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Hindalco Industries Limited
(HINDALCO)
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Rating:65Neutral
Price Target:
₹1,020.00
▼(-1.82% Downside)
Action:Downgraded
Date:05/24/26
The score is primarily held back by weak FY2026 cash generation (sharp drop in operating cash flow and deeply negative free cash flow) despite a much stronger balance sheet. Technicals are supportive with a strong uptrend and positive momentum, while valuation is only average with a moderate P/E and low dividend yield.
Positive Factors
Low leverage and stronger balance sheet
Material de-risking of the balance sheet (D/E ~0.17) provides durable financial flexibility to fund capex, absorb commodity cycles, refinance on favorable terms and pursue strategic investments without compromising solvency, supporting multi-quarter resilience.
Negative Factors
Sharp FY2026 cash-flow deterioration
A large swing to negative free cash flow signals heavy capex and/or working-capital stress, reducing near-term internal funding. Persisting weak cash conversion limits ability to fund growth, pay down liabilities, or return capital without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and stronger balance sheet
Material de-risking of the balance sheet (D/E ~0.17) provides durable financial flexibility to fund capex, absorb commodity cycles, refinance on favorable terms and pursue strategic investments without compromising solvency, supporting multi-quarter resilience.
Read all positive factors
Hindalco Industries Limited (HINDALCO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.14T
Dividend Yield0.58%
Average Volume (3M)140.51K
Price to Earnings (P/E)15.7
Beta (1Y)0.92
Revenue Growth15.28%
EPS Growth-16.31%
CountryIN
Employees46,065
SectorBasic Materials
Sector Strength58
IndustryAluminum
Share Statistics
EPS (TTM)80.00
Shares Outstanding2,247,226,600
10 Day Avg. Volume235,295
30 Day Avg. Volume140,508
Financial Highlights & Ratios
PEG Ratio-0.90
Price to Book (P/B)1.44
Price to Sales (P/S)0.71
P/FCF Ratio-8.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)103.63
Revenue Forecast (FY)₹3.30T
Hindalco Industries Limited Business Overview & Revenue Model
Company Description
Hindalco Industries Ltd. engages in the production and marketing of aluminium and copper products. It operates through the Aluminium, Copper, Novelis, and All Other segments. The Aluminium segment manufactures and sells hydrate and alumina, and al...
How the Company Makes Money
Hindalco primarily makes money by producing and selling metals and value-added metal products across two major business segments—aluminium and copper—along with earnings from its global downstream subsidiary Novelis.
1) Aluminium business (India)...
Hindalco Industries Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.52T | 2.75T | 2.37T | 2.15T | 2.22T | 1.94T |
| Gross Profit | 813.75B | 583.06B | 793.65B | 685.84B | 692.80B | 651.52B |
| EBITDA | 355.12B | 308.06B | 335.47B | 253.16B | 239.28B | 295.23B |
| Net Income | 177.63B | 133.91B | 160.01B | 101.55B | 100.97B | 137.30B |
Balance Sheet | ||||||
| Total Assets | 2.97T | 3.48T | 2.66T | 2.32T | 2.25T | 2.23T |
| Cash, Cash Equivalents and Short-Term Investments | 281.10B | 226.92B | 213.78B | 181.41B | 213.32B | 228.28B |
| Total Debt | 748.78B | 991.61B | 656.42B | 608.31B | 660.75B | 669.45B |
| Total Liabilities | 1.62T | 2.11T | 1.42T | 1.26T | 1.30T | 1.45T |
| Stockholders Equity | 1.35T | 1.37T | 1.24T | 1.06T | 948.06B | 781.91B |
Cash Flow | ||||||
| Free Cash Flow | -26.49B | -234.36B | 37.61B | 83.28B | 93.66B | 114.12B |
| Operating Cash Flow | 80.36B | 66.60B | 244.10B | 240.56B | 192.08B | 168.38B |
| Investing Cash Flow | -126.83B | -277.84B | -247.39B | -142.76B | -80.16B | -70.74B |
| Financing Cash Flow | 52.85B | 248.78B | -18.16B | -108.17B | -104.50B | -67.65B |
Hindalco Industries Limited Technical Analysis
Negative
1038.95
Price Trends
1048.97
Negative
993.07
Negative
911.10
Positive
Market Momentum
-31.05
Positive
34.10
Neutral
9.58
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HINDALCO, the sentiment is Negative. The current price of 1038.95 is above the 20-day moving average (MA) of 1010.14, below the 50-day MA of 1048.97, and above the 200-day MA of 911.10, indicating a neutral trend. The MACD of -31.05 indicates Positive momentum. The RSI at 34.10 is Neutral, neither overbought nor oversold. The STOCH value of 9.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HINDALCO.
Hindalco Industries Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹2.14T | 15.74 | ― | 0.58% | 15.28% | -16.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ₹1.08T | 6.20 | ― | 8.78% | -17.85% | 14.23% | |
58 Neutral | ₹2.34T | 21.65 | ― | 2.11% | 6.22% | 215.56% | |
54 Neutral | ₹1.06T | 31.50 | ― | 0.20% | 6.95% | 18.97% |
* Basic Materials Sector Average
IN:HINDALCO
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37.22%
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―
―
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Hindalco Industries Limited Corporate Events
Hindalco Strikes Off Non-Operational Bauxite Subsidiary With No Material Impact
Jun 22, 2026
Hindalco Industries has announced that its wholly owned subsidiary, East Coast Bauxite Mining Company Private Limited, has been struck off the register by the Registrar of Companies in Cuttack following a voluntary application for strike-off under...
Hindalco Expands Eternia Aluminium Window Business With Delhi Experience Centre and North India Capacity Boost
Jun 4, 2026
Hindalco Industries is deepening its presence in India’s premium aluminium window systems market through its Eternia brand, which offers precision-engineered, performance-led products designed for modern building and construction needs. Eter...
Hindalco Clears FY26 Results With Clean Audit, Proposes ₹5 Final Dividend and Sets July AGM
May 22, 2026
Hindalco Industries’ board has approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with the statutory auditors issuing unmodified opinions, underscoring the robustness of the comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.