HINDALCO · Metal Mining · INE038A01020
Analyst mean 2.57 · 30 analysts · 96% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is only 77% of trailing profit. Worth watching whether the gap is working-capital timing or something structural.
Operating cash flow ₹10,250 cr vs trailing net profit ₹13,391 cr. A persistent gap below 1.0 can be benign (growth working capital) or a tell (profit not converting to cash).
Over the last year profit declined 16.3% even as revenue grew 15.3% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Trailing revenue ₹274,944 cr (up 15.3%) but trailing profit ₹13,391 cr (down 16.3%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Net margin has narrowed from 8.1% to 3.3% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 3.3% vs 8.1% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Latest free cash flow ₹-19,508 cr, negative in 1 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 76% over two years while the company also carries ₹24,958 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹99,165 cr from ₹56,356 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (38% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹49,526 cr vs ₹14,867 cr two years earlier, against fixed assets ₹130,251 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57,013 | 58,203 | 58,390 | 64,890 | 64,232 | 66,058 | 66,521 | 78,133 |
| Expenses | 49,510 | 50,320 | 50,807 | 56,054 | 56,326 | 57,092 | 58,530 | 68,119 |
| Other Income | 96 | 561 | 469 | 706 | 604 | 532 | -2,061 | -3,146 |
| Depreciation | 1,892 | 1,932 | 1,939 | 2,118 | 2,080 | 2,155 | 2,220 | 2,375 |
| Profit before tax | 4,848 | 5,643 | 5,296 | 6,550 | 5,676 | 6,540 | 2,829 | 3,451 |
| Net Profit | 3,074 | 3,909 | 3,735 | 5,284 | 4,004 | 4,741 | 2,049 | 2,597 |
| EPS | 13.68 | 17.39 | 16.62 | 23.51 | 17.82 | 21.10 | 9.12 | 11.56 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 222 | 222 | 222 | 222 | 222 | 222 |
| Reserves | 66,311 | 77,969 | 94,584 | 105,924 | 123,487 | 136,361 |
| Borrowings | 67,206 | 64,486 | 60,291 | 56,356 | 65,642 | 99,165 |
| Fixed Assets | 100,269 | 106,874 | 110,626 | 111,810 | 116,556 | 130,251 |
| CWIP | 10,202 | 4,945 | 7,700 | 14,867 | 27,397 | 49,526 |
| Investments | 17,133 | 14,119 | 14,116 | 15,444 | 24,158 | 24,958 |
| Total Assets | 188,822 | 221,855 | 223,489 | 230,723 | 264,300 | 344,681 |