Hindalco's Novelis Q2 results: net income up 29% to $210 million, adjusted EBITDA $508 million

Novelis, the wholly owned US subsidiary of Hindalco Industries, reported net income attributable to its common shareholder of $210 million for Q2 FY27, up 29% year on year, in a news release Hindalco filed with the exchanges on November 5, 2026. Adjusted EBITDA rose 20% to $508 million. These Hindalco Novelis results are in US dollars, not rupees.

Hindalco Novelis results: key numbers

The figures are for Novelis Inc. in US dollars, from its news release.

Measure	Q2 FY27	Change YoY
Net sales	$5.9 billion	up 25%
Net income (common shareholder)	$210 million	up 29%
Net income excluding special items	$146 million	up 29%
Adjusted EBITDA	$508 million	up 20%
Rolled product shipments	919 kilotonnes	down 2%
Adjusted EBITDA per tonne	$553	up 23%

Why net income rose

Novelis said the rise was mainly due to insurance recoveries tied to the 2025 Oswego fires and the 20% higher adjusted EBITDA. That EBITDA included $39 million of Oswego business interruption insurance recoveries and a favourable metal benefit from higher scrap consumption and lower scrap aluminium prices. Net sales rose mainly on higher average aluminium prices, while shipments fell 2%.

Cash flow and debt

Over the first six months of FY27, operating cash flow was negative $418 million, compared with positive $411 million a year earlier. Adjusted free cash flow was an outflow of $1.8 billion, driven by lower operating cash flow and spending on the Bay Minette plant in Alabama. Net leverage was 4.7x and liquidity was $2.0 billion.

Share reaction and what to watch

CNBC-TV18 reported that Hindalco shares opened as much as 4% lower on November 6, 2026 after the Novelis results. It cited analyst views on tariffs, which are not repeated here. Bay Minette produced its first coil in September, with commercial shipments planned in Q1 FY28. See more results news.