Hindalco MD Satish Pai Reveals Eternia Expansion, EV Demand And Copper Recycling Plans
📅 Jun 05, 2026ANAMIKA SINGH8 MIN14 SEGMENTS · 3 SPEAKERS
Hindalco Managing Director Satish Pai outlines the company's aggressive shift from upstream aluminium and copper into ...
What Satish Pai said
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Satish Pai discussed Hindalco's expansion into value-added and B2C businesses, starting with the Eternia fenestration brand launched in 2020. He said the fenestration market is about 50,000 crores and growing at 15-18% CAGR, with Hindalco aiming to grow Eternia from 400 to 1,000 crores in two years. Pai noted Hindalco now has 600,000 tons of downstream capacity, converting nearly 50% of its aluminum into value-added products. Electrification, including EVs, is the largest segment at about 40%, followed by electronics and packaging at 20-30% each. He announced India's first copper recycling plant in Pakajan, commissioning around September-October, which will also recover precious and PGM metals. On the West Asia crisis, Pai said aluminum prices rose due to 2.5 million tons of Middle East capacity being taken out, boosting top line more than input costs, improving EBITDA margins. He called FY '26 a record year for Hindalco despite Novelis's Oswego fire, and expects this year to be better.
Key takeaways
Eternia fenestration business aims to grow from 400 to 1,000 crores in two years in a 50,000 crore market growing 15-18% annually.
Hindalco has 600,000 tons of downstream capacity, converting nearly 50% of its aluminum into value-added products.
India's first copper recycling plant in Pakajan will commission around September-October, recovering copper, precious metals, and PGM metals.
West Asia crisis removed 2.5 million tons of Middle East aluminum capacity, raising prices and improving Hindalco's EBITDA margins.
FY '26 was a record year for Hindalco with highest ever EBITDA and net income, despite Novelis's Oswego fire.
3:56Talk to us a little bit about what plans do you have to expand in terms of your capexes?
5:00What is the order of impact that you've been seeing in these various segments?
6:26... you're growing increasingly going towards the value-added service and sort of completing the whole value chain from ore to fenestration sort of businesses, what is that business mix going to look like in terms of commercial and retail?
Hello and welcome. You're watching Business Today. We are today being joined by the managing director of Hindalco, Mr. Satish Pai. So, many many thanks for speaking to Business Today. You've launched Eternia, an experience store, which is your value-added service, and in a way showing an expansion towards the B2C side of this whole value chain of the metals business of Hindalco. Talk to us a little bit about Eternia. What plans do you have? Investments and what kind of store expansion are we going to see in terms of Eternia stores?
So, we launched Eternia in 2020 addressing what we call the fenestration market, which is doors, windows, facades. And I think that we have been riding that India growth story that as urbanization has increased, as the real estate BNC sector has taken off, the demand for system windows that is going to give you water, wind, will not come inside the house is what is the market we are addressing. That's a market today which is about 50,000 crores in size. Our ambition is to go from the current 400 to 1,000 crores in 2 years. And I think that the size of this market is growing at about 15 to 18% CAGR every year. Large part driven by the India growth story.
That was going to be my next question as to how big the opportunity is. You've mentioned the market share as well. But if you could also speak of value-added business in particular. Fresh wrap was your first value-added B2C. Going forward, you do intend to enter the modular kitchens market also after Eternia. Speak a little bit about what the plan there is.
So, I think as we have been communicating over the last 5 years now, Hindalco is a large upstream aluminum and copper player. And we have also consistently focused on value-added products. Focusing on electrification, electric vehicles, consumer electronics, air conditioners, packaging as you said, fresh wrap. And today we are now at a 600,000 tons of downstream capacity. So, nearly 50% of the aluminum we produce, we are now converting into value-added products for Hindalco. So, I think that is a strategy that we will continue to consistently grow. So, we will continue to increase our upstream capacity and our downstream capacity.
We've been told maybe we will see more of your business investments and your supply into electronics manufacturing, EVs, etc. going forward. If you could break down for us what the picture will look like as far as your Hindalco supply to your allied businesses are concerned, what will that look like? A breakup of that into these other segments?
No, so I think that if you take 600,000 tons of value-added products for us, I would say that electrification remains the largest for us. Nearly 40% of it goes to conductor, cables, transformers, electric vehicles body parts. So, electrification, which is a combination of electricity as well as automobiles moving to EVs, is probably our largest market. The second largest market for us is electronics. So, you take the smartphones, you take laptops, you take white goods, that is going to be about 20 to 30%, and then packaging. So, aluminum cans, pack fresh wrap, semi-rigid containers, packaging for juices, all that is also another 20-30%.
So, you also spoke about some critical minerals and plans to also ramp up in terms of recycling copper, a Gujarat plant that you spoke of. Talk to us a little bit about what plans do you have to expand in terms of your capexes?
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Pai, S. (2026, June 5). Hindalco MD Satish Pai Reveals Eternia Expansion, EV Demand And Copper Recycling Plans [Interview transcript]. ANAMIKA SINGH. CEOInterviews.AI. https://ceointerviews.ai/interview/1052730/
MLA
Satish Pai. "Hindalco MD Satish Pai Reveals Eternia Expansion, EV Demand And Copper Recycling Plans." ANAMIKA SINGH, 5 Jun. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1052730/.
BibTeX
@misc{pai2026_1052730,
author = {Satish Pai},
title = {Hindalco MD Satish Pai Reveals Eternia Expansion, EV Demand And Copper Recycling Plans},
howpublished = {Interview transcript, ANAMIKA SINGH. CEOInterviews.AI},
year = {2026},
month = {jun},
url = {https://ceointerviews.ai/interview/1052730/},
note = {Speaker-attributed transcript with timestamps}
}
