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Novelis earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Nov 5, 2026

Q2 FY27 Revenue up 25% year over year to $5.9B · 4¢ of every $1 of revenue kept as net profit · operating margin 8.5%

Novelis made $5.9B in Q2 FY27 (+25% Y/Y): Beverage packaging $3.3B, Specialty $1.3B, Automotive $1.1B. Operating margin 8.5%, net earnings $210M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$5.9B
Year over year+25%
Operating margin8.5%
Net earnings$210M
Operating cash flow$37.0M

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Novelis Q2 FY27 revenue breakdown: Sankey diagram of revenue (Beverage packaging, Specialty, Automotive, Aerospace and industrial plate), costs, profit and cash flow
Novelis Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $5.9B in Q2 FY27, up 25% year over year and up 3% from the previous quarter. Beverage packaging was the largest line at 56% of revenue. Beverage packaging added $0.78B year over year (up 31%), 65% of the total change.

Operating profit was $0.51B, a 8.5% margin (down 0.3 points year over year). Of the extra revenue versus Q2 FY26, 7% reached operating profit, below the 9% margin then. Total costs grew 26% against revenue growth of 25%. The fastest-growing cost line was Cost of revenue (+29%). Net earnings were $0.21B, up 29% year over year. The effective tax rate was 32.3%.

Operating cash flow was $0.04B (down 88% year over year), 18% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $0.33B. Capital expenditures of $0.77B exceeded it, leaving free cash flow of −$0.73B.

Quarterly history

Novelis revenue by quarterNovelis revenue by quarter$4.6BQ4 FY25$4.7BQ1 FY26$4.7BQ2 FY26$4.2BQ3 FY26$4.8BQ4 FY26$5.8BQ1 FY27$5.9BQ2 FY27
Novelis net earnings by quarterNovelis net earnings by quarter$294MQ4 FY25$96.0MQ1 FY26$163MQ2 FY26−$159MQ3 FY26−$85.0MQ4 FY26$164MQ1 FY27$210MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QNov 5, 2026$5.9B+25%8.5%$210M$37.0M
Q1 FY2710-QAug 5, 2026$5.8B+23%8.9%$164M−$455M
Q4 FY2610-KMay 19, 2026$4.8B+4%9.6%−$85.0M−$103M
Q3 FY2610-QFeb 11, 2026$4.2B+3%8.3%−$159M−$501M
Q2 FY2610-QNov 4, 2025$4.7B+10%8.9%$163M$306M
Q1 FY2610-QAug 11, 2025$4.7B+13%8.8%$96.0M$105M
Q4 FY2510-KMay 12, 2025$4.6B+12%10.3%$294M$688M

Charts

Novelis: revenue growth, year over year and quarter over quarterNovelis: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q4 FY25+13%+3%Q1 FY26+10%+1%Q2 FY26+3%-12%Q3 FY26+4%+14%Q4 FY26+23%+21%Q1 FY27+25%+3%Q2 FY27
Latest (Q2 FY27): Y/Y +25%, Q/Q +3%.
Novelis: where the cash came from (+) and went (−), TTM to Q2 FY27Novelis: where the cash came from (+) and went (−), TTM to Q2 FY27Net borrowing (+) / repaid (−)$2.8BOther investing−$2.7BOperating cash flow−$1.0BOther financing$934MCash drawn (+) / kept (−)−$122MAsset & business sales$29.0MExchange rates$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Novelis: profit against cash, quarter by quarterNovelis: profit against cash, quarter by quarterNet incomeOperating cash flow$110M−$111MQ3 FY25$294M$688MQ4 FY25$96.0M$105MQ1 FY26$163M$306MQ2 FY26−$159M−$501MQ3 FY26−$85.0M−$103MQ4 FY26$164M−$455MQ1 FY27$210M$37.0MQ2 FY27
Latest (Q2 FY27): Net income $210M, Operating cash flow $37.0M.
Novelis: diluted shares by fiscal yearNovelis: diluted shares by fiscal year0MFY220MFY230MFY24
+0.0% since FY22: more shares outstanding (issuance, stock pay).
Novelis: long-term debt falling due (FY26)Novelis: long-term debt falling due (FY26)$1.4B2027$87.0M2028$167M2029$2.9B2030$15.0M2031$3.4BLater
Cash $1.3B, short-term investments —, long-term debt $6.6B at 2026-03-31.
Novelis in its industry: growth against margin (5 companies, SIC 3350)Novelis in its industry: growth against margin (5 companies, SIC 3350)revenue growth, year over year →↑ operating marginmedian +29%median 9%HWMMLIKALUNXNovelis (+25%, 8%)
Rolling Drawing & Extruding of Nonferrous Metals; dot size is quarterly revenue; dashed lines are the industry's medians.

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🌏Named in Asian annual reportsinteractive

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About Novelis

Novelis is driven by its purpose of Shaping a Sustainable World Together. We consider ourselves the leading producer of innovative, sustainable aluminum solutions and the world's largest recycler of aluminum. Specifically, we believe we are the leading provider of low-carbon aluminum solutions helping to drive a circular economy by partnering with our suppliers and customers in beverage packaging, automotive, aerospace, and specialties (a diverse market including building and construction; signage; foil and packaging; commercial transportation; and commercial and consumer products, among others) markets globally. Throughout North America, Europe, Asia, and South America, we have an integrated network of 29 world-class, technologically advanced facilities, including 15 recycling centers, 11 innovation centers, and 12,750 employees.

In its own words, from its 10-K, filed May 19, 2026.

Novelis against its Rolling Drawing & Extruding of Nonferrous Metals peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +29%. Operating margin: 8.5% against the peers' median 9.3%.

CompanyQuarterRevenueY/YOp. margin
NovelisQ2 FY27$5.9B+25%8.5%
HWM Howmet AerospaceQ3 2026$2.7B+29%28.7%
MLI Mueller IndustriesQ3 2026$1.4B+32%19.8%
KALU Kaiser AluminumQ3 2026$1.2B+44%4.5%
NX Quanex Building ProductsQ3 FY26$502M+1%9.3%

Source: Novelis 10-Q on SEC EDGAR · CIK 1304280 · Rolling Drawing & Extruding of Nonferrous Metals