Annonce • Mar 23
Hindalco Industries Limited to Report Q4, 2026 Results on May 22, 2026 Hindalco Industries Limited announced that they will report Q4, 2026 results on May 22, 2026 Reported Earnings • Feb 13
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹9.23 (down from ₹16.82 in 3Q 2025). Revenue: ₹665.2b (up 14% from 3Q 2025). Net income: ₹20.5b (down 45% from 3Q 2025). Profit margin: 3.1% (down from 6.4% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 28% per year. Annonce • Dec 29
Hindalco Industries Limited to Report Q3, 2026 Results on Feb 12, 2026 Hindalco Industries Limited announced that they will report Q3, 2026 results on Feb 12, 2026 New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.009% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.009% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 11
Second quarter 2026 earnings: EPS in line with expectations, revenues disappoint Second quarter 2026 results: EPS: ₹21.35 (up from ₹17.59 in 2Q 2025). Revenue: ₹660.6b (up 14% from 2Q 2025). Net income: ₹47.4b (up 21% from 2Q 2025). Profit margin: 7.2% (up from 6.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Annonce • Oct 20
Hindalco Industries Limited Announces Change in Management The Board of Directors of Hindalco Industries Limited, based on the recommendation of the Nomination and Remuneration Committee, considered the following changes to the `Senior Management Personnel' of the Company: Resignation of Mr. Nilesh Koul, CEO Aluminium Downstream (effective from the closing of business hours on October 31, 2025); Appointment of Ms. Kopal Agrawal as CEO Aluminium Downstream [from Chief Procurement Officer] (effective November 1, 2025) and Appointment of Mr. Abhishek Mohla as Chief Procurement Officer (effective November 1, 2025). Nilesh Koul: Resigned from the services of the Company to pursue opportunities outside Aditya Birla Group. Kopal Agrawal: Currently Chief Procurement Officer at Hindalco, will move in the role of CEO Aluminium Downstream. Ms. Agrawal has over 20 years of experience in Operations, Strategy & Planning and Procurement. Prior to joining the Aditya Birla Group, Ms. Agrawal worked with Schlumberger Ltd., where her 15- year tenure was marked by a steady progression across a variety of roles in India and abroad. She is a Chemical Engineer and has completed Masters in Management Studies from BITS Pilani in 2003. Abhishek Mohla: Currently, Chief Sales and Marketing Officer - Copper Business, will assume the role of Chief Procurement Officer. Mr. Mohla joined the Aditya Birla Group at Birla Copper as Area Sales Manager in 2006 and has subsequently taken over various roles in Sales & Marketing in the Copper Business. In his current role, Mr. Mohla spearheads policy advocacy for copper and has been driving downstream expansion across emerging segments like Railways & Metro, Power Transformers, Solar Modules, E-mobility etc. Abhishek completed his Mechanical Engineering degree from MD University. Annonce • Sep 26
Hindalco Industries Limited to Report Q2, 2026 Results on Nov 07, 2025 Hindalco Industries Limited announced that they will report Q2, 2026 results on Nov 07, 2025 New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 30
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹72.05 (up from ₹45.71 in FY 2024). Revenue: ₹2.38t (up 10% from FY 2024). Net income: ₹160.0b (up 58% from FY 2024). Profit margin: 6.7% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.4%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Declared Dividend • Jul 24
Dividend increased to ₹5.00 Dividend of ₹5.00 is 43% higher than last year. Ex-date: 8th August 2025 Payment date: 20th September 2025 Dividend yield will be 0.7%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jul 23
Hindalco Industries Limited, Annual General Meeting, Aug 21, 2025 Hindalco Industries Limited, Annual General Meeting, Aug 21, 2025, at 15:00 Indian Standard Time. Annonce • Jun 27
Hindalco Industries Limited to Report Q1, 2026 Results on Aug 12, 2025 Hindalco Industries Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Buy Or Sell Opportunity • Jun 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to ₹697. The fair value is estimated to be ₹578, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. Reported Earnings • May 21
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹72.05 (up from ₹45.71 in FY 2024). Revenue: ₹2.38t (up 10% from FY 2024). Net income: ₹160.0b (up 58% from FY 2024). Profit margin: 6.7% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.4%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹562, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Metals and Mining industry in India. Negligible returns to shareholders over past three years. Annonce • Mar 28
Hindalco Industries Limited to Report Q4, 2025 Results on May 20, 2025 Hindalco Industries Limited announced that they will report Q4, 2025 results on May 20, 2025 Annonce • Feb 14
Hindalco Industries Limited to Report Q3, 2025 Results on Feb 13, 2025 Hindalco Industries Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Reported Earnings • Feb 14
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ₹16.82 (up from ₹10.50 in 3Q 2024). Revenue: ₹583.9b (up 11% from 3Q 2024). Net income: ₹37.4b (up 60% from 3Q 2024). Profit margin: 6.4% (up from 4.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • Feb 14
Hindalco Industries Limited Announces CFO Changes Hindalco Industries Limited announced that Mr. Praveen Kumar Maheshwari shall relinquish his position as the CFO with effect from closing of business hours on March 31, 2025. The Board at its Meeting held February 13, 2025 based on the recommendation of the Audit Committee and Nomination and Remuneration Committee has appointed Mr. Bharat Goenka [currently CFO-Designate] as the CFO and KMP of the Company with effect from April 1, 2025. Mr. Bharat Goenka, aged 48, joined the Company in September 2024, and has gone through a detailed induction program involving travel to 23 of the Company's manufacturing and mining locations. He is a seasoned finance professional with over 25 years of experience, majority of which was at Hindustan Unilever Ltd. (HUL). His leadership experience includes stints as CFO-Mahindra & Mahindra's Automobile Division, CFO-Vedanta's Aluminium & Power Division and Finance Director-Unilever North America. He is a Chartered Accountant with articleship from Price Waterhouse. Reported Earnings • Nov 12
Second quarter 2025 earnings released: EPS: ₹17.59 (vs ₹9.88 in 2Q 2024) Second quarter 2025 results: EPS: ₹17.59 (up from ₹9.88 in 2Q 2024). Revenue: ₹582.0b (up 7.4% from 2Q 2024). Net income: ₹39.1b (up 78% from 2Q 2024). Profit margin: 6.7% (up from 4.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued Over the last 90 days, the stock has risen 4.0% to ₹648. The fair value is estimated to be ₹820, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Annonce • Oct 17
Hindalco Industries Limited Announces Executive Changes Hindalco Industries Limited announced that the Board of Directors, based on the recommendations of Nomination and Remuneration Committee, approved the following additions to the Senior Management Personnel of the Company effective December 1, 2024: Mr. Sameer Nayak [Cluster Head- Renukoot Unit and Renusagar Unit] and Mr. Senthil Nath [Unit Head- Mahan Aluminium]. The aforesaid is consequent to renunciation of office [due to superannuation] by Mr. Narisetty Nagesh, [Head: Renukoot Unit, Renusagar Unit & Mahan Aluminium Unit] by the closing hours of November 30, 2024. Mr. Nagesh Narisetty, currently Head- Renukoot Cluster and Senior Management Personnel of the Company, is moving out due to superannuation. Sameer, a mechanical engineer by qualification, through the Group Manufacturing Leadership Program at Mahan Aluminium. He has worked in multiple roles across Hindalco in power plant operations & maintenance and Unit leadership. He has made significant contributions to the business, across the company's operations including production volume, productivity & purity at Aditya Aluminium. Senthil, a metallurgy engineer by qualification, joined ABG in Renukoot. He has worked in multiple roles in the Renukoot Cluster, including as Plant Head Smelter and in Unit leadership. Buy Or Sell Opportunity • Oct 14
Now 20% undervalued Over the last 90 days, the stock has risen 7.6% to ₹743. The fair value is estimated to be ₹931, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Annonce • Sep 27
Hindalco Industries Limited to Report Q2, 2025 Results on Nov 11, 2024 Hindalco Industries Limited announced that they will report Q2, 2025 results on Nov 11, 2024 Buy Or Sell Opportunity • Sep 23
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₹691. The fair value is estimated to be ₹866, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Buy Or Sell Opportunity • Sep 02
Now 21% undervalued Over the last 90 days, the stock has risen 5.4% to ₹684. The fair value is estimated to be ₹870, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Annonce • Aug 29
Hindalco Industries Limited Announces Cessation of Kailash Nath Bhandari as Independent Director Hindalco Industries Limited announced that Mr. Kailash Nath Bhandari, ceases to be an Independent Director of the Company from the closure of business hours of August 29, 2024, on completion of his second term of five years. Annonce • Aug 23
Hindalco Industries Limited Announces Askaran Agarwala Declines Re-Election as Director Hindalco Industries Limited announced that Mr. Askaran Agarwala, a Non-Executive Director of the Company, liable to retire by rotation at 65th Annual General Meeting held on August 22, 2024, has not offered himself for re-appointment. Accordingly, Mr. Askaran Agarwala retires as a Director, effective August 22, 2024. New Risk • Aug 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (40% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Aug 05
Upcoming dividend of ₹3.50 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 27 August 2024. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (1.6%). Reported Earnings • Jul 31
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹45.71 (up from ₹45.42 in FY 2023). Revenue: ₹2.16t (down 3.2% from FY 2023). Net income: ₹101.6b (flat on FY 2023). Profit margin: 4.7% (up from 4.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.7%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Annonce • Jul 22
Hindalco Industries Limited, Annual General Meeting, Aug 22, 2024 Hindalco Industries Limited, Annual General Meeting, Aug 22, 2024, at 15:00 Indian Standard Time. Declared Dividend • Jul 21
Dividend increased to ₹3.50 Dividend of ₹3.50 is 17% higher than last year. Ex-date: 9th August 2024 Payment date: 27th August 2024 Dividend yield will be 0.5%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 29
Hindalco Industries Limited to Report Q1, 2025 Results on Aug 13, 2024 Hindalco Industries Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Price Target Changed • May 28
Price target increased by 10% to ₹729 Up from ₹662, the current price target is an average from 23 analysts. New target price is 7.1% above last closing price of ₹681. Stock is up 65% over the past year. The company is forecast to post earnings per share of ₹61.44 for next year compared to ₹45.71 last year. Reported Earnings • May 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹45.71 (up from ₹45.42 in FY 2023). Revenue: ₹2.17t (down 2.6% from FY 2023). Net income: ₹101.6b (flat on FY 2023). Profit margin: 4.7% (up from 4.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Annonce • May 25
Hindalco Industries Limited Recommends Dividend for the Year Ended March 31, 2024 Hindalco Industries Limited recommended a dividend of INR 3.5 per equity share of INR 1 each for the year ended March 31, 2024, subject to the approval of Shareholders at the upcoming Annual General Meeting of the Company. Annonce • Mar 21
Hindalco Industries Limited Approves Appointment of Arun Adhikari as an Independent Director Hindalco Industries Limited announced that the shareholders approved appointment of Mr. Arun Adhikari as an independent director. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹10.50 (vs ₹6.13 in 3Q 2023) Third quarter 2024 results: EPS: ₹10.50 (up from ₹6.13 in 3Q 2023). Revenue: ₹528.1b (flat on 3Q 2023). Net income: ₹23.3b (up 71% from 3Q 2023). Profit margin: 4.4% (up from 2.6% in 3Q 2023). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹9.88 (vs ₹9.92 in 2Q 2023) Second quarter 2024 results: EPS: ₹9.88 (down from ₹9.92 in 2Q 2023). Revenue: ₹546.3b (down 2.7% from 2Q 2023). Net income: ₹22.0b (flat on 2Q 2023). Profit margin: 4.0% (up from 3.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 19
Hindalco Industries Limited Announces Resignation of Mr. Anant Maheshwari as Director Hindalco Industries Limited announced that, Mr. Anant Maheshwari has tendered his resignation as an Independent Director of the Company effective from October 18, 2023, due to personal reasons. Upcoming Dividend • Aug 07
Upcoming dividend of ₹3.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (7.4%). Reported Earnings • Jul 30
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹45.42 (down from ₹63.85 in FY 2022). Revenue: ₹2.23t (up 14% from FY 2022). Net income: ₹101.0b (down 29% from FY 2022). Profit margin: 4.5% (down from 7.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 2.0%. Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in India are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Annonce • Jun 30
Hindalco Industries Limited to Report Q1, 2024 Results on Aug 08, 2023 Hindalco Industries Limited announced that they will report Q1, 2024 results on Aug 08, 2023 Reported Earnings • May 25
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹45.42 (down from ₹63.85 in FY 2022). Revenue: ₹2.24t (up 15% from FY 2022). Net income: ₹101.0b (down 29% from FY 2022). Profit margin: 4.5% (down from 7.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 2.0%. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in India are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 43% per year. Annonce • May 25
Hindalco Industries Limited Recommends Dividend for the Year Ended March 31, 2023 Hindalco Industries Limited recommended a dividend of INR 3 per equity share of INR 1 each for the year ended March 31, 2023, subject to the approval of Shareholders at the ensuing Annual General Meeting of the Company. Annonce • May 13
Hindalco Industries Limited to Report Q4, 2023 Results on May 24, 2023 Hindalco Industries Limited announced that they will report Q4, 2023 results on May 24, 2023 Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹6.13 (vs ₹16.46 in 3Q 2022) Third quarter 2023 results: EPS: ₹6.13 (down from ₹16.46 in 3Q 2022). Revenue: ₹535.2b (up 6.5% from 3Q 2022). Net income: ₹13.6b (down 63% from 3Q 2022). Profit margin: 2.5% (down from 7.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Annonce • Jan 28
Hindalco Industries Limited to Report Q3, 2023 Results on Feb 09, 2023 Hindalco Industries Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Board Change • Dec 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 5 highly experienced directors. Independent Non Executive Director Anant Maheshwari was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹9.92 (vs ₹15.41 in 2Q 2022) Second quarter 2023 results: EPS: ₹9.92 (down from ₹15.41 in 2Q 2022). Revenue: ₹561.8b (up 18% from 2Q 2022). Net income: ₹22.1b (down 36% from 2Q 2022). Profit margin: 3.9% (down from 7.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 04
Upcoming dividend of ₹4.00 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 22 September 2022. Payout ratio is a comfortable 6.3% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (7.0%). Reported Earnings • Aug 02
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹63.85 (up from ₹23.30 in FY 2021). Revenue: ₹1.95t (up 48% from FY 2021). Net income: ₹142.0b (up 174% from FY 2021). Profit margin: 7.3% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Over the next year, revenue is expected to shrink by 1.1% compared to a 4.6% decline forecast for the mining industry in India. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹336, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Metals and Mining industry in India. Total returns to shareholders of 76% over the past three years. Reported Earnings • May 28
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹63.85 (up from ₹23.30 in FY 2021). Revenue: ₹1.95t (up 48% from FY 2021). Net income: ₹142.0b (up 174% from FY 2021). Profit margin: 7.3% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 6.3%, compared to a 7.8% growth forecast for the mining industry in India. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth.