Hindalco Reports Q2 FY27 results

06 November, 2026

Record Results driven by India Business Performance and Novelis Recovery
Consolidated Revenue and PAT at historic highs

• Record quarterly consolidated Revenue at ₹91,708 crore, up 39%
• Quarterly consolidated EBITDA at ₹13,757 crore, up 42%
• All-time high quarterly consolidated PAT at ₹7,533 crore, up 59%
• Aluminium Upstream quarterly EBITDA at ₹7,009 crore, up 55%
• EBITDA from non-LME-linked* businesses at ₹6,860 crore, up 50%
• Record Copper quarterly EBITDA at ₹1,673 crore, up 164%
• Novelis quarterly Adjusted EBITDA at ₹4,858 crore, up 32%
• Production at Novelis’ Oswego plant production at normal levels
• Bay Minette’s commissioning process underway
• Consolidated Net Debt to EBITDA at 1.80x as of Sept’ 30, 2026, vs 1.23x a year ago

Mumbai: Hindalco Industries Limited, the Aditya Birla Group metals flagship, surpassed its previous performance benchmarks, delivering record Revenue and Net Profit driven by a strong performance across its business segments.

Consolidated EBITDA for the second quarter stood at ₹13,757 crore, registering a growth of 42% year-on-year. Quarterly Net Profit was ₹7,533 crore compared to ₹4,741 crore in the same quarter last year.

This record performance was underpinned by the strength of Hindalco’s integrated business model led by a solid primary upstream business complemented by strong contributions from its downstream business. The Copper business reported its highest-ever quarterly EBITDA, while Novelis sustained improved performance building on Oswego’s normalisation. Together, the non-LME-linked businesses contributed almost 50% to the company’s earnings reflecting sustainable growth despite LME volatility and global macroeconomic headwinds.

Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said, 

“Hindalco delivered its strongest-ever quarterly performance, with Revenue and PAT surpassing their previous highs. Our long-term strategy of building an integrated business model across upstream metals and downstream value-added products is translating into a stronger and more resilient earnings profile.

While the Aluminium Upstream business registered an EBITDA growth of 55%, our non-LME-linked businesses also recorded EBITDA growth of nearly 50%, supported by stable operations at Novelis and a record quarter in the Copper Downstream, and Aluminium Downstream businesses.

Looking ahead, the commissioning and ramp up of Bay Minette, copper recycling, aluminium battery foil, Aditya FRP and Inner Grooved Tubes will further accelerate the share of our non-LME-linked businesses. On the upstream front, our aluminium refinery and smelters, copper smelters and coal mine projects remain on track. Together, these investments reinforce Hindalco’s position as an integrated global metals company, combining upstream strength with downstream growth to deliver sustainable, long-term value in all market cycles.”

Summary of Consolidated Financial Highlights for the Quarter ended September 30, 2026  

Advancing Sustainably

• Operationalised a 65 MW round-the-clock (RTC) renewable energy project at Aditya Aluminium, making Hindalco the only company in India with an operational captive RTC renewable energy plant. 
• Commissioned an additional 173 MW of renewable energy capacity in Q2, taking Hindalco’s total installed renewable energy capacity to 643 MW.
• Achieved 110% copper slag utilisation in Q2, including the utilisation of accumulated stock, supported by continued demand from the abrasives and ready-mix concrete industries. 
• Strengthened water stewardship, with year-on-year improvements in water recycling rates to 33% in the Aluminium business and 24% in the Copper business. Rainwater harvesting met 22.8% and 3.3% of the respective plant water requirements.
• Planted approximately 0.54 million saplings in H1 FY27, including through Miyawaki plantations, taking cumulative plantations across operations to 6.80 million trees.
• Commenced a 123-hectare ‘No Net Loss’ habitat restoration project at Belagavi and advanced conservation programmes for special-status species across 10 high-priority sites.

Segment-wise Performance for Q2 FY27

Novelis*

• Revenue at $5.9 billion, up 25%, driven by higher metal prices
• Adjusted EBITDA at $508 million, up 20%, supported by structural cost reduction initiatives. Adjusted EBITDA per ton at $553, up 23%
• Oswego hot mill production at normal levels and producing to demand
• Bay Minette continues to advance toward commissioning, with first hot mill coil production targeted for Q4 FY27 and commercial shipments expected from Q1 FY28

*As per US GAAP

Aluminium (India)

Aluminium Upstream:

• Quarterly Upstream revenue at ₹13,364 crore, up 33%
• Aluminium quarterly Upstream EBITDA at ₹7,009 crore, up 55%, driven by favourable macros, higher shipments and stronger operational performance
• Quarterly Aluminium Upstream EBITDA per tonne at $2,125, up 40%
• Aluminium Upstream continued to deliver robust EBITDA margins, at 52%
• Aditya Smelter Phase 2 on track to begin metal production in FY28

Aluminium Downstream:

• Sales of Aluminium Downstream stood at 119 KT, up 6%
• Downstream revenue was ₹5,511 crore, up 45%
• All-time high quarterly Aluminium Downstream EBITDA at ₹329 crore, up 26% supported by favourable product mix, premiumisation and higher shipments
• Downstream EBITDA per tonne at $289, up 9%
• Aluminium Battery foil plant and FRP plant at Aditya, Coated AC Fins plant at Taloja are scaling up to optimal production levels.

Copper (India)

• Copper metal sales at 116 KT, up 2%
• Copper Continuous Cast Rod (CCR) sales at 96 KT, flat YoY
• Revenue at ₹21,374 crore, up 47% on account of high metal prices and better by-product realisations
• Record quarterly EBITDA at ₹1,673 crore up 164%, backed by strong operational performance, and healthy domestic demand across segments despite elevated LME prices and higher realisation of by-products like sulphuric acid and one-time gains
• Copper Tubes and Inner Grooved Tubes are scaling up   
• Copper and e-waste recycling project to commission in FY27

About Hindalco Industries Limited

Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group.  A $31 billion metals powerhouse, Hindalco is the world’s largest aluminium company by revenues, and the world’s second largest Copper rods manufacturer (outside China).

Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary Novelis, Hindalco is the global leader in flat rolled products and the world’s largest recycler of aluminium.

Hindalco is India’s largest copper producer, serving more than half the country’s copper requirements. Its copper facility in Gujarat, India, comprises a world-class copper smelter and refinery complex, downstream facilities, and a captive jetty.