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Satish Pai

Managing Director, Hindalco Industries Limited

Search every verified Satish Pai interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Satish Pai, Managing Director of Hindalco, discussed the company's first-quarter results in an August 2026 interview with CNBC Awaaz. He attributed the strong consolidated net profit, which beat consensus estimates, to robust performance across businesses, including strong upstream aluminium operations driven by high LME prices and operational efficiency, as well as a record copper EBITDA of ₹918 crore. Pai stated that Novelis's adjusted EBITDA is expected to reach $600 per ton by the end of fiscal year 2028, once the Bay Minette project is fully ramped up, with $500–$520 per ton being sustainable in the current year. Pai also addressed the impact of Middle East conflicts and Red Sea shipping disruptions, noting increased freight costs and supply chain challenges. He expressed a view that aluminium supply-demand projections for calendar year 2026 indicate a deficit of 1 million tons, partly due to reduced output from the Middle East and offset by startups in Indonesia and Europe, with inventories at all-time lows. He said that for the next three quarters, the business foundation is strong due to solid aluminium and copper demand, and he expects aluminium prices to retain an upward bias.

Recent appearances

Notable quotes

“So, we have just to be clear, we have said that in Q4 of FY27, we will turn cash flow positive because most of the capex spend will happen in the first three quarters as well as our EBITDA and profitability would have then fully ramped up as Oswego is fully ramped you know, back in operation. So, that's our confidence that by Q4 of FY27, we will turn cash flow positive.”

“First I wanted to tell you that the consolidated net debt to Aida is 1.73. So well below our target of two so it's an extremely strong balance sheet. Second is this quarters we pumped in about a billion dollars of equity into Novellis which is about 8,000 crores. Now the remaining increase is largely working capital which we required for our copper business and because the aluminium prices went up. Now most of that w”

“We have announced as you know a pretty aggressive 50,000 cr capex plan over the next 3 years. So over the next two years we are going to be commissioning an aluminina refinery in Orisa. We are going to be commissioning a copper recycling plant in Gujarat. We are doing an aluminium smelter expansion in Odisa and a copper smelter in Gujarat. So overall we are going to take our aluminium capacity close to 1.7 million to”

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