Financial Performance Overview

Hindalco reported record consolidated financial results for Q2 FY27 (quarter ended September 30, 2026).

Consolidated Financial Highlights (₹ Crore):

| Particulars | Q2 FY26 | Q2 FY27 | Growth % |

| Revenue from Operations | 66,058 | 91,708 | 39% |

| EBITDA | 9,684 | 13,757 | 42% |

| PBDT | 8,881 | 12,824 | 44% |

| Exceptional Income/(Expenses) (Net) | (182) | 284 | - |

| Profit Before Tax (After Exceptional Item) | 6,540 | 10,594 | 62% |

| Profit After Tax | 4,741 | 7,533 | 59% |

| EPS (Basic) (₹/Share) | 21.35 | 33.93 | 59% |

Half-Year Performance (H1 FY27 vs H1 FY26):

  • Revenue: ₹176,533 crore vs ₹130,290 crore (↑35%)
  • EBITDA: ₹28,746 crore vs ₹18,357 crore (↑57%)
  • PAT: ₹14,546 crore vs ₹8,745 crore (↑66%)

Segment-wise Performance

Novelis (US GAAP):

  • Shipments: 919 Kt (vs 941 Kt in Q2 FY26)
  • Revenue: $5,942 million (↑25% YoY)
  • Adjusted EBITDA: $508 million (↑20% YoY)
  • Adjusted EBITDA/ton: $553/ton (↑23% YoY)
  • Oswego hot mill production normalized
  • Bay Minette commissioning advancing; first commercial shipments expected from Q1 FY28
  • Received $519 million in cumulative insurance recoveries until September 2026
  • Targeting $350-400 million in total cost savings by FY28 exit

Aluminium Upstream (India):

  • Shipments: 345 Kt (↑1% YoY)
  • Revenue: ₹13,364 crore (↑33% YoY)
  • Business Segment EBITDA: ₹7,009 crore (↑55% YoY)
  • EBITDA/ton: $2,125/ton (↑40% YoY)
  • EBITDA margin: 52%
  • Aditya Smelter Phase 2 on track for FY28 metal production

Aluminium Downstream (India):

  • Sales: 119 KT (↑6% YoY)
  • Revenue: ₹5,511 crore (↑45% YoY)
  • Business Segment EBITDA: ₹329 crore (↑26% YoY)
  • EBITDA/ton: $289/ton (↑9% YoY)
  • Aluminium Battery foil plant, FRP plant at Aditya, and Coated AC Fins plant at Taloja scaling up

Copper (India):

  • Total Metal sales: 116 KT (↑2% YoY)
  • CCR Sales: 96 KT (flat YoY)
  • Revenue: ₹21,374 crore (↑47% YoY)
  • EBITDA: ₹1,673 crore (↑164% YoY)
  • EBITDA/ton: $1,510/ton (↑136% YoY)
  • Driven by strong operational performance, healthy domestic demand, higher byproduct realizations (sulphuric acid), and one-time gains
  • Copper Tubes and Inner Grooved Tubes scaling up
  • Copper and e-waste recycling project to commission in FY27

Non-LME Linked Business Performance

  • EBITDA from non-LME-linked businesses (Novelis, Copper, Aluminium Downstream): ₹6,860 crore (↑50% YoY)
  • Contributed almost 50% to company's earnings
  • Sequential growth of 13% despite 10% decline in LME prices

Capital Allocation and Debt Position

  • Cash flow from operations: ₹23,319 crore (↑57% YoY)
  • Net Cash inflow: ₹10,231 crore (↑14% YoY)
  • Capex: ₹20,719 crore (↑83% YoY) toward strategic growth projects
  • Consolidated Net Debt to EBITDA: 1.80x as of September 30, 2026 (vs 1.23x a year ago)

Sustainability Initiatives

  • Operationalized 65 MW round-the-clock renewable energy project at Aditya Aluminium
  • Commissioned additional 173 MW renewable capacity in Q2; total installed renewable capacity: 643 MW
  • Achieved 110% copper slag utilization in Q2
  • Water recycling rates: 33% in Aluminium business, 24% in Copper business
  • Rainwater harvesting met 22.8% (Aluminium) and 3.3% (Copper) of plant water requirements
  • Planted ~0.54 million saplings in H1 FY27; cumulative plantations: 6.80 million trees
  • Commenced 123-hectare 'No Net Loss' habitat restoration project at Belagavi
  • Conservation programs for special-status species across 10 high-priority sites

Safety Performance

  • Zero fatality during the quarter
  • Lost Time Injury Frequency Rate (LTIFR): 0 for both employees and contractors in Q2 FY27
  • Aditya Alumina Refinery received British Safety Council Award 2026
  • Launched AI-powered Behavior Base Safety Observation app with 22+ regional languages
  • Developed 40 certified TapRooT® investigation experts

Management Commentary

Mr. Satish Pai, Managing Director, stated: "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."

He highlighted that 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 non-LME-linked businesses. Upstream projects including aluminium refinery and smelters, copper smelters, and coal mine projects remain on track.

Growth Projects and Guidance

Key Projects Under Execution (FY26-29):

  • Specialty Alumina: Precipitate Hydrate (20 KT), White Fused Alumina (90 KT)
  • Copper: Smelter (300 KT), Inner Grooved Tubes (25 KT), E-Waste Recycling (50 KT), Continuous Cast Rods (300 KT)
  • Aluminium Downstream: Aditya FRP Phase 2A (170 KT), AC Fins (26 KT), Battery Foils (20 KT), Smartphone casings (8 KT)
  • Alumina: Aditya Refinery Phase 1 (850 KT)
  • Coal Mines: Chakla & Bandha (5 MTPA each), Meenakshi (12 MTPA)
  • Aluminium Upstream: Aditya Smelter Expansion Phase 1 (181 KT), Phase 2 (193 KT)

Novelis Guidance: Long-term $600+/ton EBITDA guidance intact; strong business fundamentals expected to drive positive free cash flow and start deleveraging by FY27 exit.

Economic and Industry Context

Global: GDP growth projected to moderate from 3.5% in 2025 to 3.1% in 2026; inflation projected to rise from 4.1% in 2025 to 4.7% in 2026.

India: RBI projects FY27 GDP growth at 7.1%; inflation expected to rise to 5.2% in FY27; repo rate increased by 25 bps to 5.5%.

Aluminium Industry: Global production down 1% YoY; consumption up 1% YoY; Indian demand reached 1,735 Kt in Q2 FY27 (↑6% YoY).

Copper Industry: Indian market down 3% YoY at 388 KT in Q2 FY27.

Investor Relations

Earnings Conference Call scheduled at 4:30 PM (IST) on November 6, 2026. Documents available on company website: www.hindalco.com.