Share
23 July, 2026
FY26 has been a remarkable year for your Company. We delivered the highest-ever consolidated revenue for Hindalco at ₹2,74,944 crore. In terms of performance, our Businesses delivered an all-time high consolidated EBITDA of ₹38,097 crore, the highest in its history. We are also undertaking one of our most ambitious global capacity expansion programmes, strengthening our ability to meet market opportunities with both confidence and scale.
Let me first talk about the broader macroeconomic context for Hindalco.
India's aluminium and copper industry is set to witness significant long-term growth, driven by some of the most powerful trends shaping Viksit Bharat: large-scale infrastructure development, an expanding AI infrastructure, growth in renewable energy, accelerating adoption of EV mobility, etc.
As India continues its journey towards becoming a developed economy, the Indian aluminium industry is entering a decisive growth phase. Today, per-capita aluminium consumption in India is around 4 Kilograms, considerably lower than the global average of 12 Kilograms. As consumption gradually converges toward global levels, it unlocks substantial potential for demand growth in india.
According to the Ministry of Mines’s Vision Document on the Aluminium Sector, India’s domestic aluminium consumption, estimated at 6.1 million tonnes in FY26, is projected to increase to around 8.5 million tonnes by FY30 and nearly 28 million tonnes by FY47. This is a five-fold growth.
This expansion in aluminium production will naturally drive higher demand for critical raw materials. India aims to achieve complete domestic self-sufficiency in both bauxite and alumina by 2035.
While aluminium will be central to the growth of mobility, infrastructure and renewable energy, copper will play an equally critical role as the backbone of electrification. Domestic refined copper consumption, estimated at about 0.9 million tonnes in FY26, is projected to increase to around 1.5 million tonnes by FY30 and nearly 3.6 million tonnes by FY47, representing a fourfold expansion. This demand will be driven primarily by building & infrastructure development and emerging sectors of renewables, e-mobility, high-speed rail, and data centres.
These trends reinforce our belief that the coming decades will be defined not only by higher demand for metals, but by the need for scale, resource security, efficiency and reliability. All of this plays into our roadmap for integrated manufacturing capabilities.
Your Company has leveraged this opportunity early.
More than a decade ago, we invested ₹45,000 crore in creating a strong upstream foundation through Mahan Aluminium, Aditya Aluminium and the Utkal Alumina Refinery. Aditya, our fully integrated complex, combines upstream, downstream and recycling operations, giving us a unique advantage across the value chain.
Today, Hindalco is among the world's leading producers of high-quality aluminium, achieving 99.98% metal purity for applications in nation-critical sectors such as defence, aerospace and semiconductor manufacturing, thus supporting our nation’s Atmanirbharta vision.
Let me talk about what’s possible when metals and engineering innovation converge with manufacturing capability.
Automotive aluminium is not new. But until some years ago, automotive manufacturers would provide us with a design and material specifications and ask us to manufacture it. Today, the story is changing. Hindalco is developing material specifications and designs for customers before producing them. We have process scientists, alloy specialists, modelling experts, and design engineers on board who are able to co-create safer, lighter and more efficient products. We are expanding our prototyping and testing capabilities, enabling us to translate ideas into commercial solutions more quickly.
Allow me to share how this plays out for end-users and customers like you. Take electric vehicles. An EV requires around 120 kilograms of aluminium for the battery enclosure alone. But this cannot be just any aluminium. EVs require sophisticated alloys and engineered solutions that meet exacting standards of safety, strength and performance. Today, you will find Hindalco solutions present in leading two, three and four-wheeler brands. We supply battery enclosures, battery casings, crash management systems, front forks, structural components and other safety-critical applications for many of India’s leading auto brands.
High-growth sectors such as electronics require precisely engineered next-gen materials capable of meeting stringent performance requirements. This is where Hindalco’s strengths are focused. For instance, multiple materials from Hindalco are present in the devices you use every day – smartphones, consumer electronics, laptops. Our Eternia brand is pushing the envelope on how windows made with our patented Duranium alloy contribute to safety in the face of high winds and storms.
Today, Hindalco is integrated into the R&D and supply chain of our customers. No other aluminium downstream company in India has this capability. Last year, we demonstrated business impact by achieving the highest downstream EBITDA of nearly ₹1,000 crore, which reflects our customers’ trust in our solutions.
Similarly, in Copper, we have developed copper-magnesium and copper-silver alloys for India's high-speed rail infrastructure, where reliability and performance are paramount. We are developing products such as inner grooved tubes and PV ribbons, supporting import substitution in cooling systems and solar manufacturing.
Our Specialty Alumina is finding increasing traction in high-end applications – such as flame retardants, battery grade materials, semiconductor chips. Recently, we have introduced a superfine precipitated hydrate – an India-first offering – in our flame-retardant portfolio. In parallel, we are evaluating investments in very high-value-added product lines such as White Fused Alumina (WFA), which serves refractory and abrasives applications.
I am happy to share that much of our envisioning of the future happens in-house.
We have developed as many as six Hindalco Innovation Centres which are driving the future of metal solutions. Our R&D model relies strongly on collaboration with academia – IIT-Bombay Research Park, and external technology partners to develop capabilities within the country.
Let me now take you through our growth roadmap.
As India's demand for advanced materials continues to rise, we are investing across the value chain to build scale, strengthen resource security, and create future-ready capacity. The phased expansion of the Aditya smelter, which will add 3,74,000 tonnes, is progressing on schedule, while a similar expansion at Mahan is under evaluation. Together, these projects would take Hindalco's aluminium smelting capacity to more than 2 million tonnes.
We are also scaling up our Copper business to meet rising domestic demand driven by electrification, renewable energy and infrastructure development. The inner grooved tubes facility at Vadodara has commenced operations and will steadily ramp up through the year.
Our 50,000 tonnes copper e-waste recycling facility is expected to begin operations in the coming months, with plans to scale capacity to 200,000 tonnes. The copper smelter expansion of 300,000 tonnes at Dahej remains on track for FY29.
With these investments, Hindalco is building a million-tonne, integrated and downstream-led copper business, positioning us to become the second-largest copper player globally outside China.
Across our businesses, Hindalco is executing an unprecedented investment to enhance capacities in our mines, upstream and downstream operations in India. We have already earmarked ₹50,000 crore for strategic growth projects across the value chain. Another ₹50,000 crore of opportunities are being evaluated. This potential ₹1 lakh crore investment pipeline will lift our growth trajectory and put us in a strong position to meet India’s demands for metal solutions.
At the same time, we continue to strengthen the foundations of our long-term cost leadership. Already positioned in the first quartile of the global cost curve, we are further consolidating this advantage by securing essential materials. The expansion of the Aditya Alumina refinery is progressing well, while coal production at the Chakla and Bandha captive coal mines is slated to start next calendar year. The Meenakshi captive coal mine will go online by FY29. Together, these initiatives are expected to reinforce the structural and cost advantages of our business.
For Novelis, the restart of the Oswego plant and the upcoming commissioning of Bay Minette in the second half of 2026, mark an important turning point. As Bay Minette ramps up, it will deepen Novelis' presence in key end markets, particularly beverage packaging, automotive and specialty products, while strengthening its U.S. manufacturing footprint. Taken together, these developments provide a clear pathway to the next phase of earnings growth and reinforce Novelis' long-term ambition of achieving Adjusted EBITDA per tonne of US$ 600.
Let me now turn to an area where we have made significant progress: Digitalisation.
During the year, we developed an industry-first digital import trade platform that integrates Hindalco's ERP systems directly with banking partners. The platform converts a traditionally paper-driven process into a faster, seamless and automated workflow with greater transparency and stronger compliance. What makes this solution particularly noteworthy is that it was designed and built entirely in-house by our Treasury and IT teams. It speaks of the growing depth of digital capabilities in Hindalco.
Let me also touch upon our sustainability roadmap.
As you may be aware, your Company has been ranked the World's Most Sustainable Aluminium Company for the sixth consecutive year, with a score of 89 out of 100 in the S&P Global Corporate Sustainability Assessment 2025, our best-ever score. This recognition is an external validation of our commitment to sustainability and of our consistent and measurable progress year after year.
Renewable energy remains a key focus area for us. Hindalco is the only aluminium producer in India with operational round-the-clock renewable power. We have secured 400 MW of round-the-clock renewable energy, backed by a gross captive renewable pipeline of over 1.3 GW and energy storage capacity exceeding 1 GWh.
Including renewable energy capacity for our downstream operations, our commissioned captive renewable portfolio now stands at a sizeable 470 MW.
Water is another focus area. Across Hindalco, every unit is working toward water self-sufficiency and community water resilience. In FY26, Hindalco harvested 18 million cubic meters of rainwater, benefitting 10,850 farming families and over 3,700 hectares of farmland beyond the fence.
We continued to make meaningful progress on Circularity. Bauxite residue recycling stood at 126% of generation, with our bauxite residue being used in cement manufacture. Similarly, fly ash, copper slag, ETP Gypsum – as much as 88% of all waste generated in FY26 was recycled or reused. To simplify the numbers, it means Hindalco is moving away from landfills.
Novelis continues to set the benchmark in aluminium recycling. It’s on track to achieve 75% recycled content in its products, and to be the industry’s lowest emissions producer by 2030. The Bay Minette plant, when commissioned, will be one of the most resource-efficient rolling and recycling facilities in the Americas, directly advancing these goals.
Now, some financial highlights.
FY26 has in many ways been a landmark year, reflecting both the scale of what your Company has built and the rigour with which it is managed.
Consolidated Revenue, EBITDA and PAT (excluding exceptional items) were at historic highs.
India business delivered an outstanding performance with revenue, EBITDA and PAT, at an all-time high. Novelis recorded a 10% improvement in EBITDA per tonne despite lower volumes, reflecting disciplined cost optimisation and the benefit of softer scrap prices.
Novelis has already achieved $200 million in run-rate cost savings in FY26 well ahead of the 75 million originally targeted a year ago. Novelis now expects to show $350-400 million in total savings by FY28 exit.
Together, India and Novelis maintained a consolidated Net Debt-to-EBITDA of 1.83x well within the 2x ceiling we have committed to stakeholders.
Moving to the dividend recommendation.
For the fiscal year 2025-26, the Board of Directors has recommended a dividend of ₹5 per equity share. This is in line with our dividend policy and reflects the need to plough back capital into strategic growth projects for long-term value creation.
Let me briefly touch upon what the road ahead looks like.
The world is entering an era where high performance materials, circularity and advanced manufacturing will reshape industries. Hindalco is uniquely positioned at the intersection of these trends.
At one end of the value chain, we are leveraging our strong resource securitisation advantage to enhance upstream competitiveness. At the other end, we are expanding our downstream portfolio of high margin, non- LME-linked, value added and engineered products across India and Novelis.
Together, India business and Novelis are investing approximately US$10 billion in organic growth ― the most ambitious capital programme in the Company's history. This roadmap will add to your Company’s profile with new capacities, capabilities and products, strengthen our ability to deepen customer partnerships, and ensure more meaningful contributions to the economies and communities where we operate.
The vision remains consistent: to convert India's natural resource advantage into higher-value products, stronger domestic manufacturing ecosystems and greater technological capability.
Our guardrails continue to hold firm – to live up to the trust placed in us, and to deliver and outperform on expectations. We remain committed to making business decisions wisely, responsibly, and with the genuine desire to be a ‘Force for Good’.
Thank you.