Aluminium industry

18 companies · ₹3.9 L cr · 6 with AI deep dives · Q1FY27 report

Record LME-driven upstream margins peak as spot prices fall and input costs rise simultaneously

Turning upmargin troughed at 13.7% and has risen for 4 quarters to 18.4%, on positive revenue growth

Revenue YoY: +32.5%
EBITDA margin: 18.4%; +470bps YoY
Price, 1 year: +32.2%; 80% of names up
P/E vs own 5y: +52.1%; 23.1x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	90,805 cr	83,843 cr	+8.3%	68,542 cr	+32.5%	90,805 cr	0.0%
EBITDA margin	18.4%	14.8%	+360bps	13.7%	+470bps	18.4%	0bps

Revenue

Jun 26: 90,805 cr
Mar 26: 83,843 cr
QoQ: +8.3%
Jun 25: 68,542 cr
YoY: +32.5%
Peak: 90,805 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 18.4%
Mar 26: 14.8%
QoQ: +360bps
Jun 25: 13.7%

Sept 26: 0 of 7 reported so far, so it is not in the trend above.

Breadth: 100% of 5 companies grew revenue year on year (was 80% a quarter earlier) and 60% expanded margin (was 40%).

Exhibit 2What it costs

14.3x - 32.89x across the panel today

The median name trades at 23.1x, +52.1% against this industry's own 5-year median of 15.2x, and -5.2% against its own peak of 24.4x.

Exhibit 3Structure

₹3.9 L cr

Hindalco Industries Ltd is 49.8% of this industry by market cap. The top 5 are 99.5% and the top 10 are 99.9%.

large 3small 2micro 137 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 23.12x, 5y ROCE above its median of 13.47%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (18 of 18)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Hindalco Industries Ltd	₹2.0 L cr	12.2x	9.6x	13.7%	12.7%	+32.1%	Unlock
Vedanta Aluminium Metal Ltd	₹1.4 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindLME surge at ~$3,571/t delivered record upstream EBITDA/tonne across all primary producers3 managements

HINDALCO, VAML, and NATIONALUM each reported best-ever or near-best quarterly profitability. HINDALCO's India upstream hit $2,331/t EBITDA and a 55% margin (vs. 44% in Q1 FY26)…

HINDALCO (Q1FY27): “Our quarterly EBITDA was a record INR7,390 crores, up 81% year-on-year... This delivered…”

headwind2 managements tailwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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