Hindalco Industries Limited stock analysis

Hindalco Industries Limited August 07, 2026 Page 9 of 22 We are also making steady progress on our captive coal mine development projects, including Chakla, Bandha and Meenakshi. As these mines become operational, they will strengthen our resource security lower production costs and support margin expansion and further enhance the earnings profile of our upstream business. On the downstream side, we continue to make

At the same time, we continue to make significant progress on our growth agenda. The 600 KT Bay Minette greenfield rolling and recycling facility, which is on track for completion this year represents a transformational milestone for Novelis. With the initial commissioning of key assets already underway, Bay Minette will further stre ngthen our operating footprint, expand our recycling capabilities and position Novel

So, given the TC/RCs continue to remain active and byproduct prices are also normalizing, especially gold -- and then China is not closing its excess smelting capacity. How do we think about the backward integration plan in the medium term? Can we look for more copper deposits within the country and move towards self- dependence for the concentrate supply?