Hindalco’s (HNDL) Q3FY25 performance was ahead of our/consensus estimates. Consolidated EBITDA rose 30% YoY to INR 76bn, mainly due to upstream aluminium (Al) division. HNDL secured 12mtpa Meenakshi coal mine, providing a significant boost to coal security. We expect upstream Al division to benefit from lower cost, though alumina price tailwinds have eased off. In case of Novelis, we expect profitability to improve in ensuing quarter due to better product mix, operating leverage and higher scrap utilisation. Retain BUY with an unchanged TP of INR 730 on 6x FY27E EBITda. For all recommendations report, click here. Buy Trade Watchlist Portfolio Message Set Alert live bselive nselive Volume Todays L/H More × ICICI Securities research report on Hindalco Industries. Buy Bajaj Consumer Care; target of Rs 220: ICICi Securities.
