Overview
Hindalco Industries Limited, the metals flagship of the Aditya Birla Group, is Indias largest fully integrated aluminium player and, with Novelis, the worlds largest producer of flat-rolled aluminium and aluminium recycler. The Copper business is the second-largest producer of copper continuous cast rods (outside China) and operates Indias largest single-location custom copper smelter at Dahej. In the specialty alumina space, we rank among the global top three, offering a differentiated portfolio of high-margin, high-growth products. Together, these businesses span the entire value chain, delivering a suite of sustainable, high-performance solutions across industries.
In India, Hindalcos aluminium manufacturing units cover the complete value chain, from bauxite mining, alumina refining, coal mining, captive power generation and aluminium smelting, to downstream value-addition of aluminium rolling, extruding, and foil making.
Aligned with its ‘Engineering Better Futures vision, the Company continues to scale its downstream portfolio, with a growing focus on value-added products and specialised applications.
Hindalcos copper division in India comprises, among other facilities, a world-class custom copper smelter and captive jetty with capability to manufacture copper continuous cast rods and tubes. Hindalco is one of the largest suppliers of copper to the Indian Railways and meets more than half of the countrys copper requirements.
Guided by its Purpose of building a Greener, Stronger, Smarter world, Hindalco provides innovative solutions that nurture a sustainable planet. Today, Hindalcos global footprint spans 48 manufacturing units across 10 countries.
Hindalcos wholly owned subsidiary Novelis is the leading producer of flat-rolled aluminium products and the worlds largest recycler of aluminium. Novelis delivers innovative solutions to customers in the beverage cans, automobile, aerospace, and high-end speciality markets, including foil packaging, certain transportation products, architectural, industrial, and consumer durables. Novelis operates an integrated network of technically advanced rolling and recycling facilities across North America, South America, Europe, and Asia. Novelis, which has recycling operations across the world, recycled over 85 billion used beverage cans in FY 2025-26.
Novelis has consistently demonstrated its ability to enhance business profitability through targeted investments in capacity expansion and advanced capabilities. These investments enabled a higher share of recycled content, strengthened alignment with long-term demand trends for lightweight and sustainable aluminium; and supported the optimisation and diversification of its product portfolio. As a global leader in flat-rolled aluminium products, Novelis leveraged its scale, global footprint, and strong customer relationships to drive volume growth and capitalise on favourable supply-demand dynamics across key end markets. Improved volumes, supported by better pricing, increased scrap utilisation, operational efficiencies, and high-capacity utilisation; contributed to a significant improvement in profitability across beverage packaging and specialty products; while automotive and aerospace segments continued to deliver resilient, high margins.
Notwithstanding the underlying strength in operating performance and end-market demand, recent financial performance has been impacted by heightened geopolitical and macroeconomic uncertainties —including tariffs and trade disruptions - leading to volatility in global aluminium scrap markets and pricing. Additionally, operations were affected by two fire incidents at the Oswego (New York) facility during the second half of FY 2025-26. The impact of these events has been substantially mitigated, and the underlying business fundamentals remain resilient. The Oswego hot mill resumed operations in June 2026, and we have taken strategic actions undertaken to largely offset tariff-related headwinds. Improving conditions in scrap markets and the implementation of sustainable cost optimisation measures further support long-term operational resilience. Looking ahead, global demand for aluminium rolled products remains structurally strong, driven by economic growth, ongoing material substitution, and increasing sustainability considerations, including heightened environmental concerns around PET plastics. Additionally, aluminium scrap spreads have normalised and improved from the historically tight levels seen earlier, supporting margin recovery.
| FY 2025-26: Key Highlights |
| Achieved |
| + All time-high Consolidated Revenue of Rs.274,944 crore |
| + All time-high Consolidated EBITDA of Rs.38,097 crore |
| + Consolidated PAT of Rs.13,391 crore, impacted by Oswego disruption due to fires. |
| + Aluminium metal production at 1,336 Kt |
| + Aluminium third party metal sales (in all forms) at 1,367 Kt |
| + Alumina production at 3,784* Kt |
| + Aluminium Downstream production at 458 Kt and Sales at 446 Kt |
| + Copper Cathode Production at 420 Kt and Metal Sales at 487 Kt |
| + Copper Continuous Cast Rods production at 467# Kt and Sales at 373 Kt |
| + Overall shipments in Novelis of 3,557 Kt |
| + Novelis Adjusted EBITDA at $1.645 billion |
| + Novelis Yearly adjusted EBITDA/ton of $462 |
| + Novelis Net Income of $15 million |
* Includes production of Utkal Alumina, the wholly owned subsidiary.
# actual production including fixed term contract volumes
KEY INITIATIVES AND EXPANSION PLANS DURING THE YEAR FY 2025-26
FY 2025-26 was a strategically pivotal year for Hindalco, marked by strong execution across Aluminium, Copper, and Specialty Alumina businesses. The Company reinforced its upstream strength while accelerating momentum in value-added downstream segments.
Hindalco continues to advance its long-term growth agenda expanding upstream Aluminium and Copper capacities, while targeting a fourfold increase in India downstream EBITDA by FY 2029-30 (from FY 2023-24 levels). This will be driven by capacity augmentation and an increased focus on premiumisation of the value-added portfolio.
These strategic initiatives are aimed at enhancing competitiveness, strengthening product mix, and capitalising on structural demand tailwinds across energy transition, mobility, packaging, and industrial sectors. Reflecting this evolution, Hindalco with its new brand identity is signifying its transition from a commodity materials supplier to a differentiated engineered solutions provider.
In the Aluminium Upstream segment, capacity expansion remains on track, with the 374 KT brownfield expansions at the Aditya smelter and the 850 KT greenfield alumina refinery at Kansariguda progressing well. These expansions are expected to strengthen Hindalcos position within the first quartile of the global cost curve, supported by strong backward integration through captive coal and bauxite resources. During FY 2025-26, the Company also delivered operational efficiencies, resulting in a structurally lower cost of production.
In Aluminium Downstream, Hindalco continued to scale its presence in high-growth, high-margin segments. Key milestones included the commissioning of the 170 KT FRP facility at Aditya and capacity enhancements across battery enclosures, battery foils, AC fins, aerospace- grade alloys, and packaging foils—reinforcing its focus on premiumisation and value-added growth.
The Specialty Alumina business sustained its strong growth trajectory, retaining its position among the top three global producers. The Company remains on track to scale capacity to ~1 MTPA by FY 2029-30, driven by robust demand across high-value applications such as flame retardants, ceramics, catalysts, white fused alumina, and precipitated hydrates.
In Copper, Hindalco is advancing its growth agenda through the commissioning of a 300 KT smelter expansion, alongside forays into copper and multi-metal e-waste recycling and 25 KT inner grooved tubes. These initiatives position the Company to capture rising domestic demand, particularly from the fast-growing air-conditioning segment and broader electrification trends.
Novelis continues to progress well on its 3x30 vision, aimed at advancing aluminium as the material of choice for circular solutions, underpinned by ambitious sustainability targets and a clear decarbonisation roadmap. The strategy is centred on increasing recycled content, reducing carbon intensity, and delivering improved returns on invested capital.
Growing preference for sustainable packaging and a shift toward infinitely recyclable aluminium continue to drive strong demand for beverage can sheet globally. To support this, Novelis is on track to commission its 600 KT Bay Minette facility in FY 2026-27, with ~two-thirds of capacity dedicated to beverage packaging. The Company is also evaluating further capacity additions in supply-constrained regions. Demand for automotive aluminium remains robust, driven by lightweighting benefits, emission reduction, and the accelerating adoption of electric vehicles. In addition, steady growth is expected across building & construction and specialty applications, supported by sustainability trends and rising demand in high-performance industrial segments. Aerospace demand remains favourable, backed by strong OEM order backlogs, despite near-term supply chain constraints. Novelis multi-year supply agreements position it well to capture this long-term growth.
In parallel, Novelis is enhancing circularity and cost efficiency through advanced scrap sorting technologies. These capabilities enable the increased utilisation of lower-grade and post-consumer scrap, including end-of- life vehicles, while strengthening closed-loop recycling partnerships with customers. Through these initiatives, Novelis continues to lead the transition towards low- carbon, circular aluminium solutions.
Novelis continues to execute its multi-year organic growth investment programme to capture strong long-term demand for flat-rolled aluminium. Novelis debottlenecking and recycling expansions across key facilities such as new recycling capacity at Guthrie (U.S.) and UAL (South Korea), and rolling capacity unlocks at Pindamonhangaba (Brazil) and Logan (U.S.)is helping enhance its capacities to serve the growing global demand in FRP products. Looking ahead, select projects are scheduled for commissioning in FY 2026-27, led by the ~$5 billion Bay Minette (U.S.) integrated rolling and recycling facility; which will support growing demand in beverage packaging and automotive while advancing circularity. Additionally, targeted investments are underway to enhance recycling and rolling capabilities including capacity expansion in Latchford (UK) and Oswego (U.S.), with the latter experiencing delays due to recent plant incidents in FY 2025-26.
Digital Drive
In FY 2025-26, Hindalcos Digital Drive remained a key enabler of its strategic priorities; with a continued focus on integrating technology, processes, and people to unlock value across the end-to-end value chain. These initiatives have driven measurable improvements in operational efficiency, productivity, asset reliability, safety performance, and customer responsiveness, while contributing to reduced environmental footprint. The Company has strengthened alignment between digital and analytics interventions and core business objectives, embedding data-led decision-making across functions. Investments in advanced technologies including AI/
ML, Digital Twins, GenAI, and Blockchain are being progressively scaled to optimise operations, enhance predictive capabilities, and unlock new avenues for innovation across upstream, downstream, and support functions. Hindalco has also prioritised the development of a robust digital foundation, with enhanced data architecture, integrated platforms, and advanced analytics tools enabling real-time insights and improved decision velocity. This is complemented by a strong organisationwide focus on capability building, with targeted upskilling in data science and analytics fostering a culture of digital adoption and continuous improvement. Collectively, these efforts enabled a shift towards more agile, insight-driven ways of working, positioning Hindalco to sustain longterm competitiveness and capture value from emerging digital opportunities.
Culture
Hindalco continues to foster a strong, people-first culture, reflected in industry-leading engagement and external recognition. The VIBES 2026 Survey recorded an engagement score of 93%, alongside recognition at the ABECA 2025 Ambition Box Employee Choice Awards, while the Great Place to Work? Trust Index? Survey reported 89% positive responses highlighting high levels of trust, pride, and camaraderie. This is anchored in a deliberately built, bottom-up cultural framework led by the Shillim movement, which translates behavioural priorities into structured SOPs, driving clarity, discipline, and ownership. Platforms such as Bhoomika (over 49,000 recognition exchanges) and grassroots initiatives like Parivartan, Tamrodaya, and Udaan further embed a culture of excellence and accountability across the organisation.
Hindalco remains committed to building an inclusive, meritocratic workplace, with gender diversity at 12.56% in FY 2025-26. Also, more than 35% of young professional hires over the past six years are women. Focused efforts on workplace safety, including proactive POSH interventions, have strengthened employee confidence, with over 74.1% coverage and improved comfort in raising concerns. To attract and retain top talent, the Company continues to invest in leadership development, capability building, and a collaborative, inclusive work environment. Anchored in fairness, transparency, and continuous development, Hindalcos culture remains a key driver of organisational resilience and long-term performance.
INDUSTRY ANALYSIS
i. Aluminium - Industry Review & Outlook
In Calendar Year (‘CY) 2025, the global economy grew by 3.4%. In CY2025, the global aluminium market remained broadly balanced, with production and consumption both increasing -2% YoY to -74 million tonnes, reflecting steady underlying demand.
China continued to anchor global market dynamics. Production rose -2% YoY to -44 million tonnes, supported by capacity additions in Yunnan and Inner Mongolia, partly offset by curtailments in Shandong. Demand growth moderated to -2% YoY to -46 million tonnes, driven by continued momentum in electric vehicles and renewable energy, while remaining constrained by weakness in the construction sector. As a result, China operated at an estimated deficit of -2 million tonnes.
In the rest of the world, production increased -2% YoY to -30 million tonnes, supported by smelter restarts in Europe and higher output in Brazil. Consumption grew to -28 million tonnes, led by demand in electrical, packaging, and consumer durables, while the transport sector remained subdued. Consequently, ex-China markets recorded a surplus of -2 million tonnes in CY2025.
Hence, the surplus in the rest of the world effectively offset the deficit in China, resulting in a balanced global market. Against this backdrop, global aluminium inventories moderated to -9.7 million tonnes.
Global aluminium prices remained firm during CY2025, averaging -$2,630 per tonne compared to -$2,419 per tonne in CY2024, reflecting stable demand conditions amidst a balanced market environment. The trend in aluminium prices over the past five years is illustrated in the accompanying chart.
Global Aluminium Prices ($/MT)
Regional premiums exhibited volatility during the year. Average spot premiums stood at ~$151/tonne for Main Japanese Port (MJP), ~$253/tonne for duty- paid European Rotterdam ingot, and ~58cents/lb for the US Midwest in CY2025, compared to -$146/ tonne, ~$317/tonne, and -19 cents/lb, respectively, in CY2024.
Domestic Consumption:
Indias aluminium consumption witnessed strong momentum in FY 2025-26, growing -11-12% YoY, driven primarily by robust demand from the electrical and automotive sectors; supported by continued infrastructure expansion. Growth was broad-based across end-use segments, indicating healthy underlying demand conditions. However, rising imports remain a key concern for domestic players. Total imports, including aluminium scrap, increased to -3.6 million tonnes in FY 2025-26 from -3.0 million tonnes in FY 2024-25, with continued inflow of flat rolled products, extrusions, and scrap exerting pressure on domestic producers.
The sector-wise growth in domestic aluminium consumption is summarised below:
| Sector | FY 2025-26/ FY 2024-25 |
| Electrical | 15 to 20% |
| Building and construction | 5 to 10% |
| Auto | 10 to 15% |
| Industrial and Defence | 5 to 10% |
| Packaging | 5 to 10% |
| Consumer Durables | 5 to 10% |
| Others | 5 to 10% |
| Overall India Consumption | 11-12% |
Overall, FY 2025-26 reflects strong domestic demand growth, albeit with increasing import intensity, particularly in value-added segments.
Outlook:
In CY2026, global GDP growth is projected at -3.1%, as per IMF estimates, indicating a moderation in macroeconomic momentum. Growth in the US is expected to soften to -2.3%, reflecting policy uncertainty, trade tensions, and weaker demand. Chinas growth is also projected to moderate from -5.0% in CY2025 to -4.4% in CY2026, primarily due to continued weakness in the property sector.
In contrast, India is expected to remain a key growth driver, with GDP projected at -6.5%. Overall, advanced economies are likely to grow at -1.8%, while emerging economies are expected to expand at -3.9%.
Against this backdrop, global primary aluminium demand is expected to grow modestly by -1% to -75 million tonnes in CY2026. Demand growth in China is likely to moderate due to a slowdown in construction, solar installations, and new energy vehicles following the withdrawal of incentives. In the rest of the world, demand is expected to remain relatively stable, supported by packaging and electrical segments, although the automotive sector may continue to face headwinds.
On the supply side, global production is expected to decline to -73.5 million tonnes, impacted by geopolitical disruptions in West Asia and the closure of the Mozal smelter; partly offset by capacity additions in Indonesia and restarts in Europe. China is expected to operate close to its capacity cap of -45 million tonnes. Consequently, the global market is likely to shift into a deficit of -1.5 million tonnes in CY2026 (compared to earlier pre-conflict estimates of -0.3 million tonnes), which may lead to a reduction in inventories to -8.0 million tonnes by year-end.
In India, aluminium demand is expected to remain strong and continue to grow at a rate above GDP, supported by broad-based sectoral momentum. However, rising imports of aluminium products, including scrap, remain a key concern. Domestic producers continue to face pressure from increasing imports of rolled and foil products, particularly from China and FTA countries at competitive prices. The Government of India has taken steps to support the domestic industry through the imposition of antidumping duties on select flat rolled products and aluminium foil imports from China and Thailand to address unfair trade practices.
ii. Copper-Industry Reviews Outlook
In CY25, global copper production rose by -5.1% to 28.2 million tons, while consumption grew by -3.3% to 27.6 million tons, resulting in a surplus of -660 KT. The market remained broadly balanced in CY25, with prices elevated and volatile above $13,000 per tonne compared to approximately $9,800-$10,000 per tonne in CY25. Demand softened marginally during the period; however, supply-side risks and tariff-driven inflows led to a build-up in inventories major, even as ex-U.S. markets continued to experience relatively tight availability. Entering CY26, market sentiment remains cautious amid geopolitical uncertainties, rising exchange inventories, and elevated investor positioning. Copper prices continue to be supported by trade tensions and sharply lower treatment charges/refining charges (TC/RCs) reflecting tight concentrate supply. But factors such as inventory overhang, macroeconomic weakness in Europe, and ongoing volatility in Chinas real estate sector are expected to limit further upside; despite structurally strong demand from electric vehicles and energy transition segments.
In CY25, Chinas refined copper production rose by -9.5% to 13.4 million tons, while consumption increased by -5.2% to 16.2 million tons, leading to a market deficit of 2.8 million tons. Outside China, global production grew by -1.1%, while consumption grew by -1.5% and market continued to be in a surplus of 3.5 million tons. Looking ahead, over 665 KT of new smelter capacity is expected to be commissioned by the end of 2026. The Chinese government is also pushing for greater adoption of scrap in primary metal production. Demand continues to remain resilient, supported by strong growth in consumer durables, electric vehicles, renewable energy, power grid expansion, and even as the real estate sector continues to face ongoing pressure.
Global Production and Consumption (in Million Tons)
| Particulars | CY21 | CY22 | CY23 | CY24 | CY25 |
| Production | 24.4 | 24.8 | 25.8 | 26.9 | 28.2 |
| Consumption | 24.4 | 24.9 | 25.6 | 26.6 | 27.6 |
| Metal Balance Surplus/(Deficit) | 0.0 | 0.0 | 0.2 | 0.3 | 0.6 |
Domestic market
In FY 2025-26, domestic demand for refined copper rose by -12% to 953 KT, up from 850 KT in FY 2024-25. Imports accounted for -30% of the total demand at 290 KT, compared to 224 KT in FY 2024-25, indicating a slight increase in import dependence. The overall refined market remained stable, with growth expectations of around 6-7% in FY 2026-27.
Copper Concentrate Market
On the TC/RC front, Chinese smelters have finalised their 2026 long term copper concentrate contracts with Antofagasta Minerals at 0 cents per pound; underscoring a sharply tightening near term structural deficit in the global concentrate market. In contrast, smelters in Japan, Korea, Europe, and India remain in negotiations as they seek more favourable terms than those agreed in China. Notably, this years talks are being conducted separately by Chinese and non Chinese smelters, signalling a potential shift away from a single global benchmark toward region specific pricing. Meanwhile, in the spot market, buying terms have settled around -10 to -11 cents per pound, reflecting continued supply tightness.
Outlook:
The global refined copper demand is projected to grow by ~2 .7% in CY26 while production is expected to grow at -1.1% YoY. In India, demand is likely to reach ~1 Mn Tons in FY 2026-27. The market remained broadly balanced in CY26, with prices elevated and volatile above $13,000 per tonne (compared to approximately $9,600-$10,000 per tonne in CY25). Entering FY 2026-27, market sentiment remains cautious amid geopolitical uncertainties, rising exchange inventories, and elevated investor positioning. Copper prices continue to be supported by trade tensions and sharply lower TC/RCs reflecting tight concentrate supply. Factors such as inventory overhang, macroeconomic weakness in Europe, and ongoing volatility in Chinas real estate sector are expected to limit further upside; despite structurally strong demand from electric vehicles and energy transition segments.
iii. Novelis - Global Flat Rolled Products (‘FRP) - Industry Review & Outlook
Novelis has a proven track record of transforming and enhancing the scalability of its business through significant investment in new capacity and capabilities. These investments have enabled the company to increase the recycled content in its products, capitalise on favourable long-term market trends that are driving greater consumer demand for lightweight, sustainable aluminium products, and diversify and optimise its product portfolio. As a global leader in aluminium flat-rolled products, Novelis has leveraged this expanded capacity, broad footprint, scale, and strong customer relationships to drive volumes and benefit from favourable supply and demand dynamics across all end-use markets. Supported by improved pricing, increase in scrap inputs, operational efficiencies, Novelis has significantly enhanced the profitability of its beverage packaging and specialties products; while maintaining high margins for automotive and aerospace segments.
Recent financial performance has been impacted by continued geopolitical and economic instability, including tariffs and trade wars, that continue to generate volatility and disruption in global and regional economies. This instability caused volatility in global aluminium scrap markets and scrap pricing.
In addition, Novelis experienced two significant fire events at Oswego, New York, plant in the second half of FY 2025-26 that has impacted its volumes and profitability in FY 2025-26.
On 16 September 2025, plant located in Oswego, New York, was impacted by a significant fire. There were no injuries, as all employees were safely evacuated. The fire was contained to the hot mill area and did not impact the rest of the plant. A second significant fire occurred at the Oswego plant on 20 November 2025. Everyone working at the plant was safely evacuated and there were no injuries to employees, contractors or first responders. The fire was contained to the hot mills, finishing mill, and the hot mill motor room and did not impact the rest of the plant. Novelis has incurred costs related to repairs, clean-up, idle employees, and other costs. The plant is insured for property damage and business interruption losses related to such events; subject to deductibles and policy limits. We estimate September and November fires will result in a total negative cash flow impact of approximately $1.7 billion, including an Adjusted EBITDA impact of $100-150 million, prior to any insurance recoveries. The incidents also adversely affected FRP shipments, leading to a reduction of approximately 145 KT. Tariff costs were a headwind in FY 2025-26. However, this impact will be largely mitigated by the end of this fiscal year by securing access to additional U.S. cold rolling capacity; and improved scrap prices.
Scrap pricing and availability have improved from the challenging market conditions witnessed near the end of FY 2025-26 as competition from China has subsided. Regardless, Novelis continues to work on solutions to increase the amount and different types of scrap metal the systems can process, including sorting technologies and supply chain improvements, as market supply and demand dynamics can be unpredictable.
To further build resiliency in the business, at the end of FY 2025-26, the Company initiated actions to implement structural cost improvement and efficiency measures across the global operations to drive sustainable labour, operational and footprint efficiencies ("2025 Structural Cost Improvement and Efficiency Plan"). This is a multi-year cost efficiency goal, with a target to achieve approximately $350- 400 million in annualised savings by the end of FY 2027-28. We exited fiscal 2026 with over $200 million in run-rate cost savings.
We believe that global long-term demand for aluminium rolled products remains strong, driven by anticipated economic growth, material substitution, and sustainability considerations, including increased environmental awareness around PET plastics.
Increasing customer preference for sustainable packaging options and package mix shift toward infinitely recyclable aluminium are driving higher demand for aluminium beverage packaging worldwide. To support growing demand for aluminium beverage packaging sheet in North America, we expect to commission a 600 KT capacity greenfield rolling and recycling plant in Bay Minette, Alabama in FY 2026-27. The project is now in an advanced stage, and we estimate the total project capital cost will be in the order of $5 billion
The long-term demand for aluminium automotive sheet will continue to grow. It will be primarily driven by the benefits of lightweight aluminium in vehicle structures and components, including lower emissions and better fuel economy while maintaining or improving vehicle safety and performance. Demand is further supported by the rise of electric vehicles, where aluminiums lighter weight helps extend battery range and improve overall efficiency.
The long-term demand for building and construction and other specialty products shall grow due to increased customer preference for lightweight, sustainable materials. Demand for aluminium plate in Asia is expected to grow, driven by the development and expansion of industries serving aerospace, rail, and other technically demanding applications.
Demand for aerospace aluminium plate and sheet also remains favourable due to strong OEM build rates; but their ability to produce has been constrained by OEM supply chain instability. In the longer-term, significant aircraft industry order backlogs for key OEMs, including Airbus and Boeing, will translate into growth in the future. And, Novelis multi-year supply agreements have well-positioned it to benefit from future demand.
Novelis has articulated its 3x30 Vision as part of its commitment to advancing aluminium as the material of choice for circular solutions. The Vision targets three key objectives by 2030: raise recycled content to 75% across its product portfolio from current level at 61%; lower the carbon footprint of its rolled aluminium products to below three tonnes per tonne; and maintain industry-leading returns on invested capital through disciplined financial management.
The Company continues to voluntarily pursue Aluminium Stewardship Initiative (ASI) certification across all the operations; reflecting commitment to responsible production and sourcing. ASI collaborates with producers, customers, and stakeholders across the value chain to promote sustainability and stewardship in aluminium. To date, 22 of the plants globally and 14 scrap collection centres in Brazil have achieved both the Performance Standard and Chain of Custody certifications. For a region-wise detailed business overview, please refer to the 10K filed by Novelis Inc. dated May 19,2026 for the year ended March 31, 2026.
a. HINDALCO ALUMINIUM (India Business) Operational Overview:
Hindalcos Aluminium business delivered a strong performance in FY 2025-26, supported by favourable macroeconomic conditions, improved cost efficiencies, and disciplined operational execution. Aluminium production increased to 1.336 million tonnes in FY 2025-26 from 1.323 million tonnes in FY 2024-25, reflecting stable operations. Alumina production stood at 3.784 million tonnes in FY 2025-26, compared to 3.857 million tonnes in the previous year.
Utkal Alumina recorded production of 2.597 million tonnes in FY 2025-26 and continued to operate among the most cost-efficient alumina producers globally. It remains a key strategic asset, supporting Flindalcos domestic smelting operations through reliable supply of quality alumina, enabling overall cost optimisation across the value chain.
Note: Alumina production mentioned above represents hydrate production including specialty alumina.
Overall third-party aluminium metal sales (across all forms) increased to 1.367 million tonnes in FY 2025-26 from 1.352 million tonnes in FY 2024-25, reflecting marginal growth driven by higher upstream production.
Value-added product (Downstream) production increased by 11% to 458 Kt in FY 2025-26 from 411 Kt in FY 2024-25, driven by the ramp-up of downstream expansion projects. Correspondingly, third-party sales increased by 11% to 446 Kt in FY 2025-26, compared to 403 Kt in the previous year.
Trends of total alumina production, and aluminium production and sales in the past five years is shown in the graph:
Financial Overview:
Aluminium Upstream
Revenue for Hindalcos Aluminium Upstream business increased by 8% to Rs.41,447 crore in FY 2025-26 from Rs.38,268 crore in FY 2024-25, driven by higher average aluminium prices and incremental volumes supported by improved production.
EBITDA grew by 16% to Rs.18,884 crore in FY 2025-26, compared with Rs.16,262 crore in the previous year, supported by favourable market conditions, including higher LME prices, an improved domestic mix, increased volumes, and sustained cost efficiencies.
EBITDA margins improved to 46% in FY 2025-26 from 42% in FY 2024-25. EBITDA per tonne stood at $1,583, reflecting a growth of 9% year-on-year, and remained among the best in the industry, underpinned by strong cost competitiveness and operational efficiency.
| Description | FY26 | FY25 | % Change |
| Revenue | 41,447 | 38,268 | 8% |
| EBITDA | 18,884 | 16,262 | 16% |
Note 1: The above numbers are without elimination of Inter-segment revenue.
Note 2: In the consolidated financial statements, within the aluminium segment, the significant entities are Hindalco and Utkal Alumina International Ltd. Utkal Alumina is a wholly owned subsidiary of Hindalco and supplies a substantial quantity of its production to Hindalco hence we have analysed the combined performance of Hindalcos aluminium business along with Utkal Alumina.
Aluminium Downstream
Revenue for Hindalcos Aluminium Downstream business stood at Rs.15,938 crore in FY 2025-26, reflecting a growth of 24% year-on-year. EBITDA increased to Rs.978 crore from Rs.633 crore in FY 2024-25, registering a strong growth of 55%, driven by an improved product mix, higher sales volumes, and premiumisation.
The Downstream business achieved its highest-ever EBITDA during the year, with EBITDA per tonne of $248, up 34% year-on-year, reflecting enhanced operational performance and a continued focus on value-added products.
| Description | FY26 | FY25 | % Change |
| Revenue | 15,938 | 12,819 | 24% |
| EBITDA | 978 | 633 | 55% |
Note: The above numbers are without elimination of Inter-segment revenue.
b. COPPER
Operational Overview:
The Copper business demonstrated resilience during the year despite lower TC/RCs and reduced gold duty benefits, supported by higher sulphuric acid realisations, favourable macro tailwinds, and strong operational execution.
Production of copper cathode stood at 420 Kt in FY 2025-26, up 4% year-on-year. Production of continuous cast rods was 467 Kt in FY 2025-26, compared to 472 Kt in FY 2024-25.
Total copper metal sales (all forms) were 487 Kt in FY 2025-26, marginally lower than 491 Kt in the previous year, primarily impacted by increased imports into India affecting domestic market demand. Sales of value-added products (copper continuous cast rods) stood at 373 Kt in FY 2025-26, down 5% from 394 Kt in FY 2024-25, reflecting demand pressures.
The share of value-added products (copper cathode rods) in total metal sales was 77% in FY 2025-26, compared to 80% in the previous year.
Financial Overview:
Revenue for the Copper segment increased by 28% to Rs.69,838 crore in FY 2025-26 from Rs.54,703 crore in FY 2024-25, primarily driven by higher average LME copper prices during the year.
EBITDA for the Copper business declined by 7% to Rs.2,809 crore in FY 2025-26, compared to Rs.3,025 crore in the previous year, largely on account of lower TC/RCs, partially offset by favourable macroeconomic conditions and improved by-product realisations.
| Description | FY26 | FY25 | % Change |
| Revenue | 69,838 | 54,703 | 28% |
| EBITDA | 2,809 | 3,025 | -7% |
Note: The above numbers are without elimination of Inter-segment revenue.
NOVELIS
Operational Overview:
In FY 2025-26, Novelis total shipments were down 5% over the past year, at 3.557 million tonnes. The decline in shipments is primarily attributable to the disruption caused by the fire at the Oswego facility in Novelis North America and softness in some specialties markets due to geo-political conditions. The share of beverage can sheet shipments were 62%, automotive body sheet shipments were at 18%, and specialities and aerospace shipments were at 17% and 3%, respectively. Novelis leveraged its extensive recycling footprint and favourable market conditions to utilise 61% recycled content in its shipments in FY 2025-26.
Novelis operates in four key geographies: North America, Europe, Asia, and South America. In North America in FY 2025-26, total third-party shipments were at 1.343 MnT, down from 1.518 MnT in FY 2024-25, with shipments declining across all product end markets due to production interruptions at Oswego.
In Europe, Novelis shipped 1.003 MnT in FY 2025-26, an increase from 0.985 MnT in FY 2024-25 (up 2%), driven by increased automotive shipments to support North America following production interruptions at Oswego, along with stronger beverage packaging demand.
In Asia, Novelis shipped 0.616 MnT of rolled products in FY 2025-26 vs 0.626 MnT in the previous year, primarily due to a decline in total third-party shipments compared to the previous year, as higher volumes were directed to support North America.
In South America, Novelis shipped 0.595 MnT in FY 2025-26, down from 0.628 MnT in FY 2024-25, a decrease of 5%, primarily due to a decline in total third- party shipments compared to the previous year, as higher volumes were directed to support North America. In FY 2025-26, Novelis reported an overall EBlTDA/tonne of US$462 a decrease from US$480/tonne in the last year.
Financial Overview:
Net sales increased 7% versus the prior year to $18.4 billion in FY 2025-26, primarily driven by higher average aluminium prices, partially offset by a 5% decrease in rolled product shipments to 3,557 KT.
Adjusted EBITDA decreased 9% to $1.6 billion in fiscal year 2026 driven by an estimated negative $104 million resulting from the Oswego fires and $143 million from tariffs, partially offset by higher product pricing, lower SGSA costs, and favorable foreign exchange.
FY 2025-26 net income attributable to our common shareholder decreased 98% versus the prior year to $15 million, primarily driven by the Oswego fires, restructuring charges, and unrealised derivative losses in the current year compared to gains in the prior year, partially offset by a favorable change in metal price lag. Net income attributable to our common shareholder, excluding special items, was down 38% year-over-year to $476 million.
| Description | FY26 | FY25 | % Change |
| Net Sales | 18,434 | 17,149 | 7% |
| Adjusted EBITDA | 1,645 | 1,802 | -9% |
| Net Income/ (loss) without Special Items* | 476 | 764 | -38% |
Financial Analysis and Outlook
The Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, have been prepared in accordance with the Companies Act, 2013 (‘the Act), Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations) and Indian Accounting Standards (‘IND AS). The audited Standalone and Consolidated Financial Statement forms part of this Integrated Annual Report.
| Hindalco Standalone | Consolidated | |||
| Description | FY 2025-26 | 2024-25 | FY 2025-26 | 2024-25 |
| Revenue from Operations | 112,553 | 93,309 | 274,944 | 238,496 |
| Segment - Earnings Before Interest, Tax and Depreciation (EBITDA) | ||||
| Novelis* | 14,546 | 15,242 | ||
| Aluminium (Including Utkal) | ||||
| Aluminium Upstream | 18,884 | 16,262 | ||
| Aluminium Downstream | 978 | 633 | ||
| Copper (including DHIL) | 2,809 | 3,025 | ||
| Total Business Segment EBITDA | 37,217 | 35,162 | ||
| inter-segment Profit/ (Loss) Elimination (Net) | (512) | (376) | ||
| Unallocable Income/ (Expense) - (Net) S GAAP Adjustments | 1,392 | 710 | ||
| Total EBITDA | 17,590 | 12,558 | 38,097 | 35,496 |
| Depreciation S Amortisation (including impairment) | 2,472 | 2,097 | 9,154 | 8,864 |
| Finance Cost | 886 | 939 | 3,480 | 3,419 |
| Earning before Exceptional Items, Tax & Share in Profit/ (Loss) in Equity accounted Investments | 14,232 | 9,522 | 25,463 | 23,213 |
| Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax) | (4) | 3 | ||
| Earning before Exceptional Items and Tax | 14,232 | 9,522 | 25,459 | 23,216 |
| Exceptional Income/ (Expenses) (Net) | - | - | (6,963) | (879) |
| Profit Before Tax (After Exceptional Items) | 14,232 | 9,522 | 18,496 | 22,337 |
| Tax Expense | 4,152 | 3,135 | 5,105 | 6,335 |
| Profit/ (Loss) After Tax | 10,080 | 6,387 | 13,391 | 16,002 |
‘As per US GAAP
Appropriations to Reserves: *
| Hindalco Standalone | ||
| Appropriations to Reserves: * | FY 2025-26 | 2024-25 |
| Opening Balance in Retained Earnings and Other Comprehensive Income | 32,713 | 26,174 |
| Total Comprehensive Income for the Current Year | 7,724 | 7,328 |
| Dividends paid | (1,110) | (778) |
| Hedging (Gain)/ Loss and cost of hedging transferred to non-financial assets | (26) | (9) |
| Employee Share Based Transactions | 6 | (2) |
| Transferred to Debenture Redemption Fund | - | - |
| Closing Balance in Retained Earnings and Other Comprehensive Income | 39,307 | 32,713 |
*Standalone Basis
Dividend
For the year ended March 31, 2026, the Board of Directors of your Company has recommended a dividend of 500% ( Rs.5 per equity share of face value Rs.1 each), compared to Rs.5 per equity share in the previous year.
CONSOLIDATED FINANCIAL STATEMENTS
Revenue
Hindalcos consolidated revenue increased by 15% to Rs.274,944 crore in FY 2025-26 from Rs.238,496 crore in FY 2024-25, primarily driven by favourable macroeconomic conditions, including higher aluminium and copper prices. The graphs below show the split of consolidated revenues by businesses in FY 2025-26 and the trend of revenues over the past five years.
Consolidated Earnings Before Interest Tax Depreciation and Amortisation (EBITDA)
Consolidated EBITDA for FY 2025-26 increased by 7% to Rs.38,097 crore from Rs.35,496 crore in FY 2024-25, driven by higher profitability in the Aluminium Upstream and Downstream and stable copper businesses.
EBITDA margins stood at 13.9% in FY 2025-26, compared to 14.9% in the previous year, reflecting changes in segment mix and cost dynamics during the year. The graphs show the consolidated EBITDA split by businesses in FY 2025-26 and trends over the past five years.
Finance Cost
Finance cost was increased by 1.78% at Rs.3,480 crore in FY 2025 26 from Rs.3,419 crore in FY 2024 25 mainly due to fresh borrowings availed in the current year by AV Minerals (Netherlands) N.V. and infused as equity in Novelis during the year.
Depreciation and amortisation (including net impairment loss/ (reversal) of non-current assets)
Depreciation and amortisation (including net impairment loss/(reversal) of non-current assets) increased to Rs.9,154 crore in FY 2025-26 from Rs.8,864 crore in FY 2024-25 primarily due to Major capitalisation done in FY 26 (Aditya Foil, Aditya FRP and Taloja Fin Coating line). These included Rs.191 crore towards impairment of property, plant and equipment, and Rs.32 crore for Capital Work-in-Progress & Rs.101 crore towards Intangible Assets.
Exceptional Income/(Expense)
In FY 2025-26, total exceptional expenses amounted to Rs.6,963 crore, as compared to Rs.879 crore in FY 2024-25. The significant increase was primarily attributable to the impact of major fire incidents at the Oswego, New York plant on 16 September 2025 and 20 November 2025, which resulted in a temporary suspension of operations.
No injuries were reported, as all employees were safely evacuated. The incidents led to damage of property, plant and equipment amounting to Rs.318 crore and inventory write-downs of Rs.1 crore. In addition, Novelis incurred idle fixed costs of Rs.32 crore, repair and clean-up expenses of Rs.2,271 crore, excess fulfilment costs of Rs.5,356 crore, and other related expenses of Rs.95 crore. These impacts were partially offset by property insurance recoveries of Rs.716 crore recognised during the year.
On June 30, 2024, our plant located in Sierre, Switzerland was impacted by exceptional flooding caused by unprecedented heavy rainfall. There were no injuries, as all employees were safely evacuated; however, water entered the plant premises and plant operations were halted for several weeks. Plant operations have since fully resumed. However, as a result of this event, the Company recognised impairment on property, plant and equipment and write down on inventory, Further during the previous year ended March 31, 2025, the Novelis incurred costs resulting from the shut down of the facility and efforts to restore operations, including idle fixed costs, repairs and clean-up costs, excess costs to fulfil customer contracts and other costs total amounting to Rs.1,169 crore ($ 139 Million) and last year insurance recovered amount is Rs.290 crore. During the current year, Novelis recognised property insurance recoveries of Rs.394 crore ($ 43 Million).
Taxes
Provision for taxes was at Rs.5,105 crore in FY 2025-26 against Rs.6,335 crore in FY 2024-25. This decrease was due to exceptional expenses amounting to Rs.6963 crore related to Oswego fire accounted in FY 2025-26, and during the year ended March 31, 2026, the Company elected to exercise the new tax regime (Section 115BAA of the Income-tax Act, 1961) permitted thereunder with effect from April 1, 2026. Accordingly, deferred tax balances as at March 31, 2026, have been remeasured based on the tax rates applicable under the new tax regime. This has resulted in a write-back of net deferred tax liability amounting to Rs.505 crore and the reversal of a net deferred tax asset of Rs.210 crore, which had been recognised in profit and loss and Other Comprehensive Income, respectively, for the year ended March 31, 2026.
Profit/ (Loss) after tax
Profit After Tax (PAT) in FY 2025-26 was at Rs.13,391 crore from Rs.16,002 crore a year ago. The net profit margin in FY 2025-26 was at 4.87% Vs 6.71% in FY 2024-25.
Consolidated Net Debt to EBITDA
The consolidated balance sheet continued to remain strong with the Net Debt to EBITDA at 1.83 times at the end of March 2026 Vs 1.06 times at the end of March 2025. (Net Debt to EBITDA = Consolidated Net Debt/EBITDA)
Note: EBITDA = TTM Adjusted Segment EBITDA (excluding treasury income)
Key Financial Ratios
i. Debtors Turnover (Days)
The Consolidated Debtors turnover days on 31st March 2026 were 31 days compared to 28 days on 31st March 2025. This replicates the Companys consistency in managing its credit with customers and underscores the Companys strong financial position with respect to its customers. Debtor Turnover (Days) is calculated as Average Debtors/Total Consolidated Sales 365 days.
ii. Inventory Turnover (Days)
The Consolidated Inventory Turnover days on 31st March 2026 was at 83 days Vs 69 days at the end of 31st March 2025. Inventory (days) is calculated by dividing the Average Inventory by Revenue from Operations * 365 days.
iii. Interest Coverage Ratio
The Consolidated net interest coverage ratio on 31st March 2026 stands at 10.95 times compared to 10.4 times on 31st March 2025. This is higher compared to the previous year due to higher earnings (EBIT). This ratio reflects the Companys ability and strength to meet its interest obligations.
iv. Current Ratio
The Consolidated Current/Liquidity Ratio as on 31st March 2026 stands at 1.21 times Vs 1.56 times at the end of 31st March 2025.
v. Debtto Equity Ratio
The Consolidated Debt-to-Equity Ratio as on 31st March 2026 is well below l.Ox, at 0.73 times compared to 0.52 times as on 31st March 2025. This is indicative of the Companys strong balance sheet and ability to meet its current short-term obligations.
vi. Return on Net Worth (RoNW)
The Consolidated Return on Net Worth as on 31st March 2026 is 10.29%, compared to 13.92% on 31st March 2025. This decrease was primarily because of decline in Profit After Tax. This is calculated as Profit After Tax/Average Net Worth
vii. Operating Margins
The Consolidated operating margins for FY 2025-26 stands at 12.81% Vs 13.75% in FY 2024-25 indicating stable operating profit in the reporting period compared to the previous year. Operating Margin is calculated as Operating Profit/Net Sales.
viii. Net Profit Margins
The Consolidated Net Profit Margins as on 31st March 2026 stands at 4.87% compared to 6.71% as on 31st March 2025. The decrease is on account of exceptional expenses recorded during the reporting period. It is calculated as Net Profit/Net Sales.
Consolidated Cash Flow
Cash generated from operations for Hindalco Consolidated stands at Rs.10,250 crore in FY 2025-26 Vs Rs.24,410 crore in FY 2024-25.
The table below shows the comparative movement of cash flows in FY 2025-26 Vs FY 2024-25:
| Consolidated | ||
| Particulars | Year ended 31-03-2026 | Year ended 31-03-2025 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Operating Cashflow before working capital changes | 30,963 | 32,198 |
| Changes in working capital | (14,237) | (2,321) |
| Cash generated from operations before Tax | 16,726 | 29,877 |
| (Payment)/Refund of Direct Taxes | (6,476) | (5,467) |
| Net Cash generated/ (used) -Operating Activities - Continuing Operations | 10,250 | 24,410 |
| Net Cash Generated/ (Used) - Operating Activities - Discontinued Operations | - | - |
| Net Cash Generated/ (Used) - Operating Activities (a) | 10,250 | 24,410 |
| CASH FLOW FROM INVESTMENT ACTIVITIES | ||
| Net Capital Expenditure | (29,758) | (20,404) |
| Disposal of Investments in Subsidiaries/Businesses (Net) | 53 | |
| (Purchase) / Sale of treasury instrument (Net) | (1,188) | (7,148) |
| Acquisition of business, net of cash acquired | ||
| Investment in equity accounted investees | (137) | (12) |
| Loans B Deposits (given) / received back (Net) | 1,933 | 1,879 |
| Interest and dividends received | 1,201 | 857 |
| Investment in Equity Shares at FVTOCI | - | (130) |
| Others | 1,313 | 219 |
| Net Cash Generated/ (Used) - Investing Activities (b) | (26,583) | (24,739) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Treasury shares acquired B Proceeds from Shares Issued by ESOP Trust | (117) | (104) |
| Net Debt inflows | 26,105 | 3,110 |
| interest B Finance Charges paid | (4,791) | (4,044) |
| Dividend Paid (including Dividend Distribution Tax) | (1,110) | (778) |
| Net Cash Generated/ (Used) - Financing Activities (c) | 20,087 | (1,816) |
| Net lncrease/(decrease) in Cash and Cash Equivalents (a) +(b) + (c) | 3,754 | (2,145) |
HINDALCO STANDALONE PERFORMANCE
On a standalone basis, the Company reported revenue of Rs.112,553 crore in FY 2025-26, compared to Rs.93,309 crore in FY 2024-25, reflecting a growth of 21%, primarily driven by favourable macroeconomic conditions.
EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) stood at Rs.17,590 crore, registering a growth of 40% year-on-year, supported by a favourable pricing environment, stable operations, and consistent performance across segments.
Depreciation (including net impairment loss/(reversal) of non-current assets) increased by 18% to Rs.2,472 crore in FY 2025-26 from Rs.2,097 crore in the previous year, mainly attributable to capitalisation of new projects, particularly in the Aluminium Downstream business.
Finance costs declined by 6% to Rs.886 crore in FY 2025- 26, compared to Rs.939 crore in FY 2024-25. The reduction was primarily due to lower interest rates and capitalisation of interest on assets, partially offset by higher average borrowings during the year
Profit before tax (before exceptional items) stood at Rs.14,232 crore in FY 2025-26, registering a growth of 49% over the previous year. This was driven by strong EBITDA performance in the Aluminium Upstream and Downstream businesses, along with stable performance in the Copper segment.
Net profit for FY 2025-26 stood at Rs.10,080 crore, compared to Rs.6,387 crore in FY 2024-25, reflecting a growth of 58% year-on-year.
Business Outlook
Hindalco enters FY 2026-27 from a position of strength, underpinned by robust business fundamentals; and a well-defined strategic roadmap aligned to powerful global megatrends in energy transition, electrification, mobility, and sustainable packaging. The Company is sharply focused on disciplined capacity expansion, structural cost optimisation, accelerating downstream value addition, and leveraging digital-led efficiencies to drive sustained competitiveness. Supported by a resilient operating base, strong balance sheet, and a clear focus on premiumisation and sustainability; Hindalco is well-positioned to capture growth opportunities while navigating near-term macroeconomic and geopolitical volatility.
Hindalcos evolution into an innovation-led, customercentric, and sustainability-driven metals powerhouse continues to accelerate. Built on a decade of operational excellence, prudent capital allocation, and responsible growth, the Company is steadily shaping a future-ready portfolio across aluminium and copper both in India and through Novelis; reinforcing its position as a global leader in value-added and circular solutions.
At the core of Hindalcos strategy lies a dual focus: driving high-margin growth through downstream expansions and specialty products; and reinforcing its position as a global leader in sustainable, low-carbon aluminium and copper solutions.
Despite near-term global headwinds such as inflation, volatile scrap markets, and elevated interest rates impacting certain segments like construction; Hindalco has maintained robust financial discipline.
Hindalcos Aluminium business in India remains firmly positioned in the first quartile of the global cost curve, underpinned by access to captive alumina and coal, backward integration, and a growing share of renewable energy. The business is currently executing expansions across its smelters and refining operations in Aluminium and Copper businesses.
Hindalco is also progressing on downstream projects like the Aditya FRP which is now scaling up and Battery enclosures which is now running at its optimal levels strengthening our position in high-value, and premium aluminium products.
Hindalco is among the top three global specialty alumina players, catering to niche segments like flame retardants, ceramics, catalysts, and electronics. The Company aims to double this to 1MTPA by FY 2029-30; with the commissioning of a new precipitated hydrate plant and an upcoming white fused alumina facility in Belagavi.
Hindalcos Copper business is in the midst of a significant scale-up, driven by a brownfield smelter expansion at Dahej (from 421 KTPA to 721 KTPA) and the commissioning of Indias first copper and multi-metal recycling facility at Pakhajan, Gujarat. The business is commissioning a 25 KTPA Inner Grooved Tube plant in this year to cater to the growing air conditioning sector in India.
Hindalcos strategic imperatives centre on strengthening its upstream and downstream businesses; deepening its commitment to sustainability, and delivering superior stakeholder value. H indalcos strategic focus is to double down on upstream capacities through significant investments in aluminium and copper smelter expansion, and a greenfield alumina refinery. On the downstream side, Hindalco is targeting to quadruple its downstream EBITDA by FY 2029-30 over FY 2023-24 base by scaling its value- added portfolio in aluminium, copper, specialty alumina, and recycling.
Despite near-term pressures in construction and certain specialty markets, long-term demand drivers remain strong. Beverage packaging demand is projected to grow at 4% CAGR (ex-China) through FY 2026-31, driven by sustainability trends. Automotive aluminium demand is expected to rise at 3-5% CAGR from 2026 to 2031, as automakers increasingly adopt aluminium for lightweighting. Aerospace aluminium demand also continues to strengthen, supported by OEM order backlogs and multi-year contracts. Specialties aluminium products are used in diverse markets, including building and construction, commercial transportation, foil and packaging, and commercial and consumer products, and generally grow at G DP rates.
Research, Development & Technology
The Companys Research, Development & Technology (RD & T) activities are managed by a dedicated technology team of Hindalco Innovation Centres. Development of in- house sustainable technology solutions for core processes is now the focus of RD&T function. Teams continue to advance the development and commercialisation of premium, differentiated products while strengthening competitive cost position and enhancing product quality; through process improvements and the adoption of new process technologies.
To support these objectives, we are actively managing a balanced portfolio of short-term and long-term technology programmes across six Hindalco Innovation Centres, in close collaboration with the ABG Corporate Technology Centre (ABSTC) and leading external research institutions. During Last year a new Hindalco Innovation Centre was established at Mahan to demonstrate in-house aluminium smelting technology solutions; and provide technical support to smelters and new projects. The booster section for demonstration of in-house technology of 400+KA pot design with magnetic compensation loop was successfully commissioned through collaboration between HIC- Aluminium, ABSTC, and Hindalco Mahan Smelter team.
During the reporting year, Hindalcos technology team continued to drive sustainability and environmental stewardship by enabling greener processes through value-added products and applications. These initiatives supported the plants in mitigating challenges related to raw material quality, reducing specific energy consumption and carbon footprint; enabling cost effective management of waste generated during processing, and recovering value from by-products and waste products.
The Technology team also provided support to major expansion in capex projects by contributing to technology selection and evaluation of technology packages. During the reporting year, the technology function initiated specific programmes such as in-house 300kA potline technology development and battery materials.
The Company also advanced digitalisation programmes on developing advanced process models and dashboards, in collaboration with the Digital team to provide vital insights to operations and maintenance teams to achieve desired process performance. The technical competencies developed through these initiatives are expected to play a significant role in the adoption of advanced technologies, enhancing operational performance and strengthening new products and applications pipeline.
Bauxite & Alumina RD&T:
The Hindalco Innovation Centre for Alumina (HICA), Belagavi, continued its journey of excellence in bauxite and alumina research, driving process innovation, product development, and strategic technical support for Hindalcos alumina refineries. The Centre remained focused on the characterisation and validation of diverse bauxite sources, process optimisation across critical Bayer process stages, and development of advanced speciality alumina and alumina hydrate (ATH) products.
To support the operational and technological requirements of Hindalcos four alumina refineries, HICA undertook extensive processability studies on multiple new bauxite types and identified optimal operating conditions for desilication, digestion, clarification, and precipitation through design-of-experiments and laboratory simulations. The centre also focused on impurity ingress mapping and control strategies, enhancement of overall alumina recovery, and standardisation of KPIs and analytical protocols.
HICA played a key role in supporting the design development of the upcoming Aditya Refinery by providing critical technical inputs. These included SysCAD-based mass and energy balance simulations, comprehensive processability assessments of the source bauxite, characterisation of bauxite residue; and evaluation of speciality chemicals to enable process optimisation and performance enhancement.
In the area of specialty alumina, HICA collaborated closely with the marketing and operations teams to develop new products for applications across refractory materials, industrial and electronic ceramics, semiconductors, polishing and abrasives, wire and cable insulation, and flame-retardant polymers and composites.
During the reporting year, three new products were successfully commercialised, while over 25 additional products and applications progressed through various development stages.
Key Development Areas Included:
Pilot scale boehmite production for battery applications, spherical alumina for thermal interface materials, ultra low soda alumina for advanced ceramics, high purity alumina for semiconductor uses, alumina based formulations for investment casting, and superfine hydrates for flame retardant cables; were developed during the reporting year. HICA also filed three patents and presented 18 technical papers at national and international conferences, highlighting progress in high value alumina applications. Collaboration remained a key strength, with successful partnerships across customers, academia, technology providers, and government institutions, including completion of the NITI Aayog-guided red mud utilisation project.
Primary Aluminium RD&T:
In FY 2025-26, HIC Aluminium Smelting collaborated closely with ABSTC and Smelter teams to transition a set of critical smelting technologies from the Design stage to structured plant validation. During the year, progress continued Hindalcos high amperage roadmap, with focused efforts on pot design validation and readiness, including demonstration of the 400+kA booster section to support future amperage ramp up plans at the Mahan Smelter. These initiatives were undertaken with a clear emphasis on operational feasibility, system integration, and alignment with existing potline infrastructure, ensuring that technology development remained strongly connected to plant requirements and long term upgrade plans.
A key milestone during the reporting period was the successful piloting of the Magnetic Compensation Loop across a set of 10 pots. The pilot demonstrated an increase in operating amperage along with measurable energy savings and improved operational stability, validating the effectiveness of magnetic field optimisation under higher amperage conditions. The outcomes generated from this pilot provided important operating insights and strengthened confidence for future scale up.
Development activities for next generation 300 kA potline technology were initiated; aimed at establishing a robust technical foundation for future smelter configurations and supporting incremental productivity enhancement.
Simultaneously, development of an indigenous pot control system progressed at the Aditya and Hirakud smelters, with the objective of strengthening in house capability for core pot control functions and reducing long term reliance on external technology suppliers.
Alongside these efforts, plant trials such as anode coating were supported to reduce net carbon consumption and enhance anode performance.
Collectively, these initiatives contribute to the development of strong internal smelting capability and position Hindalcos smelting operations for sustained improvements in productivity, energy performance, and operational control.
Aluminium Downstream RDST:
During the reporting year, Aluminium downstream RD&T achieved strong progress in developing advanced aluminium solutions for automotive and consumer applications. The team successfully developed and qualified new automotive crash grade and high strength alloys for front and side crash components through optimisation of alloy chemistry, heat treatment, die design, and extrusion processes.
These alloys demonstrated improved strength, energy absorption, and bendability, enabling qualification programmes with multiple automotive OEMs in India and Europe. In parallel, HIC SemiFab developed and qualified cosmetic grade extrusions for anodised mobile phone enclosures, meeting stringent requirements for surface finish, dimensional accuracy, and drop test performance. This included process qualification for high volume production and initiation of next generation product development.
Within the semi-fabricated and industrial products portfolio, Aluminium downstream RD&T strengthened customer value through process innovation and import substitution initiatives. The team developed an inline solutionised 6021 T4 alloy wire rod, improving processing efficiency and achieving qualification with multiple customers. For two wheeler front fork tubes, optimised alloy chemistry and heat treatments practices reduced surface defects and peripheral coarse grains thickness, paving way towards customer qualifications and progressive replacement of imported billets. Additionally, significant progress was made in ULG foil stock development, improving reliability, reducing pinholes and breaks, and enabling readiness for foil gauges below six microns. Collectively, these achievements expanded market opportunities, reduced customer rejections; and reinforced HIC SemiFabs capability to deliver high quality, application ready aluminium solutions.
HIC Tribology and Coatings Technology
The HIC Tribology & Coating Technology team continued to enhance Hindalcos competitiveness across both downstream and upstream businesses through focused development of rolling lubricants, tribological solutions, and application specific functional coatings, aligned with both customer expectations and plant operating requirements.
In the area of tribology, the team worked closely with operations and business units to optimise lubrication performance, wear control, and surface finish, thereby improving process robustness in rolling and forming operations and ensuring consistent quality across multiple product streams. A structured programme of laboratory scale and plant scale trials was carried out on rolling oils, forming lubricants, and release agents to address challenges related to surface finish, strip cleanliness, pick up, and tool wear.
These trials were executed in close coordination with plant teams, enabling effective translation of laboratory findings into stable operating practices on the shop floor.
The coating technology team advanced the development and deployment of application specific coating solutions, including AC fin coatings, closure stock coatings, aluminium composite panel (ACP) coatings, and roofing sheet coatings, aimed at improving corrosion resistance, aesthetic appeal, cleanability, and formability under demanding end use conditions. The overall approach integrated laboratory to plant translation, systematic qualification testing, and structured performance validation, facilitating faster adoption of new formulations and delivering measurable improvements in productivity, quality consistency, and customer satisfaction.
Copper RD&T:
In pyrometallurgical area under copper plant,
(i) ETP gypsum replacement for limestone laboratory trials and pilot scaling was successfully demonstrated at NT KGPand Smelter III, BC, Dahej. The tests demonstrated the feasibility and sustainability of using waste gypsum in the Mitsubishi process. To address dusting-related engineering challenges during gypsum addition, granulation studies have been initiated and are currently in progress.
(ii) To assess the impact of excess oxygen in weak acid formation from smelter III process, plant trials were conducted to optimise oxygen/enriched-air feeding to the lance; resulting in reduced weak-acid generation during trials.
(iii) Support to the Cu5 project: Technological evaluation of design of SCF, WHB and FSF are being critically evaluated using detailed CFD analysis for design finalisation.
(iv) Initiated the collaboration with academia & CSIR labs for Copper E-waste recycling project.
In the Refining area of the copper plant,
(i) Plant-Scale Validation for Flowrate Optimisation to Improve Productivity and Copper Cathode Quality: Improved electrolyte flowrates resulted in better mass transfer, supporting operation at higher current densities. The increased current density enabled higher productivity without requiring additional electrolysis cell infrastructure, while maintaining cathode morphology and chemical quality within LME specifications. Refinery-3 is currently undergoing a scheduled shutdown for pipe cleaning to remove internal scaling, which is expected to further improve flowrates and enable sustained operation at the higher current density.
(ii) Nickel Recovery from Refinery Electrolyte Bleed
(Process development and optimisation): Completed technology evaluation for Copper V, considering recovery efficiency, ease of operation, and economics. The nickel Carbonate recovery route was finalised as the preferred option, and a patent was granted to Hindalco in FY 2025-26.
Novelis RD&T:
Novelis conducts R&D activities to meet current and future customer requirements, improve products, and reduce conversion costs. It has a global research and technology center in Kennesaw, Georgia, which offers state-of-the- art R&D capabilities to help meet the global long-term demand for aluminium used across all product markets and geographies. It also has a global engineering and technology center in Spokane, Washington, specialising in molten metal processing and casting; automotive research and technology centres in Shanghai, China and Sierre, Switzerland; a research and technology center specialising in the development of new products and processes for beverage packaging and specialties customers in Gottingen, Germany; an automotive customer solution center in Detroit, Michigan; a beverage packaging customer solution center in Sao Jose dos Campos, Brazil; an R&D laboratory to advance carbon neutral solutions for aluminium manufacturing in Sierre, Switzerland; and aerospace innovation centres in Koblenz, Germany and Zhenjiang, China.
it also established a series of collaborative programmes with NTs, CSIR labs, and both national and international start-ups to build competencies in select focus areas and create long-term value. These partnerships, combined with in-house research efforts, have led to a twofold increase in patent applications and a significant rise in research publications in international journals and conferences.
Sustainability
Hindalcos approach to value creation is anchored in the belief that long-term business performance and responsible stewardship are inherently interlinked. This commitment continues to receive global recognition, with the Company featuring in the Top 1% in the Aluminium Industry in the S&P Global Corporate Sustainability Assessment (CSA) 2026, achieving a score of 89/100 and maintaining its leadership position among global peers. Hindalco also sustained strong performance across ESG ratings, including EcoVadis, where it secured a rating in the 90th percentile, reflecting consistent progress across environmental, social, and governance parameters.
Sustainability governance remains firmly embedded at the highest levels of the organisation. The Board-level ESG and Risk Committee provides strategic oversight, while the Apex Sustainability Committee, chaired by the Managing Director, drives execution and monitors progress. This governance framework ensures that sustainability priorities are effectively translated into action across businesses and operational sites.
The Company continues to make steady progress on its climate commitments, with its Net Zero by 2050 ambition remaining on track. Renewable energy capacity reached 470 MW in FY 2025-26, with a clear roadmap to scale up to 1,514 MW by FY 2027-28, supporting the decarbonisation of operations and transition towards a low-carbon future.
A key milestone during the year was the operationalisation of 65 MW renewable energy RTC at Aditya Aluminium, marking a first-of-its-kind initiative in Indias commercial and industrial segment.
During the year, water stewardship efforts were strongly focused on improving operational efficiency and strengthening infrastructure. Key interventions included optimisation of Effluent Treatment Plants (ETPs) and Sewage Treatment Plants (STPs), enhancements in cooling tower performance, and deployment of advanced technologies such as RO, MVR, and condensate recovery systems, along with expansion of rainwater harvesting systems across sites. These measures contributed to improved water performance, with 19.86 million m3 of water recycled and reused in Aluminium operations in FY 2025-26. In copper operations, 1.92 million m3 of water was recycled and reused. The Company harvested 18 million m3 of rainwater, of which 5.6 million m3 was utilised in operations. Focused initiatives at water stressed sites continued to drive efficiency improvements and strengthen water resilience across operations.
Hindalco also advanced its biodiversity agenda with increased emphasis on ecological restoration and plantation initiatives. During the year, plantation drives across plants and mines focused on native species and improved survival rates, alongside structured rehabilitation of mined-out areas. The Company carried out plantation of over 8.55 lakh saplings in FY 2025-26, taking the total cumulative plantation to ~6.3 million saplings. In addition, -1.3 lakh mangrove saplings were planted near Dahej, supporting coastal ecosystem conservation. Other initiatives included transplanting of over 1,600 trees, development of 1.6 hectares of butterfly gardens, and removal of invasive species across 7 hectares. Site-level Biodiversity Management Plans continue to guide progress towards the long-term goal of no net loss of biodiversity.
In line with its circular economy strategy, the Company made significant progress in recycling and resource efficiency. During the year, Hindalco commissioned an aluminium recycling facility with a capacity of 50 KT and progressed the establishment of a copper recycling facility with a planned capacity of 60 KT, further strengthening its ability to increase recycled inputs and reduce dependence on primary raw materials.
The Company also improved its overall waste utilisation to 88% in FY 2025-26, driven by higher utilisation of bauxite residue, ash, and copper slag across cement, infrastructure, and industrial applications. As part of its zero waste to landfill ambition, 9 plants achieved Zero Waste to Landfill certification during the year, reflecting continued progress toward eliminating landfill dependency. Ongoing collaboration with industry, academia, and technology partners is further expanding the utilisation potential of key waste streams and reinforcing circularity within operations.
On product stewardship and certification, the Company continued to build a lifecycle-led approach to sustainable product development. Life Cycle Assessment (LCA) studies were undertaken for key products, supported by internal capability-building initiatives and technical assessments. These efforts are helping embed sustainability considerations into product design, improve transparency, and align offerings with evolving customer and regulatory expectations.
Overall, Hindalco remains focused on embedding sustainability into its core business strategy, with continued emphasis on resource efficiency, circular economy, biodiversity conservation, and responsible sourcing. These efforts are expected to further strengthen operational resilience and support long-term, sustainable value creation for all stakeholders.
Our sustainability initiatives and outcomes are detailed in the ‘Our Capitals section of this report.
Safety
At Hindalco, safety goes beyond compliance—it is a deeply embedded value and a firm commitment to protecting the health, safety, and wellbeing of employees and all stakeholders, including communities, consumers, suppliers, and business partners. The Companys Health and Safety Policy is implemented consistently across all plants and mines through robust occupational health and safety (OHS) management systems, clearly defined standards, and strong governance mechanisms.
During the year, Hindalco recorded a Lost Time Injury Frequency Rate (LTIFR) of 0.22 and aTotal Recordable Injury Frequency Rate (TRIFR) of 0.74. The Company also deeply regrets the loss of three personnel during the year; and extends sincerest condolences to their families and all those affected. Hindalco remains resolute in its commitment to preventing harm and continues to strengthen systems, controls, and leadership accountability to ensure the safety of every individual across operations and communities.
To reinforce safety governance and leadership ownership, Hindalco conducted corporate-level cross-entity safety audits led by business heads across units. These audits strengthened visible leadership engagement on the shop floor, reinforced accountability for safety at all levels, and enhanced the consistency and effectiveness of safety governance across business units.
Our Behaviour-Based Safety (BBS) programme achieved a significant milestone in FY 2025-26, with more than 560,000 safety observations recorded. The programme encourages universal participation, empowering employees at all levels to proactively identify unsafe acts and conditions. The BBSO framework was further strengthened through leadership-led interventions such as Safety Management Walkdowns and Night Duty Officer (N DO) rounds, enabling operations to be maintained within an As Low as Reasonably Possible (ALARP) risk environment.
In FY 2025-26, Hindalco invested over 1.83 million manhours in safety training for direct employees and contract workers. A robust safety capability pipeline was created through the development of 295 Subject Matter Experts (SMEs) across key safety standards, covering all units and mines. Each unit safety task force and statutory committee included at least two trained SMEs, developed in collaboration with internal and external agencies.
Apex Integrated Health Committee drives all four pillars of Integrated Health—Preventive, Promotive, Curative, and Rehabilitative care—and provides strategic oversight of occupational health risk management across operations. To address nutritional deficiencies, a focused study was conducted in June 2024 by Hindalcos medical expert subcommittee across eight units, covering 1,861 Vitamin D3 and 1,803 Vitamin B12 samples from employees working in diverse plant environments. Based on the findings, Vitamin D3 and B12 supplements were distributed to 40,570 employees (regular and contract) across 19 units during FY 2024-25, covering about 80% of the workforce. Results from the FY 2024-25 annual medical check-ups indicated improved employee health indicators.
To address heat stress risk, a qualitative assessment across units, evaluating 740 workplaces and activities, of which 170 were identified as high risk. This was followed by quantitative assessments using the Thermal Work Limit (TWL) methodology at 14 sites, narrowing the exposure to 46 high-risk and 44 medium-risk workplaces and activities. The final step included physiological monitoring of 702 employees to validate work-rest regimes; 37 employees exhibiting abnormal temperature or pulse rates as per OS HA standards were counselled.
Based on these assessments, sites implemented targeted engineering and administrative controls, including revised work-rest schedules, provision of cool rest shelters, enhanced access to drinking water, focused awareness programmes, and regular toolbox talks. This integrated approach significantly enhanced heat stress risk management maturity and workforce awareness.
Hindalco adopted a comprehensive suite of digital safety initiatives to further enhance operational safety and efficiency. These include radar-based reverse motion proximity cameras with audio-visual alerts to eliminate or significantly reduce line-of-fire risks to pedestrians during forklift reverse movements. Driver fatigue monitoring systems with integrated dashboards enable early detection of fatigue and timely alerts, helping prevent unintended collisions with pedestrians, vehicles, or fixed objects.
Vehicular safety was further strengthened through the installation of anti-toppling devices for trucks. In high- risk areas such as pot rooms, digital solutions were deployed to eliminate ALF-3 vehicle and PTM collisions arising from multiple blind zones. Heavy-duty safety mats prevent human exposure to moving machinery and reduce risks from
Advanced Al-based systems were also implemented, including human presence detection with pull-cord interlocks to enable immediate machine stoppage under unsafe conditions. Al-driven visual monitoring systems continuously track critical zones, enabling early detection of hotspots and eliminating fire risks in the Green Anode Plant associated with coke dust and pitch fumes. Additionally, intelligent inspection drones equipped with Al vision are used to monitor the health of GTC stacks, significantly reducing employee exposure to hazards related to working at heights, confined spaces, and high- temperature environments.
Human Capital
Hindalcos employees remain central to the Companys journey of Engineering Better Futures. The people-first philosophy is grounded in trust, where every individual is encouraged to take initiative, deliver with confidence, and contribute to making Hindalco a High-Performing Contemporary Organisation (HPCO). This shared trust strengthens accountability and is reflected in consistent performance as we grow by expansion across the organisation.
Through inclusive practices and thoughtful interventions, Hindalco aims to build an environment where each individual feels valued and motivated to do their best work. Focus is placed on creating a pool of talented and diversified employees who contribute in product development and growth strategies.
Hindalcos commitment to Enriching Lives continues to guide the efforts in supporting employee wellbeing, recognising contributions, and fostering open, transparent communication.
At the heart of these outcomes is a culture shaped deliberately, from the ground up. Our Shillim movement continues to provide a structured, bottom-up framework for culture building, surfacing critical behavioural rituals translated into targeted SOPs that sharpen clarity, discipline, and ownership in daily operations.
Building capability for the future means investing deeply in digital fluency. Guided by the vision of Digital First Hindalco, the HTU School of Digital serves as the cornerstone of organisation-wide enablement, with structured interventions spanning digital mindset transformation, GenAI upskilling, analytics, and project management.
For plant leaders across the Sambalpur cluster, a focused programme on building a digital mindset encourages experimentation with data tools and data-driven decisionmaking. Across upstream plants, the rollout of the AVEVA
PI system deepens capability in KPI monitoring and performance management, supported by Tech Talks and on-site workshops reaching over 1,000 participants.
Building capability runs equally deep on the functional side. The Hindalco Finance Academy, launched in November 2024, has grown into a robust learning platform for the finance community, covering Indian Accounting Standards, taxation, hedging, compliance, and emerging digital tools, engaging nearly 5,000 participants across 20 sessions in FY 2025-26. This spirit of building trust and capability extends to the shopfloor as well. Through Navug, a focused behavioural programme at Birla Copper, FIR, technical teams, and union representatives come together to strengthen mutual respect, open dialogue, and collaborative problem-solving, reinforcing the belief that capability and culture must grow in step with each other.
Flindalcos commitment to an inclusive and equitable workplace continues to deepen. Gender diversity stands at 12.56% in FY 2025-26; anchored in a culture of zero discrimination where leadership roles are filled on merit and potential. Efforts on prevention of sexual harassment go well beyond compliance. Through a cohort-specific initiative that positions Internal Committee members and leaders as active enablers of a safe and inclusive environment, focused capability-building sessions are taken directly to workstations and multiple locations; reaching over 75% of the targeted audience, with 74.1% of participants reporting greater confidence in raising concerns.
Flindalcos responsibility extends beyond the workforce. The Fluman Rights National Conference, afirst-of-its- kind national platform convened in partnership with the Fluman Rights Front of India and the National Fluman Rights Commission, continues to elevate the dialogue from regional awareness to institutional action. It drew over 600 participants from across industry, civil society, government, and communities.
Employee wellbeing at Flindalco goes well beyond conventional healthcare. Nature Cure serves as a trusted wellness destination, offering holistic, non-invasive therapies that deliver meaningful outcomes even for patients with complex and chronic conditions. Alongside physical wellbeing, Flindalco continues to take deliberate steps to strengthen mental health and psychological safety. A network of peer supporters, trained through our Emotional First Aiders programme, serves as trusted first points of contact for colleagues navigating emotional stress across multiple clusters.
The Panchkosha Wellbeing Index offers a multidimensional lens on wellbeing across five layers of human existence: Physical, Energy, Mental, Intellectual, and Spiritual. The framework moves beyond physical health to surface collective wellbeing needs and guide organisational-level interventions, aligned with balance, awareness, and purpose.
Across every initiative, every programme, and every conversation, the intent remains the same — to build an organisation where people feel valued, supported, and inspired to give their best. This commitment to people will continue to be the bedrock of everything built at Flindalco.
Internal Control Systems and Adequacy of Internal Financial Controls
The Company has a robust Internal Control System commensurate with the size, scale and complexity of its operations. The Internal Financial Control framework is designed to ensure orderly and efficient conduct of business, adherence to Company policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.
The Company has well defined policies, procedures, manuals and guidelines, including a clearly articulated delegation of authority, which are effectively implemented across business operations. A detailed Internal Financial Control checklist covering all relevant areas impacting financial reporting has been incorporated to ensure adequate controls over financial reporting. Key business risks and related controls have been identified, documented and reviewed periodically.
Internal audit is an integral part of the control framework and is conducted by an independent internal auditor appointed by the Audit Committee and Board, viz.
M/s. Ernst & Young for aluminium & copper businesses.
The internal audit function is supported by a dedicated Assurance & Control team with domain expertise. A risk based internal audit plan is followed, with a stringent grading mechanism to monitor audit observations and implementation of corrective actions. Internal auditors periodically present audit findings, including the status of follow up actions, to the Audit Committee, which reviews these observations and provides necessary directions.
During the reporting year, there were no significant changes in the Companys internal financial controls that have materially affected or are reasonably likely to materially affect the internal financial control framework, except as disclosed in the Audit Report. Overall, the internal control system is considered adequate and operating effectively in managing business risks, safeguarding assets and enhancing shareholder value.
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