Hindalco Q1 FY27: consolidated PAT ₹7,013 Cr, +75% YoY (~118% adjusted), margins expand

Hindalco's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹84,825 Cr, up 32.1% YoY and 8.6% QoQ — ahead of the ₹73,042-82,268 Cr range flagged in pre-result previews (Niftytrader), a street beat on higher aluminium/copper realizations and Novelis' rebound. Consolidated PAT was ₹7,013 Cr, up 75.1% YoY; the +170% QoQ jump is a base-effect artifact, since last quarter's ₹2,597 Cr PAT was itself depressed by a ₹4,171 Cr exceptional charge. This quarter carried its own one-off: a ₹2,299 Cr net exceptional expense tied to the Oswego, New York plant fire, partly offset by a ₹447 Cr business-interruption insurance recovery booked in other income. Stripping the exceptional charge out (tax-effected at this quarter's ~25.3% rate), adjusted PAT growth is ~118% YoY — underlying profitability improved even more than the reported number suggests, since this time the one-off was a charge, not a gain.

NPM expanded to 8.2% from 6.2% a year ago and 3.3% last quarter; OPM (EBITDA/revenue) rose to 13.7% reported (~16.4% ex-exceptional) versus 12.3% a year ago. The Copper segment posted ₹918 Cr in segment results, above management's own ₹600-700 Cr/quarter "normalised" guidance from the May 2026 call, consistent with the higher-sulfuric-acid-price boost flagged then. Aluminium upstream segment results rose to ₹7,390 Cr from ₹4,080 Cr YoY on stronger LME pricing, while Novelis contributed ₹4,874 Cr in segment results even with the Oswego charge embedded in it.

The stock went into the print at ₹1,034, up 7.3% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Novelis' own results, reported separately on August 5, showed net income up 70.8% YoY to $164 million, with the Oswego hot mill restarted during the quarter as management had guided — a concrete confirmation of the "recovery year for Novelis" outlook laid out on the Q4 FY26 call. No standalone management press release was available in the context to quote directly; the filing notes are the primary source of management's framing here. Separately, the Board noted the Special Court's May 30, 2026 order discharging the company in the long-running CBI coal-block case — a litigation overhang cleared with no P&L effect. Standalone PAT of ₹4,784 Cr (+156.9% YoY on ₹30,515 Cr revenue, +25.8% YoY) grew faster than consolidated, since the Oswego charge sits only at the Novelis/consolidated level — expect the two numbers to keep diverging as Novelis' fire-related costs and insurance recoveries net out over coming quarters.