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Hindalco Industries

HINDALCO NSE
₹935.80 No trade today
P/E
12.82
View as Markdown
MCP
Close 4 Nov 2026 ₹935.80 +147.40 +18.7% 1Y
Start ₹788.40

Key Fundamentals

LargecapNon - Ferrous MetalsMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.20%
Debt to Equity
0.73
EPS (TTM)
₹72.99
Book Value
₹607.80
Market Cap
—
P/E (TTM)
12.82
P/B
1.54
ROE
13.00%
Dividend Yield
0.55%
EBITDA
₹37,773 Cr
52W High
₹1,176.00
52W Low
₹770.15
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
29
Poor
Returns, margins, earnings quality 22% weight
Valuation
65
Good
Cheap vs sector & own history 24% weight
Growth
78
Strong
Sales & profit trajectory 9% weight
Financial Health
27
Poor
Solvency, leverage, coverage 9% weight
Momentum
29
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 35.2% CAGR over last 5 years

Weaknesses

2
  • Company has a low return on equity of 12.5% over last 3 years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1027
OscillatorsBearish423
Moving AveragesStrong Bearish604

Key readings

RSI (14)
56.15
Neutral
MACD (12,26,9)
−11.13
Bullish
SMA (50)
954.69
Bearish
SMA (200)
980.48
Bearish

As of

Analyst Rating

Based on 30 analysts
BUY60%

18 of 30 analysts rate Buy, 9 Hold, 3 Sell.

As of

BUY
18
60%
HOLD
9
30%
SELL
3
10%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.78%
5Y+15.81%
3Y+7.20%
1Y+15.28%
TTM+20.28%

Net profit

Net profit growth by window
10YTurned to profit
5Y+30.91%
3Y+9.87%
1Y−16.32%
TTM−3.14%

Operating cash flow

Operating cash flow growth by window
10Y−1.30%
5Y−9.87%
3Y−18.89%
1Y−58.01%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.81 pp
5Y−0.61 pp
3Y+2.54 pp
1Y−0.65 pp
TTM+0.73 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,00,184 Cr
Mar 2018₹1,15,183 Cr
Mar 2019₹1,30,542 Cr
Mar 2020₹1,18,144 Cr
Mar 2021₹1,32,008 Cr
Mar 2022₹1,95,059 Cr
Mar 2023₹2,23,202 Cr
Mar 2024₹2,15,962 Cr
Mar 2025₹2,38,496 Cr
Mar 2026₹2,74,944 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,882 Cr
Mar 2018₹6,083 Cr
Mar 2019₹5,495 Cr
Mar 2020₹3,767 Cr
Mar 2021₹3,483 Cr
Mar 2022₹13,730 Cr
Mar 2023₹10,097 Cr
Mar 2024₹10,155 Cr
Mar 2025₹16,002 Cr
Mar 2026₹13,391 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹11,493 Cr −9.5% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Hindalco Industries trades at ₹915.75 as of 2026-11-03 with a market capitalisation of ₹2,04,677 crore. The stock commands a P/E of 12.55x on a TTM EPS of ₹72.99, while carrying a debt-to-equity ratio of 0.73 and delivering an ROE of 9.8%. The company has compounded profits at 35% CAGR over five years, though returns on equity and capital employed remain single-digit on a trailing basis.

Bull Case 8
  • Strong long-term profit compounding: profits have grown at a 35% CAGR over the past 5 years and 78% over 10 years, reflecting significant earnings scale-up
  • Robust TTM top-line and bottom-line momentum: both sales and profit grew 20% on a TTM basis, indicating continued business expansion
  • Undemanding valuation at a P/E of 12.55x on TTM earnings of ₹72.99 per share, which is modest for a large-cap metals company with demonstrated growth
  • Price-to-book ratio of 1.51x is reasonable for an integrated aluminium and copper producer with global operations, suggesting limited premium over book value
  • Healthy 10-year sales CAGR of 11% and 5-year sales CAGR of 16% demonstrate the company's ability to grow revenue across commodity cycles
  • Stock has delivered a 23% CAGR return over 3 years and 19% over 10 years, outperforming broader market indices over both horizons
  • 3-year and 5-year average ROE of 13% is meaningfully higher than the current trailing ROE of 9.8%, suggesting the current period may represent a trough in profitability rather than the norm
  • The stock trades roughly 22% below its 52-week high of ₹1,176, offering a significant cushion from recent peak levels
Bear Case 6
  • Trailing ROE of 9.8% and ROCE of 9.5% are below cost-of-capital thresholds for most investors, indicating the company is not generating strong returns on deployed capital at present
  • Debt-to-equity of 0.73 represents meaningful leverage for a cyclical business, increasing earnings volatility during commodity downturns and raising interest burden risk
  • Potential capitalisation of interest costs could flatter reported profitability and understate the true cost base, warranting scrutiny of cash flow quality
  • 3-year average ROE of only 12.5% is low relative to capital-intensive peers that generate mid-to-high-teens returns, suggesting structural return limitations
  • 3-year profit CAGR of 19% and sales CAGR of 7% show a widening gap, suggesting margin expansion may be unsustainable if input costs rise or realisations fall
  • As a metals and mining company, earnings are inherently tied to global aluminium and copper price cycles, making forward earnings difficult to predict and vulnerable to macro slowdowns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

4d ago

TL;DR: A quiet period for Hindalco with only one notable development — the termination of the AluChem acquisition due to closing delays. While the deal falling through removes a potential growth lever in specialty alumina, management's reaffirmation of its high-value alumina strategy suggests alternative paths will be explored. The outlook hinges on upcoming quarterly results and global aluminium price trends.

Neutral 1
  • AluChem acquisition deal terminated Oct 01

    Hindalco terminated the acquisition of AluChem Companies due to extended closure delays. The company reaffirmed its strategy to pursue high-value specialty alumina products through other avenues.

Quarterly Results

₹ Cr
HINDALCO quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
52,991
54,169
52,808
55,994
57,013
58,203
58,390
64,890
64,232
66,058
66,521
78,133
84,825
Expenses
47,277
48,557
46,943
49,314
49,510
50,320
50,807
56,054
56,326
57,092
58,530
68,119
70,893
Operating Profit
5,714
5,612
5,865
6,680
7,503
7,883
7,583
8,836
7,906
8,966
7,991
10,014
13,932
OPM %
11%
10%
11%
12%
13%
14%
13%
14%
12%
14%
12%
13%
16%
Other Income
381
496
280
362
96
561
469
706
604
532
−2,061
−3,146
−1,236
Interest
992
1,034
944
888
859
869
817
874
754
803
881
1,042
966
Depreciation
1,786
1,843
1,874
2,018
1,892
1,932
1,939
2,118
2,080
2,155
2,220
2,375
2,337
PBT
3,315
3,231
3,327
4,137
4,846
5,643
5,295
6,550
5,676
6,539
2,829
3,451
9,393
Tax %
26%
32%
30%
23%
37%
31%
29%
19%
29%
28%
28%
25%
25%
Net Profit
2,454
2,196
2,331
3,174
3,074
3,909
3,735
5,284
4,004
4,741
2,049
2,597
7,013
EPS (₹)
10.92
9.77
10.37
14.12
13.68
17.39
16.62
23.51
17.82
21.1
9.12
11.56
31.21

Profit & Loss

₹ Cr
HINDALCO profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,04,281
98,759
1,00,184
1,15,183
1,30,542
1,18,144
1,32,008
1,95,059
2,23,202
2,15,962
2,38,496
2,74,944
2,95,537
Expenses
95,437
90,981
87,867
1,01,488
1,15,031
1,03,838
1,14,449
1,66,712
2,00,536
1,92,090
2,06,691
2,40,064
2,54,634
Operating Profit
8,844
7,778
12,317
13,695
15,511
14,306
17,559
28,347
22,666
23,872
31,805
34,880
40,903
OPM %
8%
8%
12%
12%
12%
12%
13%
15%
10%
11%
13%
13%
14%
Other Income
−832
1,500
1,198
2,879
1,127
906
−987
1,253
1,307
1,519
1,832
−4,074
−5,911
Interest
4,178
5,134
5,742
3,911
3,778
4,197
3,738
3,768
3,646
3,858
3,419
3,480
3,692
Depreciation
3,493
4,347
4,457
4,506
4,777
5,091
6,628
6,729
7,086
7,521
7,881
8,830
9,087
PBT
340
−203
3,315
8,157
8,083
5,924
6,206
19,103
13,241
14,012
22,337
18,496
22,213
Tax %
75%
245%
43%
25%
32%
36%
44%
28%
24%
28%
28%
28%
—
Net Profit
259
−702
1,882
6,083
5,495
3,767
3,483
13,730
10,097
10,155
16,002
13,391
16,400
EPS (₹)
4.14
−1.21
8.47
27.1
24.48
16.77
15.5
61.1
44.93
45.19
71.2
59.59
72.99
Div. Payout %
24%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
13%
4%
5%
6%
19%
6%
7%
8%
7%
8%
—

Balance Sheet

₹ Cr
HINDALCO balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
207
207
223
223
222
222
222
222
222
222
222
222
Reserves
38,122
40,402
45,836
54,629
57,279
58,095
66,311
77,969
94,584
1,05,924
1,23,487
1,36,361
Borrowings
68,468
67,552
63,817
52,074
52,415
68,399
67,206
64,486
60,291
56,356
65,642
99,165
Other Liabilities
34,950
32,986
36,268
40,088
42,056
41,902
55,083
79,178
68,392
68,221
74,949
1,08,933
Total Liabilities
1,41,746
1,41,146
1,46,144
1,47,014
1,51,972
1,68,618
1,88,822
2,21,855
2,23,489
2,30,723
2,64,300
3,44,681
Fixed Assets
71,959
85,648
84,687
85,088
85,860
89,195
1,00,269
1,06,874
1,10,626
1,11,810
1,16,556
1,30,251
CWIP
14,111
4,214
1,814
2,063
4,097
7,721
10,202
4,945
7,700
14,867
27,397
49,526
Investments
12,346
12,463
15,157
10,781
9,012
9,411
17,133
14,119
14,116
15,444
24,158
24,958
Other Assets
43,330
38,821
44,486
49,081
53,003
62,291
61,218
95,917
91,047
88,602
96,189
1,39,946
Total Assets
1,41,746
1,41,146
1,46,144
1,47,014
1,51,972
1,68,618
1,88,822
2,21,855
2,23,489
2,30,723
2,64,300
3,44,681

Cash Flow

₹ Cr
HINDALCO cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
7,143
11,688
12,687
10,898
11,977
12,665
17,232
16,838
19,208
24,056
24,410
10,250
Investing
−3,873
−3,220
−2,876
5,333
−5,456
−7,101
−25,280
−6,773
−7,559
−14,267
−24,609
−25,783
Financing
−2,437
−8,862
−5,552
−16,412
−5,466
6,610
−4,882
−6,765
−10,450
−10,817
−1,816
20,087
Net Cash Flow
833
−394
4,259
−181
1,055
12,174
−12,930
3,300
1,199
−1,028
−2,015
4,554
Free Cash Flow
1,427
7,636
9,818
7,942
6,009
5,933
11,715
11,483
9,571
8,378
4,006
−19,508
CFO/OP
94
166
109
94
89
89
105
73
97
112
94
48

Ratios

HINDALCO financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
32
29
30
32
32
29
36
39
27
28
30
36
Inventory Days
104
103
120
115
103
120
146
138
111
111
121
156
Days Payable
87
92
115
108
96
98
135
128
93
94
100
127
Cash Conversion Cycle
49
40
36
38
39
51
47
49
45
45
51
65
Working Capital Days
−6
4
−17
17
18
3
3
−3
13
9
23
2
ROCE %
6%
4%
8%
10%
11%
9%
9%
17%
11%
11%
15%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Hindalco Industries insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 34.66%
  • FIIs 34.43%
  • DIIs 20.97%
  • Public 5.73%
  • Others 3.98%
  • Government 0.23%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Hindalco Industries

What does Hindalco Industries Ltd do?
Incorporated in 1958, Hindalco Industries Ltd. is a flagship company of the Aditya Birla Group. The Co and its subsidiaries are primarily engaged in the production of Aluminium and Copper.
Where is Hindalco Industries Ltd (HINDALCO) listed?
Hindalco Industries Ltd trades as HINDALCO on the NSE and under code 500440 on the BSE.
Which sector does Hindalco Industries Ltd belong to?
Hindalco Industries Ltd is classified under the Metals & Mining sector, in the Aluminium industry.
What is the PE ratio of Hindalco Industries Ltd?
Hindalco Industries Ltd trades at a PE ratio of 12.82 as of 4 Nov 2026, on earnings per share of ₹72.99, against a book value of ₹607.8 per share.
What is the 52-week high and low of Hindalco Industries Ltd?
Over the last 52 weeks Hindalco Industries Ltd has traded between ₹770.15 and ₹1,176 as of 4 Nov 2026.
Does Hindalco Industries Ltd pay dividends?
Hindalco Industries Ltd has a dividend yield of 0.55%.
What is the Return on Equity (ROE) of Hindalco Industries Ltd?
Hindalco Industries Ltd reported a return on equity of 13.00%. Its debt-to-equity ratio is 0.73.

Company Information

Incorporated in 1958, Hindalco Industries Ltd. is a flagship company of the Aditya Birla Group. The Co and its subsidiaries are primarily engaged in the production of Aluminium and Copper. It is also engaged in the manufacturing of aluminium sheet, extrusion and light gauge products for use in packaging markets like beverage and food, can and foil products, etc.

Website hindalco.com
CEO Mr. Satish Pai
Employees 78,999
Listed 8 Jan 1997
Face Value ₹1

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