Financials Hindalco Industries Limited

Equities

HINDALCO

INE038A01020

Aluminum

Market Closed - Bombay S.E. Other stock markets 06:00:50 2024-04-26 am EDT			5-day change	1st Jan Change
649.6 ^INR	+0.47%		+5.70%	+5.64%

Apr. 24	Indian Equities End Higher Midweek as Iran-Israel Conflict Subsides	MT
Apr. 15	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	457,769	212,744	727,072	1,267,378	901,200	1,443,453	-	-
Enterprise Value (EV) ¹	823,977	573,304	1,301,402	1,658,338	1,240,790	1,814,996	1,853,803	1,876,446
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	0.84 x	0.82 x
EV / EBITDA	5.32 x	3.69 x	6.89 x	5.52 x	5.47 x	7.53 x	6.89 x	6.53 x
EV / FCF	13.8 x	9.76 x	11.2 x	14.5 x	13.2 x	92.5 x	-1,932 x	119 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	1.26 x	1.15 x
Nbr of stocks (in thousands)	2,229,214	2,224,188	2,224,482	2,225,032	2,223,813	2,222,235	-	-
Reference price ²	205.4	95.65	326.8	569.6	405.2	649.6	649.6	649.6
Announcement Date	5/16/19	6/12/20	5/21/21	5/26/22	5/24/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,305,422	1,181,440	1,319,850	1,950,590	2,232,020	2,112,324	2,195,418	2,293,612
EBITDA ¹	155,003	155,360	188,960	300,560	226,660	240,984	269,123	287,160
EBIT ¹	107,233	88,910	122,680	231,720	155,800	166,217	187,307	200,434
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	195,740	132,410	140,573	163,008	173,766
Net income ¹	54,957	37,670	34,830	137,300	100,970	99,805	117,511	125,486
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	116,670	114,120	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	5/16/19	6/12/20	5/21/21	5/26/22	5/24/23	-	-	-

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	349,580	405,070	413,580	476,650	502,720	557,640	580,180	561,760	531,510	558,570	529,910	516,702	511,000	546,348
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	2/10/21	5/21/21	8/6/21	11/12/21	2/10/22	5/26/22	8/10/22	11/11/22	2/9/23	5/24/23	8/8/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	366,208	360,560	574,330	390,960	339,590	371,543	410,350	432,993
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	116,670	114,120	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	1,502,370	1,538,116	1,136,527	2,012,429	2,239,399	1,931,336	2,061,485	2,150,825
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	167,743	198,458	190,398
Capex / Sales	4.6%	5.75%	4.22%	2.78%	4.41%	7.94%	9.04%	8.3%
Announcement Date	5/16/19	6/12/20	5/21/21	5/26/22	5/24/23	-	-	-

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

649.6 INR

Average target price

615.3 INR

Spread / Average Target

-5.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aluminum

	1st Jan change	Capi.
HINDALCO INDUSTRIES LIMITED	+5.64%	17.31B
ALUMINUM CORPORATION OF CHINA LIMITED	+35.38%	16.39B
NORSK HYDRO ASA	+2.25%	12.7B
HENAN SHENHUO COAL INDUSTARY AND ELECTRICITY POWER CORPORATION LIMITED	+31.79%	6.87B
ALCOA CORPORATION	+8.47%	6.62B
INNER MONGOLIA DIAN TOU ENERGY CORPORATION LIMITED	+35.81%	5.99B
EN+ GROUP INTERNATIONAL	-.--%	5.94B
NATIONAL ALUMINIUM COMPANY LIMITED	+43.16%	4.16B
SHENZHEN KEDALI INDUSTRY CO., LTD.	+6.62%	3.36B
ALUMINA LIMITED	+69.06%	2.89B

Other Aluminum