Hindalco Q3 FY26 Results: Growth momentum sustained on the back of record India business performance

Hindalco’s consolidated revenue at ₹66,521 crore, up 14%. The company reported all-time high India business PAT at ₹3,581 crore, up 24%.

Key Highlights

• Aluminium Upstream quarterly EBITDA at ₹4,832 crore, up 14% 
• Aluminium Downstream quarterly EBITDA at ₹233 crore, up 55%
• Consolidated EBITDA at ₹8,543 crore, up 5%
• Consolidated PAT before exceptional items at ₹4,051 crore, up 8%
• Consolidated PAT at ₹2,049 crore, impacted by Oswego disruption due to fire
• Consolidated Net Debt to EBITDA at 1.73x as of December 31, 2025 vs 1.33x a year ago
• Hindalco maintains leadership position for the 6th consecutive year in S&P Global Corporate Sustainability Assessment rankings 2025                      
   

Hindalco Industries Limited, the Aditya Birla Group metals flagship, today reported results for the quarter ended December 31, 2025. Consolidated EBITDA for the third quarter stood at ₹8,543 crore, up 5% from the same quarter last year, and PAT before exceptional Items increased to ₹4,051 crore, up 8% over the prior year quarter. Reported Net Profit was ₹2,049 down from ₹3,735 in the same quarter last year impacted by the Oswego disruption, partly offset by cost efficiency benefits at Novelis, and record profits by the India business.

India business continued to outperform on the back of favourable macros coupled with the Company’s focus on resource security, value enhancement through new product development, and operational efficiencies. Novelis registered an improvement of 6% in EBITDA per tonne despite lower volumes due to the Oswego disruption, reflecting its focus on cost-optimisation and operational excellence.                      
 

Summary of Consolidated Financial Highlights for the Quarter and Nine Months ended December 31, 2025

Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said,

"Hindalco sustained its growth momentum amid global volatility, led by all-time high performance by its India business. This strength helped offset the impact of tariffs and the

Oswego disruption, supported by disciplined cost management and operational efficiencies across segments.

We made strong progress across our downstream portfolio with the commissioning and ramping up of key projects including Aditya FRP, battery foil, AC fin-coating, and Copper tubes, positioning us well for emerging growth opportunities.

We have entered the next phase of growth with a clear roadmap to expand upstream capacities across alumina, aluminium and copper with aluminium capacity planned to scale up from

1.3 million tonnes to 1.7 million tonnes, and copper smelting capacity from 400 KT to 700 KT.  Novelis’ underlying performance remains strong despite short-term capacity constraints from the Oswego disruption. The 600 KT Bay Minette project, on track for commissioning in the second half of FY27, will be a key growth driver.

Sustainability remains central to our strategy, with Hindalco achieving the highest ESG score in the aluminium industry for the sixth consecutive year in the S&P Global CSA rankings."                      
 

Advancing Sustainably

Hindalco achieved a total score of 89/100 (as of December 19, 2025) in the S&P Global Corporate Sustainability Assessment (CSA) rankings, placing it five points ahead of its closest peer and reflecting steady improvements across environmental, social and governance parameters. Hindalco scored 90 in the Environmental dimension, placing it in the 100th percentile, driven by advancements in water stewardship, biodiversity management, and circular economy initiatives. Key highlights include expanded rainwater harvesting of almost 18 million m3, cumulative plantation of 5.41 million trees, 3 lakh mangroves and native species on 164 Ha of land, and over 11 million tonnes of waste utilization conserving natural resources. Hindalco is the only company to secure top ranking for six consecutive years in the Aluminium Industry Segment of the S&P Global Corporate Sustainability Assessment (CSA) rankings. The S&P Global CSA (Corporate Sustainability Assessment) is the world’s leading provider of ESG ratings, and the most sustainable global companies are considered for inclusion in the list.                      
 

Segment-wise Performance in Q3 FY26

Novelis*

• Revenue at $4.2 billion, up 3%, driven by higher metal prices  
• Adjusted EBITDA at $348 million, down 5% due to the impact of lower volumes, tariffs and disruption due to Oswego fires
• Cost take-out run rate at more than $150 million by end of FY26 
• Bay Minette and other strategic investments projects advancing well 
• Oswego plant to restart hot mill in Q1 FY27                      
  *As per US GAAP                      
   

Aluminium (India)

Aluminium Upstream:

• Quarterly Upstream revenue at ₹10,620 crore, up 6%
• Aluminium Upstream EBITDA at ₹4,832 crore, up 14%, driven by higher volumes and realisations 
• Aluminium Upstream EBITDA per tonne at $1,572, up 6%, with margins of 45%
• Aditya Aluminium smelter expansions on track with expected commissioning in FY29                  
   

Aluminium Downstream:

• Sales of Aluminium Downstream at 108 KT, up 9% 
• Downstream revenue at ₹3,909 crore, up 22%
• Record Aluminium Downstream EBITDA at ₹233 crore, up 55% on account of higher shipments and favourable product mix
• Downstream EBITDA per tonne at $241, up 35%                      
   

Copper

• Copper metal sales at 122 KT, up 1%
• Copper Continuous Cast Rod (CCR) sales at 82 KT, down 14% due to due to weaker domestic market on account of higher
• LME and higher channel inventories
• Revenue at ₹18,233 crore, up 33%, due to higher copper prices  
• Maintained EBITDA of ₹595 crore despite declining TC/RCs market
• Copper Tubes project progresses to commissioning phase
• Construction of copper recycling project progressing on schedule