Hindalco shares drop 2% after Novelis' Q1 net income drops 36% to $96 million
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Hindalco Industries shares slid 2.2% to their day’s low of Rs 656.85 on the BSE on Tuesday after its US-based subsidiary Novelis Inc reported a 36% year-on-year decline in net income attributable to common shareholders to $96 million for Q1FY26. Excluding special items, net income fell 43% to $116 million. Adjusted EBITDA slipped 17% to $416 million, while adjusted EBITDA per tonne dropped 18% to $432. Net sales for the quarter ended June 30, 2025, rose 13% to $4.7 billion, driven by higher average aluminium prices and a 1% increase in total rolled product shipments to 963 kilotonnes. Higher beverage packaging shipments were partially offset by lower automotive and specialty shipments. The fall in profitability was linked to restructuring charges, higher aluminium scrap prices, an unfavourable product mix, and net negative tariff impacts. These were partially offset by improved product pricing, lower SG&A costs, favourable metal price...