HSBC ON NALCO ; BUY | TARGET CUT TO ₹465 FROM ₹480

• Alumina prices rebound around 30%, potentially offsetting weakness in global aluminium prices. • New 1 MT alumina refinery expected to commence production in January 2027. • Aluminium smelter expansion targeted for completion by December 2030. • Low-cost operations and strong net cash position support long-term growth outlook. • Cuts FY27–29 EBITDA estimates by 1–5%.

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