Hindalco Industries Limited (HINDALCO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-61.4%

₹350.73

vs ₹909.75 price

Levered DCF

₹90.95

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.67×	9.21×	12.44×	8.92×	9.23×	21.36×	5.65×	8.75×
P/B	1.44×	1.19×	1.19×	0.95×	1.62×	1.09×	0.36×	0.84×
P/S	0.71×	0.62×	0.59×	0.41×	0.65×	0.55×	0.18×	0.37×
EV / EBITDA	9.11×	6.04×	6.93×	5.99×	6.16×	7.27×	4.72×	5.56×
Gross margin	21.2%	33.5%	31.9%	31.2%	33.6%	33.9%	43.2%	42.0%
Operating margin	9.6%	10.7%	7.8%	7.0%	11.8%	8.8%	8.3%	8.5%
Net margin	4.9%	6.8%	4.7%	4.5%	7.1%	2.7%	3.2%	4.2%
Current ratio	1.21×	1.56×	1.39×	1.48×	1.28×	1.39×	1.78×	1.6×
Debt / equity	0.73×	0.53×	0.57×	0.7×	0.86×	1.01×	1.17×	0.91×
Interest coverage	7.58×	7.45×	4.33×	4.26×	6.98×	3.2×	2.32×	2.93×
Dividend yield	0.6%	0.5%	0.5%	1.0%	0.5%	0.3%	1.5%	0.7%
Payout ratio	8.3%	4.9%	6.6%	8.8%	4.9%	6.4%	8.5%	5.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.8%	12.9%	9.6%	10.7%	17.6%	5.2%	6.5%	9.6%
Return on invested capital	7.6%	8.8%	6.6%	6.7%	10.4%	5.1%	4.4%	6.1%
Return on assets	3.9%	6.0%	4.4%	4.5%	6.2%	1.8%	2.2%	3.6%
Free cash flow yield	-11.9%	2.5%	6.6%	10.4%	9.0%	16.0%	27.4%	12.4%
Earnings yield	6.8%	10.8%	8.0%	11.2%	10.8%	4.8%	17.7%	11.4%
Enterprise value	₹2.8T	₹2T	₹1.8T	₹1.4T	₹1.8T	₹1.3T	₹683.8B	₹914B
Net debt / EBITDA	2.74×	1.63×	1.94×	2.22×	1.87×	3.25×	3.25×	2.63×
Cash conversion cycle (days)	60	49	45	53	62	64	53	40