有色金属海外季报：印度铝业2025Q4综合收入同比增长14%至6652.1亿卢比，税后利润同比减少45%至204.9亿卢比

Investment Rating - Industry rating: Recommended [8] Core Insights - In Q4 2025, the comprehensive revenue of the Indian aluminum industry increased by 14% year-on-year to 665.21 billion rupees, while the net profit after tax decreased by 45% to 20.49 billion rupees [2][6]. - Novelis reported a total shipment of flat-rolled products of 809,000 tons in Q4 2025, a decrease of 11% year-on-year and 14% quarter-on-quarter [2]. - The aluminum ingot total shipment was 345,000 tons, showing a year-on-year increase of 2% and a quarter-on-quarter increase of 1% [3]. - The aluminum products sales volume reached 108,000 tons, reflecting a year-on-year increase of 9% but a quarter-on-quarter decrease of 4% [4]. - Electrolytic copper sales were 122,000 tons, with a year-on-year increase of 2% and a quarter-on-quarter increase of 8% [5]. Financial Performance - In Q4 2025, the EBITDA was 85.43 billion rupees, a year-on-year increase of 5% but a quarter-on-quarter decrease of 12% [6]. - The revenue from operations for Q4 2025 was 665.21 billion rupees, with a year-on-year growth of 14% and a quarter-on-quarter growth of 1% [10]. - The net profit after tax for Q4 2025 was 20.49 billion rupees, a decrease of 45% year-on-year and 57% quarter-on-quarter [6][10]. Segment Performance - Novelis generated revenue of 4.2 billion USD in Q4 2025, a year-on-year increase of 3%, primarily due to rising metal prices [7]. - The aluminum ingot segment achieved a quarterly revenue of 106.2 billion rupees, a year-on-year increase of 6%, with an EBITDA of 48.32 billion rupees, up 14% [9]. - The aluminum products segment reported a revenue of 39.09 billion rupees, a year-on-year increase of 22%, with record EBITDA of 2.33 billion rupees, up 55% [9]. - The copper segment's revenue reached 182.33 billion rupees, a year-on-year increase of 33%, despite a decline in TC/RCs market [9].