Hindalco Industries (HNDL) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business. Indian business volumes were stable, higher pricing and lower operating cost benefited Q3 performance. Mgmt. guided for flattish coal costs for Q4 and expect strong upstream EBITDA/t to continue with ~35% of volumes hedged at USD2,600/t. Coal supplies from captive Chakla/ Meenakshi mines to start from Mar'26/ Mar'27 respectively; post which coal cost is expected to decline ~30% from current levels. Novelis Q3 was weak on higher scrap prices during seasonally...