Highlights

• Hindalco consolidated revenue increased 20 percent year-on-year during Q4 FY26.
• Hindalco India business PAT rose 11 percent during FY26 to INR 13,035 crores.
• Aluminium downstream shipments increased 18 percent year-on-year in Q4 FY26.

Hindalco Industries Limited (NSE:HINDALCO) reported consolidated revenue from operations of INR 78,133 crores during Q4 FY26, up 20 percent from INR 64,890 crores in Q4 FY25. Consolidated EBITDA increased 11 percent year-on-year to INR 10,812 crores, while profit after tax declined 51 percent to INR 2,597 crores. The company stated that consolidated PAT included the impact of INR 186 crores related to AV Minerals.

For the full financial year FY26, consolidated revenue rose 15 percent year-on-year to INR 274,944 crores. Consolidated EBITDA increased 6 percent to INR 37,217 crores, while PAT stood at INR 13,391 crores compared with INR 16,002 crores in FY25.

The company said Q4 FY26 PAT before the impact of Novelis Oswego plant fires and Sierre recoveries classified under exceptional items stood at INR 5,796 crores, up 10 percent year-on-year.

Source: Company Filing

India Business Supports Earnings Growth

Hindalco India business reported revenue of INR 35,016 crores during Q4 FY26, up 34 percent year-on-year. EBITDA rose 17 percent to INR 6,610 crores, while PAT increased 11 percent to INR 3,549 crores.

For FY26, India business revenue stood at INR 115,273 crores, reflecting a 19 percent increase year-on-year. EBITDA rose 14 percent to INR 22,671 crores, while PAT increased 20 percent to INR 13,035 crores.

The aluminium upstream business reported Q4 EBITDA of INR 5,448 crores, rising 13 percent year-on-year. EBITDA per tonne increased 4 percent to USD 1,756 per tonne.

Copper business Q4 EBITDA increased 48 percent year-on-year to INR 907 crores, supported by operational performance and higher sulphuric acid realizations despite lower treatment and refining charges.

Downstream Aluminium Shipments Increase

The aluminium downstream segment reported shipments of 124 kilotonnes during Q4 FY26, increasing 18 percent year-on-year. Revenue from the segment rose 35 percent to INR 4,867 crores.

The company stated that extrusion demand increased 28 percent, while flat rolled products volumes increased 16 percent supported by ramp-up at Aditya FRP.

However, downstream EBITDA per tonne declined 6 percent year-on-year to USD 226 per tonne due to lower operating leverage as Aditya FRP volumes scaled up.

Novelis Performance Impacted By Oswego Fire

Novelis Inc. reported Q4 FY26 revenue of INR 43,117 crores, up 11 percent year-on-year. EBITDA increased 2 percent to INR 4,202 crores.

The company said Novelis performance during FY26 was negatively impacted by the Oswego plant fire incidents. Net debt to EBITDA on a consolidated basis increased to 1.83x as of March 2026 from 1.06x a year earlier, partly due to higher capital expenditure and operational impacts linked to the Oswego incident.

Hindalco stated that the Oswego hot mill is expected to restart in the next few weeks.

Sustainability And Expansion Projects Continue

Hindalco highlighted progress across sustainability initiatives including increased waste recycling, freshwater conservation and renewable energy adoption.

The company also outlined expansion plans across aluminium, copper and recycling businesses. Projects include Aditya Alumina Refinery, copper smelter expansion, battery foil operations and recycling initiatives targeted through FY30.

Source: Company Filing

Key Risks

• Aluminium price volatility may impact upstream business profitability.
• Operational disruptions at Novelis facilities could affect consolidated earnings.
• Higher capital expenditure may increase debt levels further.
• Global demand slowdown may impact aluminium and copper shipments.

Summary

Hindalco (NSE:HINDALCO) reported higher consolidated revenue during Q4 FY26, supported by improved performance in India aluminium and copper businesses. The India business posted growth in revenue, EBITDA and PAT, while downstream aluminium shipments increased.

Consolidated profitability was impacted by exceptional items linked to the Novelis Oswego fire incident. The company also continued investments across sustainability, recycling and downstream expansion projects.

FAQs

Q: What was Hindalco’s consolidated revenue during Q4 FY26?
A: Hindalco reported consolidated Q4 FY26 revenue of INR 78,133 crores, up 20 percent year-on-year.

Q: Why did Hindalco’s consolidated PAT decline during Q4 FY26?
A: PAT was impacted by exceptional items linked to the Novelis Oswego plant fire and related recoveries.

Q: How did Hindalco’s aluminium downstream business perform in Q4 FY26?
A: Aluminium downstream shipments increased 18 percent year-on-year to 124 kilotonnes during Q4 FY26.