Emkay Global Financial Services upgraded Hindalco to 'Buy' from 'Reduce', raising the target price to ₹900 from ₹650, implying a potential 20-38% upside from current levels. Key drivers: Strengthening aluminium prices (forecast at USD 2,850/tonne in 6 months), Hindalco's cost leadership (production at ~USD 1,700/tonne vs. China's USD 2,300/tonne), recovery in subsidiary Novelis (margins expected to hit ~USD 480/tonne by FY28E), and robust cash flows supporting capex. Analysts highlight multi-year growth re-rating potential due to favorable sector tailwinds, including China's anti-oversupply measures in metals, benefiting Indian players like Hindalco.

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