Hindalco Profit Jumps 59% in Q2 as Higher Metal Prices Lift Record Revenue

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Hindalco Industries, one of India’s largest aluminium and copper producers, reported its strongest quarter ever on November 6, 2026. Net profit rose 59% to Rs 7,532 crore in the July to September quarter, and revenue hit a record Rs 91,708 crore. Higher prices for aluminium and copper did most of the work, not higher sales volumes.

What happened

Hindalco reported results for Q2 FY27, the quarter ended September 30, 2026. The main numbers:

• Consolidated net profit was Rs 7,532 crore, up 59% from Rs 4,741 crore a year earlier, and the highest quarterly profit in the company’s history.
• Revenue from operations rose 39% to a record Rs 91,708 crore, from Rs 66,058 crore a year earlier.
• Operating profit, known as EBITDA, rose 42% to Rs 13,757 crore, from Rs 9,684 crore.
• Novelis, Hindalco’s US based aluminium rolled products business, saw revenue rise 25% to $5,942 million, helped by higher metal prices.
• The aluminium India upstream business earned Rs 7,009 crore in EBITDA, up 55%, even though aluminium sales were almost flat at 3.45 lakh tonnes (345,000 tonnes). Higher prices, not more tonnes sold, drove the gain.
• The copper business had a record quarter, with EBITDA up 164% to Rs 1,673 crore.
• The headline profit includes a one time gain of Rs 284 crore, against a one time loss of Rs 182 crore a year ago. Excluding one time items, profit growth was still over 47%.
• Managing Director Satish Pai called it the company’s strongest ever quarterly performance.
• Hindalco also warned that coal costs rose 5% in the quarter and could rise another 5% in the next quarter, which would squeeze profit margins if metal prices stop rising.
• Hindalco shares slipped on the day even after the record results, a reminder that a good quarter does not always lift a stock at once.

Indian shares had a strong day overall, with the Sensex rising for a seventh straight session, as covered in our earlier report on Indian stocks rising for a seventh straight session. Upstox reported the Hindalco results in detail on November 6, 2026.

Why it matters for beginners

Hindalco is a good example of how commodity prices drive profits. When aluminium and copper prices rise, a metals company can earn much more money even if it sells about the same amount of metal. That is what happened here: sales volumes were almost flat, but revenue jumped 39% because prices were higher.

It also shows why a company’s business mix matters. Hindalco owns Novelis in the United States, so its results depend on metal demand in the US as well as in India. And the copper business, which is smaller than aluminium for Hindalco, delivered the fastest growth this quarter.

The coal warning matters too. Aluminium smelting uses a lot of energy, and coal is a big cost. If coal costs keep rising while metal prices flatten, the next quarter could look weaker. One strong quarter is a result, not a promise about the next one.

What to watch next

• Aluminium and copper prices. If they fall, Hindalco’s profit can fall fast, even with steady sales.
• Demand at Novelis in the US, which is Hindalco’s largest overseas business.
• Coal costs in the next quarter, after the warned 5% rise.
• Hindalco’s Rs 50,000 crore investment plan to expand aluminium and copper capacity, and its consolidated net debt of Rs 80,435 crore.

FAQ

What does Hindalco do?

Hindalco makes aluminium and copper. It mines, refines and sells the metals, and it makes finished products such as rolled aluminium sheets. It is part of the Aditya Birla Group.

What is Novelis?

Novelis is Hindalco’s US based subsidiary and the world’s largest maker of aluminium rolled products, used in cans, cars and buildings. Its revenue rose 25% this quarter to $5,942 million.

Why did Hindalco’s profit rise so much?

Mainly because metal prices were higher than a year ago. Aluminium prices were about 23% higher and copper about 44% higher in the quarter, according to Jefferies figures cited in coverage of the results. Sales volumes were almost flat.

What is EBITDA?

EBITDA stands for earnings before interest, tax, depreciation and amortisation. It is a rough measure of operating profit, showing what the core business earned before financing costs and accounting charges. Hindalco’s EBITDA rose 42% to Rs 13,757 crore.

Does a record profit mean the shares must rise?

No. Hindalco’s shares slipped on the day of the results. Markets often price in good news before it arrives, and investors may worry about the next quarter, such as rising coal costs, more than the last one.

Sources

Upstox, “Hindalco Industries Q2 profit soars 59% YoY to Rs 7,532 crore,” November 6, 2026. The Hindu BusinessLine, “Hindalco Industries Q2 Results: Net up 59% on firm metal prices,” November 6, 2026.

This article is for general information and education only. It is not legal or financial advice.