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Electrosteel Castings Ltd

Hindalco Industries

Hindustan Construction

Indian Metal Ferro Alloy

Jindal Stainless

Jindal Steel & Power

Maharashtra Seamless

Pennar Industries

Praj Industries Ltd

Ratnamani Metals and Tubes

Shyam Metalics & Energy Ltd

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Company Name : Hindalco Industries

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					140
Target					172
Reco					NEU
Net Sales	718,008	803,930	797,055	872,279	1,002,075
Growth (%)		12	-1	9	15
EBIDTA	79,287	81,840	78,368	82,863	111,100
EBITDA Margin		10	10	9	11
Net Profit	24,564	33,969	30,269	25,710	27,052
Growth (%)		38	-11	-15	5
EPS, Rs	13	18	16	12	13
PER, x	10.9	7.9	8.8	11.2	10.7
EV/EBIDTA, x	7	8	10	11	8
P/BV, x	1	1	1	1	1
ROE, %	8	11	9	6	6
Total debt/Equity (%)	86.6	118.1	150.4	143.6	132.1

Latest Reports
Date	Description	Country	Analyst	Download

13-Feb-2024	Hindalco Q3FY24: Higher capex will be absorbed by strong cash flows; Negatives priced in (Maintain Buy)	India	Vikash Singh
09-Oct-2023	Hindalco Company Update: Enhancing downstream capabilities; promising long-term play (Maintain Buy)	India	Vikash Singh
08-Aug-2023	Hindalco Q1FY24: Novelis to drive performance; worst is largely behind (Maintain Buy)	India	Vikash Singh
24-May-2023	Hindalco Q4FY23: Performance to improve gradually despite near term headwinds (Maintain Buy)	India	Vikash Singh
04-Apr-2023	Hindalco Investors Day 2023 Update: Worst over for Novelis; Fined tuned capex to manage leverage (Maintain Buy)	India	Vikash Singh
09-Feb-2023	Hindalco Q3FY23: Cost pressure behind; Performance set to improve going forward (Maintain Buy)	India	Vikash Singh
13-Nov-2022	Hindalco Q2FY23: Near term headwinds; Conversion business to drive valuations (Maintain Buy)	India	Vikash Singh
26-May-2022	Hindalco Q4FY22: Risk-reward remained favorable (Maintain Buy)	India	Vikash Singh
31-Mar-2022	Hindalco Investor Day Update - Upping the capex game; strong cash-flow outlook intact (Downgrade to Neutral)	India	Vikash Singh
11-Feb-2022	Hindalco Q3FY22: Risk-reward remained favorable on strong performance (Maintain Buy	India	Vikash Singh
13-Nov-2021	Hindalco Q2FY22: Strong performance likely to continue for some more time (Maintain Buy)	India	Vikash Singh
06-Aug-2021	Hindalco Q1FY22: Positives largely priced in. Novelis may still surprise (Maintain Buy)	India	Vikash Singh
22-May-2021	Hindalco Q4FY21: In-line performance; Deleveraging and dividend to drive valuation (Maintain Buy	India	Vikash Singh
10-Nov-2020	Hindalco 2QFY21: Exceed expectations; deleveraging story staging a comeback (Maintain Buy	India	Vikash Singh
15-Aug-2020	Hindalco Q1FY21 result: Positives largely priced in (Maintain Buy	India	Vikash Singh
12-Jun-2020	Hindalco 4QFY20 result: Resilient performance to continue (Maintain Buy)	India	Vikash Singh
12-Feb-2020	Hindalco 3QFY20 result: Near term headwinds; long term outlook intact (Maintain Buy)	India	Vikash Singh
11-Nov-2019	Hindalco (HNDL IN) 2QFY20 result: Exceeds expectation; Novelis in driving seat (Maintain Buy)	India	Vikash Singh
09-Aug-2019	Hindalco (HNDL IN) Q1FY20 result - Conversion business to drive earnings…	India	Vikash Singh

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