HINDALCO · Metals & Mining · filed 6 Nov 2026
Hindalco Industries Ltd. reported revenue of ₹91,708 cr for July to September 2026, +38.8% on the year and +8.1% on the quarter. That is faster than this quarter has grown in recent years (+10.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹3.21 lakh cr, +26.7% on the four before.
Operating profit (EBITDA) was ₹12,814 cr, a margin of 14.0%, +40 bps on the year and −245 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.0% to 16.4%, averaging 13.5%. Operating costs grew +38.2% against revenue growth of +38.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹7,533 cr, +58.9% on the year and +7.4% on the quarter, with earnings per share of ₹33.93. Profit before other income, one-offs and tax grew 55.9%, so 3 points of the headline growth came from outside the core business. The tax rate of 29% is in line with its recent average. Profit over the last four quarters totals ₹19,192 cr, +8.0% on the four before.
Of the 6 companies in Metals and mining that have reported Q2 FY27 so far, Hindalco Industries Ltd. ranks 4th on revenue growth; the sector median is +55.3%. Its margin moved +40 bps on the year against a sector median of +180 bps.
Hindalco Industries Ltd. is a Nifty 50 company. Of the 30 Nifty 50 companies reported so far, the median profit growth is +21.2%; Hindalco Industries Ltd.'s +58.9% puts it above that.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business.
On earnings per share of ₹86.19 over the last four quarters, the stock at ₹902.70 trades at 10.5 times trailing earnings.
Less than half the profit turned into operating cash. Working capital, or something else?
Operating cash flow for the first half ₹2,825 cr against profit of ₹14,546 cr.
Source: Cash flow statement
Could not run on this quarter: IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹28,110 cr | ₹27,222 cr | ▲ 3.3% |
| Inventory | ₹86,413 cr | ₹75,517 cr | ▲ 14.4% |
| Cash | ₹13,028 cr | ₹14,350 cr | ▼ 9.2% |
| Bank balances | ₹1,571 cr | ₹458 cr | ▲ 243.0% |
| Long-term borrowings | ₹81,014 cr | ₹75,595 cr | ▲ 7.2% |
| Short-term borrowings | ₹29,514 cr | ₹21,064 cr | ▲ 40.1% |
| Trade payables | ₹58,431 cr | ₹61,624 cr | ▼ 5.2% |
| Net block | ₹95,743 cr | ₹94,278 cr | ▲ 1.6% |
| Capital work in progress | ₹62,917 cr | ₹47,569 cr | ▲ 32.3% |
| Equity | ₹1.60 lakh cr | ₹1.37 lakh cr | ▲ 16.9% |
| Total assets | ₹3.79 lakh cr | ₹3.48 lakh cr | ▲ 8.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹2,825 cr | ₹8,016 cr |
| Capital expenditure | −₹19,344 cr | −₹10,685 cr |
| Investing cash flow | −₹17,362 cr | −₹12,663 cr |
| Financing cash flow | ₹12,882 cr | ₹5,285 cr |
| Dividends paid | −₹1,110 cr | −₹1,110 cr |
Operating cash flow was 0.19× profit. Receivables at 29 days of sales (−7 days against the last year end). Inventory at 89 days of sales (−11 days).
No emphasis of matter.
Mutual agreement with AluChem Companies, Inc. to terminate the acquisition agreement entered into by Hindalco Specialty Alumina LLC on September 29, 2025, due to…
Tax: Consolidated tax expense of ₹3,061.00 crore (current tax ₹2,679.00 crore, deferred tax ₹382.00 crore) on Profit before tax of ₹10,594.00 crore for Q2 FY27
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Production (mt) | 337 | 332 |
| Sales volume (mt) | 945 | 945 |
| EBITDA per tonne (₹) | 510 | 510 |
| Net debt (₹ cr) | 95,929 | — |
Worked out from filed numbers. Consolidated Net Debt: Gross debt (₹110,528.00 crore) - Cash & Bank balances (₹14,599.00 crore) = ₹95,929.00 crore as of Sept 30, 2026
Execution on track for ongoing growth capex including Novelis Bay Minette greenfield project (2,000 ktpa capacity under construction) and Hindalco's Silvassa and Sambalpur expansion projects.
Major strategic capital expenditure projects progressing as planned to expand long-term aluminium recycling and rolling capacity.
Novelis and Hindalco domestic business reported strong operational EBITDA performance supported by favorable metal price realizations (LME) and operational efficiencies, with stable inventory holding levels.
EBITDA expansion was primarily driven by higher realized LME prices and strong operational throughput across aluminium and copper businesses.
Read using the Metals and mining framework (named in the filing read). Primary valuation lens: EV/EBITDA on mid-cycle earnings.
Read more closely in this sector: Capacity announced against commissioned · Inventory gains in margin.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Novelis Bay Minette Greenfield Project Capex Target | 4.10 | FY2026-28 | unchanged or first given |
| Medium-term Renewable Energy Integration Capacity Target | 300.00 | Medium term | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Novelis | ₹56,798 cr | ▲ 37.1% | ₹4,858 cr | ▲ 31.8% |
| Aluminium upstream | ₹13,364 cr | ▲ 32.6% | ₹7,009 cr | ▲ 54.9% |
| Aluminium downstream | ₹5,511 cr | ▲ 44.7% | ₹329 cr | ▲ 26.1% |
| Copper | ₹21,374 cr | ▲ 46.8% | ₹1,673 cr | ▲ 163.9% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹52,808 cr | ₹55,994 cr | ₹57,013 cr | ₹58,203 cr | ₹58,390 cr | ₹64,890 cr | ₹64,232 cr | ₹66,058 cr | ₹66,521 cr | ₹78,133 cr | ₹84,825 cr | ₹91,708 cr |
| YoY | — | — | +8% | +7% | +11% | +16% | +13% | +13% | +14% | +20% | +32% | +39% |
| EBITDA margin | 11.1% | 11.9% | 13.2% | 13.5% | 13.0% | 13.6% | 12.3% | 13.6% | 12.0% | 12.8% | 16.4% | 14.0% |
| Other income, % of PBT | 8% | 9% | 2% | 10% | 9% | 11% | 11% | 11% | −73% | −91% | 11% | 9% |
| Exceptional items | — | — | — | — | — | — | — | −₹182 cr | — | — | −₹2,299 cr | ₹284 cr |
| Tax rate | 30% | 23% | 37% | 31% | 29% | 19% | 29% | 28% | 28% | 25% | 25% | 29% |
| Net profit | ₹2,331 cr | ₹3,174 cr | ₹3,074 cr | ₹3,909 cr | ₹3,735 cr | ₹5,284 cr | ₹4,004 cr | ₹4,741 cr | ₹2,049 cr | ₹2,597 cr | ₹7,013 cr | ₹7,533 cr |
| YoY | — | — | +25% | +78% | +60% | +66% | +30% | +21% | −45% | −51% | +75% | +59% |
| Core profit YoY | — | — | +62% | +86% | +58% | +55% | +7% | +18% | +1% | +13% | +110% | +56% |
| EPS | ₹10.37 | ₹14.12 | ₹13.68 | ₹17.39 | ₹16.62 | ₹23.51 | ₹17.82 | ₹21.35 | ₹9.12 | ₹11.56 | ₹31.58 | ₹33.93 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindalco Industries Ltd. reported revenue of ₹91,708 cr (+38.8% on the year) and net profit of ₹7,533 cr (+58.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +55.9% on the year, against +58.9% for reported profit.
1 check raised a question: Less than half the profit turned into operating cash. Working capital, or something else?
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