Hindalco Industries
Hindalco Industries
Metals & Mining F&OKey Fundamentals
LargecapAluminiumMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoHindalco Industries, with a market cap of approximately ₹2.20 lakh crore, trades at a PE of 14x and PB of 1.68x. The company has delivered a strong 35% profit CAGR over five years and 20% TTM sales growth, though its 3-year ROE of around 12.5-13% remains modest for a metals major, and potential interest capitalization practices warrant scrutiny.
- Strong 5-year compounded profit growth of 35% CAGR, significantly outpacing the 16% sales CAGR over the same period, indicating meaningful margin expansion
- TTM sales growth of 20% and TTM profit growth of 20% suggest the business momentum remains healthy in the current cycle
- PE ratio of 14x is relatively undemanding for a company delivering double-digit earnings growth, offering potential valuation comfort versus growth delivered
- Stock price CAGR of 25% over 3 years and 21% over 10 years reflects consistent long-term wealth creation and sustained investor interest
- 10-year compounded profit CAGR of 78% shows a dramatic long-term earnings recovery and structural improvement in profitability from a low base
- Consistent ROE of 13% across 1-year, 3-year, and 5-year periods indicates stability in return generation without sharp cyclical deterioration
- PB ratio of 1.68x is reasonable for an integrated aluminium and copper producer with global operations via Novelis, suggesting the stock is not excessively priced relative to book value
- 3-year ROE of approximately 12.5-13% is low for a capital-intensive metals business, suggesting the company is not generating sufficiently high returns on shareholder equity
- Potential capitalization of interest costs, as flagged in known concerns, could mean reported profits overstate true operating earnings and inflate asset values on the balance sheet
- 3-year compounded sales CAGR of only 7% is significantly below the 5-year figure of 16%, pointing to a deceleration in top-line growth in recent years
- Dividend yield of just 0.49% is quite low, indicating limited direct income return to shareholders despite reasonable profitability
- As a metals and mining company, earnings are inherently tied to global aluminium and copper price cycles, making the 20% TTM growth potentially unsustainable in a downturn
- 10-year ROE averaging 11% versus the 5-year figure of 13% shows only gradual improvement in capital efficiency over a long horizon, suggesting structural ROE constraints
- The 1-year stock CAGR of 29% has outpaced the 20% TTM earnings growth, meaning some portion of recent stock appreciation may reflect multiple expansion rather than fundamental improvement
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- 30K-tonne PPT ATH plant live Aug 27
Hindalco commissioned India's first greenfield PPT ATH plant in Belagavi with 30,000 TPA capacity, expandable to 60,000 TPA. Facility runs entirely on renewable energy and targets import substitution for specialty alumina in halogen-free flame retardant cables.
- GIFT City JV with group cos Aug 21
Hindalco, UltraTech, and Grasim jointly incorporated UHG Holdings IFSC Pvt Ltd in GIFT City for asset financing activities, strengthening the Aditya Birla Group's operational and financial network.
- Multiple investor meets planned Sep 11
Hindalco scheduled back-to-back investor engagements: analyst/investor meetings on Sep 21-22, Jefferies 5th India Forum on Sep 16 in Gurgaon, and UBS India Summit on Sep 10 in Mumbai. No unpublished price-sensitive information expected to be shared.
TL;DR: Hindalco is executing well on capacity expansion with the commissioning of a renewable-energy-powered specialty alumina plant in Belagavi, signaling a push toward import substitution and value-added products. The GIFT City entity adds financial flexibility across the Aditya Birla Group. No material headwinds surfaced in this period, though the heavy investor engagement calendar suggests the company is actively courting institutional interest ahead of potential strategic updates. The near-term trend is constructive, with operational progress on specialty chemicals worth monitoring for margin impact.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 281 | 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 | 3,317 | 3,231 | 3,328 | 4,136 | 4,848 | 5,643 | 5,296 | 6,550 | 5,676 | 6,540 | 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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% | -82% | 13% | 4% | 5% | 6% | 19% | 6% | 7% | 8% | 7% | 8% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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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. [1]
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