 6.6% | 4.9% | 8.3% | ||
| EPS, diluted (₹) | 61.65 | 45.36 | 45.65 | 71.91 | 60.20 |
| Book value per share (₹) | 351.6 | 426.5 | 477.8 | 557.1 | 615.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (gross debt less cash and treasury investments, company definition); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Report history
Reports on Hindalco Industries
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