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India's largest aluminium and copper producer, part of the Aditya Birla Group, also owner of US-based Novelis (aluminium rolling/recycling).
India's largest aluminium and copper producer, part of the Aditya Birla Group, also owner of US-based Novelis (aluminium rolling/recycling).
Novelis, bought in 2007, makes most of the group's revenue and works on a pass-through basis: it charges customers the aluminium price plus a conversion premium for rolling and recycling, so profit depends on volumes and premiums more than metal prices. The India business is a separately integrated miner, refiner, smelter and copper producer, controlled by the Aditya Birla group.
In one line: India's Alcoa, with a Novelis-scale global rolling business.
Moat: narrow (scale, installed base). Large-scale domestic smelting plus Novelis's global leadership in recycled aluminium rolled products for autos/cans.
Headquarters: Mumbai, India · Founded: 1958 · Employees: 64,396
Size Hindalco Industries (HINDALCO.NS) is an India Materials company (Other Metals/Minerals) with a market value of $22.7B, the 44th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹958.40 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against -19.7% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +24.9%); the operating margin is 10.8% (peer median 17.3%).
Valuation It trades at 8.6× forward earnings against a peer median of 13.4× (6th cheapest of 21).
Capital Return on invested capital runs 4.7 points above its cost of capital (12.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.96T | ₹2.74T | ₹2.38T | ₹2.16T | ₹2.23T |
| Revenue growth | — | +15% | +10% | -3% | — |
| Gross profit | ₹653B | ₹452B | ₹453B | ₹356B | ₹344B |
| EBITDA | ₹412B | ₹347B | ₹325B | ₹235B | ₹219B |
| Net income | ₹164B | ₹134B | ₹160B | ₹102B | ₹101B |
| Free cash flow | n/a | -₹234B | ₹5.74B | ₹50.0B | ₹60.0B |
| Capital expenditure | n/a | ₹301B | ₹206B | ₹157B | ₹98.4B |
| Total debt | n/a | ₹992B | ₹656B | ₹608B | ₹659B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hindalco Industries HINDALCO.NS | $22.7B | -9% | +20% | 11% | 8.6× | n/a |
| Vedanta Aluminium Metal VAML.NS | $15.6B | n/a | n/a | n/a | 6.7× | n/a |
| National Aluminium NATIONALUM.NS | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% |
| Alcoa AA | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HINDALCO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.2% | -14.3% | highest of 21 |
| 6-month return | -9.2% | -19.7% | 8th highest of 21 |
| Distance from 52-week high | -18.5% | -35.8% | 4th highest of 21 |
| Revenue growth (TTM) | +20.3% | +24.9% | 8th lowest of 21 |
| Operating margin | 10.8% | 17.3% | 4th lowest of 21 |
| Forward P/E | 8.6× | 13.4× | 6th cheapest of 21 |
| ROIC minus cost of capital | +4.7 pp | +3.5 pp | 9th highest of 21 |
| EV / EBITDA | 5.2× | 9.2× | 3rd cheapest of 16 |
| Net debt / EBITDA | 1.8× | 0.7× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| Antofagasta ANTO.L | United Kingdom | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% | +10.3% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Anglo American AAL.L | United Kingdom | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% | -6.7% |