Hindalco Industries (HNDL IN) – Q2FY27 Result Update – India delivers, Novelis yet to regain lost ground – BUY
Published on 07 Nov 2026
Hindalco (HNDL) delivered a strong Q2FY27, with cons. EBITDA up 43% YoY and 6% ahead of PLe, led by robust India performance and a gradual improvement at Novelis. Aluminum upstream EBITDA grew 55% on higher NSR/premiums, better volumes and strong operating performance, while downstream EBITDA rose 26% on higher shipments and improved product mix. Copper reported record EBITDA, up 164%, mainly aided by higher sulphuric and other by-product prices, along with one-off gains worth ~INR4bn. At CMP, the stock is trading at EV of 6.1x/5.5x FY28/29E EBITDA. Maintain ‘Buy’ with revised TP of INR 1,141 (earlier INR 1,113) valuing at same 7x/6.5x India/Novelis biz respectively.
