Hindalco Industries delivered exceptional Q4 FY26 results with record consolidated revenue of ₹78,133 crore, representing a 20.4% year-on-year increase and 17.5% sequential growth. The company achieved an all-time high EBITDA of ₹11,197 crore, up 8.8% YoY and 31% quarter-on-quarter from ₹10,296 crore in Q4 FY25. However, consolidated profit after tax declined 50.8% YoY to ₹2,597 crore from ₹5,284 crore in Q4 FY25, primarily due to exceptional losses related to the Novelis Oswego plant fire in New York. According to the latest earnings call transcript, adjusted consolidated PAT stands at ₹5,796 crore this quarter, up 10% year-on-year versus the prior period, demonstrating strong operational performance when excluding the exceptional items.
The company reported exceptional losses of ₹4,171 crore in Q4 FY26, mainly attributed to the Novelis Oswego plant fire in New York. According to reports from Business Standard, Hindalco stated that Novelis incurred repair, clean-up and operational disruption costs following another major fire at the Oswego facility in November 2025. Net exceptional expenses associated with the Oswego incidents stood at ₹4,565 crore during the quarter, significantly impacting overall profitability despite strong operational performance across other business segments. As per the earnings call, the Oswego hot mill is on track to restart in the next few weeks, with the current year headwinds expected to substantially recover in the next fiscal year.
The India aluminium upstream business delivered record quarterly EBITDA of ₹5,448 crore, up 13% YoY, aided by favourable macros and stronger operational performance. As reported by Business Standard, aluminium downstream revenue increased 35% YoY to ₹4,867 crore, while downstream EBITDA rose 16% to a record ₹255 crore supported by favourable product mix and higher shipments. The copper business posted record quarterly EBITDA of ₹907 crore, up 48% YoY, despite lower treatment and refining charges, with copper revenue jumping 52% YoY to ₹22,156 crore. According to the latest earnings call, copper EBITDA stood at a record ₹907 crores, up 48% year-on-year on account of better realization in byproducts and operational efficiencies, with overall metal shipments at 128 KT.
For the full fiscal year FY26, Hindalco reported record consolidated revenue of ₹2,74,944 crore, up 15.3% YoY from ₹2,38,496 crore in FY25. According to Business Standard, consolidated EBITDA rose 7.3% YoY to an all-time high of ₹38,097 crore. The company's consolidated PAT fell 16.3% to ₹13,391 crore from ₹16,002 crore in the previous year due to exceptional losses related to the Oswego disruption. The board recommended a dividend of ₹5 per share for FY26, while the company's consolidated net debt-to-EBITDA ratio increased to 1.83x as of March 31, 2026, from 1.06x a year earlier. As per the earnings call, consolidated business segment EBITDA was up 11% year-on-year at ₹10,812 crores this quarter, demonstrating strong operational execution across all business segments.
Managing Director Satish Pai highlighted that the India business delivered record performance across aluminium upstream, downstream and copper operations, while Novelis demonstrated resilient underlying performance despite temporary disruptions. As reported by Business Standard, the company recorded insurance recoveries related to the Sierre, Switzerland flood incident during FY26, with property insurance recoveries of ₹394 crore and business interruption recoveries of ₹376 crore. Hindalco operates as the world's largest aluminium company by revenues and the world's second largest copper rods manufacturer outside China, with a global footprint spanning 48 manufacturing units across 10 countries. According to the earnings call, Novelis's long-term guidance of $600 per ton remains intact, supported by accelerated execution of their $350 million-$400 million structural cost reduction program, which is driving sustained improvements in efficiency and margins.
