Hindalco Industries delivered its highest-ever consolidated financial results for the fiscal year ended March 31, 2026, reporting revenue of ₹2,74,944 crore and EBITDA of ₹38,097 crore. Shareholders approved these results at the company’s 67th Annual General Meeting held on July 23, 2026, via video conferencing. The Board of Directors also recommended a final dividend of ₹5 per equity share, reflecting confidence in its strategic growth initiatives while maintaining a conservative net debt-to-EBITDA ratio of 1.83x.

The meeting, chaired by Chairman Kumar Mangalam Birla, saw the approval of ordinary business items including the adoption of standalone and consolidated financial statements for FY26. Directors Kumar Mangalam Birla and Ananyashree Birla were re-appointed by rotation. Shareholders also ratified the remuneration of the cost auditors for the financial year ending March 31, 2027. The proceedings were conducted in accordance with Regulation 30 of the SEBI Listing Regulations, with e-voting facilities available post-meeting.

Financial Performance Highlights

Hindalco’s FY26 performance was driven by strong contributions from both its India business and Novelis operations. The India business achieved all-time highs in revenue, EBITDA, and profit after tax (PAT). Novelis recorded a 10% improvement in EBITDA per tonne despite lower volumes, attributed to disciplined cost optimization and softer scrap prices. Novelis has already achieved $200 million in run-rate cost savings in FY26, exceeding its initial target of $75 million, with expectations to reach $350–400 million in total savings by FY28 exit.

Growth Strategy and Capacity Expansion

Kumar Mangalam Birla outlined an ambitious $10 billion organic growth investment program, the most significant in the company’s history. This includes expanding aluminium smelting capacity to over 2 million tonnes through phased expansions at the Aditya smelter (adding 374,000 tonnes) and potential expansions at Mahan. In copper, Hindalco is building a million-tonne integrated business, with a 300,000-tonne smelter expansion at Dahej on track for FY29 and a 50,000-tonne e-waste recycling facility commencing operations soon.

The company has earmarked ₹50,000 crore for strategic growth projects across the value chain, with another ₹50,000 crore under evaluation. Upstream integration continues with progress on the Aditya Alumina refinery expansion and upcoming coal production from captive mines at Chakla, Bandha, and Meenakshi.

What the Numbers Show

The divergence between Novelis’ lower volumes and higher EBITDA per tonne highlights the effectiveness of Hindalco’s cost management strategies in challenging market conditions. While volume declines typically pressure margins, Novelis achieved a 10% improvement in unit profitability through operational efficiencies and favorable input costs. This operational leverage, combined with India’s all-time high performance, allowed Hindalco to maintain a net debt-to-EBITDA ratio of 1.83x, well within its committed 2x ceiling, demonstrating strong balance sheet discipline amidst aggressive capital expenditure plans.

Hindalco Industries recorded a notable block trade on the BSE, with approximately 663892 shares changing hands in a single transaction. The deal was executed at a price of ₹941.50 per share, aggregating to a total transaction value of ₹62.51 crore.

Block Trade Details

The following table summarises the key parameters of the block trade:

Block trades of this scale typically involve institutional participants and are executed outside the regular order book to minimise market impact. The transaction in Hindalco Industries underscores continued institutional interest in the stock on the BSE.