Hindalco Industries’ subsidiary, Novelis Inc., has announced its Q2 FY26 financial results, reporting a net income of $163 million, up 27% year-over-year. Adjusted EBITDA stood at $422 million. The company anticipates restarting its Oswego hot mill in December 2025. Novelis reaffirmed its commitment to cost efficiency and is progressing with its Bay Minette plant construction.
Q2 FY26 Financial Performance
Novelis Inc., a wholly-owned subsidiary of Hindalco Industries, reported a net income attributable to its common shareholder of $163 million, a 27% increase compared to the previous year. Excluding special items, net income was $113 million, a decrease of 37% year-over-year.
Key financial highlights include:
- Adjusted EBITDA: $422 million, down 9% YoY
- Rolled product shipments: 941 kilotonnes, consistent with the prior year
- Adjusted EBITDA per tonne shipped: $448, down 8% YoY
Oswego Plant Update
Novelis expects to restart the Oswego hot mill in December 2025, following a fire incident in September 2025. The company is working to restore operations and minimize customer disruption.
Strategic Initiatives and Outlook
The company’s net leverage ratio stood at 3.5x at the end of Q2 FY26, with total liquidity at $2.9 billion as of September 30, 2025. Novelis is advancing its cost efficiency program and expects it to drive better margins. They anticipate exiting FY26 with run-rate savings exceeding $125 million.
Bay Minette Plant
Construction of the greenfield rolling and recycling plant in Bay Minette, Alabama (US) is progressing, with cold mill commissioning expected to begin in Q4 FY26. The total capital cost is estimated to be approximately $5 billion.
Source: BSE
