New Delhi, May 22 -- Hindalco Industries Ltd ended FY25 on a strong note, reporting a consolidated Ebitda of Rs.9,600 crore for the March quarter (Q4FY25), up nearly 40% year-on-year. While its India aluminium business delivered stellar margins, the global subsidiary Novelis continues to lag, keeping investors cautious.

The India upstream aluminium segment reported an Ebitda margin of 47%, with Ebitda per tonne at $1,684, up 74% on year. This performance wasn't just cyclical; Hindalco has strengthened its structural cost advantage through backward integration and resource security, including the commissioning of captive coal mines like Bandha and Chakla.

The management expects upstream aluminium costs to remain flat in Q1FY26, despite r...