Aluminium industry
20 companies · ₹4.7 L cr · 4 with AI deep dives · Q1FY27 report
LME surge prints record earnings across zinc and aluminium, but moderating prices flag a peak-earnings moment
- Revenue YoY
- +32.5%
- EBITDA margin
- 18.4%
- +470bps YoY
- Price, 1 year
- +44.1%
- 100% of names up
- P/E vs own 5y
- +37.9%
- 19.6x now
Exhibit 1The quarter in numbers
constant panel of 5 companies above ₹500 cr- 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%
- Jun 26
- 18.4%
- Mar 26
- 14.8%
- QoQ
- +360bps
- Jun 25
- 13.7%
- YoY
- +470bps
- Peak
- 18.4%
- vs peak
- 0bps
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
13.81x - 47.04x across the panel todayThe median name trades at 19.6x, +37.9% against this industry's own 5-year median of 14.2x, and -19.8% against its own peak of 24.4x.
Exhibit 3Structure
₹4.7 L crHindalco Industries Ltd is 48.1% of this industry by market cap. The top 5 are 99.5% and the top 10 are 99.9%.
Exhibit 4Screen
P/E below the sub-industry median of 19.58x, 5y ROCE above its median of 14.23%, 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.
See plans →Exhibit 5Coverage (20 of 20)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1.6 L cr
- P/E
- -
- EV/EBITDA
- -5495400.7x
- ROCE
- 40.6%
- Margin
- -
- Rev YoY
- -
- Mcap
- ₹66,376 cr
- P/E
- 9.8x
- EV/EBITDA
- -
- ROCE
- 39.1%
- Margin
- 46.5%
- Rev YoY
- +39.3%
- Mcap
- ₹242 cr
- P/E
- 27.4x
- EV/EBITDA
- 10.0x
- ROCE
- 17.9%
- Margin
- 8.5%
- Rev YoY
- +3.9%
- Mcap
- ₹62 cr
- P/E
- 16.7x
- EV/EBITDA
- -95.3x
- ROCE
- -1.5%
- Margin
- -7.0%
- Rev YoY
- +405.7%
- Mcap
- ₹4 cr
- P/E
- -
- EV/EBITDA
- 50077.0x
- ROCE
- -0.2%
- Margin
- 12.1%
- Rev YoY
- -16.7%
Exhibit 6What managements said
from Non - Ferrous Metals earnings calls · as of 2026-06-30Zinc LME averaged $3,466/MT in Q1FY27 (+31% YoY) and aluminium LME averaged $3,571/MT (+46% YoY), producing all-time high quarterly earnings across Hindustan Zinc, Hindalco India…
- HINDZINC (Q1FY27): “highest-ever quarterly EBITDA of INR8,074 crores, up 109% year-on-year, with an…”
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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