Key Metrics of Hindalco Industries
About Hindalco Industries
Part of Aditya Birla Group.
Sectors
Company details
- Website
- hindalco.com
- Founded
- 1962
- Registered office
- 21st Floor, One Unity Center,senapati Bapat Marg, Prabhadevi, Mumbai, In-mh, 400013
- Listed
- NSE: HINDALCO · ₹893.75
Operational Areas of Hindalco Industries
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 Oct 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹57,508 Cr | View |
| 10 Oct 2025 | CARE | Reaffirmed | AA+ | — | Stable | ₹44,537 Cr | View |
| 10 Oct 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹40,470 Cr | View |
| 28 Aug 2024 | CARE | Other | — | — | — | — | View |
| 08 Feb 2024 | CARE | Reaffirmed | AA+ | — | Stable | ₹41,170 Cr | View |
| 05 Oct 2023 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹41,170 Cr | View |
| 06 Oct 2022 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹36,408 Cr | View |
| 06 Jul 2022 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹36,408 Cr | View |
| 07 Jul 2021 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,000 Cr | View |
| 04 Nov 2020 | CARE | Reaffirmed | — | A1+ | — | ₹2,000 Cr | View |
| 08 Oct 2020 | CARE | Reaffirmed | AA+ | A1+ | Negative | ₹36,416 Cr | View |
| 22 May 2020 | CARE | Reaffirmed | AA+ | A1+ | Negative | ₹23,913 Cr | View |
| 09 Oct 2019 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹54,826 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Reputed and resourceful promoter group; professionally qualified management
HIL is the flagship metals company of the Aditya Birla Group. The company is led by professional and experienced management with Mr. Kumar Mangalam Birla as the Chairman and Mr. Satish Pai as the Managing Director. The ratings continue to derive support from the resourceful promoter group and its professionally qualified & experienced, which has built a successful track record in the industry. Captive raw material production ensures low-cost aluminium with strong market position.
+ Strong operational performance
Over the last 3 fiscals, revenues have grown at a CAGR of 13%. In FY26, on a consolidated basis, the company reported a 15% growth in total operating income (TOI) to ₹2,74,944 crore in FY26 (PY: ₹2,38,496 crore), primarily driven by higher blended aluminium and copper realisations (including by -product sales) as well as higher Midwest premium. In Q1FY27, the company’s PBILDT margin improved to 16.43% from 12.81% in FY26 and 13.75% in FY25, primarily driven by its India operations. The
+ Healthy capital structure
The entity’s capital structure is healthy marked by overall gearing (total debt/tangible net worth; debt includes supplier’s credit) at 0.99x as on March 31, 2026 (PY: 0.72x). The elevated funding requirement at Novelis following the Oswego fire incidents is expected to moderate over the medium term, supported by the receipt of insurance recoveries.Further, the financial risk profile continues to derive comfort from the company management’s demonstrated commitment towards maintaining prudent cap
+ Increased focus on downstream activities
Over the past three years, the company has been increasing its focus towards downstream activities by building an eco-system which is value added high margin business. Activities like supply of aluminium products for Vande Bharat, air conditioning manufacturing are being taken up by the company to have first mover advantage in the downstream segment. As the demand in this segment is mostly catered by large numbers of unorganized players, CARE Ratings expects that, with the technical
Credit challenges
− Highly susceptible to volatility in metal prices and currency exchange rates
Aluminium and copper prices have shown significant volatility over the past couple of years. Commodity prices are susceptibleto fluctuations due to geopolitical events and the global economic situation. The ongoing geopolitical factors, along with increased fuel costs, continues to influence the global demand-supply dynamics, and in turn the company’s profitability margins. This is because the domestic prices for both aluminium and copper are based on landed cost parity with international prices
− Commitment towards large -scale capital expenditure and associated risks
Hindalco has outlined sizeable capex commitments aggregating to more than ₹80,000 crores over FY27-FY29, encompassing both domestic and international projects. The domestic plan includes capacity augmentation in alumina (0.85 MTPA greenfield project at Rayagada), aluminium smelting ( expansion from 1.34 MT to 1.71 MT ), downstream value-added aluminium facilities (FRP, battery foil, AC fins, bicycle parts), specialty alumina projects (Belagavi and Aditya), green energy projects (200 MW), and cap
Could lead to a downgrade
Factors that could individually or collectively lead to negative rating action/downgrade: • Major time/cost overrun to the proposed capex leading to overall gearing above 1.50x • Net Debt to PBILDT above 2.5x. • Any change in the government regulation with regards to export duty leading to a decline in the scale of operations.
Agency-reported financials (CARE, 10 Oct 2024)
| Metric | March 31, 2023 | March 31, 2024 | Q1FY25 |
|---|---|---|---|
| Total operating income | ₹2,23,202 Cr | ₹2,15,962 Cr | ₹57,437 Cr |
| PBILDT | ₹22,890 Cr | ₹23,841 Cr | ₹7,599 Cr |
| PAT | ₹10,098 Cr | ₹10,155 Cr | ₹3,074 Cr |
| Overall gearing (times) | 1.05× | 0.82× | 0.82× |
| Interest coverage (times) | 6.28× | 6.18× | 8.80× |
| Brief Financials (₹ crore) March 31, 2023 (A) March 31, 2024 (A) Q1FY25(UA) | ₹2,023 Cr | ₹31.00 Cr | ₹2,024 Cr |
| Total operating income | ₹76,995 Cr | ₹83,009 Cr | ₹22,310 Cr |
| PBILDT | ₹7,983 Cr | ₹7,303 Cr | ₹2,904 Cr |
| PAT | ₹3,326 Cr | ₹3,697 Cr | ₹1,471 Cr |
| Overall gearing (times) | 0.32× | 0.20× | 0.20× |
| Interest coverage (times) | 6.14× | 5.80× | 6.02× |
| Revenue growth (YoY) | — | −3.2% | — |
| EBITDA margin | 10.3% | 11.0% | 13.2% |
| Implied interest cost (EBITDA ÷ coverage) | ₹3,645 Cr | ₹3,858 Cr | ₹864 Cr |
| PAT margin | 4.5% | 4.7% | 5.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Action Long Term Short Term Bank | Working capital & bank lines | — | ₹48,005 Cr | — | AA+ (Stable) | Other | CARE |
| Facilities | Other | — | ₹9,503 Cr | — | A1+ | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE038A14270 | Commercial Paper Commercial + | Commercial paper | 5.60% | — | — | ₹600 Cr | A1+ | Not stated |
| INE038A14247 | Commercial Paper issue + | Commercial paper | 5.70% | — | — | ₹20,19,800 Cr | A1+ | Not stated |
| INE038A08124 | Convertible Oct Mar | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE038A07258 | Apr Apr | Debentures & bonds | 9.55% | — | — | ₹0 | — | Withdrawn |
| INE038A07274 | S Aug Aug | Debentures & bonds | 9.60% | — | — | ₹0 | — | Withdrawn |
| INE038A07266 | IND. Jun Jun | Debentures & bonds | 9.55% | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹48,005 Cr | CARE AA+; Stable / CARE A1+ |
| Commercial Paper (Standalone) | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Short Term | — | Withdrawn |
| Term Loan | ₹6,745 Cr | CARE AA+; Stable |
| Working Capital Limits | ₹2,758 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Punjab National Bank |
| Fund-based - LT | Term Loan | State Bank of India |
| Fund-based - LT | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Bank of America |
| Fund-based - LT | Working Capital Limits | Citi Bank |
| Fund-based - LT | Working Capital Limits | Deutsche Bank |
| Fund-based - LT | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT | Working Capital Limits | HSBC Ltd. |
| Fund-based - LT | Working Capital Limits | ICICI Bank Ltd. |
| Fund-based - LT | Working Capital Limits | IDBI Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Working Capital Limits | SMBC |
| Fund-based - LT | Working Capital Limits | Standard Chartered Bank |
| Fund-based - LT | Working Capital Limits | State Bank of India |
| Fund-based - LT | Working Capital Limits | UCO Bank |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of America |
| Non-fund-based - LT/ ST | BG/LC | Citi Bank |
| Non-fund-based - LT/ ST | BG/LC | Deutsche Bank |
| Non-fund-based - LT/ ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | HSBC Ltd. |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Proposed |
| Non-fund-based - LT/ ST | BG/LC | Punjab National Bank |
| Non-fund-based - LT/ ST | BG/LC | SMBC |
| Non-fund-based - LT/ ST | BG/LC | Standard Chartered Bank |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | UCO Bank |
Credit assessment · Non-ferrous metals
Rating Methodology – Non-Ferrous Metals (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 70% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
Rated limits by facility
Timeline
From the report
As on Jun 30, 2026, the company had cash & liquid investments of around Rs. 26,020 crores (Rs.24,327 crore as on March 31, 2026) out of which cash and cash equivalents for Novelis stands at US$ 1.07 billion (approx.
From the report
Historically, over last five years, the company at a consolidated level has maintained cash and cash equivalents of more than ₹18,000 crore demonstrating strong liquidity position, which is further supported by its significantly lower working capital limits utilisation.
From the report
Press Release Healthy capital structure The entity’s capital structure is healthy marked by overall gearing (total debt/tangible net worth; debt includes supplier’s credit) improved to 0.70x as on March 31, 2025 (PY: 0.76x) amidst improved net worth base and repayment of term loans during the period.
From the report
Historically, the company at a consolidated level has maintained a cash and cash equivalents of more than ₹18,000 crore demonstrating strong liquidity position, which is further supported by its meagre working capital limit s utilisation.
From the report
Healthy capital structure Capital structure of the entity is healthy marked by overall gearing (Total debt / Tangible Net worth; debt includes supplier’s credit) improved to 0.82x as on March 31, 2024 (PY: 1.05x) amidst improved net worth base and repayment of term loans during the period.
From the report
Press Release Historically, the company has maintained cash and cash equivalents of more than ₹18,000 crore demonstrating strong liquidity characteristics which is further supported by meagre working capital limit utilisation.
From the report
Liquidity position: Strong HIL has a consolidated cash and cash equivalents balance (along with bank balances) of ₹18,965 crore as on September 30, 2023 (₹24,378 crore as on March 31, 2023) and surplus bank limits for working capital requirements.
From the report
Historically, the company has maintained cash and cash equivalents of more than Rs 18,000 crore s demonstrating strong liquidity characteristics which is further supported by meagre working capital limit utilization.
From the report
Liquidity position: Strong Hindalco has a consolidated cash and cash equivalents balance (along with bank balances) of Rs. 24,738 crores (PY: Rs 24,142 crore) and the surplus bank limits for its working capital requirements.
From the report
In addition, cash & cash equivalent amounting to Rs. 22,687 crores as on March 31, 2022 (Inclusive of government securities), significantly boosts up the liquidity position of the company, providing adequate cushion in terms ofhigh volatility impacting the industry.
From the report
With an average fund based working capital utilization of below 5% the company has enough cushion for any unforeseen circumstances.
From the report
In addition, cash & cash equivalent amounting to ₹22,687 crore as on March 31, 2022 (inclusive of government securities), significantly boosts up the liquidity position of the company, providing adequate cushion in terms of high volatility impacting the industry.
From the report
With an average fund-based working capital utilisation of below 5% the company has enough cushion for any unforeseen circumstances.
From the report
Liquidity is strong, marked by cash balance and liquid investments to the tune of Rs.18,120 crore as on March 31, 2021.
From the report
HIL has total debt repayment obligation of Rs. 1,264 crore and projected capex of ~Rs 7,404 crore in FY22; which can be met comfortably with the projected GCA for FY22.
From the report
Outlook may be revised to Stable in case of timely recovery in demand leading to improvement in the operating performance of the company and improvement in overall gearing due to significant repayment of debt.
From the report
Liquidity is marked by strong accruals and cash and liquid investments to the tune of Rs.21,879 crore as on June 30, 2020.
From the report
Outlook may be revised to Stable in case of timely recovery in demand leading to improvement in the operating performance of the company and improvement in overall gearing due to significant repayment of debt.
From the report
Liquidity is marked by strong accruals and cash and liquid investments to the tune of Rs.21,879 crore as on June 30, 2020.
From the report
HIL has total debt repayment obligation of Rs. 431 crore and projected capex of ~Rs 1500 crore in FY21 these requirements of funds can be met comfortably with the projected GCA for FY21.
From the report
Outlook may be revised to Stable in case of timely recovery in demand leading to improvement in the operating performance of the company and improvement in overall gearing due to significant repayment of debt.
From the report
Owing to significant prepayments of term loans, the company has negligible debt repayment obligations in the short to medium term period.
From the report
Furthermore, the company has free cash and liquid investments to the tune of Rs. 12,661 crore as on September 30, 2019.
From the report
HIL has continued deleveraging by prepaying term loans availed for domestic business.
From the report
HIL has continued deleveraging by prepaying term loans availed for domestic business.
From the report
Owing to significant prepayments of term loans, the company has negligible debt repayment obligations in the short to medium term period.
From the report
Furthermore, the company has free cash and liquid investments to the tune of Rs. 13,630 crore as on March 31, 2019.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Hindalco Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | coalindia.in | 1975 | Kolkata, India | |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | vedantalimited.com | — | Coimbatore, India | |
 Hindustan Zinc |
Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | hzlindia.com | 1966 | Udaipur, India |
 National Aluminium Company (NALCO) |
Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | nalcoindia.com | — | India |
| Sarda Energy & Minerals Limited | Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | — | — | Nagpur, Maharashtra, India |
 Hindustan Copper |
Part of Life Insurance Corporation of India. | hindustancopper.com | 1967 | Kolkata, India |
| Rajputana Stainless Limited | Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | — | — | Kalol, Gujarat, India |
| Karam Chand Thapar & Bros. (Coal Sales) Limited | Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | — | — | Kolkata, India |
| M TEK COPPER LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Bhavnagar, Gujarat, India |
| SOUTH WEST PINNACLE EXPLORATION LIMITED | · Mining and Quarrying | — | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Part of Aditya Birla Group
Business activities and related parties
Aluminium and copper
Filings
No filings on record yet.