Hindalco Industries (HINDALCO) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue rose 14% year-on-year to ₹66,521 crore in Q3 FY26, with India business PAT up 24% to ₹3,581 crore and strong Novelis performance despite Oswego fire impacts.

• Consolidated EBITDA grew 6% year-on-year to ₹8,762 crore, with India business EBITDA up 10% and record profit after tax of ₹3,581 crore.

• Novelis faced a 3% year-on-year shipment decline due to Oswego fires, but adjusted EBITDA per ton rose 22% year-on-year, and cost reduction initiatives accelerated.

• Strong progress in ESG: S&P Global CSA score of 89/100, 82% waste recycled, and renewable energy capacity at 418 MW, targeting 522 MW by year-end.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

Financial highlights

• Consolidated profit after tax fell 45% year-on-year to ₹2,049 crore due to exceptional items, mainly Oswego fires; adjusted PAT (excluding Oswego fire impact) up 8% year-on-year to ₹4,051 crore.

• Business segment EBITDA grew 6% year-on-year to ₹8,762 crore; India business EBITDA up 10% to ₹5,660 crore.

• Aluminium upstream EBITDA margin improved to 45% from 42% year-on-year; downstream EBITDA up 55% year-on-year.

• Copper segment revenue jumped 33% year-on-year, but EBITDA declined 23% due to lower Tc/Rc and concentrate mix.

• Exceptional expenses of ₹2,610 crore in Q3 FY26, mainly due to Novelis' Oswego plant fires.

Outlook and guidance

• Novelis expects Oswego hot mill restart in late Q1 FY27, with most outage impact to be recovered next year.

• Long-term EBITDA per ton guidance for Novelis remains at $600 as cost reduction progresses; underlying adjusted EBITDA per ton at ~$500, excluding exceptional impacts.

• India business expects strong Q4, with copper EBITDA guidance of ₹600 crore.

• India CapEx to remain at ₹10,000-12,000 crore for next year, focused on refinery and recycling projects.

• The company continues to monitor regulatory, legal, and operational developments, including the impact of new labor codes and ongoing legal proceedings.