Hindalco Q4 FY26: Revenue up 20%, PAT halves on fire

What changed in Hindalco’s March-quarter results

Hindalco Industries reported record consolidated revenue and EBITDA for Q4 FY26, supported by strong performance across its India aluminium and copper businesses. But the headline profit number dropped sharply due to exceptional items tied to a disruption at Novelis, its US subsidiary.

Consolidated profit after tax (PAT) fell 50.8% year-on-year (YoY) to ₹2,597 crore in Q4 FY26, compared with ₹5,284 crore in Q4 FY25. The company also missed analysts’ estimates of ₹4,312 crore, according to LSEG-compiled data referenced in the report. The March quarter was impacted by costs related to a fire at Novelis’ Oswego facility in New York.

Even as profitability was hit by one-time charges, Hindalco’s topline benefited from stronger base metal prices, including aluminium and copper. Management also pointed to cost-efficiency benefits at Novelis and record quarterly profits from the India business, which helped offset part of the disruption’s impact.

Revenue and EBITDA hit all-time highs

Consolidated revenue from operations rose 20.4% YoY to ₹78,133 crore in Q4 FY26, from ₹64,890 crore in the year-ago quarter. The report linked the jump to a sharp rise in base metal prices, including aluminium and copper.

EBITDA for Q4 FY26 came in at ₹11,197 crore, up 9% YoY. Hindalco described the quarter’s consolidated revenue, EBITDA, and PAT before exceptional items as all-time highs in both Q4 and the full year.

The company’s domestic operations continued to outperform, with Hindalco stating that its India business delivered the highest-ever quarterly and full-year revenue, EBITDA, and PAT, helped by favourable macro tailwinds.

Profit picture: strong underlying performance, weak reported PAT

Hindalco’s profit before tax (PBT) before exceptional items rose 16% YoY and 40% quarter-on-quarter (QoQ) to ₹7,622 crore in Q4 FY26. However, reported PBT after exceptional items declined 47.3% YoY to ₹3,451 crore due to exceptional losses during the quarter.

The difference between pre-exceptional and post-exceptional profitability was driven by charges related to the Oswego incident. The company reported exceptional losses of ₹4,171 crore in Q4 FY26, mainly related to the Novelis Oswego plant fire in New York.

Hindalco also reported that net exceptional expenses associated with the Oswego incidents stood at ₹4,565 crore during the quarter. These items, rather than operating weakness in India, were central to the YoY decline in consolidated PAT.

Novelis Oswego disruption: what the company said

Hindalco said Novelis incurred repair, clean-up and operational disruption costs following another major fire at the Oswego facility in November 2025. The disruption reduced shipments and hurt quarterly performance, with the report also noting continued impact from tariffs.

Novelis, described as a key revenue driver for Hindalco, posted a loss of $14 million for the quarter. Hindalco’s commentary indicated that the Oswego disruption sharply impacted profitability in the March quarter.

At the same time, the company pointed to cost-efficiency benefits at Novelis and record quarterly profits from the India business as factors that helped cushion the impact.

India business: aluminium and copper set quarterly records

Hindalco’s aluminium upstream business posted a record quarterly EBITDA of ₹5,448 crore, up 13% YoY. The report also cited segment revenue improving 11% to ₹11,418 crore, alongside EBITDA growth of 13% to ₹5,448 crore.

For the copper segment, Hindalco delivered a record quarterly EBITDA of ₹907 crore, a 48% jump. The report noted this performance despite declining treatment charges and refining charges.

The quarter also reflected an environment of high metal prices and demand from segments such as renewables and technology, which supported realizations and segment performance.

Full-year snapshot: exceptional costs weighed on FY26 PAT

For the full year, consolidated PAT fell 16.3% to ₹13,391 crore from ₹16,002 crore in the previous year, attributed to exceptional losses related to the Oswego disruption.

On the operating side, Hindalco reported that the India business EBITDA in FY26 stood at ₹22,671 crore, up 6% from FY25. In contrast, Novelis’ EBITDA declined 5% to ₹14,546 crore in FY26, with the report linking the decline to volume impact from the fire incident.

Key numbers at a glance

Market impact: what investors are likely to track

Hindalco’s Q4 FY26 results show a split between operating strength and reported earnings pressure. Record revenue and higher EBITDA suggest underlying momentum, aided by higher base metal prices and strong domestic execution.

But the quarter also highlighted operational risk from overseas assets, as exceptional charges connected to the Oswego facility reduced reported profitability materially. The reported fall in PAT and the miss versus analyst estimates were directly tied, in the report’s framing, to elevated expenses from the fire-related disruption.

For investors, the key swing factor in near-term reported earnings is the magnitude and timing of exceptional costs linked to Oswego-related repairs, clean-up and disruption. In parallel, India business record quarterly and full-year performance remains the stabilizing component cited in the report.

Why the quarter matters

The results underline how one-off events can dominate reported profits even when revenue and operating earnings are at record levels. Hindalco’s Q4 FY26 performance shows that EBITDA growth in India aluminium and copper can be strong, but consolidated profit outcomes can still be volatile when large exceptional items arise at subsidiaries.

The Oswego incident also brought attention to Novelis’ sensitivity to disruptions, with a quarterly loss reported and FY26 EBITDA lower by 5%. At the same time, Hindalco’s pre-exceptional PBT growth of 16% YoY and 40% QoQ points to better operating performance before one-time costs.

Conclusion

Hindalco ended Q4 FY26 with record consolidated revenue of ₹78,133 crore and EBITDA of ₹11,197 crore, while consolidated PAT fell to ₹2,597 crore due to exceptional expenses linked to Novelis’ Oswego fire disruption. The company’s India aluminium and copper businesses delivered record segment EBITDA, providing an offset to the overseas disruption. Investors will watch for updates on Oswego-related costs and the pace at which Novelis normalises operations after the November 2025 incident.