The aluminium powerhouse going green and electric—could Hindalco be your ticket to the EV supply chain?

Business Overview Hindalco is one of India’s largest aluminium and copper producers, integrated from mining to downstream value-added products. Its global footprint includes Novelis in the US and Europe, strengthening the renewable-energy and EV supply chains. Over the past three years, Hindalco has systematically deleveraged, launched captive power and renewable energy projects, and diversified into specialty packaging and automotive alloys. Financial Performance & Valuation Revenue grew at a 10% compound annual rate over FY23–25, while EBITDA margins expanded from 7% to 10% thanks to operational efficiencies and higher realized metal prices. Net debt-to-EBITDA has fallen below 2x, earning it an investment-grade mindset among credit analysts. At a P/E of about 12x versus a historical average of 15x, the stock looks reasonably priced given the cyclical upswing in aluminium demand. Key Metrics - Revenue CAGR (FY23–25): 10% - EBITDA margin: 10% - Net Debt/EBITDA: 2x - P/E ratio: 12x Catalysts - Rising aluminium demand in EV batteries and conductive foils - Carbon credit benefits from captive renewable energy plants - Global supply tightness as environmental norms tighten in China Risks - Volatility in global metal prices and freight costs - Currency swings eroding export realizations - Slower automotive or packaging demand in key markets