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HINDALCO.NS

Hindalco Industries Ltd.

Metals & Mining
Price research

Price history

6M window · 2026-03-24 to 2026-09-22

Start 2026-03-24 ₹854.65
End 2026-09-22 ₹973.00
Change over window +13.85%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-22
Price (live) ₹973.00 INR fetched 2026-09-23 02:17
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

16.13

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹973.00 / (₹133,910,000,000 / 2,220,000,000 shares) = ₹973.00 / ₹60.32 EPS

ROE

9.80%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹133,910,000,000 / ₹1,365,830,000,000 = 9.80%

Debt/Equity

0.71

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹966,590,000,000 / ₹1,365,830,000,000 = 0.71

Current Ratio

1.21

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹1,408,710,000,000 / ₹1,165,090,000,000 = 1.21

ROCE

12.41%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹289,430,000,000 / (₹1,365,830,000,000 + ₹966,590,000,000) = 12.41%

Dividend Yield

0.51%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹11,100,000,000 / 2,220,000,000 shares) / ₹973.00 = ₹5.00 / ₹973.00

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 11.4%
Net profit CAGR · 3y 10.4%
Operating margin · FY2025-26 10.5%
ROCE · FY2025-26 12.4%

Revenue & Profit CAGR

Revenue (3y, 8.0y actual)
11.4%
Net Profit (3y)
10.4%
Revenue (5y, 8.0y actual)
11.4%
Net Profit (5y)
10.4%
Revenue (10y, 8.0y actual)
11.4%
Net Profit (10y)
10.4%

Operating Margin Trend

Expanding
FY2017-18
9.0%
FY2018-19
9.1%
FY2019-20
8.8%
FY2020-21
9.2%
FY2021-22
11.7%
FY2022-23
7.5%
FY2023-24
8.3%
FY2024-25
11.2%
FY2025-26
10.5%

ROCE Trajectory

FY2017-18
N/A
FY2018-19
N/A
FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2022-23
11.0%
FY2023-24
11.1%
FY2024-25
14.3%
FY2025-26
12.4%

Earnings Quality

No persistent gap detected

Net Profit CAGR -0.62% vs CFO CAGR -11.67% over 4.0y (2022-03-31 → 2026-03-31); most recent year: Net Profit -16.31% vs CFO -58.01%

Sector-Relative Percentile

Sector · Metals & Mining
ROE 18th percentile Better than 3 of 17 sector peers (18th percentile).
ROCE 41th percentile Better than 7 of 17 sector peers (41th percentile).
Debt/Equity 29th percentile Better than 5 of 17 sector peers (29th percentile).
P/E 71th percentile Better than 12 of 17 sector peers (71th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Hindalco Industries Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 1.191 1.031 Exceeds Beneish's published threshold
GMI — Gross Margin Index 1.101 1.014 Exceeds Beneish's published threshold
AQI — Asset Quality Index 1.079 1.039 Exceeds Beneish's published threshold
SGI — Sales Growth Index 1.153 1.134 Exceeds Beneish's published threshold
DEPI — Depreciation Index 0.998 1.077 Below Beneish's published threshold
SGAI — SG&A Index 0.885 1.041 Below Beneish's published threshold
LVGI — Leverage Index 1.207 1.111 Exceeds Beneish's published threshold
TATA — Total Accruals to Total Assets 0.009 0.018 Below Beneish's published threshold
M-Score (composite) -2.089 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹55,994.00 Cr. ₹57,013.00 Cr. ₹58,203.00 Cr. ₹58,390.00 Cr. ₹64,890.00 Cr. ₹64,232.00 Cr. ₹66,058.00 Cr. Gross ₹66,028.00 Cr. ₹66,521.00 Cr. ₹78,133.00 Cr. ₹84,825.00 Cr. RevenueFromOperations
Net Profit ₹3,174.00 Cr. ₹3,074.00 Cr. ₹3,909.00 Cr. ₹3,735.00 Cr. ₹5,283.00 Cr. incl. minority ₹5,284.00 Cr. ₹4,004.00 Cr. ₹4,741.00 Cr. ₹2,049.00 Cr. ₹2,597.00 Cr. ₹7,013.00 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
34.66%
Public
64.87%
Employee Trusts
0.47%
Promoter % Public %
Metric Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 34.64% 34.64% 34.64% 34.64% 34.64% 34.64% 34.64% 34.64% 34.64% 34.64% 34.64% 34.66%
Public 64.94% 64.89% 64.90% 64.92% 64.86% 64.88% 64.89% 64.91% 64.82% 64.85% 64.87% 64.87%
Employee Trusts 0.42% 0.47% 0.46% 0.44% 0.50% 0.48% 0.47% 0.45% 0.54% 0.51% 0.49% 0.47%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 65.8%
Trailing 20-day average 57.5%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 3336085 2195051 65.80%
2026-09-21 3348127 2246548 67.10%
2026-09-18 8310236 5716635 68.79%
2026-09-17 2724042 1712352 62.86%
2026-09-16 3439776 2106326 61.23%
2026-09-15 2245506 1269156 56.52%
2026-09-11 4754493 2466205 56.75%
2026-09-10 2172772 1222332 56.26%
2026-09-09 3255790 1703235 52.31%
2026-09-08 3094146 1606238 51.91%
2026-09-07 1848438 1025205 55.46%
2026-09-04 3682428 2238105 60.78%
2026-09-03 1459349 674291 46.20%
2026-09-02 1902917 1129409 59.35%
2026-09-01 2765114 1051698 38.03%
2026-08-31 5759006 3437363 59.69%
2026-08-28 1687987 1028840 60.95%
2026-08-27 3635432 2194496 60.36%
2026-08-26 2289903 1191934 52.05%
2026-08-25 3495294 1997981 57.16%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
04 Oct 2021 RAJESH KUMAR GUPTA - Buy ESOP 2000 437600 0.00% XBRL
04 Oct 2021 RAJESH KUMAR GUPTA - Buy ESOP 3235 707818 0.00% XBRL
01 Oct 2021 Pradip Kumar Banerjee - Buy ESOP 557 121871 0.00% XBRL
01 Oct 2021 Pradip Kumar Banerjee - Buy ESOP 4294 939527 0.00% XBRL
01 Oct 2021 Pradip Kumar Banerjee - Sell Market Sale 1000 482756 0.00% XBRL
01 Oct 2021 Pradip Kumar Banerjee - Sell Market Sale 2000 970452 0.00% XBRL
01 Oct 2021 Duli Chand Kabra - Sell Market Sale 3250 1592000 0.00% XBRL
29 Sep 2021 Barun Roy - Sell Market Sale 2757 1296892 0.00% XBRL
28 Sep 2021 Pradip Kumar Banerjee - Sell Market Sale 3386 1561646 0.00% XBRL
28 Sep 2021 Pradip Kumar Banerjee - Sell Market Sale 2500 1156990 0.00% XBRL
28 Sep 2021 Pradip Kumar Banerjee - Sell Market Sale 2000 945577 0.00% XBRL
24 Sep 2021 SUSHIL KUMAR - Sell Market Sale 3000 1428000 0.00% XBRL
15 Sep 2021 Jagdish Ramaswamy - Sell Market Sale 4000 1910366 0.00% XBRL
07 Sep 2021 RAJESH KUMAR GUPTA - Sell Market Sale 5000 2234118 0.00% XBRL
07 Sep 2021 SATISH PAI Director Sell Market Sale 90000 41731881 0.00% XBRL
01 Sep 2021 ANIL MALIK Key Managerial Personnel Buy Market Purchase 1000 461446 0.00% XBRL
01 Sep 2021 ANIL MALIK Key Managerial Personnel Sell Market Sale 100000 45074205 0.00% XBRL
01 Sep 2021 Samik Basu - Sell Market Sale 6000 2770680 0.00% XBRL
01 Sep 2021 SATISH PAI Director Sell Market Sale 100000 45074205 0.00% XBRL
31 Aug 2021 ANIL MALIK - Sell Market Sale 1000 462500 0.00% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent133910000000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital2220000000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets1408710000000.0
CurrentLiabilities1165090000000.0
EquityAttributableToOwnersOfParent1365830000000.0
BorrowingsCurrent + BorrowingsNoncurrent966590000000.0
Research notes

My notes