Novelis Inc, a global leader in aluminium rolling and recycling solutions, announced its financial results for the fourth quarter and full fiscal year ended March 31, 2026, reporting resilient operational performance despite significant disruptions caused by fires at its Oswego facility in New York. The company reported fiscal year 2026 net sales of $18.4 billion, reflecting a 7% increase over the previous year, supported by higher average aluminium prices. However, production disruptions at the Oswego plant and softer demand in select specialty markets affected overall shipment volumes and profitability during the year.
For the full fiscal year, rolled product shipments stood at 3,557 kilotonnes, down 5% year-on-year. Adjusted EBITDA for FY26 was reported at $1.6 billion, reflecting a 9% decline compared to the previous year. The company stated that the Oswego plant incidents resulted in an estimated negative impact of $104 million on Adjusted EBITDA, while tariffs added an additional impact of approximately $143 million.
Net income attributable to Novelis’ common shareholder declined sharply to $15 million during FY26, primarily due to losses linked to the Oswego fires, restructuring charges and derivative-related impacts. Excluding special items, adjusted net income stood at $476 million. During the fourth quarter, Novelis recorded net sales of $4.8 billion, up 4% from the corresponding period last year. Rolled product shipments for the quarter declined 12% to 844 kilotonnes due to production interruptions and market softness in certain specialty product segments.
The company also reported a quarterly net loss attributable to shareholders of $84 million, compared to a profit of $294 million in the same period last year. The decline was largely linked to fire-related losses at the Oswego facility. Excluding special items, adjusted quarterly net income stood at $227 million.
Steve Fisher, President and CEO of Novelis Inc, said the company remains confident about long-term demand for low-carbon and high-recycled-content aluminium solutions despite temporary operational challenges. He stated that Novelis continues to focus on customer deliveries, restarting the Oswego facility and commissioning its new greenfield aluminium plant in Bay Minette, Alabama. According to the company, the hot mill at Oswego is expected to restart ahead of earlier timelines, helping support pending customer demand and improve shipment recovery in the coming months.
Novelis also confirmed that commissioning activities at its Bay Minette facility have progressed significantly, with the cold mill entering the commissioning phase during March 2026. The plant is expected to become operational during the second half of the calendar year and represents one of the company’s largest strategic expansion projects.
Dev Ahuja, Executive Vice President and Chief Financial Officer, said the company expects leverage levels to improve as operations normalise and Bay Minette approaches completion. He added that Novelis sees a clear pathway towards returning to positive free cash flow by the end of fiscal year 2027. The company ended FY26 with total liquidity of $2.8 billion, including cash reserves and available committed credit facilities. Net leverage stood at 4.1 times trailing twelve-month Adjusted EBITDA.
Novelis, a subsidiary of Hindalco Industries Limited and part of the Aditya Birla Group, remains one of the world’s largest recyclers of aluminium and continues to strengthen its position in sustainable aluminium manufacturing across automotive, aerospace, beverage packaging and industrial sectors globally.
