Hindalco Industries Limited is the metals flagship of the Aditya Birla Group, operating an integrated aluminium and copper value chain plus Novelis, a global leader in aluminium rolling and recycling, with 50 plants across ten countries and both upstream smelting and downstream premium rolled product businesses.

Q3 FY26 consolidated revenue was ₹66,521 crore (+14% YoY) while consolidated PAT fell to ₹2,049 crore due to exceptional items (Oswego fires); PAT excluding that impact would be ~₹4,051 crore, implying an underlying improvement and India business delivering an all‑time high quarterly PAT of ₹3,581 crore.

Novelis faces a temporary operational setback from Oswego hot‑mill fires which reduced shipments and raised short‑term cost‑to‑serve, but adjusted Novelis EBITDA/ton remained ~495–500$/t excluding tariffs and fire impacts, and Bay Minette 600 Kt expansion is expected to materially lift long‑term EBITDA per ton.

Hindalco is pursuing an ambitious sustainability and circularity agenda (S&P CSA score 89), large owned renewables (~522 MW FY26 exit including pumped storage), and downstream value expansion (battery foil, FRP, extrusion), aiming to quadruple India downstream EBITDA by FY30 while maintaining disciplined leverage targets.

Leverage and liquidity are focal points: consolidated net debt rose to ₹59,461 crore (Net Debt/EBITDA ~1.73x) driven by Novelis cash outflows, Bay Minette capex and working capital; management guided to maintain consolidated net leverage around 2x and is deploying group equity and structured financing to bridge near‑term needs.