Hindalco Industries Limited — Investor Meet, 13-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Hindalco's Q2 FY26 consolidated EBITDA rose 6% YoY to INR9,104 Cr, with net profit up 21% to INR4,741 Cr. India business EBITDA climbed 15% to INR5,419 Cr, driven by strong upstream (INR4,524 Cr, $1,521/ton) and record downstream (INR261 Cr, $265/ton) performance. Novelis' Adjusted EBITDA grew nearly 3% to $476 million ($506/ton), excluding tariff impact, aiming for $300 million structural cost reduction by FY28. Bay Minette project cost is now $5 billion, with its IRR above the cost of capital. Hindalco maintains a consolidated net leverage below 2x. Management is confident in its integrated model, execution, and long-term growth from Indian expansions and Novelis' post-Bay Minette cash flow.