Hindalco Industries Ltd (HINDALCO) — share price & stock analysis

Market cap

₹2,11,172 Cr

P/E

12×

ROE

13.5%

vs own 10-yr valuation

56th pctile

Book value / share

₹608

EPS (TTM)

₹77.7

10-yr median P/E

11.2×

Revenue (FY26)

₹2,74,944 Cr

Profit after tax (FY26)

₹13,391 Cr

Weinstein stage

Stage 2 (54 weeks)

Data as of

1 July 2026

1 of the 6 things we track are currently moving the right way — most of the dashboard is red.

Where the levels actually stand: ROCE 14% — decent; debt moderate (0.73× equity); margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The business grew faster than the stock

Since Dec 2016, earnings per share grew 1,040% while the stock is up 506%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/E of 12× is the middle of its own range against its own 10-year history (56th percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (11.2×).

Stage 2: the trend is up, and has been for 54 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 54 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹922 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 55 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Out of the loss years — profitable again, still below its best

Over 12 years, sales went from ₹87,695 Cr to ₹2,74,944 Cr (about 10% a year), and profit from ₹2,195 Cr to ₹13,391 Cr.revenuenet_profit

The books show real losses in FY16 (worst: ₹−702 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales jumped 20% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹78,133 Cr, up 20% on the same quarter last year.revenue

That makes 9 quarters of growth in a row — this is a trend, not a blip.revenue

Margins have been rebuilt — 10.2% in FY23 to 12.7% now

Of every ₹100 of sales, the company keeps ₹12.8 as operating profit (a year ago it kept ₹13.6).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 10.2% in FY23 and has been rebuilt to 12.7% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

Profit collapsed 51% — mostly from income from outside the core business

Mar 26 profit after tax was ₹2,597 Cr, down 51% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹63,375 Cr of profit and collected ₹94,762 Cr of operating cash — about 150% conversion.operating_cash_flownet_profit

One asterisk on that strength: suppliers are being paid 25 days later than a year ago (102 → 127 days). Cash flattered by stretching payables is real cash — but it is borrowed timing, not extra earning power.payable_days

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 65 days to go out the door as materials and come back as collected cash — up from 51 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (123 → 156 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹61,163 Cr (FY14) to ₹1,32,208 Cr, with another ₹47,569 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 36% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹65,459 Cr) exceeded operating cash (₹58,716 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹73 — total borrowings have grown from ₹64,756 Cr to ₹99,161 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹14 — decent, not special

Return on capital employed is 14.0% (a year ago: 15.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

The owners aren’t moving

Promoters hold 34.6%, essentially unchanged. Foreign funds own 30.0%, domestic funds 21.4%.promoters_pctfiis_pctdiis_pct

Institutions buying while the story develops is the market’s quiet vote of confidence — they meet management, you don’t.

Meanwhile domestic funds have been the sellers — from 26.1% to 21.4% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct

A turnaround that stuck — the question is what’s left to re-rate

The numbers are genuinely mixed, and the price hasn’t fully caught up with the improvement.

Best thing in the data: sales rising (₹64,890 Cr → ₹78,133 Cr).revenue

Biggest worry: free cash flow falling (₹−199 Cr → ₹−16,333 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data