Hindalco Industries
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Hindalco Industries (HINDALCO) investor relations material

Hindalco Industries Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary12 Feb, 2026

Executive summary

  • Consolidated revenue rose 14% year-over-year to ₹66,521 crore in Q3 FY26, driven by strong India business and resilient Novelis performance.

  • Consolidated EBITDA grew 6% year-over-year to INR 8,762 crore, with India business EBITDA up 10% and record profit after tax up 24% year-over-year to INR 3,581 crore.

  • Novelis faced a 3% year-over-year shipment decline due to Oswego fires, but adjusted EBITDA per ton rose 22% year-over-year, and cost reduction targets were raised.

  • Strong progress in ESG, with 82% waste recycled, 418 MW renewable energy capacity, and S&P Global CSA score of 89/100.

  • Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

Financial highlights

  • Consolidated profit after tax fell 45% year-over-year to INR 2,049 crore due to exceptional items; adjusted profit would have been INR 4,051 crore, up 8%.

  • Aluminium upstream EBITDA margin improved to 45% from 42% YoY; downstream EBITDA up 55% YoY.

  • Copper segment revenue jumped 33% YoY, but EBITDA declined 23% YoY due to lower Tc/Rc and concentrate mix.

  • Novelis adjusted EBITDA at $436 million, $4.95 per ton, up 22% year-over-year, excluding Oswego and tariff impacts.

  • Exceptional expenses of ₹2,610 crore in Q3 FY26, mainly due to fire incidents at Novelis' Oswego plant.

Outlook and guidance

  • Oswego hot mill restart expected late Q1 FY27; Oswego outage impact seen as temporary, with recovery in next fiscal.

  • Long-term Novelis EBITDA per ton guidance of $600 remains intact; Bay Minette facility to be completed this year.

  • India business expects strong Q4, with copper EBITDA guidance of INR 600 crore.

  • India CapEx to remain at INR 10,000-12,000 crore for next year, focused on expansion projects.

  • The company continues to monitor regulatory, legal, and operational developments, including the impact of new labor codes and ongoing legal proceedings.

Novelis debt trajectory and leverage outlook
India aluminum EBITDA/ton drivers
Key project timelines and strategic impact
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Q4 25/2622 May, 2026
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Frequently asked questions

Hindalco Industries Limited is engaged in the production and sale of aluminum and copper products. The company operates through six segments: Power , Primary Metals , Engineering and Projects, Chemicals, Shipping, and Financial Services. Hindalco's customers include manufacturers of different industries such as automotive, building and construction, household appliances, electronics. Hindalco Industries Limited was incorporated in 1958 and is based in Mumbai, India.

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