HINDALCO Q3 FY26 Guidance vs Delivery (HINDALCO Management Mirror)

Novelis Operational & Financial Outlook

Reaffirmed long-term EBITDA guidance of $600/tonne in Dec'25 Qtr, consistent with the anchor target stated since Jun'25 Qtr.

Raised FY26 exit cost savings target to $150 million in Dec'25 Qtr; this follows a previous raise in Sep'25 Qtr (to $125 million from an initial $100 million target in Jun'25 Qtr).

Modified Oswego hot mill restart timeline to late Q1 FY27 (Jun'26 quarter) in Dec'25 Qtr, reflecting a delay compared to the Sep'25 Qtr expectation of a restart "next month."

Lowered near-term EBITDA expectations due to the Oswego fire, projecting a $60-65 million impact in Q4 FY26 (Dec'25 Qtr outlook), slightly higher than the $54 million impact seen in Q3.