• Segment operating performance: Upstream aluminum maintained a 55% EBITDA margin, downstream aluminum surpassed $300 EBITDA per ton, and the copper business generated an all-time high EBITDA of ₹918 crore.
• Novelis EBITDA trajectory: Novelis delivered $516 million in EBITDA ($560 per ton) and expects $500–$520 per ton to remain sustainable this year, aiming for $600 per ton by the end of FY28 following the full ramp-up of the Bay Minette project.
• Input cost trends: Input costs were flat quarter-on-quarter in dollar terms from Q4 to Q1, but increased by 4% in rupee terms due to currency depreciation.
• Aluminum supply deficit: The global aluminum market is projected to run a 1-million-ton deficit in CY2026 with all-time low inventories, providing an upward bias for metal prices over the next three quarters.