By BullScreen Editorial Team 
Hindalco Industries reported a strong operational performance in its Q4 results 2026, supported by solid growth in its India aluminium business and improving demand trends, even as challenges at global subsidiary Novelis weighed on overall profitability.
The company posted consolidated revenue from operations of ₹78,133 crore during the March quarter, marking a 20% increase from ₹64,890 crore in the same period last year. Business segment EBITDA rose 11% year-on-year to ₹10,812 crore, while profit before tax before exceptional items climbed 16% to ₹7,622 crore.
However, reported profit after tax for the quarter fell sharply by 51% to ₹2,597 crore due to exceptional impacts linked mainly to operational disruptions at Novelis. Excluding these one-time effects, adjusted profit after tax stood at ₹5,796 crore, representing a 10% annual increase.
India operations emerged as the key growth driver. Hindalco’s aluminium upstream segment generated Q4 EBITDA of ₹5,448 crore, up 13% year-on-year, with a strong EBITDA margin of 48%. Domestic sales contribution increased to 73% of total sales during the quarter compared with 65% a year earlier.
The downstream aluminium business also delivered robust growth. Shipments increased 18% to 124 Kt in the quarter, driven by strong demand for flat rolled products, foils, and extrusions. The segment reported EBITDA of ₹255 crore.
Meanwhile, Novelis faced operational disruptions from plant incidents and external pressures. Full-year shipments declined 4%, while adjusted EBITDA dropped 5%.
For FY26, Hindalco generated operating cash flow of ₹21,858 crore and increased capital expenditure by 147% to ₹31,619 crore as it accelerated expansion projects and renewable energy investments. The company maintained its return on capital employed at 20%, reflecting stable capital efficiency despite increased debt levels and expansion spending.
The Q4 results 2026 indicate that while global headwinds continue to create pressure, Hindalco’s domestic business strength and long-term investments remain central to its growth strategy.
| Metric | Q4 FY26 | YoY Change |
|---|---|---|
| Revenue from Operations | ₹78,133 Cr | ▲ 20% |
| Business EBITDA | ₹10,812 Cr | ▲ 11% |
| PBT (Before Exceptional Items) | ₹7,622 Cr | ▲ 16% |
| Reported PAT | ₹2,597 Cr | ▼ 51% |
| PAT (Before Exceptional Items) | ₹5,796 Cr | ▲ 10% |
| Segment | Q4 Performance | Key Insight |
|---|---|---|
| Aluminium Upstream | EBITDA: ₹5,448 Cr | Margin reached 48% |
| Aluminium Downstream | EBITDA: ₹255 Cr | Shipments up 18% |
| Copper Business | EBITDA: ₹907 Cr | Increased 48% YoY |
| Novelis | Shipments: 917 Kt | Impact from operational disruptions |
| Key Indicator | FY26 Data | Change |
|---|---|---|
| Full-Year Revenue | ₹2,74,944 Cr | ▲ 15% |
| Operating Cash Flow | ₹21,858 Cr | ▲ 11% |
| Capital Expenditure | ₹31,619 Cr | ▲ 147% |
| Net Debt/EBITDA Ratio | 1.83x | Higher vs 1.06x |
| ROCE | 20% | Stable |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachHis/bb071a30-9586-41a3-95e2-e60ab243a30d.pdf