HINDALCO

Earnings & Profit Growth Hindalco posted a record consolidated profit in FY25 with ~66% YoY net profit growth on strong volumes and favorable conditions in the metals complex. Business Mix & Structural Strength Its U.S. subsidiary Novelis contributes a major share (~60%) of revenue; despite short-term EBITDA pressures, long-term fundamentals are seen as solid with margin expansion prospects. Valuation Metrics On a valuation basis, the company’s PE ratio (~11–12×) compares favorably to its fair PE (~27–28×), suggesting potential undervaluation if earnings improve as expected.