Healthy performance for Hindalco in FY27

HINDALCO REPORTED Q3FY25 consolidated net sales of ₹58,400 crore, reflecting an 11% y-o-y growth while remaining flat sequentially.

- MOTILAL OSWAL

The figure was in line with our estimate of ₹59,500 crore, supported by improved realisations. Consolidated EBITDA stood at ₹7,600 crore, marking a 29% y-o-y increase but declining 4% q-o-q, aligning with our projection of ₹77,00 crore. The growth was driven by lower costs and operational efficiencies. Adjusted PAT (APAT) came in at ₹3800 crore, up 61% y-o-y but down 12% q-o-q, in line with our expectations. For 9MFY25, Hindalco reported: Revenue of ₹1,73,600 crore (+9% y-o-y) EBITDA of ₹23,000 crore (+34% y-o-y) APAT of ₹11,300 crore (+63% y-o-y).

Meanwhile, the net debt-to-EBITDA ratio increased to 1.33x in Q3FY25, up from 1.19x in Q2FY25.

Upstream revenue of Aluminium business stood at ₹9,990 crore, registering a 25% y-o-y growth, driven by higher average aluminium prices. Upstream EBITDA surged 73% y-o-y to ₹4220 crore ($1,480/t), benefiting from lower input costs. EBITDA margin improved significantly to 42%, compared to 31% in Q3FY24.