Hindalco Industries

“This year will be around INR12,000 crores. Next year will be substantially higher, which I'll give you the number with our February results when we have done our budgeting.”

“About INR6,000 crores. This year, I think our expectation is we would spend about INR12,000-13000 crores by the end of the year.”

“I think we took about 2,600 we took.”

“At Bandha, the first box cut has already happened. It is a high stripping ratio. First coal should start to come out towards the second half of the next financial year.”

“Chakla, we are expecting still that we will be getting coal by sometime middle of next year.”

“And then, of course, we have downstream, further copper recycling expansion from 50 KT to 150 KT. It will be fair to say that every year and a half, we will be starting one more project.”

“Aditya FRP is now at the 50% loading level.”

“Look, in the downstream now, we still have the capability to add another cold mill in Aditya, by 170 KT. So on top of 600 KT, we can add 170KT of rolling capacity.”

“If we get to two million tons of aluminium, we will get to about 1 million tons of downstream capacity in India.”

“By FY27 exit, our renewable energy portfolio is set to reach 884 megawatt. Complemented by 125 megawatt of RE-RTC capacity”

“I think contribution, let's say that, it's like 50% comes from other stuff, 50% comes from copper, more or less. The volumes of sulfuric acid is around 300,000 tons a quarter.”

“yeah, roughly 40% to 50% will come from copper products, the rest will come from sulfuric acid, precious metals, et cetera.”

“We are, of course, going to launch the white fused alumina project very soon. So, our plan to get to about a million tons of specialty alumina output is not changed.”

“Last quarter was at similar levels. I mean, you will have to go down to when TC/RCs were 15 – 17 cents per pound in the last year. So then the contribution from the copper side will go up.”

“right now, we are still facing some impact of our customer supply chains not having normalized, which are putting some negative colour on shipments for the time being.”

“But that is in the course of normalization, and the shipments momentum based on the underlying markets should pick up pretty well starting from Q4 of this fiscal.”

“I think Q3 MJP is already about 270-ish. I think that we expect MJP to be in that $200-$250 range in Q4.”

“then the LME Week, the consensus was, in some ways, the LME next year could be between $2,600 and $2,800.”

“Looking ahead, the global aluminium market is expected to remain in deficit through calendar year 2026. Current estimates point to a deficit of around 0.8 million tons, significantly higher than earlier expectations.”

“Q2 costs were up roughly 5% above Q1. The cost up was two main factors, coal and CP coke prices.”

“We expect Q2 to Q3 to also be around that 5% because the northern area, the coal is still not stabilized.”

“See right now I think we are running at roughly INR16,000 a ton. Last year, at the same quarter, it was around INR7,000 a ton.”

“That is why if I was selling cathodes, I would been losing money.”

“We realized a higher net premium, one, because of the exports that we were doing, which went to high-premium countries, not MJP countries.”

“We are confident that the strength of the business supported by cost restructuring will drive a return to positive free cash flow and mark the beginning of our deleveraging journey by the end of FY27.”

“Importantly, we continue to maintain a strong balance sheet with consolidated net debt to EBITDA at 1.80 times as of September 2026”

“INR16,000 crores. We are sitting with treasury of INR16,000 crores.”

“Yes, because we have long-term loans of about INR6,000 crore-INR7,000 crore.”

“That's only the India. That's why net debt to EBITDA is - 0.35 times in India.”

“So, A, we are out looking for other people who can help us fast-track that, and B, we have our internal program to develop tabular alumina.”

“On the Yeongju strike impact, we have told you that we have a $20 million impact in Q2, and you can broadly expect a similar impact in Q3, and after that, it is over.”

“Now, insurance recoveries, you can expect that we have another $47 million of insurance recoveries that will fall into EBITDA, and that should pretty much be by this fiscal year end.”

“In Q2, there was a little bit more additional catch-up of the Q1 as well, which is why the number was slightly higher.”

“All that put together, there was about roughly INR350-INR400 crores, what we think is not on a sustainable basis repeatable.”

“We had a certain amount of copper slag sales where our accruals and what we realized by selling was higher. There is a certain amount of derivative noise. There is a certain amount of precious metals extra sales.”

“right now, we have some headwinds from tariffs, but we are working with a clear plan, and by fourth quarter, tariffs would come down to a fairly marginal level.”

“Our hedging position in aluminium for the rest of FY27 stands at around 29% on the commodity at $3,000 per ton and 21% in the currency at INR93 per dollar.”

“If we now go into FY 2028, we are about 26% hedged at $3,168. That's our position.”

“But for people like us, we are now very comfortable because we have got large miners with which we have long-term contracts. So, we have no problem in getting the concentrate.”

“with spot TC/RC remaining at negative levels in the range of (-48) to (-58) cents per pound, and concentrate availability remaining constrained.”

“The impact roughly adds about INR130 crores to the EBITDA line, and it adds INR130 crores to the depreciation line.”

“No, so you are right. It looks better because this is the first quarter we did it.”

“Quarterly copper EBITDA reached a record INR1,673 crores, a significant 164% increase year-on-year, driven by strong operational performance, healthy domestic demand across segments despite elevated LME prices.”

“quarterly EBITDA stood at INR7,009 crores, up 55% year-on-year, backed by favorable macros and our strong performance across the value chain. This delivered an EBITDA per ton of $2,125 this quarter.”

“Hindalco was also the same level, $11 million. Because we pay on a quarterly basis till we hit the cap of INR225 crores.”