• Aluminum price outlook: LME aluminum prices are expected to remain in the $3,500 per ton range for the remainder of the year, while Q1 input costs are projected to rise by 5% due to higher prices for furnace oil, CP coke, and pitch.
• Copper segment performance: Q1 copper EBITDA is expected to sustain Q4 levels of around 900 crore rupees, supported by elevated byproduct realizations for sulfuric acid linked to Middle East supply disruptions.
• Capex and leverage: Hindalco has budgeted 12,000 crore rupees for domestic capex and $2.3 to $2.4 billion at Novelis, while expecting to maintain net debt to EBITDA between 1.8x and 1.9x through FY26–27.
• Aditya smelter expansion: The company plans to commission 180 KT of aluminum capacity under Aditya Phase 1 in December 2027, followed by another 180 KT in December 2028.