2 days Ago By Moneycontrol
ICICI Securities research report on Hindalco Industries We attended Hindalco Industries’ (HNDL) Investor Day. Key points: 1) Long-term capacity growth aspirations in India; 2) focus on value-added products dovetailing with domestic requirements; 3) speciality alumina likely to be the next growth vertical; 4) targeting long-term steady state EBITDA for Novelis at USD 600/te; and 5) enough balance sheet headroom to follow prudent capital allocation. Taking cognisance of long-term growth opportunities in India business, we raise valuation multiple for India business to 6x (earlier 5.
5x). That said, we also raise capex for FY26/27E, in line with management’s guidance. Outlook All in all, our revised TP works out to INR 765 (earlier INR 730) on blended EV/EBITDA of 6.
3x (earlier 6x) FY27E EBITDA. Maintain BUY. For all recommendations report, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.
com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Hindalco Industries - 02042025 - icici.
