Hindalco Industries Ltd
Incorporated in 1958, Hindalco Industries Ltd. is a flagship company of the Aditya Birla Group. The Co and its subsidiaries are primarily engaged in the production of Aluminium and Copper. It is also
engaged in the manufacturing of aluminium sheet, extrusion and light gauge products for use in packaging markets like beverage and food, can and foil products, etc. [1]
- Market Cap ₹ 1,94,767 Cr.
- Current Price ₹ 867
- High / Low ₹ 1,030 / 546
- Stock P/E 11.2
- Book Value ₹ 600
- Dividend Yield 0.58 %
- ROCE 14.8 %
- ROE 14.0 %
- Face Value ₹ 1.00
Pros
Cons
- Company has a low return on equity of 12.0% over last 3 years.
- Dividend payout has been low at 7.06% of profits over last 3 years
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Commodities Metals & Mining Non - Ferrous Metals Aluminium
Part of Nifty 50 BSE 500 BSE 100 BSE 200 BSE Dollex 200
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 87,695 | 104,281 | 98,759 | 100,184 | 115,183 | 130,542 | 118,144 | 132,008 | 195,059 | 223,202 | 215,962 | 238,496 | 261,701 | |
| 79,671 | 95,437 | 90,981 | 87,867 | 101,488 | 115,031 | 103,838 | 114,449 | 166,712 | 200,536 | 192,090 | 206,691 | 228,002 | |
| Operating Profit | 8,024 | 8,844 | 7,778 | 12,317 | 13,695 | 15,511 | 14,306 | 17,559 | 28,347 | 22,666 | 23,872 | 31,805 | 33,699 |
| OPM % | 9% | 8% | 8% | 12% | 12% | 12% | 12% | 13% | 15% | 10% | 11% | 13% | 13% |
| 677 | -832 | 1,500 | 1,198 | 2,879 | 1,127 | 906 | -987 | 1,253 | 1,307 | 1,519 | 1,832 | -219 | |
| Interest | 2,702 | 4,178 | 5,134 | 5,742 | 3,911 | 3,778 | 4,197 | 3,738 | 3,768 | 3,646 | 3,858 | 3,419 | 3,312 |
| Depreciation | 3,347 | 3,493 | 4,347 | 4,457 | 4,506 | 4,777 | 5,091 | 6,628 | 6,729 | 7,086 | 7,521 | 7,881 | 8,573 |
| Profit before tax | 2,653 | 340 | -203 | 3,315 | 8,157 | 8,083 | 5,924 | 6,206 | 19,103 | 13,241 | 14,012 | 22,337 | 21,595 |
| Tax % | 20% | 75% | 245% | 43% | 25% | 32% | 36% | 44% | 28% | 24% | 28% | 28% | |
| 2,195 | 259 | -702 | 1,882 | 6,083 | 5,495 | 3,767 | 3,483 | 13,730 | 10,097 | 10,155 | 16,002 | 16,078 | |
| EPS in Rs | 10.53 | 4.14 | -1.21 | 8.47 | 27.10 | 24.48 | 16.77 | 15.50 | 61.10 | 44.93 | 45.19 | 71.20 | 71.55 |
| Dividend Payout % | 9% | 24% | -82% | 13% | 4% | 5% | 6% | 19% | 6% | 7% | 8% | 7% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 15% |
| 3 Years: | 7% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 28% |
| 5 Years: | 33% |
| 3 Years: | 6% |
| TTM: | 20% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 26% |
| 5 Years: | 22% |
| 3 Years: | 29% |
| 1 Year: | 27% |
| Return on Equity | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 12% |
| 3 Years: | 12% |
| Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 206 | 207 | 207 | 223 | 223 | 222 | 222 | 222 | 222 | 222 | 222 | 222 | 222 |
| Reserves | 40,398 | 38,122 | 40,402 | 45,836 | 54,629 | 57,279 | 58,095 | 66,311 | 77,969 | 94,584 | 105,924 | 123,487 | 134,644 |
| 64,756 | 68,468 | 67,552 | 63,817 | 52,074 | 52,415 | 68,399 | 67,206 | 64,486 | 60,291 | 56,356 | 63,929 | 74,878 | |
| 32,621 | 34,950 | 32,986 | 36,268 | 40,088 | 42,056 | 41,902 | 55,083 | 79,178 | 68,392 | 68,221 | 76,662 | 86,936 | |
| Total Liabilities | 137,982 | 141,746 | 141,146 | 146,144 | 147,014 | 151,972 | 168,618 | 188,822 | 221,855 | 223,489 | 230,723 | 264,300 | 296,680 |
| 61,163 | 71,959 | 85,648 | 84,687 | 85,088 | 85,860 | 89,195 | 100,269 | 106,874 | 110,626 | 111,810 | 116,556 | 122,373 | |
| CWIP | 23,059 | 14,111 | 4,214 | 1,814 | 2,063 | 4,097 | 7,721 | 10,202 | 4,945 | 7,700 | 14,867 | 27,397 | 34,680 |
| Investments | 12,961 | 12,346 | 12,463 | 15,157 | 10,781 | 9,012 | 9,411 | 17,133 | 14,119 | 14,116 | 15,444 | 24,158 | 29,506 |
| 40,798 | 43,330 | 38,821 | 44,486 | 49,081 | 53,003 | 62,291 | 61,218 | 95,917 | 91,047 | 88,602 | 96,189 | 110,121 | |
| Total Assets | 137,982 | 141,746 | 141,146 | 146,144 | 147,014 | 151,972 | 168,618 | 188,822 | 221,855 | 223,489 | 230,723 | 264,300 | 296,680 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,956 | 7,143 | 11,688 | 12,687 | 10,898 | 11,977 | 12,745 | 17,232 | 16,838 | 19,208 | 24,056 | 24,410 | |
| -8,095 | -3,873 | -3,220 | -2,876 | 5,333 | -5,456 | -7,227 | -25,280 | -6,773 | -7,559 | -14,267 | -24,609 | |
| 1,493 | -2,437 | -8,862 | -5,552 | -16,412 | -5,466 | 6,656 | -4,882 | -6,765 | -10,450 | -10,817 | -1,816 | |
| Net Cash Flow | 1,353 | 833 | -394 | 4,259 | -181 | 1,055 | 12,174 | -12,930 | 3,300 | 1,199 | -1,028 | -2,015 |
| Free Cash Flow | -1,360 | 1,427 | 7,636 | 9,818 | 7,942 | 6,009 | 5,887 | 11,715 | 11,483 | 9,571 | 8,378 | 4,006 |
| CFO/OP | 111% | 94% | 166% | 109% | 94% | 89% | 90% | 105% | 73% | 97% | 112% | 94% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 38 | 32 | 29 | 30 | 32 | 32 | 29 | 36 | 39 | 27 | 28 | 30 |
| Inventory Days | 114 | 104 | 103 | 120 | 115 | 103 | 120 | 146 | 138 | 111 | 111 | 123 |
| Days Payable | 89 | 87 | 92 | 115 | 108 | 96 | 98 | 135 | 128 | 93 | 90 | 102 |
| Cash Conversion Cycle | 64 | 49 | 40 | 36 | 38 | 39 | 51 | 47 | 49 | 45 | 49 | 51 |
| Working Capital Days | 4 | -6 | 4 | -17 | 17 | 18 | 4 | 3 | -3 | 13 | 12 | 23 |
| ROCE % | 5% | 6% | 4% | 8% | 10% | 11% | 9% | 9% | 17% | 11% | 11% | 15% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Alumina Production KT |
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| Primary Aluminium Upstream Production KT ・Standalone data |
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| Copper Cathode Production KT ・Standalone data |
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| Novelis Total Shipments (FRP) KT |
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| Copper CC Rod Production KT ・Standalone data |
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Documents
Announcements
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Closure of Trading Window
23 Mar - Board meeting on May 22, 2026 to approve FY2026 results; trading window closed Apr 1–May 25; earnings call later.
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Corporate Action-Board to consider Dividend
23 Mar - Board meeting on May 22, 2026 to approve FY2026 results; trading window closed Apr 1–May 25; earnings call to follow.
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Board Meeting Intimation for Consideration Of Financial Results For The Quarter And Financial Year Ending March 31, 2026, And Recommendation Of Final Dividend, If Any.
23 Mar - Board meeting May 22, 2026 to approve audited FY2026 results; trading window Apr 1–May 25; earnings call later.
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Rumour verification - Regulation 30(11)
15 Mar - Hindalco denies halting aluminium sales; extrusion issue limited to <0.1% operations; other units normal.
-
Novelis Inc. A Wholly Owned Subsidiary Of Hindalco Industries Limited Announced Entering In Material Definitive Agreement.
12 Mar - Novelis filed Form 8-K for a $225 million municipal bond offering (filed March 12, 2026).
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Business Segments
1) Novelis (59% in 9M FY25 vs 65% in FY22): [1] [2] The subsidiary, Novelis is the leading producer of flat-rolled aluminum products and the world’s largest recycler of aluminum. It offers solutions to diverse industries, including beverage cans, automobiles, aerospace, and specialty markets such as foil packaging, transportation products, etc. The segment reported a total shipment of 2,800 KT in 9M FY25 vs 2,722 KT in 9M FY24. [3] [4]