Company Update : Hindalco Ltd by Motilal Oswal Financial Services Ltd
Novelis 2QFY26: Earnings beat; capex revised further for Bay Minette facility
* Shipments volume stood at 941kt (flat YoY and -2% QoQ) and was in line with our estimate. Higher automotive and aerospace shipments were offset by lower beverage packaging and specialty shipments.
* Revenue stood at USD4.7b (+10% YoY and flat QoQ) against our estimate of USD4.4b. The beat was due to higher ASP for the quarter at USD5,041/t (+11% YoY and +3% QoQ), driven by favorable aluminum prices.
* Adjusted EBITDA stood at USD422m (vs. our estimate of USD374m), declining 9% YoY (+1% QoQ), primarily due to net negative tariff impacts and higher aluminum scrap prices, partially offset by higher product pricing and cost efficiencies. Adj. EBITDA/t for the quarter stood at USD449 (against our estimate of USD395), declining 8% YoY but rising 4% QoQ.
* APAT stood at USD141m in 2QFY26 (-30% YoY and -10% QoQ) against our estimate of USD105m.
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