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Hindalco India biz shines, but Novelis holds key to re-rating

Mint Hyderabad

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May 23, 2025

Good, but not enough

- Manvi Agarwal

Hindalco Industries Ltd ended FY25 on a strong note with a consolidated Ebitda of ₹9,600 crore for the March quarter (Q4FY25), up nearly 40% year-on-year. While its India aluminium business delivered stellar margins, the global arm Novelis continues to lag.

Its India upstream aluminium segment saw an Ebitda margin of 47%, with Ebitda per tonne at $1,684, up 74% on-year. Hindalco strengthened its structural cost advantage with backward integration and resource security, including the commissioning of captive coal mines.

It expects upstream aluminium costs to stay flat in Q1FY26, despite rising calcined petroleum coke prices, as coal prices stayed stable.

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