Meeting Details

The 67th AGM was held on Thursday, July 23, 2026, through Video Conferencing. The meeting commenced at 3:00 p.m. and concluded at 4:24 p.m. Mr. Kumar Mangalam Birla, Chairman of the Board, chaired the meeting. There were 95 shareholders present (4 from Promoter and Promoter Group, 91 Public shareholders).

Proceedings Summary

The meeting was conducted in accordance with the Companies Act, 2013, SEBI Listing Regulations, and relevant circulars. The Chairman welcomed shareholders, confirmed quorum was present, and introduced Directors, Key Managerial Personnel, and representatives of Statutory Auditors, Secretarial Auditors, and Scrutinizers.

The Chairman informed shareholders that:

  • Registers required under the Act were available for inspection
  • The Integrated Annual Report containing Financial Statements, Board's Report, and Statutory Auditors' Reports for year ended March 31, 2026, along with the AGM Notice dated May 22, 2026, were taken as read
  • There were no qualifications, comments or observations in the Statutory and Secretarial Auditors' reports

The Chairman then briefed shareholders on:

  • Macro-economic context and Aluminium & Copper Demand Outlook
  • Innovation, Advanced Materials and Value-Added Solutions
  • Capacity Expansion & Growth Investments
  • Digital Transformation
  • Sustainability Roadmap
  • Financial performance
  • Future Outlook and Value Creation Strategy

Items of Business

The following resolutions were proposed for shareholder consideration and approval:

Ordinary Business:

1. Adoption of Audited Standalone Financial Statements for FY26 and Reports of Board of Directors and Auditors

2. Adoption of Audited Consolidated Financial Statements for FY26 and Report of Auditors

3. Declaration of Dividend for FY26

4. Re-appointment of Mr. Kumar Mangalam Birla [DIN: 00012813] as Non-Executive Director

5. Re-appointment of Ms. Ananyashree Birla [DIN: 06625036] as Non-Executive Director

Special Business:

6. Ratification of Remuneration of Cost Auditors for FY27

The Chairman responded to all queries raised by shareholders and informed them that the e-voting facility would be available for 30 minutes post-meeting closure for those who hadn't voted during remote e-voting. Voting results will be declared and disseminated on the company website, Registrar & Share Transfer Agent, Stock Exchanges, and company notice board.

Chairman's Speech Highlights

Financial Performance:

  • FY26 delivered highest-ever consolidated revenue of ₹2,74,944 crore
  • Record consolidated EBITDA of ₹38,097 crore (highest in history)
  • India business delivered all-time high revenue, EBITDA and PAT
  • Novelis recorded 10% improvement in EBITDA per tonne despite lower volumes
  • Consolidated Net Debt-to-EBITDA maintained at 1.83x (within 2x ceiling commitment)

Industry Outlook:

  • India's domestic aluminium consumption estimated at 6.1 million tonnes in FY26, projected to reach 8.5 million tonnes by FY30 and 28 million tonnes by FY47
  • Domestic refined copper consumption estimated at 0.9 million tonnes in FY26, projected to reach 1.5 million tonnes by FY30 and 3.6 million tonnes by FY47
  • India aims for complete domestic self-sufficiency in bauxite and alumina by 2035

Growth Investments:

  • Phased expansion of Aditya smelter adding 3,74,000 tonnes progressing on schedule
  • Mahan smelter expansion under evaluation
  • These would take Hindalco's aluminium smelting capacity to over 2 million tonnes
  • Copper smelter expansion of 300,000 tonnes at Dahej on track for FY29
  • 50,000 tonnes copper e-waste recycling facility to begin operations soon, with plans to scale to 200,000 tonnes
  • Inner grooved tubes facility at Vadodara commenced operations
  • ₹50,000 crore already earmarked for strategic growth projects
  • Another ₹50,000 crore of opportunities being evaluated
  • Total potential ₹1 lakh crore investment pipeline

Operational Highlights:

  • Hindalco among world's leading producers of high-quality aluminium (99.98% metal purity)
  • Achieved highest downstream EBITDA of nearly ₹1,000 crore
  • Developed six Hindalco Innovation Centres driving metal solutions
  • Created industry-first digital import trade platform integrating ERP with banking partners
  • Ranked World's Most Sustainable Aluminium Company for sixth consecutive year (score 89/100 in S&P Global CSA 2025)
  • Secured 400 MW of round-the-clock renewable energy
  • Commissioned captive renewable portfolio stands at 470 MW
  • Harvested 18 million cubic meters of rainwater in FY26, benefiting 10,850 farming families
  • 88% of all waste generated in FY26 recycled or reused
  • Bauxite residue recycling at 126% of generation

Novelis Update:

  • Restart of Oswego plant completed
  • Bay Minette plant commissioning expected in second half of 2026
  • Achieved $200 million in run-rate cost savings in FY26 (ahead of $75 million target)
  • Expects $350-400 million total savings by FY28 exit
  • On track to achieve 75% recycled content in products and become industry's lowest emissions producer by 2030

Dividend Recommendation:

  • Board recommended dividend of ₹5 per equity share for FY25-26
  • In line with company's dividend policy
  • Reflects need to plough back capital into strategic growth projects for long-term value creation