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Motilal Oswal Report
Hindalco Industries Ltd. plans to incur a capex of $4.4 billion over the next five years for several projects, including flat rolled project capacity expansion in USA, upstream expansion at Utkal, special alumina business capacities and downstream aluminum capacities, among others.
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Over $3 billion of capex is allocated to the USA region. About 80% of the organic growth capex in India ($1.1 billion) will be allocated to the downstream business. Hindalco expects Novelis's Ebitda/tonne to touch $525 by Q4 FY24.
We believe Hindalco is adding downstream capacities at the right time to capture the robust growth opportunities. Despite near-term headwinds due to a slowdown in China and its impact on non-ferrous prices, the long-term outlook remains positive.
We reiterate our 'Buy' rating on the stock with our SOTP-based target price of Rs 550.
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