Net income attributable to the common shareholder dropped 36% to $96 million, hurt by restructuring charges and lower operating performance, partially cushioned by favourable metal price lag. On an adjusted basis, net income slid 43% to $116 million, while adjusted EBITDA fell 17% to $416 million. The decline was driven by higher aluminium scrap costs, an unfavourable product mix and net negative tariff impacts, though higher pricing, lower SG&A costs and currency gains provided some relief. Adjusted EBITDA per tonne was down 18% to $432.

Operating cash flow jumped 42% to $105 million, aided by lower working capital requirements.

In June 2025, Novelis raised $400 million via tax-exempt bonds to partly fund its Bay Minette plant construction, with maturities stretching to 2055. The company also launched a cash tender offer to repurchase its outstanding 3.250% senior notes due November 2026 and plans to privately issue $750 million in senior unsecured notes due 2033.

Novelis is the world's largest aluminium recycler.

Following the announcement, shares of Hindalco Industries were down 0.48% at Rs 668.60 on the BSE.

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