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Hindalco Industries Q4 Results Review: ICICI Securities Maintains 'Buy' On Strong Growth Trajectory
The brokerage believes that Hindalco's earnings are likely to be driven by higher VAP sales at both Al and Cu divisions, and stable cost at upstream division.
21 May 2025, 11:48 AM IST 
Hindalco's consolidated Ebitda rose 44% YoY to Rs 96 billion, mainly due to upstream aluminium division. (Photo source: Company website)
ICICI Securities expects Hindalco’s India performance to benefit from lower cost at upstream Al, despite waning alumina price tailwinds. In the near term, higher VAP from Alumina, Al and Cu divisions would lift overall margins. On the cost front, the brokerage expects further efficiencies only from FY28 when Chakla and Bandha blocks are ramped up.
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