Hindalco Industries (HINDALCO)

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Hindalco Industries (HINDALCO) · mywealthgrid

About

Hindalco is an aluminium and copper major with Novelis (recycled flat-rolled subsidiary) leading globally, spanning primary metals through recycled products. With consolidated revenue of ₹78k–84k Cr in recent quarters and market cap ₹2.3 lakh crore, it is a scale player in the materials sector.

Founded: 1958
Face value: ₹1

Market cap

₹2,11,916 Cr

P/E

12.9×

P/B

1.5×

Dividend yield

1.1%

ROE

10.3%

ROCE

13.4%

Debt / equity

0.71

OPM

12.7%

EPS (TTM)

₹73.9

Book value

₹615.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Consolidated OPM fell from 16.42% (Jun 2026) to 12.02% (Dec 2025) with profit down to ₹2,049 Cr in December; verify if margin pressure signals structural challenges or cyclical weakness.
ROE of 10.29% is low for an industrial company; investigate whether cyclical earnings depression or capital-allocation issues drive this.
Aluminium and copper price exposure; verify hedging practices and downside scenarios if commodity prices reverse.
Standalone OPM volatility spanning 22.89% (Jun 2026) to 12.02% (Dec 2025) suggests operational or cyclical swings; clarify root cause.

Generated analysis · source review pending

Growth drivers

Consolidated OPM recovered to 16.42% (Jun 2026) from 12.02% (Dec 2025)—verify if improvement is sustained or temporary commodity tailwind.
Novelis' global leadership in recycled aluminium (from description) provides exposure to scrap markets; verify growth in recycled-aluminium volumes and end-market demand.
Consolidated revenue of ₹84.8k Cr in Jun 2026 was highest in recent quarters—verify whether growth reflects volume, pricing power, or input-mix.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹941.9-1.4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 30.9% over the last 5 years
+Revenue CAGR of 15.8% over the last 5 years

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

64/100

Business quality: 38
Growth: 65
Valuation: 88

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Enterprises LimitedADANIENTADANIENT	₹3,66,438 Cr	₹4,80,139 Cr	₹1,11,431 Cr	₹15,698 Cr	13.9%	₹7,445 Cr	9.9%	5.8%	14.2%	35
JSW SteelJSWSTEELJSWSTEEL	₹3,02,085 Cr	₹3,97,617 Cr	₹1,89,687 Cr	₹31,628 Cr	16.1%	₹24,783 Cr	13.8%	11.3%	24.9%	91
Hindustan Zinc LimitedHINDZINCHINDZINC	₹2,34,525 Cr	₹2,42,777 Cr	₹46,820 Cr	₹26,255 Cr	54%	₹17,067 Cr	33.9%	71.2%	76.9%	-16
Tata SteelTATASTEELTATASTEEL	₹2,22,144 Cr	₹3,14,526 Cr	₹2,39,756 Cr	₹36,189 Cr	14.8%	₹11,035 Cr	4.7%	12%	11.2%	56
Hindalco IndustriesHINDALCOHINDALCO	₹2,11,916 Cr	₹3,08,575 Cr	₹2,95,537 Cr	₹40,910 Cr	12.7%	₹16,400 Cr	4.9%	13.4%	10.3%	65
Vedanta Aluminium Metal LimitedVAMLVAML	₹1,57,491 Cr	₹1,57,491 Cr	₹0 Cr	₹-0 Cr	—	₹-0 Cr	—	—	—	—
Jindal Steel LimitedJINDALSTELJINDALSTEL	₹1,12,262 Cr	₹1,34,300 Cr	₹56,413 Cr	₹9,314 Cr	18.2%	₹2,718 Cr	6.3%	9.2%	6.9%	1
Lloyds Metals And Energy LimitedLLOYDSMELLOYDSME	₹1,00,016 Cr	₹1,20,397 Cr	₹22,084 Cr	₹8,129 Cr	35.9%	₹4,766 Cr	22.4%	31.1%	36.3%	31
VedantaVEDLVEDL	₹98,562 Cr	₹1,25,557 Cr	₹1,12,051 Cr	₹34,323 Cr	29.6%	₹19,679 Cr	32%	12.2%	38.3%	-16
Steel Authority Of India LimitedSAILSAIL	₹72,070 Cr	₹1,03,998 Cr	₹1,11,135 Cr	₹13,384 Cr	10.8%	₹4,272 Cr	3%	7.6%	5.7%	105
Nmdc LimitedNMDCNMDC	₹65,622 Cr	₹71,496 Cr	₹32,127 Cr	₹9,249 Cr	28.9%	₹7,459 Cr	23.2%	32.4%	24.9%	226
National Aluminium Company LimitedNATIONALUMNATIONALUM	₹61,508 Cr	₹61,508 Cr	₹19,338 Cr	₹9,162 Cr	44.5%	₹6,751 Cr	32.5%	36.8%	29.4%	152

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,01,202	1,02,631	1,15,809	1,18,144	1,31,985	1,95,059	2,23,202	2,15,962	2,38,496	2,74,944
COGS	59,419	55,661	68,879	68,271	76,582	1,17,540	1,40,770	1,33,855	1,44,949	1,77,038
Gross profit	41,782	46,970	46,929	49,873	55,403	77,519	82,432	82,107	93,547	97,906
	33,128	34,534	33,109	35,567	37,862	49,166	59,757	58,233	61,739	63,026
	8,654	12,436	13,820	14,306	17,541	28,353	22,675	23,874	31,808	34,880
OPM %	8.6%	12.1%	11.9%	12.1%	13.3%	14.5%	10.2%	11.1%	13.3%	12.7%
Depreciation	4,347	4,457	4,506	5,091	6,628	6,729	7,086	7,521	7,881	8,830
Interest	5,134	5,742	3,911	4,197	3,738	3,768	3,646	3,858	3,419	3,480
	1,189	1,103	2,879	902	-969	1,247	1,298	1,517	1,829	-4,074
Profit before tax	—	—	—	5,924	6,206	19,103	13,241	14,012	22,337	18,496
Tax	498	1,433	2,074	2,157	2,723	5,373	3,144	3,857	6,335	5,105
Tax %	—	—	—	36.4%	43.9%	28.1%	23.7%	27.5%	28.4%	27.6%
	-702	6,083	-0	3,767	3,483	13,730	10,097	10,155	16,002	13,391
PAT margin %	-0.7%	5.9%	0%	3.2%	2.6%	7%	4.5%	4.7%	6.7%	4.9%
EPS (₹)	-4.2	9.2	27.3	16.9	15.7	61.7	45.4	45.7	72.1	60.3
EPS adjusted (₹)	—	—	—	17	15.7	61.9	45.5	45.7	72.1	60.3
	—	11.9%	4.4%	5.9%	19.2%	6.5%	6.6%	7.7%	6.9%	8.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	222	222	222	222	222	222	222
Reserves	—	66,311	77,969	94,584	1,05,924	1,23,487	1,36,361
Minority interest	—	10	11	11	11	12	12
	—	65,978	63,235	58,335	54,501	61,931	96,659
	—	57,225	81,625	71,665	71,249	80,339	1,14,541
Total equity & liabilities	—	1,89,746	2,23,062	2,24,817	2,31,907	2,65,991	3,47,795
	89,173	1,00,248	1,06,853	1,10,606	1,11,764	1,16,511	1,30,190
CWIP	—	10,013	4,727	7,340	14,643	27,023	47,569
Investments	—	17,154	14,140	14,136	15,490	24,203	25,019
	—	62,331	97,342	92,735	90,010	98,254	1,45,017
Total assets	—	1,89,746	2,23,062	2,24,817	2,31,907	2,65,991	3,47,795

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Novelis	1,62,882	14,546	1,96,015	73,466	1,22,549	11.87
Copper	69,838	2,809

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.5%	42.2%	42%	39.7%	36.9%	38%	39.2%	35.6%
EBITDA margin %	11.9%	12.1%	13.3%	14.5%	10.2%	11.1%	13.3%	12.7%
EBIT margin %	8%	7.8%	8.3%	11.1%	7%	7.6%	10%	9.5%
PAT margin %	0%	3.2%	2.6%	7%	4.5%	4.7%	6.7%	4.9%
Working capital
Receivable days	—	—	36	39	27	28	30	36
Inventory days	—	—	146	138	111	111	123	156
Payable days	—	—	135	129	93	94	102	127
NWC days	—	—	47	49	45	45	51	65
Leverage
Current ratio	—	—	1.39	1.28	1.48	1.39	1.56	1.21
Debt to EBITDA	—	—	3.76	2.23	2.57	2.28	1.95	2.77
Debt to equity	—	—	0.99	0.81	0.62	0.51	0.5	0.71
Interest coverage	2.7	2.5	3.2	6	4.6	4.6	7.8	8.3
Asset turnover	—	—	0.7	0.87	0.99	0.93	0.9	0.79
Return ratios
Return on assets %	—	—	1.8%	6.2%	4.5%	4.4%	6%	3.9%
Return on capital employed %	—	—	8.6%	15.8%	10.9%	10.6%	14.3%	13.4%
Return on equity %	—	—	5.2%	17.6%	10.7%	9.6%	12.9%	9.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	34.64%	34.64%	34.64%	34.64%	34.64%	34.64%	34.64%	34.64%	34.64%	34.64%	34.64%	34.66%
	30.69%	31.59%	30.53%	30.86%	32.26%	31.72%	31.83%	31.39%	32.1%	32.33%	34.13%	35.6%
	25.82%	25.22%	25.79%	25.57%	24.32%	24.64%	24.81%	25.06%	24.11%	23.17%	21.35%	19.83%
	0%	0%	0%	0%	0%	0%	0%	0%	0.35%	0.35%	0.35%	0.35%
	8.43%	8.08%	8.58%	8.49%	8.28%	8.52%	8.25%	8.46%	8.26%	9%	9.04%	9.09%
No. of shareholders	—	—	—	—	—	—	—	—	6,65,009	6,79,190	6,91,308	6,99,601

Promoter holding up 0.02 percentage points since Sep 2023.

52 deals · 31 Aug 2021 – 27 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Mar 2026	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	58,12,806	₹868.65	₹504.93 Cr
27 Mar 2026	SOCIETE GENERALE	Block	BSE	Sell	58,12,806	₹868.65	₹504.93 Cr
9 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	1,31,098	₹768.20	₹10.07 Cr
9 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	1,31,098	₹768.20	₹10.07 Cr
9 Sept 2025	KAPITALFORENINGEN PENSAM INVEST	Block	NSE	Sell	5,00,000	₹738.75	₹36.94 Cr
9 Sept 2025	KAPITALFORENINGEN INVESTIN PRO	Block	NSE	Buy	5,00,000	₹738.75	₹36.94 Cr
21 Feb 2025	TARISH INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Block	BSE	Sell	8,13,400	₹650.20	₹52.89 Cr
21 Feb 2025	PI OPPORTUNITIES AIF V LLP	Block	BSE	Buy	8,13,400	₹650.20	₹52.89 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	2,93,053	₹565.15	₹16.56 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	2,93,053	₹565.15	₹16.56 Cr

1–10 of 52

1 / 6

Mr. Kumar Mangalam BirlaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mrs. Rajashree BirlaNon-Executive - Non Independent Director
Ms. Ananyashree BirlaNon-Executive - Non Independent Director
Mr. Aryaman Vikram BirlaNon-Executive - Non Independent Director
Mr. Sushil AgarwalNon-Executive - Non Independent Director
Mr. Satish PaiExecutive Director-MD
Ms. Alka Marezban BharuchaNon-Executive - Independent Director
Mr. Anjani Kumar AgrawalNon-Executive - Independent Director
Mr. Arun Kumar AdhikariNon-Executive - Independent Director
Mr. Sudhir MitalNon-Executive - Independent Director
Ms. Sukanya Anand KripaluNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹941.8 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹949.8	-13.3	-1.4%	₹949.8	67,576	+809	4,709	700
23 Nov 2026	₹956.1	-12.2	-1.3%	₹956.1	4,202	+41	99	700
29 Dec 2026	₹960.4	-9	-0.9%	₹960.4	10	+10	11	700

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

192

across 24 fund houses

Held by these funds

5.15%

of the company's equity

All mutual funds

10.05%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

192 schemes · 24 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	2.81 Cr	2,851.85	1.33%	1.248%	+1.48 L
ETF NIFTY 50 BEES	Nippon India Mutual Fund	88.13 L	894.96	1.33%	0.392%	+1.77 L
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	79.39 L	806.16	2.4%	0.353%	-0
Nifty 50 ETF	ICICI Prudential Mutual Fund	58.47 L	593.73	1.33%	0.26%	+1.41 L
Contra Fund	SBI Mutual Fund	56.4 L	572.71	1.2%	0.251%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	45.81 L	465.22	1.47%	0.204%	-0
Arbitrage FundNEW	SBI Mutual Fund	23.52 L	238.83	0.51%	0.105%	—
Nifty 50 Index Fund	ICICI Prudential Mutual Fund	22.66 L	230.1	1.33%	0.101%	+21,760

1–8 of 192

1 / 24

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

29 announcementsExport CSV

22 Sept 2026, 5:37 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.5%	42.2%	42%	39.7%	36.9%	38%	39.2%	35.6%
EBITDA margin %	11.9%	12.1%	13.3%	14.5%	10.2%	11.1%	13.3%	12.7%
EBIT margin %	8%	7.8%	8.3%	11.1%	7%	7.6%	10%	9.5%
PAT margin %	0%	3.2%	2.6%	7%	4.5%	4.7%	6.7%	4.9%
Working capital
Receivable days	—	—	36	39	27	28	30	36
Inventory days	—	—	146	138	111	111	123	156
Payable days	—	—	135	129	93	94	102	127
NWC days	—	—	47	49	45	45	51	65
Leverage
Current ratio	—	—	1.39	1.28	1.48	1.39	1.56	1.21
Debt to EBITDA	—	—	3.76	2.23	2.57	2.28	1.95	2.77
Debt to equity	—	—	0.99	0.81	0.62	0.51	0.5	0.71
Interest coverage	2.7	2.5	3.2	6	4.6	4.6	7.8	8.3
Asset turnover	—	—	0.7	0.87	0.99	0.93	0.9	0.79
Return ratios
Return on assets %	—	—	1.8%	6.2%	4.5%	4.4%	6%	3.9%
Return on capital employed %	—	—	8.6%	15.8%	10.9%	10.6%	14.3%	13.4%
Return on equity %	—	—	5.2%	17.6%	10.7%	9.6%	12.9%	9.8%

29

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	910	₹0.0	0	0	0
0	0	0	₹0.0	920	₹14.8	0	0	21
0	0	0	₹0.0	930	₹0.0	0	0	0
0	0	0	₹0.0	940	₹0.0	0	0	0
0	0	0	₹0.0	950	₹0.0	0	0	0
0	0	0	₹0.0	960	₹0.0	0	0	0
0	0	0	₹0.0	970	₹0.0	0	0	0
0	0	0	₹0.0	980	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
22 Sept 2026, 5:37 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
18 Sept 2026, 2:46 pm	Company Update General	Disclosure Regarding ESG Rating Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
11 Sept 2026, 9:19 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 3:49 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
8 Sept 2026, 11:30 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
5 Sept 2026, 1:09 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Aug 2026, 9:42 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Aug 2026, 6:18 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11,688	12,687	10,898	11,977	80	17,232	16,838	19,208	24,056	24,410	10,250
	-3,522	-2,789	5,026	-5,648	-126	-25,637	-7,074	-8,121	-14,276	-24,739	-26,583
	-8,862	-5,552	-16,412	-5,466	46	-4,882	-6,765	-10,345	-10,817	-1,816	20,087
Net cash flow	-696	4,347	-489	863	—	-13,287	2,999	742	-1,037	-2,145	3,754
Free cash flow	—	12,698	—	—	—	11,667	11,412	9,366	8,328	3,761	-19,846
CFO / Operating profit %	135.1%	102%	78.9%	—	0.6%	98.3%	59.4%	84.7%	100.8%	76.8%	29.4%

Hindalco Industries

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

3

1

19

2

29

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Adjus Novelis · revenue

Hindalco Industries

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Upcoming and recent1

Dividends19

Board meetings2

Option chain29

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Adjus Novelis · revenue

3

3

1

19

2

29