HINDALCO · Metals & Mining · filed 6 Nov 2026
Hindalco Industries Ltd. reported revenue of ₹35,369 cr for July to September 2026, +42.7% on the year and +15.9% on the quarter.
Operating profit (EBITDA) was ₹7,590 cr, a margin of 21.5%, +637 bps on the year and −143 bps on the quarter. Operating costs grew +32.0% against revenue growth of +42.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹5,132 cr, +126.5% on the year and +7.3% on the quarter, with earnings per share of ₹23.12. Profit before other income, one-offs and tax grew 118.3%, so 8 points of the headline growth came from outside the core business.
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 +637 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 +126.5% 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹4,245 cr | ₹5,234 cr | ▼ 18.9% |
| Inventory | ₹36,214 cr | ₹33,716 cr | ▲ 7.4% |
| Cash | ₹527 cr | ₹1,341 cr | ▼ 60.7% |
| Bank balances | ₹90.0 cr | ₹81.0 cr | ▲ 11.1% |
| Long-term borrowings | ₹13,252 cr | ₹9,711 cr | ▲ 36.5% |
| Short-term borrowings | ₹1,870 cr | ₹6,842 cr | ▼ 72.7% |
| Trade payables | ₹15,073 cr | ₹20,640 cr | ▼ 27.0% |
| Net block | ₹38,323 cr | ₹38,561 cr | ▼ 0.6% |
| Capital work in progress | ₹10,326 cr | ₹6,793 cr | ▲ 52.0% |
| Equity | ₹88,695 cr | ₹76,739 cr | ▲ 15.6% |
| Total assets | ₹1.42 lakh cr | ₹1.32 lakh cr | ▲ 7.7% |
Receivables at 12 days of sales (−5 days against the last year end). Inventory at 100 days of sales (−9 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹24,780 cr | ₹30,515 cr | ₹35,369 cr |
| YoY | — | — | +43% |
| EBITDA margin | 15.1% | 22.9% | 21.5% |
| Other income, % of PBT | 8% | 5% | 5% |
| Exceptional items | — | — | — |
| Tax rate | 30% | 25% | 25% |
| Net profit | ₹2,266 cr | ₹4,784 cr | ₹5,132 cr |
| YoY | — | — | +126% |
| Core profit YoY | — | — | +118% |
| EPS | ₹10.21 | ₹21.54 | ₹23.12 |
| Flags | · | · | ✓ |
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 ₹35,369 cr (+42.7% on the year) and net profit of ₹5,132 cr (+126.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +118.3% on the year, against +126.5% for reported profit.
None of the 13 checks that could run raised a question.
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