Hindalco shares decline 2% as Q4 profit falls 51%. Here’s what Nuvama and other brokerages said

The shares of Hindalco Industries fell as much as 2% to the day's low of Rs 1,087 on the BSE on Monday after the metals major reported a 51% year-on-year (YoY) decline in consolidated net profit to Rs 2,597 crore for the quarter ended March. The company had reported a profit of Rs 5,283 crore in the year-ago period.

While bottomline contracted sharply, Hindalco's consolidated revenue from operations rose 20% YoY to Rs 78,133 crore in Q4 FY26, from Rs 64,890 crore in the corresponding quarter of the previous financial year. Consolidated EBITDA meanwhile rose 9% YoY to an all-time high of Rs 11,197 crore, compared with Rs 10,296 crore a year ago.

Also Read | Hindalco Q4 Results: Profit falls 51% YoY to Rs 2,597 crore; co declares Rs 5 dividend


The company said the Oswego disruption impacted profitability during the quarter, though this was partly offset by cost efficiency measures at Novelis and record profits from the India business.

Along with the Q4 results, Hindalco Industries on Friday recommended a final dividend of Rs 5 per share for the financial year which ended on March 31, 2026. The record date to determine the eligibility of shareholders set to receive the dividend has been fixed on July 10.

Nuvama on Hindalco

Nuvama said that Hindalco reported better-than-expected Q4 FY26 EBITDA due to higher-than-expected blended aluminium and sulphuric acid prices. “Domestically, higher aluminium prices shall help enhance earnings in Q1 FY27. Novelis’s earnings are likely to recover Q2 FY27 onwards with the opening of Oswego plant in June. We are raising FY27E EBITDA by ~4% factoring in higher copper profits at Indian operation,” it said.

The brokerage maintained a ‘Hold’ rating on the shares of Hindalco, but raised its target price to Rs 1,069 apiece from Rs 1,039 apiece. The latest target price implies a downside potential of nearly 4% from the stock’s previous closing price.

JM Financial on Hindalco

JM Financial raised its target price for the shares of Hindalco Industries to Rs 1,310 apiece from Rs 1,210 apiece, while maintaining its ‘Buy’ call on the stock. The latest target price implies an upside potential of more than 18% from the stock’s previous closing price of Rs 1,109.20 apiece on NSE.

The domestic brokerage said that the firm’s EBITDA beat its estimate due to outperformance in Novelis and lower-than-expected fire-related losses, along with elevated sulphuric acid prices and other key tailwinds. “Net debt increased to Rs 648 billion from Rs 595 billion in Q3 FY26 driven by higher debt at Novelis. We revise our earnings upwards by 8.6% / 7.6% for FY27E / FY28E given LME sustaining above USD3.5k/t given the supply constraints,” it added.

Motilal Oswal on Hindalco

Motilal Oswal maintained its ‘Buy’ call on the shares of Hindalco Industries, but increased its target price to Rs 1,280 apiece. This implies an upside potential of 15% from the stock’s previous closing price.

The domestic brokerage said that the company’s revenue growth beat estimates, led by a favorable pricing and better product mix. Consolidated EBITDA also beat expectations, driven by the strong performance of the Indian business and better-than-expected Novelis EBITDA.

“Hindalco posted strong earnings in Q4 FY26. Earnings growth was primarily driven by favorable pricing, better domestic product mix, and higher by-product pricing. Novelis posted better-than-expected earnings, adjusted for the Oswego fire incident,” it added. “We increase revenue by +9/10%, EBITDA by +10/11%, and PAT by +14/12%, for FY27/28, factoring in the strong domestic business outlook based on elevated commodity prices, cost savings, and recovery in Novelis’ earnings,” it further said.

Hindalco share price

Hindalco shares gained more than 5% in one week and around 6% in one month to close at Rs 1,109.20 apiece on Friday, ahead of the results. The stock is overall up more than 24% so far in 2026.

In the longer term, the shares of the metals major have delivered around 71% returns in one year, 175% in three years and 184% in five years.

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