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Hindalco Industries Ltd (HINDALCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500440 NSE: HINDALCO Metal - Non Ferrous | Large Cap | Hindalco Share Price

₹1,092.45 -33.30 (-2.96%)

As on 05-Jun'26 16:59

Hindalco Industries Ltd (HINDALCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500440 NSE: HINDALCO Metal - Non Ferrous | Large Cap | Hindalco Share Price

₹1,092.45 -33.30 (-2.96%)

As on 05-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,52,982 Cr.
Current Price
₹1,092.5
52-Week Low / High
₹633 / 1,179
TTM EPS
₹59.6
TTM Sales
₹2,74,944 Cr.
Book Value per Share
₹607.8
P/E Ratio
18.89
Higher than its 5-year historical median
Industry PE
22.7
Price to Book (P/B)
1.85
Higher than its 5-year historical median
Price to Sales (P/S)
0.92
Higher than its 5-year historical median
EV/EBITDA
8.86
Higher than its 5-year historical median
Dividend Yield
0.73%
Profitability Efficiency
Return on Equity (ROE)
13.89%
Underperforms industry median
Return on Capital Employed (ROCE)
14.61%
Underperforms industry median
Return on Assets (ROA)
6.47%
Operating Profit Margin
13.5%
Net Profit Margin
6.71%
Gross Profit Margin
13%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
10.43%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
36.02%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
57.58%
Asset Quality
Promoter Holding
34.64%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,36,361 Cr.
Equity
₹224.7 Cr.
Face Value
₹1
All Time Low / High
₹11.39 / 1179.35

Hindalco Industries stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Strong
Q.1 Is Hindalco Industries Ltd a good quality company?
Hindalco Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Hindalco Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hindalco Industries Ltd vs industry peers?
Hindalco Industries Ltd revenue CAGR is 15.08%, compared to the industry median CAGR of 12.85%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Hindalco Industries Ltd?
Promoters hold 34.64% of the Hindalco Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Hindalco Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 28.9% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hindalco Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 4.7%8.3%11.1%10.9%8.6%9%16.9%11.2%11%14.6%-
Value Creation
Index
-0.7-0.30.00.0-0.2-0.20.50.00.00.3-

Growth Parameters

Sales 98,7591,00,1841,15,1831,30,5421,18,1441,32,0081,95,0592,23,2022,15,9622,38,4962,74,944
Sales YoY Gr.-1.4%15%13.3%-9.5%11.7%47.8%14.4%-3.2%10.4%-
Adj EPS 1.79.721.925.718.2276847.945.274.359.6
YoY Gr.-468.2%126.6%17.2%-29.1%48.5%151.8%-29.7%-5.5%64.2%-
BVPS (₹) 198206.7246259.5263.1300352.8428479.2558.5607.8
Adj Net
Profit
3482,1524,8795,7074,0466,01215,13610,63510,04716,49713,391
Cash Flow from Ops. 11,68812,68710,89811,97712,74517,23216,83819,20824,05624,410-
Debt/CF from Ops. 5.854.84.45.33.83.93.32.52.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.3%15.1%6.9%10.4%
Adj EPS 52.2%32.5%3%64.2%
BVPS12.2%16.3%16.6%16.6%
Share Price 26.2% 22.6% 38% 68.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
0.959.710.279.620.912.31014.410.2
Op. Profit
Mgn %
8.512.711.911.91213.615.510.510.913.512.7
Net Profit
Mgn %
-0.12.14.24.43.44.67.84.84.76.94.9
Debt to
Equity
1.71.410.91.210.80.70.60.50.6
Working Cap
Days
13012512111712912812212612812380
Cash Conv.
Cycle
3222222431292630313020

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales98,7591,00,1841,15,1831,30,5421,18,1441,32,0081,95,0592,23,2022,15,9622,38,496
Operating Expenses + 90,43087,8851,01,7941,15,3181,04,0481,14,8321,66,8122,00,5771,92,5802,06,691
Manufacturing Costs14,25713,54213,57815,10315,37015,45919,56526,99524,55424,955
Material Costs59,40855,65868,88578,68768,26976,4361,17,5401,40,7701,33,8551,44,949
Employee Cost 8,0868,5468,6459,0438,83210,78212,02313,06314,77815,406
Other Costs 8,67810,13910,68712,48511,57712,15517,68419,74919,39321,381
Operating Profit 8,32912,29913,38915,22414,09617,17628,24722,62523,38231,805
Operating Profit Margin (%) 8.4%12.3%11.6%11.7%11.9%13.0%14.5%10.1%10.8%13.3%
Other Income + 1,6741,2601,6361,4141,3961,5961,2361,2981,9862,708
Exceptional Items -577-81,7740-284-4925824121-879
Interest 5,1345,7423,9113,7784,1973,7523,7683,6463,8583,419
Depreciation 4,5074,4694,6064,7775,0916,6286,7297,0867,5217,881
Profit Before Tax -433,3158,1578,0835,9247,90519,57413,24114,01222,337
Tax 4981,4332,0742,5882,1572,7235,3733,1443,8576,335
Profit After Tax -5411,8826,0835,4953,7675,18214,20110,09710,15516,002
PAT Margin (%) -0.6%1.9%5.3%4.2%3.2%3.9%7.3%4.5%4.7%6.7%
Adjusted EPS (₹)-1.28.527.324.817.015.761.945.545.772.1
Dividend Payout Ratio (%)-81.70%12.90%4.40%4.90%5.90%19.10%6.50%6.60%7.70%6.90%

Valuation of Hindalco - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 40,56246,02354,83657,60358,40366,60878,31595,0041,06,3861,23,989
Share Capital 205223223222222222222222222222
Reserves 40,35845,80054,61357,38158,18166,38678,09394,7821,06,1641,23,767
Debt +66,94858,45151,27252,25867,09665,26959,51462,62358,77663,415
Long Term Debt57,92951,85547,87448,03258,37958,98551,63551,43447,39556,217
Short Term Debt9,0196,5963,3984,2268,7176,2847,87911,18911,3817,198
Minority Interest381699101011111112
Trade Payables15,05817,46320,40520,72318,30028,23541,38235,86032,85840,632
Others Liabilities 18,19724,20120,49221,37924,80928,70042,63329,99132,69236,252
Total Liabilities 1,41,1461,46,1441,47,0141,51,9721,68,6181,88,8222,21,8552,23,4892,30,7232,64,300

Fixed Assets

Net Fixed Assets +85,64884,66385,06585,84889,1731,00,3191,06,9301,10,7611,12,0951,17,629
Gross Block1,23,4881,21,1521,25,0601,30,0091,40,3001,57,0181,69,8761,82,4151,90,4302,02,719
Accumulated Depreciation37,84036,48939,99544,16151,12756,69962,94671,65478,33585,090
CWIP 4,2141,8142,0634,0977,72110,2024,9457,70014,86727,397
Investments 12,43815,15710,7819,0129,41117,13314,11914,11615,44424,158
Inventories16,78718,29121,63122,19422,38430,66844,48342,95840,81248,801
Trade Receivables7,9188,2759,96011,3899,34512,95921,07616,21416,40419,834
Cash Equivalents 4,4078,2618,0589,78721,5698,80917,39215,08312,68710,846
Others Assets 9,7339,6839,4569,6459,0158,73212,91016,65718,41415,635
Total Assets 1,41,1461,46,1441,47,0141,51,9721,68,6181,88,8222,21,8552,23,4892,30,7232,64,300

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 11,68812,68710,89811,97712,74517,23216,83819,20824,05624,410
PBT -2033,3408,2828,0835,9207,90519,57413,24114,01222,337
Adjustment 9,0129,7385,8107,4658,0259,06310,1699,20410,6469,861
Changes in Working Capital 4108389-1272-1683-10981520-9132-4572073-2321
Tax Paid -1,229-780-1,923-1,888-102-1,256-3,773-2,733-2,675-5,467
Cash Flow From Investing Activity + -3,522-2,7895,026-5,648-8,427-25,637-7,074-8,016-14,276-24,739
Capex -4,052-2,870-2,956-5,968-6,858-5,517-5,355-9,637-15,678-20,404
Net Investments -863-4185,558-314-2,234-22,3424,176-2881,826-7,290
Others 1,3924992,4236346652,222-5,8951,909-4242,955
Cash Flow From Financing Activity + -8,862-5,552-16,412-5,4666,656-4,882-6,765-10,450-10,817-1,816
Net Proceeds from Shares 03,314166752162049
Net Proceeds from Borrowing 995-642-9,145-2,3867,229-2,420-3,747-8,924-5,7717,963
Interest Paid -5,006-6,075-3,849-3,581-3,970-3,423-3,250-3,950-3,912-4,044
Dividend Paid -256-248-294-323-320-222-667-890-667-778
Others -4,595-1,901-3,1428183,7101,1788783,308-487-5,006
Net Cash Flow -6964,347-48986310,974-13,2872,999742-1,037-2,145

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-1.374.3512.069.776.498.2919.611.6510.0813.89
ROCE (%)4.748.3111.1310.948.69.0216.8711.1611.0314.61
Asset Turnover Ratio0.720.710.790.870.740.740.9510.950.96
PAT to CFO Conversion(x)N/A6.741.792.183.383.331.191.92.371.53
Working Capital Days
Receivable Days30.9028.8028.7029.903230.8031.8030.5027.6027.70
Inventory Days63.6062.4062.9061.3068.9073.3070.3071.5070.8068.60
Payable Days93.90106.60100.3095.40104.30111.10108.10100.1093.7092.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Hindalco Industries Ltd FAQs

The current trading price of Hindalco on 05-Jun-2026 16:59 is ₹1,092.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Jun-2026 the market cap of Hindalco stood at ₹2,52,981.5 Cr

The latest P/E ratio of Hindalco as of 04-Jun-2026 is 25.10.

The latest P/B ratio of Hindalco as of 04-Jun-2026 is 3.30.

The 52-week high of Hindalco is ₹1,179.4 and the 52-week low is ₹633.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hindalco is ₹1,12,553 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Hindalco Industries Ltd is a average quality company.

The key valuation ratios of Hindalco Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Hindalco Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Hindalco Industries Ltd

Hindalco Industries Ltd. is the metals flagship company of the Aditya Birla Group. It is an industry leader in aluminium and copper. Hindalco’s acquisition of Aleris Corporation in April 2020, through its subsidiary Novelis Inc., has cemented the company's position as the world’s largest flat-rolled products player and recycler of aluminium. Hindalco’s state-of-art copper facility comprises a world-class copper smelter and a fertiliser plant along with a captive jetty. The copper smelter is among Asia's largest custom smelters at a single location.

In India, the company’s aluminium units across the country encompass the gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions and foils. Presently, Hindalco ranks among the global aluminium majors as an integrated producer and a footprint in many countries outside India. It has been accorded Star Trading House status in India. Its aluminium is accepted for delivery under the High-Grade Aluminium Contract on the London Metal Exchange (LME), while its copper quality is also registered on the LME with Grade A accreditation.

Business area of the company

The company is engaged in the production of aluminium and aluminium products, and copper and copper products. The Company's segments include Aluminium, which includes hydrate and alumina, aluminum and aluminum product, and Copper, which includes continuous cast copper rods, copper cathode, sulfuric acid, di-ammonium phosphate (DAP) and complexes, and gold and silver products.

Products of the company

Aluminium extrusions 

Aluminium rolled products

Aluminium foil & packaging

Aluminium alloy wheels

Copper cathodes

Continuous cast copper rods

DAP/NPK complexes

Alumina chemicals

  • Aluminas and hydrates
  • Minerals
  • Primary aluminium
  • Ingots
  • Wire rods
  • Billets

Awards and recognitions

2017

  • FICCI Award 2017 for CSR - Aditya facility.
  • Silver Certificate of Merit by Frost & Sullivan & FICCI Indian Manufacturing Excellence Award 2017.
  • Ranked 7th in Asia Best CSR Practices Awards 2017 by World CSR Day in the category of Community Development Project of the Year.
  • India Manufacturing Excellence Awards 2017-18, Silver Certificate for Manufacturing Effectiveness - Mahan facility.

2018

  • India CSR Award 2018 for the third consecutive year, from India CSR Network, for Sustainable Livelihood Project in agricultural development - Mahan Aluminium.
  • CII ITC Sustainability Awards 2018 for Excellence in CSR - Mahan Aluminium.
  • FICCI CSR Award 2018 for commendable work in Agricultural Development at the FICCI CSR Summit.

2019

  • Breaking New Grounds Award at the Global Diversity Equity Inclusion Summit, Delhi.
  • Leaders Award - Mega Large Business, Metal Sector at Frost & Sullivan and TERI Sustainability 4.0 Awards 2019.
  • Best Performance Award 2019 presented by the Indian Institute of Metals.
  • Certificate of Merit 2019 earned from Frost & Sullivan for Project Evaluation & Recognition Programme.
  • CSR Times Award presented at National CSR Summit 2019 for CSR work in the field of livelihood programmes.
  • India Manufacturing Excellence Award 2019 presented by Frost & Sullivan for being selected as the Future Ready Factory of the year.

2020

  • The CII Eastern Regional Productivity Award presented by the Chairman CII Eastern region for contribution in the areas of Productivity in January 2020.

Milestones

1962

  • Commencement of production at Renukoot (Uttar Pradesh) with an initial capacity of 20,000 mtpa of aluminium metal and 40,000 mtpa of alumina.

1965 

  • Downstream capacities commissioned (rolling and extrusion mills at Renukoot).

1967 

  • Commissioning of Renusagar power plant - a strategic and farsighted move.

1991 

  • Beginning of major expansion programme.

1995

  • Mr. Kumar Mangalam Birla takes over as Chairman of Indal Board.

1999 

  • Aluminium alloy wheels production commenced at Silvassa.
  • Brownfield expansion of metal capacity at Renukoot to 242,000 tpa.
  • 1998 - Foil plant at Silvassa goes on stream.Hindalco attains ISO 14001 EMS certification.

2000

  • Acquisition of controlling stake in Indian Aluminium Company Limited (Indal) with 74.6 per cent equity holding.

2002 

The amalgamation of Indo Gulf Corporation Limited’s copper business, Birla Copper, with Hindalco with effect from 1st April 2002.

2003 

  • Hindalco acquires Nifty Copper Mine in March 2003 through Aditya Birla Minerals Ltd. (ABML, formerly Birla Minerals Resources Pty. Ltd.).
  • ABML acquires the Mount Gordon copper mines in November 2003.
  • Equity stake in Indal increased to 96.5 per cent through an open offer.
  • Brownfield expansion of aluminium smelter at Renukoot to 345,000 tpa.

2004 

  • Copper smelter expansion to 250,000 tpa.

2005

  • All businesses of Indal, except for the Kollur Foil Plant in Andhra Pradesh, merged with Hindalco Industries Limited.
  • MoUs signed with state governments of Orissa and Jharkhand for setting up greenfield alumina refining, smelting and power plants.
  • Commissioned Copper III expansion, taking total capacity to 500,000 tpa.

2006 

  • Hindalco announces 10:1 stock split. Each share with face value of Rs. 10 per share split into 10 shares of Re 1 each.
  • Hindalco completes largest Rights issue in the history of Indian capital markets with total size of Rs. 22,266 million.
  • Equity offering and subsequent listing of Aditya Birla Minerals Ltd. on Australian Stock Exchange.
  • Signed an MoU with the Government of Madhya Pradesh for a greenfield aluminium smelter in the Siddhi district of the state.
  • Joint venture with Almex USA for manufacture of high strength aluminium alloys for applications in aerospace, sporting goods and surface transport industries.

2007

  • Successful acquisition of Novelis, making Hindalco the largest in aluminium rolling and among the global top five metals majors, with a presence in 11 countries outside India.Acquisition of Alcan's 45 per cent equity stake in the Utkal Alumina project, thereby making Hindalco the 100 per cent project owner.

2008 

  • Alumina expansion at Muri. Right issue - Raised total of Rs 4,426 crore for re-financing bridge loan taken for Novelis acquisition. Hindalco Almex Aerospace Limited facility became operational and produced largest aluminium billet of 42 diameter.

2009 

  • QIP - raised $600 million for projects, the largest straight QIP in India.

2011

  • The company successfully achieved financial closure of the Mahan Project with the signing of Common Rupee Loan Agreement for Rs. 7,875 crore.

2013 

  • Hindalco Industries finalized its arrangement for acquiring Alumina Refinery and Bauxite Mines from Novelis Do Brasil, a wholly-owned subsidiary of Novelis Inc.
  • First metal tapped at Mahan Aluminium.
  • Utkal Alumina Refinery goes on stream.

2015 

  • Mahan and Aditya Aluminium smelters and Utkal refinery come on stream.
  • Acquisition of Gare Palma Coal mines in Chhattisgarh and Kathautia and Dumri Coal mines in Jharkhand through auction.

2016

  • Mr Satish Pai takes over as Managing Director from 1st Aug 2016 after Mr D Bhattacharya demits office.
  • Highest ever production of aluminium and alumina produced at 1.1 million and 2.7 million tonnes respectively.
  • Greenfield projects - Mahan Aluminium, Aditya Aluminium and Utkal Alumina ramped up to full capacity.
  • Coal blocks in Chhattisgarh and Jharkhand, acquired through auction, became operational.

2017

  • Successfully raised USD 500 million through Qualified Institutional Placement (QIP).
  • Prepaid Rs. 1,031 crore long term loan in FY2017 and Rs. 4,505 crore in April 2017 resulting in a cumulative amount of Rs. 5,536 crore paid till date.
  • Refinanced USD 4.3 billion long-term debt at Novelis - annual cash interest expense reduced by USD 79 million.
  • Novelis entered into JV agreement in May 2017 with Kobe Steel to sell 50 per cent of its ownership interest in its Ulsan, South Korea facility, for USD 315 million.
  • Divested Aditya Birla Minerals Limited, Australia for Rs. 367 crore.
  • With new coal linkage in FY2017, coal security improved to two thirds of annual requirement of the Aluminium Business.
  • Stable operations - achieved highest Aluminium production at 1,266 Kt.

2019

  • Hindalco Industries has re-started production of Alumina at Muri refinery in Jharkhand. The Plant had initiated the start-up process after receiving the Consent to Operate from the Jharkhand State Pollution Control Board.
  • Hindalco Industries has launched India’s first all-aluminium freight trailer in Jaipur in the state of Rajasthan.

2020

  • Hindalco Industries has entered into a memorandum of understanding with Hindustan Copper for the long-term purchase and sale of copper concentrate produced by the PSU.
  • Hindalco Industries’ wholly-owned subsidiary -- Novelis Inc. has completed the acquisition of Aleris Corporation.


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