Hindalco posts record Q4 revenue and EBITDA; PAT drops 51% YoY on Novelis fire-related exceptional losses
Revenue from operations rose 20.4% YoY and 17.5% QoQ to a record Rs 78,133 crore during the quarter.
EBITDA stood at an all-time high of Rs 11,197 crore in Q4 FY26, up 8.8% YoY and 31% sequentially from Rs 10,296 crore in Q4 FY25 and Rs 8,543 crore in Q3 FY26.
Profit before tax before exceptional items rose 16% YoY and 40% QoQ to Rs 7,622 crore in Q4 FY26. However, reported profit before tax after exceptional items declined 47.3% YoY to Rs 3,451 crore due to exceptional losses during the quarter.
The company reported exceptional losses of Rs 4,171 crore in Q4 FY26, mainly related to the Novelis Oswego plant fire in New York. Hindalco said Novelis incurred repair, clean-up and operational disruption costs following another major fire at the Oswego facility in November 2025. Net exceptional expenses associated with the Oswego incidents stood at Rs 4,565 crore during the quarter.
On the cost front, raw material costs surged 38.2% YoY to Rs 55,890 crore in Q4 FY26 from Rs 40,430 crore in Q4 FY25. Employee expenses rose 12.6% to Rs 4,425 crore, finance costs increased 19.2% to Rs 1,042 crore, while depreciation expenses climbed 12.1% YoY to Rs 2,375 crore.
The India aluminium upstream business delivered record quarterly EBITDA of Rs 5,448 crore, up 13% YoY, aided by favourable macros and stronger operational performance. Aluminium downstream revenue increased 35% YoY to Rs 4,867 crore, while downstream EBITDA rose 16% to a record Rs 255 crore supported by favourable product mix and higher shipments.
The copper business posted record quarterly EBITDA of Rs 907 crore, up 48% YoY, despite lower treatment and refining charges. Copper revenue jumped 52% YoY to Rs 22,156 crore, supported by higher by-product realisations and strong operational performance.
At Novelis, adjusted EBITDA per tonne improved 10% YoY to $544 despite lower shipments caused by the Oswego disruption. Revenue rose 4% YoY to $4.8 billion, while adjusted EBITDA declined 3% to $459 million due to lower volumes and tariff-related impacts.
For FY26, Hindalco reported record consolidated revenue of Rs 2,74,944 crore, up 15.3% YoY from Rs 2,38,496 crore in FY25. Consolidated EBITDA rose 7.3% YoY to an all-time high of Rs 38,097 crore.
FY26 profit before tax after exceptional items declined 17.2% YoY to Rs 18,496 crore from Rs 22,337 crore in FY25. Consolidated PAT fell 16.3% to Rs 13,391 crore from Rs 16,002 crore in the previous year due to exceptional losses related to the Oswego disruption.
Net cash generated from operating activities declined sharply to Rs 10,250 crore in FY26 from Rs 24,410 crore in FY25.
The company also recorded insurance recoveries related to the Sierre, Switzerland flood incident during FY26. Hindalco recognised property insurance recoveries of Rs 394 crore as exceptional income and business interruption recoveries of Rs 376 crore under other income.
The board recommended a dividend of Rs 5 per share of face value Re 1 each for FY26. Hindalco?s consolidated net debt-to-EBITDA ratio increased to 1.83x as of 31 March 2026 from 1.06x a year earlier.
Commenting on the performance, managing director Satish Pai said the India business delivered record performance across aluminium upstream, downstream and copper operations, while Novelis demonstrated resilient underlying performance despite temporary disruptions.
Hindalco Industries, the Aditya Birla Group metals flagship, is the world?s largest aluminium company by revenues, and the world?s second largest Copper rods manufacturer (outside China). Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary Novelis, Hindalco is the global leader in flat rolled products and the world's largest recycler of aluminium. Hindalco is India's largest copper producer, serving more than half the country?s copper requirements. Its copper facility in Gujarat, India, comprises a world-class copper smelter and refinery complex, downstream facilities, and a captive jetty. Hindalco?s global footprint spans 48 manufacturing units across 10 countries.
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