HSBC has set price target of Rs 1,040, an upside of 26.5 from Rs 820 levels. The company is expected to deliver an EBITDA CAGR of 14.6% over FY24–28e, supported by firm aluminium prices, a recovery in Novelis margins, and the commissioning of key projects that will drive volume growth across its India operations—upstream, downstream, and copper—as well as at Novelis. With aluminium remaining the preferred commodity in the sector, Hindalco appears well-positioned to capitalise on both expanding volumes and ongoing cost-reduction initiatives.