Financials Hindalco Industries Limited

Equities

HINDALCO

INE038A01020

Aluminum

Market Closed - Bombay S.E. Other stock markets 03:59:25 29/04/2024 pm IST			5-day change	1st Jan Change
650.2 ^INR	+0.10%		+5.81%	+5.74%

24/04	Indian Equities End Higher Midweek as Iran-Israel Conflict Subsides	MT
15/04	Indian Equities Fall on Monday Amid Rising Iran-Israel Tensions	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,57,769	2,12,744	7,27,072	12,67,378	9,01,200	14,44,897	-	-
Enterprise Value (EV) ¹	8,23,977	5,73,304	13,01,402	16,58,338	12,40,790	18,16,440	18,55,247	18,77,891
P/E ratio	8.33 x	5.65 x	20.9 x	9.23 x	8.93 x	14.5 x	12.3 x	11.6 x
Yield	0.58%	1.05%	0.92%	0.7%	0.74%	0.57%	0.61%	0.67%
Capitalization / Revenue	0.35 x	0.18 x	0.55 x	0.65 x	0.4 x	0.68 x	0.66 x	0.63 x
EV / Revenue	0.63 x	0.49 x	0.99 x	0.85 x	0.56 x	0.86 x	0.85 x	0.82 x
EV / EBITDA	5.32 x	3.69 x	6.89 x	5.52 x	5.47 x	7.54 x	6.89 x	6.54 x
EV / FCF	13.8 x	9.76 x	11.2 x	14.5 x	13.2 x	92.6 x	-1,933 x	120 x
FCF Yield	7.25%	10.2%	8.96%	6.88%	7.55%	1.08%	-0.05%	0.84%
Price to Book	0.8 x	0.36 x	1.09 x	1.62 x	0.95 x	1.39 x	1.27 x	1.15 x
Nbr of stocks (in thousands)	22,29,214	22,24,188	22,24,482	22,25,032	22,23,813	22,22,235	-	-
Reference price ²	205.4	95.65	326.8	569.6	405.2	650.2	650.2	650.2
Announcement Date	16/05/19	12/06/20	21/05/21	26/05/22	24/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,05,422	11,81,440	13,19,850	19,50,590	22,32,020	21,12,324	21,95,418	22,93,612
EBITDA ¹	1,55,003	1,55,360	1,88,960	3,00,560	2,26,660	2,40,984	2,69,123	2,87,160
EBIT ¹	1,07,233	88,910	1,22,680	2,31,720	1,55,800	1,66,217	1,87,307	2,00,434
Operating Margin	8.21%	7.53%	9.29%	11.88%	6.98%	7.87%	8.53%	8.74%
Earnings before Tax (EBT) ¹	80,831	59,240	79,050	1,95,740	1,32,410	1,40,573	1,63,008	1,73,766
Net income ¹	54,957	37,670	34,830	1,37,300	1,00,970	99,805	1,17,511	1,25,486
Net margin	4.21%	3.19%	2.64%	7.04%	4.52%	4.72%	5.35%	5.47%
EPS ²	24.66	16.93	15.65	61.70	45.36	44.75	52.65	56.13
Free Cash Flow ¹	59,742	58,740	1,16,670	1,14,120	93,660	19,620	-959.6	15,711
FCF margin	4.58%	4.97%	8.84%	5.85%	4.2%	0.93%	-0.04%	0.68%
FCF Conversion (EBITDA)	38.54%	37.81%	61.74%	37.97%	41.32%	8.14%	-	5.47%
FCF Conversion (Net income)	108.71%	155.93%	334.97%	83.12%	92.76%	19.66%	-	12.52%
Dividend per Share ²	1.200	1.000	3.000	4.000	3.000	3.712	3.969	4.356
Announcement Date	16/05/19	12/06/20	21/05/21	26/05/22	24/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	3,49,580	4,05,070	4,13,580	4,76,650	5,02,720	5,57,640	5,80,180	5,61,760	5,31,510	5,58,570	5,29,910	5,16,702	5,11,000	5,46,348
EBITDA ¹	55,210	58,450	67,900	51,710	76,240	75,970	86,400	57,430	39,300	53,270	57,140	61,079	58,746	66,896
EBIT ¹	-	-	51,430	59,150	-	58,360	-	39,790	21,480	-	39,280	41,472	41,547	49,184
Operating Margin	-	-	12.44%	12.41%	-	10.47%	-	7.08%	4.04%	-	7.41%	8.03%	8.13%	9%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	31,000	-	28,390	33,170	35,025	35,837	38,478
Net income ¹	-	19,280	27,870	-	-	-	-	22,050	13,620	24,110	24,540	23,632	23,782	28,256
Net margin	-	4.76%	6.74%	-	-	-	-	3.93%	2.56%	4.32%	4.63%	4.57%	4.65%	5.17%
EPS ²	-	-	-	-	-	-	-	-	-	10.83	11.03	13.20	-	11.93
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/02/21	21/05/21	06/08/21	12/11/21	10/02/22	26/05/22	10/08/22	11/11/22	09/02/23	24/05/23	08/08/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,66,208	3,60,560	5,74,330	3,90,960	3,39,590	3,71,543	4,10,350	4,32,993
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.363 x	2.321 x	3.039 x	1.301 x	1.498 x	1.542 x	1.525 x	1.508 x
Free Cash Flow ¹	59,742	58,740	1,16,670	1,14,120	93,660	19,620	-960	15,711
ROE (net income / shareholders' equity)	9.78%	6.82%	8.82%	19.5%	11.7%	10.3%	10.4%	10.2%
ROA (Net income/ Total Assets)	3.66%	2.45%	3.06%	6.82%	4.51%	5.17%	5.7%	5.83%
Assets ¹	15,02,370	15,38,116	11,36,527	20,12,429	22,39,399	19,31,336	20,61,485	21,50,825
Book Value Per Share ²	258.0	263.0	300.0	352.0	427.0	466.0	514.0	565.0
Cash Flow per Share ²	53.80	56.90	77.40	75.70	86.50	78.00	93.50	95.00
Capex ¹	60,053	67,910	55,650	54,260	98,420	1,67,743	1,98,458	1,90,398
Capex / Sales	4.6%	5.75%	4.22%	2.78%	4.41%	7.94%	9.04%	8.3%
Announcement Date	16/05/19	12/06/20	21/05/21	26/05/22	24/05/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hindalco Industries Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

650.2 INR

Average target price

615.3 INR

Spread / Average Target

-5.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aluminum

	1st Jan change	Capi.
HINDALCO INDUSTRIES LIMITED	+5.74%	17.31B
ALUMINUM CORPORATION OF CHINA LIMITED	+33.85%	16.39B
NORSK HYDRO ASA	+2.22%	12.7B
HENAN SHENHUO COAL INDUSTARY AND ELECTRICITY POWER CORPORATION LIMITED	+28.75%	6.87B
INNER MONGOLIA DIAN TOU ENERGY CORPORATION LIMITED	+45.48%	5.99B
EN+ GROUP INTERNATIONAL	-.--%	5.94B
NATIONAL ALUMINIUM COMPANY LIMITED	+42.86%	4.16B
SHENZHEN KEDALI INDUSTRY CO., LTD.	+14.62%	3.36B
CONSTELLIUM SE	+4.46%	3.04B
ALUMINA LIMITED	+76.24%	2.89B

Other Aluminum