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Hindalco Novelis Q4 Results Review - Ebitda/Tonne Bounces Back; Cautious Near-Term Outlook: ICICI Securities
Taking cognisance of the prevailing LME Al prices, and Novelis’ profitability bottoming out, ICICI Securities raises its target price slightly to Rs 770, and maintains 'Buy' call
13 May 2025, 05:32 PM IST 
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Hindalco Novelis’ Q4 FY25 Ebitda (adjusted), down 8% YoY at $473 million, was slightly ahead of estimate of $468 million.
(Photo Source: Novelis official website)
Going ahead, while several uncertainties pertaining to tariffs, scrap spreads and end-market persist, ICICI Securities believes Novelis’ Ebitda may remain above $500/tonne overall. Taking cognisance of the prevailing LME Al prices, and Novelis’ profitability bottoming out, the brokerage raises its target price slightly to Rs 770 (earlier Rs 765) on an unchanged 6.3x FY27E Ebitda.
