Hindalco Industries (HINDALCO) Q2 25/26 earnings summary

Executive summary

• Consolidated revenue rose 13% year-on-year to ₹66,058 crore in Q2 FY26, with net profit up 21% to ₹4,741 crore, driven by strong performance in aluminium and downstream businesses.

• Novelis achieved adjusted EBITDA of $476 million, up 3% year-on-year, and reported a 27% YoY increase in net income, with cost reduction and U.S. expansion initiatives progressing.

• Aluminium upstream and downstream segments delivered robust EBITDA growth, with downstream EBITDA up 69% year-on-year; copper segment EBITDA declined 24% YoY.

• Robust cash generation of ₹8,762 crore in H1 FY26, up 45% year-on-year, supported increased capital expenditures for growth.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

Financial highlights

• Consolidated EBITDA increased 6% YoY to ₹9,684 crore; EPS rose to ₹21.35 from ₹17.59 YoY.

• India business segment EBITDA up 15% YoY to ₹5,419 crore; net profit up 7% to ₹3,059 crore.

• Aluminium upstream EBITDA up 22% YoY; downstream EBITDA up 69% YoY; copper EBITDA down 24% YoY.

• Net debt/EBITDA improved to 1.02x as of September 2025.

• ROCE stood at 16% for the quarter.

Outlook and guidance

• Novelis targets 75% recycled content and sub-3 tCO2e/tonne emissions by 2030; Bay Minette project to add significant U.S. rolling capacity.

• Aluminium downstream EBITDA expected to quadruple by FY30; multiple capacity expansion and specialty projects underway.

• Committed to maintaining consolidated net leverage below 2x as $10 billion growth CapEx is deployed through FY 2029.

• India’s GDP growth projected at 6.8% for FY26, with inflation easing to 2.6%.