Consolidated Performance

Aluminium Business

Copper Business

Novelis Performance

Strategic Expansions

• 600 Kt Greenfield Bay Minette plant (Novelis) – H2-CY2026
• 100 Kt recycling expansion at Ulsan, South Korea
• 25 Kt Copper IGT plant in Q4 FY25
• Aditya FRP project commissioning in FY26
• Meenakshi coal mine (12 MTPA) secured

Capital Expenditure

• Planned Capex: ₹10,000+ Cr in green energy & expansion
• Renewable capacity target: 300 MW by CY25
• Current renewable capacity: 189 MW
• ₹750 M debt raised by Novelis for refinancing

Competitive Strengths

• India’s largest aluminium producer
• Integrated business model
• Strong presence in high-growth sectors
• Robust balance sheet

Key Risks

• Commodity Price Fluctuations

  Metal price volatility impact on revenue

• High Debt Levels

  ₹60,959 Cr debt affecting future cash flows

• Global Economic Slowdown

  Lower demand from Europe & China affecting Novelis

• Regulatory & ESG Compliance

  Stricter environmental norms leading to higher costs

• Rising Energy Costs

  Increased coal and power costs compressing margins

Growth Metrics

Valuation Metrics

Investment Thesis

• Strong Growth Potential

  54.4% YoY PAT growth, higher aluminium realizations

• Competitive Edge

  Backward integration, secured coal supply, green initiatives

• Attractive Valuation

  Trading below historical P/E and industry average

• Strong Balance Sheet

  ₹1.14 Lakh Cr reserves, improving leverage

Target Price Analysis