Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Consolidated Q2 FY27 EBITDA up 52% y-y at INR13,869 Cr; PAT up 59% y-y at INR7,533 Cr - India upstream aluminium EBITDA up 55% y-y at INR7,009 Cr; EBITDA per ton $2,125; margins 52% - Copper EBITDA reached INR1,673 Cr, +164% y-y; normalized run rate INR1,200-1,300 Cr - Novelis production normalized; insurance recoveries $519M; Bay Minette plant commissioning Q1 FY28 - Capex INR20,719 Cr in H1 FY27; net debt/EBITDA 1.80x; India net cash INR9,000 Cr - Expansion projects underway with INR50,000 Cr spent, INR50,000 Cr under evaluation; phased commissioning 2026-2028 - Aluminium demand in India +6% y-y; global aluminium market deficit ~0.8 mn tons in 2026 - Sulfuric acid prices elevated at ~INR16,000/ton vs INR7,000 last year, supporting copper earnings - Hedging: 29% aluminium at $3,000/ton for H2 FY27; FY28 26% hedged at $3,168/ton - Long-term EBITDA guidance Novelis $600/ton; India upstream projects targeting mid-teens IRR at $2,600 aluminium - Pot relining capitalized, adding INR130 Cr EBITDA and depreciation quarterly - Demand drivers: automotive, packaging, electrical, industrial, data centers; India aluminium demand CAGR ~7%