HINDALCO

’s Upstream Strength and Cost Discipline Drive Record Profitabilit

posted a strong Q2FY26 performance, driven by robust domestic aluminium sales, disciplined cost management, and improved working capital. Despite challenges in copper and Novelis, the company delivered better-than-expected profitability. - Financial Highlights: Net profit rose 18.4% QoQ to ₹4,741 crore, while revenue grew 2.8% to ₹66,058 crore. Year-on-year, revenue was up 13.5% and net profit surged 21.3%, led by higher aluminium realizations and 15% volume growth. - Inventory & Cash Flow Boost: Inventory drawdown from ₹3,080 crore to ₹1,644 crore released ₹1,436 crore in working capital, improving cash flows and margins. Analysts highlighted this as a key driver of profitability. - India Aluminium Business: Upstream revenue rose 10% YoY to ₹10,078 crore, with Ebitda at ₹4,524 crore. Volumes reached 341 kt, supported by post-monsoon infrastructure and auto demand. Downstream revenue grew 20% YoY to ₹3,809 crore, with Ebitda at ₹261 crore, driven by EV and renewable sector demand. - Copper Segment & Market Dynamics: Copper revenue declined to ₹14,563 crore, with Ebitda at ₹634 crore, impacted by volatile treatment charges and energy costs. However, EV-driven demand remains strong, and no volume reduction was reported. - Novelis Performance: Novelis contributed over 60% of group revenue, posting ₹41,418 crore in Q2, up 2.6% QoQ. Ebitda rose 3.6% to ₹3,685 crore, flat YoY. Shipments held steady at 950 kt, with record beverage can volumes and 5% growth in automotive sheets, supported by EV lightweighting trends. Hindalco’s domestic aluminium strength, operational discipline, and Novelis resilience position it well for continued growth, even as copper volatility and global headwinds persist.