Hindalco Share Price Target: Domestic brokerage firm Motilal Oswal has maintained BUY rating on Hindalco shares. It said that the impact of the ongoing conflict in the Middle East is largely limited to rising energy costs and that the company's aggressive capacity expansion will drive long-term growth.

Motilal Oswal said that Hindalco is well-positioned to capitalize on favorable industry tailwinds across both its aluminum and copper businesses.

Motilal Oswal has set a target price of Rs 1,110. This implies an upside of around 20 per cent from Tuesday's closing of Rs 935.

According to Motilal Oswal, Hindalco is executing an ambitious, multi-pronged expansion strategy for its India and Novelis businesses. These investments will position Hindalco as a structurally stronger, more diversified, and higher-margin business as it moves through its current peak capex phase of Rs 100-120 billion annually.

"We remain structurally positive on Hindalco, considering favorable LME, its strategic expansion aligned with a robust domestic outlook, and a strong balance sheet, which provides steady growth visibility and capital efficiency in the long run," the brokerage said.

However, muted near-term earnings visibility from Novelis due to Oswego fire could remain a key overhang on the overall performance.

Hindalco's Indian operation has been nearly net debt free, while its consolidated net debt-to-EBITDA ratio stood at 1.7x as of December 2025, mainly attributed to Novelis Bay Minette expansion.