Hindalco Industries · Research view

Hindalco Industries Ltd.

NSE: HINDALCOBSE: 500440ISIN INE038A01020Face value ₹1consolidated

₹944

−1.48% · 2026-10-01 · 52-wk ₹760–₹1,150

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 56.1% while net profit fell 16.3% — worth checking how the balance sheet is being funded.

Importance 77 / 95 · financial health

WatchTalking point

Profit lagging revenue

Revenue grew 15.3% but profit declined 16.3%, so the company kept less of each rupee of revenue as profit.

Importance 74 / 95 · growth

WatchTalking point

Growing, but light on cash

Revenue grew 15.3% but only 0.77× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

WatchTalking point

Stock has run ahead of the business

Over 4 years the stock returned 24.2% a year while profit shrank 0.6% a year.

Importance 60 / 95 · business vs stock

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Metals & Mining › Non - Ferrous Metals › Aluminium.

Market cap: ₹2.10 L cr
FY2026 revenue: ₹2,74,944 cr
FY2026 net profit: ₹13,391 cr
Net worth: ₹1,36,595 cr
Total debt: ₹96,659 cr
EPS (basic): ₹60.31
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 3 aluminium.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 15.3% but profit declined 16.3%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +9.0%over 4 years
Revenue growth: +15.3%vs last year
Net profit growth: −16.3%vs last year
Change in net profit since FY22: −2%

Net profit fell 16.3% year on year (FY2025 → FY2026).

Revenue has compounded at 9.0% a year over 4 years (₹1,95,059 → ₹2,74,944) — steady rather than rapid.

Revenue grew 15.3% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹7,013 cr, up 75.1% from ₹4,004 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹84,825 cr, up 32.1% from ₹64,232 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 net profit grew 75.1% vs the same quarter last year, reversing the decline seen in the two preceding quarters (−45.1% and −50.9%).

Rule QTR_TREND_REVERSAL

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	58,203	—	3,909	—	6.7%
Q3 FY25	58,390	+10.6%	3,735	+60.2%	6.4%
Q4 FY25	64,890	+15.9%	5,284	+66.5%	8.1%
Q1 FY26	64,232	+12.7%	4,004	+30.3%	6.2%
Q2 FY26	66,058	+13.5%	4,741	+21.3%	7.2%
Q3 FY26	66,521	+13.9%	2,049	−45.1%	3.1%
Q4 FY26	78,133	+20.4%	2,597	−50.9%	3.3%
Q1 FY27	84,825	+32.1%	7,013	+75.1%	8.3%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹2,95,537 crTTM
EBITDA: ₹44,254 crTTM
EBIT: ₹35,167 crTTM
PBT: ₹22,213 crTTM
Net profit: ₹16,400 crTTM

C. Corporate actions

10 Jul 2026DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

8 Aug 2025DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

9 Aug 2024DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share

14 Aug 2023DividendDividend - Rs. - 3.0000 — ₹3.00/share

11 Aug 2022DividendDividend - Rs. - 4.0000 — ₹4.00/share

12 Aug 2021DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

3 Sept 2020DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

14 Aug 2019DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share

12 Sept 2018DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share

5 Sept 2017DividendFinal Dividend - Rs. - 1.1000 — ₹1.10/share

6 Sept 2016DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

7 Sept 2015DividendDividend - Rs. - 1.0000 — ₹1.00/share

8 Sept 2014DividendDividend - Rs. - 1.0000 — ₹1.00/share

30 Aug 2013DividendDividend - Rs. - 1.4000 — ₹1.40/share

31 Aug 2012DividendDividend - Rs. - 1.5500 — ₹1.55/share

14 Sept 2011DividendDividend - Rs. - 1.5000 — ₹1.50/share

24 Aug 2010DividendDividend - Rs. - 1.3500 — ₹1.35/share

10 Sept 2009DividendDividend - Rs. - 1.3500 — ₹1.35/share

28 Aug 2008DividendDividend - Rs. - 1.8500 — ₹1.85/share

28 Aug 2008Rights issueRight Issue of Equity Shares

21 Nov 2005Rights issueRight Issue of Equity Shares

30 Aug 2005Otherother

2 Jul 2001DividendDividend - Rs. - 12.0000 — ₹12.00/share

3 Jul 2000DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of 10.3% is below the aluminium median of 19.9%.

Rule ROE_BELOW_PEER_MEDIAN

EBITDA margin now: 13.7%
5-year range: 10.7–15.1%
ROE FY2026: 10.3%
ROCE FY2026: 13.8%

EBITDA margin of 13.7% is below the aluminium median of 31.0%.

ROE declined from 13.9% to 10.3% year on year.

EBITDA margin has ranged from 10.7% to 15.1% over 4 years and sits at 13.7% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 56.1% while net profit fell 16.3% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹96,659 cr
Operating cash flow ÷ net profit: 0.77×FY2026
Free cash flow: ₹−19,508 cr
Current ratio: 1.21×

Revenue grew 15.3% but only 0.77× of reported profit came through as operating cash.

Net worth compounded at 15.0% a year over 4 years (₹78,202 → ₹1,36,595).

Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 0.77×).

Free cash flow has been positive in 4 of the last 5 years.

Debt-to-equity rose from 0.50× to 0.71× year on year.

Section 08 · Relative position

How does it compare with peers?

Ranked against 3 aluminium (FY2026, consolidated). No peer-relative rule fired for this company.

Return on equity

HINDALCO · 3rd of 3 · set median 29.4%

P / E: 12.8×TTM to Jun 26
P / B: 1.5×latest book
P / S: 0.7×TTM sales
Earnings yield: 7.8%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 15.7× · P/S 0.8× · ROE 10.3%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Watch

Over 4 years the stock returned 24.2% a year while profit shrank 0.6% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate

1-year return: +23.3%
3-year return: +91.7%
5-year return: +95.0%
From 52-wk high: −17.9%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹1,004
vs 200-day avg: Below₹976
RSI (14): 35.0neutral
MACD histogram: -5.2
From 52-wk high: −17.9%
From 52-wk low: +24.2%
30-day volatility: 22.5%ann.
6-month return: +10.5%

RSI (14) · 0–10035.0 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 56.1% while net profit fell 16.3% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 77
Watch
Profit lagging revenue
Revenue grew 15.3% but profit declined 16.3%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 74
Watch
Growing, but light on cash
Revenue grew 15.3% but only 0.77× of reported profit came through as operating cash.
GROWTH_WITH_WEAK_CASH · conviction 62
Watch
Stock has run ahead of the business
Over 4 years the stock returned 24.2% a year while profit shrank 0.6% a year.
STOCK_RAN_AHEAD · conviction 60
Concern
Less profitable than peers
ROE of 10.3% is below the aluminium median of 19.9%.
ROE_BELOW_PEER_MEDIAN · conviction 52
Concern
Thinner margins than peers
EBITDA margin of 13.7% is below the aluminium median of 31.0%.
MARGIN_BELOW_PEER_MEDIAN · conviction 50
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹6,963 exceptional charge (37.6% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 46
Concern
Profit fell
Net profit fell 16.3% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 43
Concern
Returns declining
ROE declined from 13.9% to 10.3% year on year.
ROE_DETERIORATED_YOY · conviction 43
Concern
Leverage rising
Debt-to-equity rose from 0.50× to 0.71× year on year.
LEVERAGE_INCREASED_YOY · conviction 42

The price-adjusted series does not correct for 2 rights issues (ex-dates 2005-11-21, 2008-08-28) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Revenue	1,95,059	2,23,202	2,15,962	2,38,496	2,74,944
Total income	1,96,195	2,24,459	2,17,458	2,41,204	2,77,833
EBITDA	29,483	23,923	25,368	34,513	37,773
Profit before tax	19,568	13,232	14,010	22,334	18,500
Net profit	13,730	10,097	10,155	16,002	13,391
EPS (₹)	61.7	45.4	45.7	72.0	60.3
Net worth	78,202	94,817	1,06,157	1,23,721	1,36,595
Total debt	63,235	58,335	54,501	61,931	96,659
Operating cash flow	16,838	19,208	24,056	24,410	10,250
Free cash flow	11,483	9,466	8,378	4,006	−19,508

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	14.4	-3.2	10.4	15.3
Profit growth YoY	—	-26.5	0.6	57.6	-16.3
Profitability
EBITDA margin %	15.1	10.7	11.7	14.5	13.7
Net margin %	7.0	4.5	4.7	6.6	4.8
Return on equity %	17.6	11.7	10.1	13.9	10.3
Return on capital %	16.1	11.4	11.4	15.4	13.8
Leverage & cash
Debt to equity	0.81	0.62	0.51	0.50	0.71
Cash flow ÷ profit	1.23	1.90	2.37	1.53	0.77
Current ratio	1.28	1.48	1.39	1.56	1.21