MUMBAI — Hindalco Industries runs two aluminium businesses. One smelts the metal in India and earns a 55 percent margin on it. The other rolls it into sheet in North America and Europe, sells more than three times as much, and earns about nine. Monday’s share price move was almost entirely about the first.
Hindalco closed August 24, 2026, at ₹1,058.50 on the National Stock Exchange, up ₹24.50 or 2.37 percent, and finished exactly at the day’s high, which is unusual and worth noting. On the BSE it settled at ₹1,055.20, up 1.73 percent. The stock opened at ₹1,047.95, dipped to ₹1,043.30 and then climbed through the afternoon on 40.52 lakh shares. The Nifty 50 fell 0.14 percent over the same session.
The reason it went up is the same reason Steel Authority of India rose 3.57 percent and Hindustan Zinc rose 1.53 percent: base metal prices have been climbing globally for a month and the Nifty Metal index is up roughly 16 percent over that stretch. What makes Hindalco different from the rest of the group is that it is not a single-commodity bet. It is a leveraged Indian smelter bolted to a low-margin global recycler, and the two halves respond to entirely different things.
Hindalco Share Price Today: NSE and BSE Close for August 24, 2026
| Measure | NSE · HINDALCO | BSE · 500440 |
|---|---|---|
| Closing price | ₹1,058.50 | ₹1,055.20 |
| Previous close | ₹1,034.00 | ₹1,037.25 |
| Change | +₹24.50 (+2.37%) | +₹17.95 (+1.73%) |
| Open | ₹1,047.95 | ₹1,045.10 |
| Day’s high | ₹1,058.50 | ₹1,058.50 |
| Day’s low | ₹1,043.30 | ₹1,043.30 |
| Volume traded | 40.52 lakh shares | – |
| 52-week high | ₹1,176.00 (-9.99% from today’s close) | |
| 52-week low | ₹697.00 (+51.87% from today’s close) | |
| Market capitalisation | ₹2,37,124 crore | |
| Trailing P/E · Price to book | 11.4 · 1.74 | |
| Book value per share · Return on equity | ₹608 · 13.0% | |
| NSE closing prices for August 24, 2026, with BSE figures from the exchange’s own quote feed, timestamped 16:00 IST. Closing at the exact high of the session, as Hindalco did on both exchanges, means the buying was still coming in at the bell. Valuation ratios and market capitalisation are Screener’s consolidated figures. | ||
Up 51.87 percent from its 52-week low and 9.99 percent below its high, Hindalco has had a better twelve months than most of the Indian market and is closer to the top of its own range than Tata Steel, Hindustan Zinc or Steel Authority of India. The market is not treating it as an ordinary metal producer.
Hindalco Industries Stock Code on NSE, BSE and Global Data Feeds
| Exchange or provider | Code | Notes |
|---|---|---|
| NSE (National Stock Exchange) | HINDALCO | Series EQ. Nifty 50 and Nifty Metal constituent |
| BSE (Bombay Stock Exchange) | 500440 | Scrip code. Group A, BSE 100 constituent |
| ISIN | INE038A01020 | Depository identifier. Face value ₹1 |
| Google Finance | NSE:HINDALCO · BOM:500440 | The exchange-prefixed format Google requires |
| Yahoo Finance | HINDALCO.NS · HINDALCO.BO | Suffix marks the exchange |
| ISIN, scrip code and face value confirmed against the BSE’s company header feed. Hindalco is the metals flagship of the Aditya Birla Group and owns Novelis Inc., the world’s largest producer of rolled aluminium products, which it acquired in 2007. | ||
Hindalco Q1 FY27: Records at Every Level
The June-quarter results published on August 7 were the strongest the company has reported.
| Measure | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | ₹84,825 cr | ₹64,232 cr | +32% |
| EBITDA | ₹14,989 cr | ₹8,673 cr | +73% |
| EBITDA margin | 17.7% | 13.5% | +4.2 points |
| Profit after tax | ₹7,013 cr | ₹4,004 cr | +75% |
| Net debt to EBITDA | 1.95x | – | – |
| Figures as printed in Hindalco’s Q1 FY27 results release of August 7, 2026. Where other summaries of these results quote an EBITDA margin near 16.4 percent, the company’s own release states 17.7 percent, which is what ₹14,989 crore of EBITDA on ₹84,825 crore of revenue produces. | |||
A margin rising 4.2 percentage points while revenue rises 32 percent is the signature of a producer catching a price move on a fixed cost base. Profit rose faster than EBITDA, which rose faster than revenue, which is the opposite of what Reliance Industries reported for the same three months, and the difference between the two is the difference between selling more of something at a better price and spending to sell more of something at a worse one.
Four Businesses, Four Completely Different Margins
The segment table is where Hindalco stops being an abstraction.
| Segment | Revenue | Revenue growth | EBITDA | EBITDA growth | EBITDA margin |
|---|---|---|---|---|---|
| Aluminium Upstream | ₹13,403 cr | +44% | ₹7,390 cr | +81% | 55% |
| Novelis | $5,800 mn | +23% | $516 mn | +24% | 8.9% |
| Copper | ₹17,232 cr | +16% | ₹918 cr | +36% | 5.3% |
| Aluminium Downstream | ₹4,889 cr | +46% | ₹298 cr | +30% | 6.1% |
| Segment revenue, EBITDA and growth rates are as printed in Hindalco’s Q1 FY27 results release; the company states the upstream margin as 55 percent. The other three margin figures are calculated by The Eastern Herald from the revenue and EBITDA columns. Segments do not sum to the consolidated totals because of inter-segment eliminations and unallocated items, so the shares of group profit should not be inferred directly from this table. | |||||
Read down the last column. Fifty-five percent, then nine, then five, then six. The upstream smelting business turned ₹13,403 crore of revenue into ₹7,390 crore of EBITDA. Novelis turned $5.8 billion, which is roughly four times as much money, into $516 million. Copper is the largest Indian segment by revenue and the smallest contributor of the four at the margin line.
That is the investment case and the risk in the same table. The high-margin business is the one exposed directly to the aluminium price on the London Metal Exchange, which is exactly what has been rising. When the price falls, 55 percent margins compress faster than 9 percent ones, because there is more of the margin to lose. Novelis is the ballast: it converts scrap into sheet on a spread rather than a price, which is why its EBITDA grew 24 percent in a quarter when upstream grew 81 percent, and why it will not fall 81 percent when the cycle turns.
Novelis had its own reasons for a good quarter, restarting the Oswego hot mill and drawing benefits from a cost programme, and its net income rose 71 percent to $164 million. But at 8.9 percent EBITDA margin it remains a business that turns over enormous sums to produce modest profit, and the 1.95 times net debt to EBITDA the group carries is largely the legacy of buying it.
Hindalco Share Price: Recent Sessions and the Levels
| Date | Close (₹) | Change | Volume |
|---|---|---|---|
| August 14, 2026 | 1,029.50 | -1.60% | 34.23 lakh |
| August 17, 2026 | 1,049.90 | +1.98% | 30.63 lakh |
| August 18, 2026 | 1,041.60 | -0.79% | 25.25 lakh |
| August 19, 2026 | 1,038.95 | -0.25% | 21.25 lakh |
| August 20, 2026 | 1,029.85 | -0.88% | 43.22 lakh |
| August 21, 2026 | 1,034.00 | +0.40% | 26.44 lakh |
| August 24, 2026 | 1,058.50 | +2.37% | 40.52 lakh |
| NSE closing prices and volumes. Monday’s 2.37 percent gain was the largest single-session move of the period and took the stock through the ₹1,049.90 that had capped it on August 17. | |||
The stock had spent five sessions failing to hold above ₹1,040 and cleared ₹1,049.90 decisively on Monday, closing at the high on volume half again as heavy as the preceding session. The next reference above is the 52-week high of ₹1,176, which is 11.1 percent away. Below, ₹1,029.85 is now the base of the move.
What this article cannot tell you is how much of the upstream margin survives a normal aluminium price. Hindalco does not publish a realised price per tonne alongside its segment EBITDA, so there is no way from the release to separate how much of the 81 percent EBITDA increase came from volume, how much from the metal price and how much from lower alumina or power costs. Nor does it break out how much of Novelis’s improvement came from the Oswego restart, which is a one-time recovery, against the cost programme, which is not. The 55 percent margin is real. Whether it is the business or the cycle is a question the next two quarters answer and this one does not.
Hindalco’s June-quarter figures come from the company’s own Q1 FY27 results release of August 7, 2026. Closing prices and the scrip identifiers were verified against the BSE’s own quote feed for scrip 500440.
Related Posts
