Hindalco Q2 FY27: record Rs 7,533 crore profit as India business, copper surge
By Siddharth VermaBusiness Correspondent, Peepals Bharat
Representative image: gardenmaintenance7 / Pixabay
Hindalco's July-September 2026 profit rose 59% to a record Rs 7,533 crore on revenue of Rs 91,708 crore, led by its India aluminium and copper businesses.
What Happened
Hindalco Industries, the aluminium and copper maker, reported a record consolidated net profit of Rs 7,533 crore for the July-September quarter of 2026 (Q2 FY27), up 59% from a year earlier, the company said on Friday, 6 November 2026. Consolidated revenue rose 39% to a record Rs 91,708 crore. The company credited its India aluminium business, a record quarter in copper and a recovery at its US-based subsidiary Novelis, the aluminium rolling company it owns.
Key Facts
- Consolidated net profit: Rs 7,533 crore, up 59%, an all-time quarterly high.
- Consolidated revenue: Rs 91,708 crore, up 39%.
- Consolidated EBITDA: Rs 13,757 crore, up 42%.
- Aluminium upstream EBITDA: Rs 7,009 crore, up 55%, at US$2,125 per tonne, on revenue of Rs 13,364 crore.
- Copper EBITDA: a record Rs 1,673 crore, up 164%.
- Novelis: revenue of US$5.9 billion, up 25%, and adjusted EBITDA of US$508 million, up 20%.
- India business revenue rose 42% to Rs 36,123 crore, with EBITDA up 70% to Rs 8,765 crore, according to reports of the results.
- Net debt to EBITDA rose to 1.80 times on 30 September 2026, from 1.23 times a year earlier.
Why It Matters
Hindalco's results are a useful reading of India's industrial economy. Aluminium and copper go into power lines, buildings, vehicles, packaging and electronics, so strong demand for them reflects activity in construction, power and manufacturing. The company makes primary aluminium in India (the "upstream" business), turns it into products such as sheets and foil (the "downstream" business), refines and sells copper, and owns Novelis, an aluminium rolling business based abroad.
The upstream business did best, with EBITDA up 55%. EBITDA means earnings before interest, tax, depreciation and amortisation, a measure of operating profit. Earning US$2,125 of EBITDA on each tonne of aluminium indicates healthy margins. Copper's 164% EBITDA jump to a record shows the benefit of demand for the metal in power and electrical goods.
Novelis matters because it brings in a large share of group revenue. Its recovery, with production at its Oswego plant in the United States back at normal levels, added to the group's earnings. The company also noted that businesses not tied to London Metal Exchange (LME) prices, such as Novelis and copper, contributed significantly, which makes earnings less dependent on swings in global aluminium prices.
The one cautionary number is debt. Net debt rose to 1.80 times EBITDA from 1.23 times a year ago. The company has not said in the reported results how much of this reflects investment spending.
Peepals calculation: A year earlier, Hindalco's quarterly profit was about Rs 4,738 crore (7,533 ÷ 1.59) and revenue about Rs 65,977 crore (91,708 ÷ 1.39). The net profit margin is now about 8.2% of revenue (7,533 ÷ 91,708). The India business made up about 39% of group revenue (36,123 ÷ 91,708) but about 64% of group EBITDA (8,765 ÷ 13,757), showing that Indian operations are far more profitable per rupee of sales than the group as a whole. Our calculation from the reported figures.
| Measure | Q2 FY27 | Change year on year |
|---|---|---|
| Net profit | Rs 7,533 crore | Up 59% |
| Revenue | Rs 91,708 crore | Up 39% |
| EBITDA | Rs 13,757 crore | Up 42% |
| Copper EBITDA | Rs 1,673 crore | Up 164% |
| Novelis adjusted EBITDA | US$508 million | Up 20% |
Impact
Short-term: The record quarter strengthens Hindalco's position as it heads into the second half of FY27, with its India businesses delivering the largest share of earnings.
Long-term: Hindalco's growth is tied to India's power, construction and manufacturing demand for aluminium and copper. The rise in debt relative to earnings will be watched in coming quarters.
Who is affected: Hindalco's employees and suppliers; industries that buy aluminium and copper, from cable makers to automobile and packaging firms; and shareholders, including mutual funds.
Key Takeaway
Hindalco's Q2 FY27 profit rose 59% to a record Rs 7,533 crore on Rs 91,708 crore of revenue, powered by its India aluminium business, record copper earnings and a Novelis recovery.
Questions and Answers
What were Hindalco's Q2 FY27 results?
Hindalco reported a record consolidated net profit of Rs 7,533 crore, up 59%, on revenue of Rs 91,708 crore, up 39%, for July-September 2026.
Which business drove Hindalco's Q2 profit?
The India aluminium upstream business, with EBITDA up 55% to Rs 7,009 crore, and copper, with record EBITDA of Rs 1,673 crore, up 164%. Novelis also recovered.
How did Novelis perform in Q2 FY27?
Novelis reported revenue of US$5.9 billion, up 25%, and adjusted EBITDA of US$508 million, up 20%, as its Oswego plant returned to normal production.
Has Hindalco's debt gone up?
Yes. Net debt to EBITDA rose to 1.80 times on 30 September 2026 from 1.23 times a year earlier.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Siddharth Verma, Business CorrespondentCovers Business and more for Peepals Bharat. All stories by Siddharth Verma
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Siddharth Verma is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
