Hindalco Q2 Results: Profit Jumps 59% to Record ₹7,533 Crore

Hindalco Q2 results showed consolidated net profit rising 59% to a record ₹7,533 crore for the September quarter, the Aditya Birla Group flagship said in an exchange filing on Friday, November 6.

Revenue from operations climbed 39% year-on-year to ₹91,708 crore, against ₹66,058 crore a year earlier. Consolidated EBITDA rose 42% to ₹13,757 crore, while profit before tax grew 62% to ₹10,594 crore.

Both revenue and profit crossed the company’s previous quarterly highs. Basic earnings per share rose to ₹33.93 from ₹21.35 in the same quarter of FY26.

India aluminium and copper power Hindalco Q2 results

The domestic aluminium upstream business was the largest contributor to Hindalco’s net profit growth. Segment EBITDA rose 55% to ₹7,009 crore on revenue of ₹13,364 crore, with shipments of 345 kilotonnes (kt) against 341 kt a year ago.

EBITDA per tonne in the upstream business improved 40% to $2,125, and the segment’s EBITDA margin stood at 52%, according to the company.

Copper delivered its best quarter on record. EBITDA in the business jumped 164% to ₹1,673 crore from ₹634 crore, while revenue rose to ₹21,374 crore from ₹14,563 crore.

The company credited the copper performance to strong operations, healthy domestic demand and higher by-product realisations, including sulphuric acid. It added that one-time gains also contributed during the quarter.

The aluminium downstream unit, which makes rolled products, extrusions and foils, posted EBITDA of ₹329 crore. That was 26% higher than a year earlier and an all-time quarterly high, with sales volumes up 6% at 119 kt.

Businesses whose earnings are not directly linked to London Metal Exchange (LME) prices generated EBITDA of ₹6,860 crore, up 50%. Hindalco said these businesses now account for almost half of its earnings, which lowers its dependence on global metal price cycles.

Novelis steadies as Oswego returns to normal

Novelis, Hindalco’s US-based aluminium rolling subsidiary, reported revenue of $5.9 billion, up 25%. Its adjusted EBITDA rose 20% to $508 million, while adjusted EBITDA per tonne improved 23% to $553.

Shipments at Novelis eased to 919 kt from 941 kt a year earlier. The company said hot mill production at its Oswego plant, which had been hit by an earlier disruption, is back at normal levels and in line with demand.

At the new Bay Minette plant, commissioning is under way. Novelis is targeting the first hot mill coil in Q4 FY27, with commercial shipments planned from Q1 FY28.

The group’s balance sheet is carrying more debt as these projects progress. Consolidated net debt to EBITDA stood at 1.80x as of September 30, 2026, compared with 1.23x a year earlier.

What the record quarter means and what comes next

Managing Director Satish Pai said Hindalco “delivered its strongest-ever quarterly performance”. He tied the result to the company’s integrated model across upstream metals and downstream products, which he said is producing a stronger and more resilient earnings profile.

For investors reading the Hindalco Q2 results, the mix matters as much as the headline number. A larger share of earnings from downstream and value-added products could make profits less volatile when aluminium and copper prices fall.

The rise in leverage is the number to watch. Net debt to EBITDA has climbed by more than half a turn in a year, and the payoff depends on Bay Minette and the Indian expansion projects ramping up on schedule.

The pipeline is large. Hindalco said the second phase of the Aditya smelter is on track to begin metal production in FY28, and its copper and e-waste recycling facilities are expected to be commissioned in FY27.

Aluminium battery foil, flat rolled products at Aditya, copper tubes and inner grooved tubes are all scaling up. Pai said these projects will “further accelerate the share of our non-LME-linked businesses”.

Hindalco is the world’s largest aluminium company by revenues and India’s largest copper producer. Its numbers follow a strong quarter for state-run peer NALCO, whose Q2 results showed profit rising 28%, pointing to firm conditions for Indian aluminium makers. Among other metal producers, Hindustan Zinc’s Q2 profit jumped 142% to a record ₹6,412 crore.

The full segment data is available in the company’s Q2 FY27 results press release. For more earnings coverage, see our latest business news.