Anand Rathi's research report on Hindalco Industries
Hindalco Industries’ strategic expansion in Bay Minette is on track and the recently commissioned 250k tonne Guthrie facility is ramping up, with production having commenced in Q2. It is undertaking domestic capex across three major verticals: alumina, upstream aluminium and copper (expected to be commissioned during FY27-29). In line with the best-in-the-industry aluminium EBITDA/tonne, record copper EBITDA and improved metal prices, we raise our FY25e, while largely maintaining our FY26e.
Outlook
Considering the company’s strong focus on expanding capacity (domestic/internationally), uptick in beverage can shipments, integrating RMs, enhancing aluminium recyclability, coal blocks coming on stream from CY25 and the rising share of VAPs, we retain our Buy rating and a sum-of-parts TP of Rs800/share.
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