# Hindalco Industries (HINDALCO.NSE)

Canonical: https://gigainvestors.com/s/HINDALCO.NSE

Analysis as of: 2026-10-16T07:33:23.790Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 893.85 per share; close as of 2026-10-15.

Estimated value: low INR 688.24 per share, central INR 939.60 per share, high INR 1,067.64 per share. Buy at or below the central value INR 939.60 per share. Valuation as of 2026-10-16T07:33:23.790Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.08×

- FY2022: 0.11×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.10×

- FY2026: 0.09×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.2%

- ROIC, second-lowest year: 9.7%

- Conservative return floor, median: 8.1%

- Conservative return floor, second lowest: 4.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 15.4%

- FY2023: 10.2%

- FY2024: 9.5%

- FY2025: 11.2%

- FY2026: 9.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 522B

- Net income, five-year total: INR 634B

- Return on incremental invested capital: 21.7%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 12.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.09×

- FY2023: 1.00×

- FY2024: 0.14×

- FY2025: 0.97×

- FY2026: 0.76×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 8.47 to 60.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: INR 1.53T

- Cumulative retained earnings: INR 774B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 27.8%

- Per-share value change: INR 51.73

- Per-share value, starting three-year median: INR 8.47

- Per-share value, ending three-year median: INR 60.20

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 841B

- ROIC, last three-year median: 9.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 8.47

- FY2018: INR 27.29

- FY2019: INR 24.66

- FY2020: INR 16.93

- FY2021: INR 15.65

- FY2022: INR 61.65

- FY2023: INR 45.36

- FY2024: INR 45.65

- FY2025: INR 71.91

- FY2026: INR 60.20

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.77×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.4%

- FY2018: -3.3%

- FY2019: -4.3%

- FY2020: -5.3%

- FY2021: -7.3%

- FY2022: -1.4%

- FY2023: -4.1%

- FY2024: -6.0%

- FY2025: -3.2%

- FY2026: 0.9%

## Holders

## Price story

Down 21% since May 2026 · sales +15.3%

Story as of 2026-10-16T09:59:55.962Z; price observation 2026-10-15.

Price needs cash profits to grow 5.8% a year for ten years

### Sales · FY2025–2026

sales +15.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 1.00T 

- FY2018: INR 1.15T 

- FY2019: INR 1.31T 

- FY2020: INR 1.18T 

- FY2021: INR 1.32T 

- FY2022: INR 1.95T 

- FY2023: INR 2.23T 

- FY2024: INR 2.16T 

- FY2025: INR 2.38T 

- FY2026: INR 2.75T 

### Gross margin · FY2026

gross margin 29.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 31.0% 

- FY2024: 31.8% 

- FY2025: 32.4% 

- FY2026: 29.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aluminium; annual sales are INR 2.7 trillion.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2026: revenue 2749440000000; grossProfit 817150000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29.7% to 32.4% during 2024–26; it earns 10.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); FY2024: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); FY2025: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); FY2026: grossProfit / revenue = 29.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); 10-year return on capital observations [[2022,0.15362179234109752],[2023,0.10187825338782534],[2024,0.09506011546691429],[2025,0.11198335717071903],[2026,0.09673576118294488]]; median 0.10187825338782534. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 21.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2017: growth capex 0; upkeep 29380000000; owner earnings 34190000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2018: growth capex 0; upkeep 30010000000; owner earnings 75880000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2019: growth capex 12240000000; upkeep 47770000000; owner earnings 54960000000. Growth capex / owner earnings = 0.22270742358078602.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2020: growth capex 0; upkeep 67910000000; owner earnings 20670000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2021: growth capex 0; upkeep 55650000000; owner earnings 45460000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2022: growth capex 0; upkeep 54260000000; cash acquisitions 4120000000; owner earnings 150330000000. Growth capex plus acquisitions / owner earnings = 0.02740637264684361.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2023: growth capex 26510000000; upkeep 70860000000; cash acquisitions 0; owner earnings 100970000000. Growth capex plus acquisitions / owner earnings = 0.2625532336337526.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2024: growth capex 0; upkeep 157280000000; cash acquisitions 0; owner earnings 14480000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2025: growth capex 126620706996.24765; upkeep 79869293003.75235; cash acquisitions 0; owner earnings 154980706996.24765. Growth capex plus acquisitions / owner earnings = 0.8170094810531052.

- Source: https://www.screener.in/company/HINDALCO/consolidated/ (filed 2026-10-16T07:33:23.790Z); FY2026: growth capex 183968861142.3368; upkeep 116991138857.66321; cash acquisitions 0; owner earnings 101638861142.33679. Growth capex plus acquisitions / owner earnings = 1.8100248180142797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); Incremental return on capital 0.21714225782878177, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); Dividend observations: [[2017,2480000000],[2018,2940000000],[2019,3230000000],[2020,3200000000],[2021,2220000000],[2022,6670000000],[2023,8900000000],[2024,6670000000],[2025,7780000000],[2026,11100000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1671563_22052026065202_WEB.xml (filed 2026-10-16T07:33:23.790Z); FY2026: cash repurchases 1640000000 INR.

### What the price says

The price assumes cash profits grow 5.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.790Z); Ten-year compound average after fade. Initial solved rate 0.07022178243462449. Price 893.85; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.7182868525896414 → FY2026 45.6923264936799. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 175.75 per share

- 2016-12: INR 155.05 per share

- 2017-01: INR 189.95 per share

- 2017-02: INR 184.35 per share

- 2017-03: INR 195.05 per share

- 2017-04: INR 199.35 per share

- 2017-05: INR 200.70 per share

- 2017-06: INR 190.95 per share

- 2017-07: INR 219.65 per share

- 2017-08: INR 238.00 per share

- 2017-09: INR 240.60 per share

- 2017-10: INR 267.40 per share

- 2017-11: INR 240.45 per share

- 2017-12: INR 273.55 per share

- 2018-01: INR 256.15 per share

- 2018-02: INR 245.40 per share

- 2018-03: INR 214.55 per share

- 2018-04: INR 235.65 per share

- 2018-05: INR 234.20 per share

- 2018-06: INR 230.50 per share

- 2018-07: INR 213.40 per share

- 2018-08: INR 237.95 per share

- 2018-09: INR 229.65 per share

- 2018-10: INR 220.40 per share

- 2018-11: INR 226.20 per share

- 2018-12: INR 226.20 per share

- 2019-01: INR 208.50 per share

- 2019-02: INR 195.75 per share

- 2019-03: INR 205.50 per share

- 2019-04: INR 206.05 per share

- 2019-05: INR 197.00 per share

- 2019-06: INR 207.05 per share

- 2019-07: INR 190.55 per share

- 2019-08: INR 184.45 per share

- 2019-09: INR 191.35 per share

- 2019-10: INR 187.90 per share

- 2019-11: INR 200.15 per share

- 2019-12: INR 216.15 per share

- 2020-01: INR 189.35 per share

- 2020-02: INR 155.90 per share

- 2020-03: INR 95.70 per share

- 2020-04: INR 130.20 per share

- 2020-05: INR 138.85 per share

- 2020-06: INR 146.20 per share

- 2020-07: INR 163.10 per share

- 2020-08: INR 185.25 per share

- 2020-09: INR 175.25 per share

- 2020-10: INR 170.65 per share

- 2020-11: INR 226.35 per share

- 2020-12: INR 240.55 per share

- 2021-01: INR 226.30 per share

- 2021-02: INR 340.25 per share

- 2021-03: INR 326.85 per share

- 2021-04: INR 364.40 per share

- 2021-05: INR 394.25 per share

- 2021-06: INR 372.05 per share

- 2021-07: INR 444.80 per share

- 2021-08: INR 468.30 per share

- 2021-09: INR 487.95 per share

- 2021-10: INR 459.80 per share

- 2021-11: INR 412.75 per share

- 2021-12: INR 475.55 per share

- 2022-01: INR 489.05 per share

- 2022-02: INR 573.75 per share

- 2022-03: INR 569.50 per share

- 2022-04: INR 482.65 per share

- 2022-05: INR 422.55 per share

- 2022-06: INR 338.65 per share

- 2022-07: INR 415.05 per share

- 2022-08: INR 439.00 per share

- 2022-09: INR 390.55 per share

- 2022-10: INR 405.65 per share

- 2022-11: INR 450.70 per share

- 2022-12: INR 473.35 per share

- 2023-01: INR 468.40 per share

- 2023-02: INR 399.20 per share

- 2023-03: INR 405.35 per share

- 2023-04: INR 436.10 per share

- 2023-05: INR 405.90 per share

- 2023-06: INR 420.95 per share

- 2023-07: INR 462.60 per share

- 2023-08: INR 459.85 per share

- 2023-09: INR 492.65 per share

- 2023-10: INR 459.50 per share

- 2023-11: INR 515.65 per share

- 2023-12: INR 614.85 per share

- 2024-01: INR 579.35 per share

- 2024-02: INR 503.85 per share

- 2024-03: INR 560.25 per share

- 2024-04: INR 644.40 per share

- 2024-05: INR 689.35 per share

- 2024-06: INR 693.55 per share

- 2024-07: INR 669.60 per share

- 2024-08: INR 701.35 per share

- 2024-09: INR 756.20 per share

- 2024-10: INR 686.05 per share

- 2024-11: INR 656.20 per share

- 2024-12: INR 602.45 per share

- 2025-01: INR 594.30 per share

- 2025-02: INR 634.35 per share

- 2025-03: INR 682.45 per share

- 2025-04: INR 624.65 per share

- 2025-05: INR 633.50 per share

- 2025-06: INR 692.85 per share

- 2025-07: INR 683.05 per share

- 2025-08: INR 703.95 per share

- 2025-09: INR 761.95 per share

- 2025-10: INR 847.85 per share

- 2025-11: INR 808.40 per share

- 2025-12: INR 886.70 per share

- 2026-01: INR 962.60 per share

- 2026-02: INR 924.70 per share

- 2026-03: INR 884.45 per share

- 2026-04: INR 1,038.00 per share

- 2026-05: INR 1,126.70 per share

- 2026-06: INR 956.60 per share

- 2026-07: INR 974.45 per share

- 2026-08: INR 1,015.45 per share

- 2026-09: INR 941.80 per share

- 2026-10: INR 893.85 per share

## Annual estimated value (INR per share)

- FY2019: low INR 219.39 per share, central INR 240.85 per share, high INR 268.07 per share

- FY2020: low INR 256.01 per share, central INR 275.46 per share, high INR 300.14 per share

- FY2021: low INR 219.00 per share, central INR 240.93 per share, high INR 268.74 per share

- FY2022: low INR 405.89 per share, central INR 445.47 per share, high INR 495.69 per share

- FY2023: low INR 443.04 per share, central INR 488.36 per share, high INR 545.84 per share

- FY2024: low INR 358.56 per share, central INR 394.45 per share, high INR 439.98 per share

- FY2025: low INR 584.95 per share, central INR 797.71 per share, high INR 907.38 per share

- FY2026: low INR 688.24 per share, central INR 939.60 per share, high INR 1,067.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.377Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Hindalco Industries

HINDALCO · NSE

Nifty 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: INR 893.85
Buy up to: INR 939.60
Expected / yr: 11.8% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 14.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 8.1%
Worst year: 7.0%
Latest · 2026: 9.5%

Capital return excluding acquisitions: median 10.2% (minimum 15%), and the second-worst year 9.7% (minimum 10%).

ROIC excluding acquisitions

5y median: 10.2%
Worst year: 9.5%
Latest · 2026: 9.7%

Each $1 of profit left $0.82 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.82×
Annual median: 0.97×
Latest · 2026: 0.76×

Per-share value rose from 8.47 to 60.2, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR 36.33
Worst year: INR 8.47
Latest · 2026: INR 60.20

Profits were backed by cash: accruals were 0.9% of assets (limit 10%).

Sloan accruals

10y median: -4.2%
Worst year: 0.9%
Latest · 2026: 0.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 8.5%, three-year average owner earnings per share 40.62 INR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price INR 175.75; 2016-12 · Price INR 155.05; 2017-01 · Price INR 189.95; 2017-02 · Price INR 184.35; 2017-03 · Price INR 195.05; 2017-04 · Price INR 199.35; 2017-05 · Price INR 200.70; 2017-06 · Price INR 190.95; 2017-07 · Price INR 219.65; 2017-08 · Price INR 238.00; 2017-09 · Price INR 240.60; 2017-10 · Price INR 267.40; 2017-11 · Price INR 240.45; 2017-12 · Price INR 273.55; 2018-01 · Price INR 256.15; 2018-02 · Price INR 245.40; 2018-03 · Price INR 214.55; 2018-04 · Price INR 235.65; 2018-05 · Price INR 234.20; 2018-06 · Price INR 230.50; 2018-07 · Price INR 213.40; 2018-08 · Price INR 237.95; 2018-09 · Price INR 229.65; 2018-10 · Price INR 220.40; 2018-11 · Price INR 226.20; 2018-12 · Price INR 226.20; 2019-01 · Price INR 208.50 · Value 240.85 · Buy at or below 240.85; 2019-02 · Price INR 195.75 · Value 240.85 · Buy at or below 240.85; 2019-03 · Price INR 205.50 · Value 240.85 · Buy at or below 240.85; 2019-04 · Price INR 206.05 · Value 240.85 · Buy at or below 240.85; 2019-05 · Price INR 197.00 · Value 240.85 · Buy at or below 240.85; 2019-06 · Price INR 207.05 · Value 240.85 · Buy at or below 240.85; 2019-07 · Price INR 190.55 · Value 240.85 · Buy at or below 240.85; 2019-08 · Price INR 184.45 · Value 240.85 · Buy at or below 240.85; 2019-09 · Price INR 191.35 · Value 240.85 · Buy at or below 240.85; 2019-10 · Price INR 187.90 · Value 240.85 · Buy at or below 240.85; 2019-11 · Price INR 200.15 · Value 240.85 · Buy at or below 240.85; 2019-12 · Price INR 216.15 · Value 240.85 · Buy at or below 240.85; 2020-01 · Price INR 189.35 · Value 240.85 · Buy at or below 240.85; 2020-02 · Price INR 155.90 · Value 275.46 · Buy at or below 275.46; 2020-03 · Price INR 95.70 · Value 275.46 · Buy at or below 275.46; 2020-04 · Price INR 130.20 · Value 275.46 · Buy at or below 275.46; 2020-05 · Price INR 138.85 · Value 275.46 · Buy at or below 275.46; 2020-06 · Price INR 146.20 · Value 275.46 · Buy at or below 275.46; 2020-07 · Price INR 163.10 · Value 275.46 · Buy at or below 275.46; 2020-08 · Price INR 185.25 · Value 275.46 · Buy at or below 275.46; 2020-09 · Price INR 175.25 · Value 275.46 · Buy at or below 275.46; 2020-10 · Price INR 170.65 · Value 275.46 · Buy at or below 275.46; 2020-11 · Price INR 226.35 · Value 275.46 · Buy at or below 275.46; 2020-12 · Price INR 240.55 · Value 275.46 · Buy at or below 275.46; 2021-01 · Price INR 226.30 · Value 275.46 · Buy at or below 275.46; 2021-02 · Price INR 340.25 · Value 240.93 · Buy at or below 240.93; 2021-03 · Price INR 326.85 · Value 240.93 · Buy at or below 240.93; 2021-04 · Price INR 364.40 · Value 240.93 · Buy at or below 240.93; 2021-05 · Price INR 394.25 · Value 240.93 · Buy at or below 240.93; 2021-06 · Price INR 372.05 · Value 240.93 · Buy at or below 240.93; 2021-07 · Price INR 444.80 · Value 240.93 · Buy at or below 240.93; 2021-08 · Price INR 468.30 · Value 240.93 · Buy at or below 240.93; 2021-09 · Price INR 487.95 · Value 240.93 · Buy at or below 240.93; 2021-10 · Price INR 459.80 · Value 240.93 · Buy at or below 240.93; 2021-11 · Price INR 412.75 · Value 240.93 · Buy at or below 240.93; 2021-12 · Price INR 475.55 · Value 240.93 · Buy at or below 240.93; 2022-01 · Price INR 489.05 · Value 240.93 · Buy at or below 240.93; 2022-02 · Price INR 573.75 · Value 445.47 · Buy at or below 445.47; 2022-03 · Price INR 569.50 · Value 445.47 · Buy at or below 445.47; 2022-04 · Price INR 482.65 · Value 445.47 · Buy at or below 445.47; 2022-05 · Price INR 422.55 · Value 445.47 · Buy at or below 445.47; 2022-06 · Price INR 338.65 · Value 445.47 · Buy at or below 445.47; 2022-07 · Price INR 415.05 · Value 445.47 · Buy at or below 445.47; 2022-08 · Price INR 439.00 · Value 445.47 · Buy at or below 445.47; 2022-09 · Price INR 390.55 · Value 445.47 · Buy at or below 445.47; 2022-10 · Price INR 405.65 · Value 445.47 · Buy at or below 445.47; 2022-11 · Price INR 450.70 · Value 445.47 · Buy at or below 445.47; 2022-12 · Price INR 473.35 · Value 445.47 · Buy at or below 445.47; 2023-01 · Price INR 468.40 · Value 445.47 · Buy at or below 445.47; 2023-02 · Price INR 399.20 · Value 488.36 · Buy at or below 488.36; 2023-03 · Price INR 405.35 · Value 488.36 · Buy at or below 488.36; 2023-04 · Price INR 436.10 · Value 488.36 · Buy at or below 488.36; 2023-05 · Price INR 405.90 · Value 488.36 · Buy at or below 488.36; 2023-06 · Price INR 420.95 · Value 488.36 · Buy at or below 488.36; 2023-07 · Price INR 462.60 · Value 488.36 · Buy at or below 488.36; 2023-08 · Price INR 459.85 · Value 488.36 · Buy at or below 488.36; 2023-09 · Price INR 492.65 · Value 488.36 · Buy at or below 488.36; 2023-10 · Price INR 459.50 · Value 488.36 · Buy at or below 488.36; 2023-11 · Price INR 515.65 · Value 488.36 · Buy at or below 488.36; 2023-12 · Price INR 614.85 · Value 488.36 · Buy at or below 488.36; 2024-01 · Price INR 579.35 · Value 488.36 · Buy at or below 488.36; 2024-02 · Price INR 503.85 · Value 394.45 · Buy at or below 394.45; 2024-03 · Price INR 560.25 · Value 394.45 · Buy at or below 394.45; 2024-04 · Price INR 644.40 · Value 394.45 · Buy at or below 394.45; 2024-05 · Price INR 689.35 · Value 394.45 · Buy at or below 394.45; 2024-06 · Price INR 693.55 · Value 394.45 · Buy at or below 394.45; 2024-07 · Price INR 669.60 · Value 394.45 · Buy at or below 394.45; 2024-08 · Price INR 701.35 · Value 394.45 · Buy at or below 394.45; 2024-09 · Price INR 756.20 · Value 394.45 · Buy at or below 394.45; 2024-10 · Price INR 686.05 · Value 394.45 · Buy at or below 394.45; 2024-11 · Price INR 656.20 · Value 394.45 · Buy at or below 394.45; 2024-12 · Price INR 602.45 · Value 394.45 · Buy at or below 394.45; 2025-01 · Price INR 594.30 · Value 394.45 · Buy at or below 394.45; 2025-02 · Price INR 634.35 · Value 797.71 · Buy at or below 797.71; 2025-03 · Price INR 682.45 · Value 797.71 · Buy at or below 797.71; 2025-04 · Price INR 624.65 · Value 797.71 · Buy at or below 797.71; 2025-05 · Price INR 633.50 · Value 797.71 · Buy at or below 797.71; 2025-06 · Price INR 692.85 · Value 797.71 · Buy at or below 797.71; 2025-07 · Price INR 683.05 · Value 797.71 · Buy at or below 797.71; 2025-08 · Price INR 703.95 · Value 797.71 · Buy at or below 797.71; 2025-09 · Price INR 761.95 · Value 797.71 · Buy at or below 797.71; 2025-10 · Price INR 847.85 · Value 797.71 · Buy at or below 797.71; 2025-11 · Price INR 808.40 · Value 797.71 · Buy at or below 797.71; 2025-12 · Price INR 886.70 · Value 797.71 · Buy at or below 797.71; 2026-01 · Price INR 962.60 · Value 797.71 · Buy at or below 797.71; 2026-02 · Price INR 924.70 · Value 939.60 · Buy at or below 939.60; 2026-03 · Price INR 884.45 · Value 939.60 · Buy at or below 939.60; 2026-04 · Price INR 1038.00 · Value 939.60 · Buy at or below 939.60; 2026-05 · Price INR 1126.70 · Value 939.60 · Buy at or below 939.60; 2026-06 · Price INR 956.60 · Value 939.60 · Buy at or below 939.60; 2026-07 · Price INR 974.45 · Value 939.60 · Buy at or below 939.60; 2026-08 · Price INR 1015.45 · Value 939.60 · Buy at or below 939.60; 2026-09 · Price INR 941.80 · Value 939.60 · Buy at or below 939.60; 2026-10 · Price INR 893.85 · Value 939.60 · Buy at or below 939.60; 2026-10 · Price INR 893.85 · Value 939.60 · Buy at or below 939.60

INR per share · annual estimates

Price & return math
Value range	INR 688.24 – INR 1,067.64
Buy at or below	Central value INR 939.60
Discount to value	1 − 893.85 / 939.60 = 4.9%
Return / year	About 11.8% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 55.91/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash INR 41.85/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 2.75T

Revenue

Owner earningsINR 102B

Owner earnings

Operating margin9.5%

Operating margin

Net cash / debtINR -769B

Net cash / debt

Diluted shares2.2B

Diluted shares

Prices 15 Oct 2026 · FY2026