Hindalco Industries Limited · NSE:HINDALCO
Hindalco Industries — Investor Day (April 2025)
76 slides from Hindalco Industries's investor day presentation, Apr 1, 2025
Slide 1: Investor Presentation filing cover letter
April 1, 2025 BSE Limited National Stock Exchange of India Limited Luxembourg Stock Exchange Scrip Code: 500440 Scrip Code: HINDALCO Scrip Code: US4330641022 Sub: Investor Presentation of the Investor Day, 2025 of Hindalco Industries Limited [‘the Company’] Ref: a. Regulation 30 (read with schedule
Slide 2: Investor Day 2025
1st April 2025 Investor Day 2025 1 1
Slide 3: Safe harbor statement
Safe harbor statement Forward-looking statements Certain statements in this report may be ‘forward-looking statements’ within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a differe
Slide 4: Contents
Contents PART 1 PART 2: BUSINESS UPDATES HINDALCO NOVELIS INDIA Our Growth Strategy Portfolio DNA Sustainability, Capital Allocation Strategic Imperatives Cultural and Digital and Summary Investor Day 2025 3
Slide 5: Diversified global player with robust performances
We are a diversified global player with our businesses delivering robust performances 4
Slide 6: Hindalco India: Established Global Leader in Non-Ferrous Metals
Hindalco Established Global Leader in Non–Ferrous Metals* HINDALCO Fully integrated Aluminium operations with first-quartile cost INDIA BUSINESS Aluminium: 3.74 MT 1.34 MT 430 KT 460 KT Total Alumina1 Primary Metal Downstream VAP (FRP and Extrusions) Specialty Alumina Operational excellence driven b
Slide 7: Novelis: Established Global Leader in Non-Ferrous Metals
Hindalco Established Global Leader in Non–Ferrous Metals* World’s largest aluminium roller and recycler NOVELIS INTERNATIONAL Aluminium Flat Rolled Products (FRP) Diversified Portfolio ~4.2 MT Global Focused on Global leader in Automotive, Beverage in beverage packaging, automotive, premium Rolling
Slide 8: Our DNA
Our DNA Strong Performance Future Foundation Driven Ready Investor Day 2025 7
Slide 9: Strong Foundation
Strong Foundation India’s First Integrated Aluminium Facility A legacy built at Renukoot 2.5 million+ lives touched with deep community impact Shri G.D. Birla discussing with 65 years technical experts - 1962 of industrial experience in Aluminium Top 1% in the S&P Global Sustainability Yearbook 2025
Slide 10: Performance Driven
Performance Driven Superior performance enabling accelerated growth FY14 9,303 EBITDA (₹ crore) 12% CAGR 32,401 FY25 TTM FY14 10.9 EPS (₹ per share) 17% CAGR 62.5 FY25 TTM FY14 ROE 5.7 (%) 6.2 PTS FY25 TTM 11.9 FY14 Net Debt to 6.6 EBITDA (Times) 1.3 FY25 TTM Investor Day 2025 9
Slide 11: Performance Driven: Transformation Journey
Commissioned Performance Driven Large Projects Aditya, Mahan & Utkal Scaling up Recycling Our Transformation Journey Debt Reduction and and Balance Sheet strengthening Automotive Sheet Holistic Framework towards ESG EXPANDING HORIZONS FY21 – FY25 FY14 – FY20 Organic and Resilience Cost efficient Ino
Slide 12: Future Ready
Future Ready New Age Business Digital Culture Value Added Solutions Industrial A High Performing across businesses Automation Contemporary Organization High-end Specialty Process ‘Great Place To Work’ Alumina Products Digitalisation Certified Organization for new age applications Data Analytics and
Slide 13: Strategic Imperatives
Strategic Imperatives Advancing Aluminium as the material of choice with circular solutions Upstream Highly Circular 1 Aluminium Double Down 1 Reach 75% average recycled content Copper across our products Low Carbon 2 Downstream Aluminium 2 Reduce emissions to less than 3 tonnes Copper 4x by FY30 of
Slide 14: Novelis
Novelis Novelis Investor Day 2025 13
Slide 15: Novelis is a market leader with global reach
Novelis is a market leader with global reach Key Facts and Figures (1) Large Scale with Global Presence LTM December 31, 2024 LTM December 31, 2024 $16.6 billion $1.8 billion 3,751 KT Novelis North America 41% Net Sales Adjusted EBITDA Flat Rolled Products (FRP) Shipments Shipments 3,751 KT South Am
Slide 16: Advancing Aluminium as the Material of Choice
Advancing Aluminium as the Material of Choice with Circular Solutions 1 Highly Circular Reach 75% average recycled content across our products 2 Low Carbon Reduce emissions to less than 3 tonnes of CO2e per tonne of FRP shipped 3 Leader ROIC Grow profitability to continue to fuel first-mover investm
Slide 17: Market Outlook
Novelis Market Outlook Investor Day 2025 16
Slide 18: Flat rolled Aluminium market is structurally growing
The flat rolled Aluminium market is structurally growing Global FRP market nearly doubled 20-Year Global FRP Aluminium Consumption in the last 15 years to ~31 MT in 2024 (MT) 4% Longer-term demand forecast of 37.7 4% CAGR from 2024 to 2029 30.9 28.3 Robust growth forecasted across all end markets in
Slide 19: Healthy global demand for Aluminium beverage packaging sheet
Healthy global demand for Aluminium beverage packaging sheet Novelis is the world’s largest supplier Healthy market demand with growth in all regions of beverage packaging sheet with leading global market share (excluding China) › Return to growth after heavy destocking in 2023 › Novelis positioned
Slide 20: Aluminium penetration drives global automotive FRP demand
Aluminium penetration drives global automotive FRP demand Trends and Global light vehicle BEV adoption rates OEMs are seeking Chinese brands expected Tariff uncertainty Drivers production growth flat with fluctuating due to reduced versatile platforms (hybrids to grow rapidly from 18% creating short
Slide 21: Specialties portfolio: Diverse, high-end, sustainability-focused
Specialties portfolio: Diverse, high-end, sustainability-focused Some cyclicality, but fundamentals support GDP + Demand Growth Building and Construction benefits from structurally undersupplied U.S. single-family housing market; remodel market also continues to grow Trade protections provide potent
Slide 22: Significant and growing backlog for aircraft
Significant and growing backlog for aircraft constrained only by OEM supply chain Aerospace aluminum FRP demand is estimated Airbus global market forecast for new airplanes needed until 2043 (2) to grow 4% CAGR 2024-2030 (1) Single Aisle Wide Body › Record levels of passenger traffic 76% 24% › Renew
Slide 23: Business Outlook
Novelis Business Outlook Investor Day 2025 22
Slide 24: Rapidly changing scrap market muting performance
Rapidly changing scrap market muting performance until initiatives can scale Novelis is well positioned to compete Anticipated structural shift in scrap aluminium as a highly efficient buyer and markets as demand keeps growing processor of scrap › Global recycling capacity investments increasing dem
Slide 25: Building blocks to adjusted EBITDA per tonne expansion intact
Building blocks to adjusted EBITDA per tonne expansion intact Operating leverage from scale, pricing and product mix Operational efficiencies and cost optimization Increasing recycled inputs Investor Day 2025 24
Slide 26: Scale and investment pave the path for growth
Scale and investment pave the path for growth Novelis Global FRP Finished Good Capacity (KT) Current global capacity utilization at 90% 600 ~5,000 175 requires investments to support expected ~450 market growth 3,751 Demand and shipment growth leads to scale benefits as a 2/3 fixed cost business Deb
Slide 27: Greenfield investment to grow in capacity constrained North America
Greenfield investment to grow in capacity constrained North America Novelis’ new low-carbon, state-of-the-art Aluminium recycling and $4.1 billion Bay Minette project remains on track for commissioning 2H CY 2026 rolling facility in Alabama allows for continued growth in North America (FY27) for dec
Slide 28: Adjusted EBITDA step change with Bay Minette
Adjusted EBITDA step change with Bay Minette Volume increase from onshoring capacity to meet North America beverage packaging outlook (1) undersupplied market (MT) › Domestic beverage packaging demand forecasted to grow 3% CAGR (2024-31) driven by packaging mix shift and new products releases 2.9 ›
Slide 29: Targeted initiatives to structurally lower costs
Targeted initiatives to structurally lower costs Expected Cumulative Benefit Operational and Footprint Efficiencies ($ million) › Labor productivity increases 350 › Energy and variable cost consumption optimization 300 › Procurement savings 250 › Enhance asset effectiveness with throughput increase
Slide 30: Novelis leads the industry in aluminium recycling
Novelis leads the industry in aluminium recycling ✦ Novelis is a highly efficient processor of scrap with significant cost Ambitious goal to increase scrap content to and scale advantages 75% by 2030 ✦ Infinitely recyclable Aluminium lowers CO2/t in the products › Product and R&D Innovation customer
Slide 31: Major growth projects (FY24-FY28)
Major growth projects (FY24 – FY28) Identified Projects Location Primary Product Rolling Capacity Estimated Status / Estimated Markets Supported (KT) Investments Commissioning (US$) North America Phase 1 complete in FY24; Hot mill debottlenecking and automotive upgrades Oswego, US Specialties, Auto
Slide 32: Opportunity for continued adjusted EBITDA per tonne expansion
Opportunity for continued adjusted EBITDA per tonne expansion Opportunity for margin expansion from Adjusted EBITDA per Tonne proven margin drivers with further ($/Tonne) enhancement from Bay Minette 600+ Operating leverage from scale, 530 510 491 pricing and product mix 450 474 478 418 381 354 Oper
Slide 33: Hindalco India
Hindalco India _ =| ‘ , -_ - Res 5 os 1
Slide 34: Hindalco's new brand signifies journey
Metals Hindalco’s new brand Manufacturer signifies Hindalco’s journey from a trusted Volumes materials company Player to a catalyst for a greener, smarter, Heavy stronger world. Industry
Slide 35: Hindalco's new brand signifies journey
Metals Manufacturer Hindalco’s new brand Solutions Provider signifies Hindalco’s journey from a trusted Volumes Player materials company Co-creating Value to a catalyst for a greener, smarter, Heavy Industry Hi-end stronger world. Technology
Slide 36: Our contribution to India's growth story
Our contribution to India’s growth story Towards a VIKSIT BHARAT Mining Sectors our products cater to constitute 60% Other Industries Machinery & of India’s industrial GDP(1) and well positioned 7% Electronics to benefit from India growth story 6% Transport 6% 40% Al per capita (In kgs) Cu per capit
Slide 37: Aluminium
Hindalco India Aluminium Copper Specialty Alumina Investor Day 2025 36
Slide 38: Global Primary Aluminium: Demand Supply Balance
Global Primary Aluminium: Demand Supply Balance Global Demand and Supply Balance Steady Global Growth (million tonnes) 10-year CAGR at 3%, with similar momentum expected for next decade (World excluding China) Production Consumption Metal Balance 1% 1% China Supply Cap 72.7 80.2 72.8 80.0 (0.0) 0.2
Slide 39: LME Outlook: Robust Demand, Supply Cap and Price Resilience
LME Outlook: Robust Demand, Supply Cap and Price Resilience Aluminium LME Robust Demand ($ / tonne) Electrification trend; Paris Agreement 3,000 China 2,500 Demand China Production Cap Supply Cap Boom of 45 MTPA China’s 45 MTPA Cap creating supply 2,000 pressures 1,500 Global Paris Covid Financial C
Slide 40: India Aluminium Industry: Consumption expected to double in 10 years
India Aluminium Industry: Consumption expected to double in 10 years All Figures in KT Domestic Demand Building and CAGR: 8% Transport / CAGR: 7% (KT) Construction Automotive 11,373 3,747 994 8,205 5,416 5,501 Applications 3,760 1,831 460 Engine castings, 2,476 Auto Fin / Clad, Cylinder 5,957 4,445
Slide 41: Integrated operations deliver superior cost efficiency
Hindalco’s Advantage: Integrated operations deliver superior cost efficiency, exceptional quality, and industry-leading margins Bauxite and Alumina Aluminium Aluminium Aluminium Coal Mining Metal Downstream Recycling Front runner in First Quartile Cost Curve position in Aluminium with Industry Leadi
Slide 42: Cost Position to improve further with captive coal
Cost Position to improve further with captive coal Change in Energy Mix Current Mix (%) Predominantly coal-based from linkages and spot purchases < 2% ~17% ~30% Transition by FY29 35 - 40% 50% shift to captive mines and renewable energy > 98% ~70% 45 – 50% Renewables reaching ~30% of total energy mi
Slide 43: Aluminium Downstream investments yielding results
Aluminium Downstream investments yielding results Capacity Building Investments Battery Enclosures for 4W EVs Next Gen Technology Advanced presses for multiple applications, plus India’s first vertical powder coating line Unmatched Quality High-throughput anodising and Silvassa, Extrusions cutting-e
Slide 44: New Value-Added Product Developments
New Value-Added Product Developments Batteries and Crash Battery Aluminium Creation of a B2C ‘Atmanirbhar Bharat ’ Components Foils and Materials “Home Brand” in India through Aerospace and Defence (A&D) Materials Products Products Products Products Side SILL, Bumper, Aluminium Battery Foils ‘Eterni
Slide 45: Delivering on circularity promise through recycling focus
Aluminium: Delivering on circularity promise through recycling focus Aluminium Recycling India’s first UBC recycling facility (KT) FY29 200 Robust Sourcing Leveraging domestic and global scrap markets; Building an organized network for sourcing scrap FY26 30 Sustainable Brands FY24 0 5 Facility(1) E
Slide 46: Hindalco's India growth architecture
Hindalco’s India growth architecture Strong Platform Investments Underway Investments Under Evaluation Aluminium Fully integrated operations Aditya 180 KTPA smelter expansion Brownfield Smelter expansion at Upstream with RE power Aditya and Mahan: 540 KTPA First quartile position in global cost curv
Slide 47: Copper
Hindalco India Aluminium Copper Specialty Alumina Investor Day 2025 46
Slide 48: Refined Copper consumption expected to grow ~2.5x in 10 years
Refined Copper consumption is expected to grow ~2.5x in 10 years All Figures in KT Transport CAGR: 8% Reliable Clean CAGR: 9% Energy Infra 271 Applications 384 Applications Electric Motors, Renewable Energy Refined Copper Consumption Batteries, Inverters, 180 Systems, T&D Systems, 111 (KT) Wiring an
Slide 49: Integrated operations with captive jetty
Hindalco’s Advantage: Integrated operations with captive jetty Copper Concentrate Smelting Refining Continuous Cast Downstream (Imported) (Anodes) (Cathodes) Rod (CCR) (Tubes, Alloys and Foils) India’s only smelter One of the world’s largest World’s second-Largest Integrated with 25+ Years of single
Slide 50: Global flagship copper smelting complex post expansion
Global flagship copper smelting complex post expansion Brownfield Expansion Adding 300 KT smelter, increasing refined copper capacity to ~721 KT Largest Smelting Complex Outside China Strengthening global scale and competitiveness Advanced Technology For benchmark EHS and operational excellence Copp
Slide 51: Copper and E-waste recycling operations in India
Pioneering ‘first of a kind’ Copper and E-waste recycling operations in India Copper and E-Waste Recycling* First in India, to establish a cutting-edge copper and e- (KT) 200 waste recycling facility Planned capacity of 50 KTPA (Copper and Multimetal), 50 scaling up to 200 KTPA in phases 0 FY24 FY27
Slide 52: Foray into downstream products for integrated player advantage
Foray into downstream products for an integrated player advantage India’s First Battery-Grade Backward Integrated Copper Foil Inner Grooved Manufacturing Copper Tube facility Facility › Planned Capacity › Planned Capacity 25 KTPA in Phase 1, expanding to 50 KTPA in Phase 2 11.5 KTPA in Phase 1 › Hig
Slide 53: Specialty Alumina
Hindalco India Specialty Alumina Investor Day 2025 52
Slide 54: Specialty Alumina: multi application and evolving products
Specialty Alumina: multi application and evolving products play with infinite possibilities All Figures in KT Specialty Alumina Flame Retardants CAGR: 6% CAGR: 15% Batteries CAGR: 20% CAGR: 30% Global Consumption Global 1,203 Domestic Global 279 Domestic 14 (KT) 191 672 Applications 13,062 Applicati
Slide 55: Leading player globally with integrated operations
Amongst the leading player globally with the unique advantage of integrated operations 2 state-of-the-art 42+ 45+ Countries Applications manufacturing facilities in India 120+ 100%+ SKUs Utilisation of Refining Calcination Finished VAP Bauxite Residue › Muri Belagavi › State of the Art › Advance Ref
Slide 56: New Value-Added product developments
New Value-Added product developments FUSALOX Superfine Precipitated ATH Other Specialty Alumina White Fused Alumina (Fine Particles) Products and Applications High-Precision SMA Series › Applications in Li-ion battery separators, refractory, steel & non-ferrous fillers, and electronic substrates PPT
Slide 57: Hindalco's India growth architecture
Hindalco’s India growth architecture Strong Platform Investments Underway Investments Under Evaluation Copper India’s only smelter with 25+ Years of Smelter Expansion: 300 KTPA Expand Recycling Capacity Uninterrupted Operations Investment in Copper Tubes and Inner Develop new products in high growth
Slide 58: India Business: Key projects under execution
India Business: Key projects under execution Sr. No. Projects Plant / Region Capacity Estimated Investments Expected Year (KT) ($ million) of Commissioning I Aluminium Upstream 2,030 1 Aditya Alumina Greenfield Project Rayagada 850 840 FY28 2 Aluminium Smelter Expansion Aditya 180 1,120 FY28 Green E
Slide 59: India Business: Key projects under execution (contd)
India Business: Key projects under execution (…..contd) Sr. No. Projects Plant / Region Capacity Estimated Investments Expected Year (KT) ($ million) of Commissioning IV Copper Upstream 1,635 1 Copper Smelter Gujarat 300 1,130 FY29 2 Copper and E-Waste Recycling Gujarat 50 290 FY26 3 Copper Continuo
Slide 60: Investments driving growth in volumes and margins
Investments driving growth in volumes as well as expansion in margins Primary Aluminium Capacity Copper Shipments Aluminium Downstream Capacity Specialty Alumina Shipments (KTPA) (KTPA) (KTPA) (KTPA) 180 1,520 VOLUMES 1,340 350 856 170 600 586 1000 430 506 414 Current Under Post FY24 Under Post Curr
Slide 61: India growth summary
India growth summary Business Current Capacity / Key Projects Key Projects Total Capacity Segments Shipments Under Execution Under Evaluation (KTPA) Aluminium 1,340 KT Aditya Smelter Expansion: 180 KT Aditya Smelter Expansion: 180 KT >2,000 Upstream Mahan Expansion: 360 KT Alumina 3,740 KT (1) Adity
Slide 62: Sustainability, Cultural and Digital
Novelis Sustainability, Cultural and Digital Investor Day 2025 61
Slide 63: Culture of meritocracy and diversity
Culture of meritocracy and diversity Trust Index Surge Top 50 Best 13-point increase at Hindalco Workplaces in from 2021 to 2024 Manufacturing Employee Confidence 2025 82% endorse Hindalco Recognized by as a great place to work Great Place to Work Young Professionals and GETs hired Diversity-led Lea
Slide 64: Our digital journey
Our digital journey Experimentation Acceleration Transformation 150+ AI /ML Models 25+ Vision Analytics 2018-21 2021-22 2022-23 2023-24 2024-25 2025-26 70+ AR / VR Models Proof of Concepts Logistics track and Asset Reliability Digitalisation Use of Real Time, CRM Customer Self and AR / VR Gen AI, 3
Slide 65: Digital Case Study: Digital twin for green anode and power plants
Digital Case Study 1 Digital twin for green anode and power plants Mahan Hirakud and Aditya (Green Anode Plant) (Digital Twin for Power Plants) Process Simulation and Recommendation to improve performance Modules Modules Anode Anode Anode Cooling Rotary Silo Paste Combustion Soot Blowing Anomaly Den
Slide 66: Digital Case Study contd.
Digital : Case Study…contd. Case Study 2: Computer vision Case Study 3: Advanced predictive for copper quality improvement maintenance (APM) at Pinda, Brazil ✦ Cost Savings ✦ Cost Savings ₹25 lakh per machine annually $6.5 million annually by reducing scrap remelting and refining costs by reducing u
Slide 67: Hindalco's holistic view of sustainability
Hindalco’s holistic view of sustainability Sustainability Targets Zero waste to Water positive No net loss to Net Zero landfill by 2030 by 2050 biodiversity by 2050 by 2050 These targets will Zero harm in Commitment to be reached through Ambient Air Quality: occupational health community and leading
Slide 68: Green-tech innovation in waste re-use and metal recycling
We are driving green-tech innovation in waste re-use and metal recycling across our India operations Spent Pot Line Recycling Aluminium Scrap Copper Scrap and Utkal Red Mud Road Recycling in India E-Waste Recycling Investor Day 2025 67
Slide 69: Hindalco in S&P Global Sustainability Yearbook 2025
Hindalco in S&P Global Sustainability Yearbook 2025 Industry Distinctions 2024 Top 1% S&P Global CSA Scores Hindalco Industries Limited India 87 Sustainability Yearbook Members Companhia Brasiliera de Aluminio Brazil 72 Vedanta Aluminium Limited India 77 Industry Mover Companhia Brasiliera de Alumin
Slide 70: Capital Allocation and Summary
Novelis Capital Allocation and Summary Investor Day 2025 69
Slide 71: Strategic Imperatives
Strategic Imperatives Advancing Aluminium as the material of choice with circular solutions Upstream Highly Circular 1 Aluminium Double Down 1 Reach 75% average recycled content Copper across our products Low Carbon 2 Downstream Aluminium 2 Reduce emissions to less than 3 tonnes Copper 4x by FY30 of
Slide 72: Strong balance sheet to fund growth
Strong balance sheet to fund growth India Novelis Consolidated Annual cash generation# ~$1 B ~$1 B ~$2 B Net Debt/EBITDA* (0.12x) 2.9x 1.33x Investor Day 2025 # Pro-forma FCF after maintenance capex & working capital changes based on historical results and excluding non recuring movements. 71 * as o
Slide 73: Capital allocation priorities
Capital allocation priorities #1 #2 #3 Maintain a strong Invest in growth Return capital to balance sheet shareholders Target Leverage $10 billion 8-10% Consolidated 2.0x growth capex of the free cash flows under execution post maintenance capex India 1.5x and working capital Novelis 2.5x requiremen
Slide 74: Key takeaways
Key takeaways Proven Value Market Defining Strategic Growth Future-Ready Creation Portfolio Agenda Edge Consistently delivering First-quartile cost position, Expanding volumes, From Manufacturer to strong financial and industry-leading margins, enhancing margins, and Solutions provider with operatio
Slide 75: Thank you
For Further Queries Please Contact: Registered Office: Subir Sen, Investor Relations Hindalco Industries Limited Telephone- +91 22 6662 6666 21st Floor, One Unity Centre, Senapati Bapat Marg, E-mail: hilinvestors@adityabirla.com Prabhadevi, Mumbai – 400 013 Website: www.hindalco.com Telephone:- 91 2
Slide 76: Disclaimer
Disclaimer NON-U.S. GAAP FINANCIAL MEASURES With respect to Novelis, this presentation contains certain non-U.S. GAAP financial measures as defined by SEC rules, such as Adjusted EBITDA and Adjusted EBITDA per tonne. We believe these measures are helpful to investors in measuring Novelis’ financial