Hindalco arm Novelis reports net loss of USD 84 million in Q4

Novelis Inc reported a consolidated net loss of USD 84 million for the quarter ended March 31, 2026, due to fire incidents at its Oswego, New York plant.

Novelis Inc, the wholly-owned subsidiary of Hindalco Industries, on Tuesday reported a consolidated net loss of USD 84 million for the quarter ended March 31, 2026, due to fire incidents at its plant in Oswego, New York.

The company is a leading sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling.

''Net loss attributable to our common shareholder of USD 84 million, compared to a net income attributable to our common shareholder of USD 294 million in the prior year, impacted by Oswego, US, plant fires in September and November,'' the company said in a statement.

''The decrease was due primarily to USD 630 million in pre-tax net losses related to the Oswego fires,'' it added.

However, the consolidated net sales rose to USD 4,787 million from USD 4,587 million in the year-ago period.

''Net sales for the fourth quarter of fiscal year 2026 increased 4 per cent versus the prior year period to USD 4.8 billion, mainly driven by higher average aluminium prices, partially offset by a 12 per cent decrease in total rolled product shipments to 844 kilotonnes,'' it said.

Lower shipments were driven by production disruptions at Oswego and softness in some speciality markets due to geopolitical conditions, the statement added.

''...We are firmly focused on execution - serving our customers, commissioning our state-of-the-art aluminium plant in Bay Minette and safely restarting Oswego within the next few weeks, well ahead of our previous estimate of end of June,'' Steve Fisher, president and CEO, Novelis Inc, said.

Novelis is a subsidiary of Hindalco Industries Ltd, an industry leader in aluminium and copper, and the metals flagship company of the Aditya Birla Group.