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Novelis cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$731M in Q2 FY27 · −$1.0B over twelve months

Operating cash flow$37.0M
Capital spending−$768M
Free cash flow−$731M
Cash / net income0.2×

Analysis

In Q2 FY27, Novelis generated $37.0M of operating cash flow and spent $768M on capital projects, leaving free cash flow of −$731M. That is $510M less than in Q2 FY26 (−$221M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.0B; the largest uses were other investing ($2.7B), operating cash flow ($1.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($2.8B), other financing ($934M); the cash balance rose by $122M.

Operating cash flow was $37.0M against net income of $210M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$960M, receivables +$571M, depreciation & amortization +$150M.

Free cash flow

Novelis: free cash flow by quarterNovelis: free cash flow by quarter−$569MQ3 FY25$688MQ4 FY25−$281MQ1 FY26−$221MQ2 FY26−$1.2BQ3 FY26−$103MQ4 FY26−$1.2BQ1 FY27−$731MQ2 FY27
Operating cash flow less capital spending.
Novelis: operating cash flow against capital spendingNovelis: operating cash flow against capital spendingOperating cash flowCapital spending−$111M$458MQ3 FY25$688M$0Q4 FY25$105M$386MQ1 FY26$306M$527MQ2 FY26−$501M$664MQ3 FY26−$103M$0Q4 FY26−$455M$775MQ1 FY27$37.0M$768MQ2 FY27
Latest (Q2 FY27): Operating cash flow $37.0M, Capital spending $768M.

Capital allocation, year by year

Novelis: where the cash came from (up) and went (down), by fiscal yearNovelis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY22: Operating cash flow $1.1BFY22: Net borrowing −$495MFY22: Asset sales $9.0MFY22: Capital spending −$446MFY22: Dividends −$100M$1.2BFY22FY23: Operating cash flow $1.2BFY23: Net borrowing $123MFY23: Asset sales $3.0MFY23: Capital spending −$786MFY23: Acquisitions −$7.0MFY23: Dividends −$100M$1.3BFY23FY24: Operating cash flow $1.3BFY24: Net borrowing −$3.0MFY24: Asset sales $2.0MFY24: Capital spending −$1.4BFY24: Dividends −$100M$1.3BFY24FY25: Operating cash flow $951MFY25: Net borrowing $500MFY25: Acquisitions −$2.0M$1.5BFY25FY26: Operating cash flow −$193MFY26: Net borrowing $1.7BFY26: Asset sales $6.0MFY26: Dividends −$35.0M$1.7BFY26
Over these 5 years operating cash flow totalled $4.4B; the largest uses were capital spending ($2.6B) and net borrowing ($498M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$9.7B
Net debt$8.4B
Due within a year$1.4B
Cash runway15 months

Novelis is burning cash: its operations consume cash, a free cash flow of −$1.0B a year at the current rate against $1.3B of cash and investments: a runway of about 15 months; $1.4B of debt also comes due within a year, which would need refinancing or new money before any new financing.

Novelis: debt maturities by year (FY26)Novelis: debt maturities by year (FY26)$1.4BYear 1$87.0MYear 2$167MYear 3$2.9BYear 4$15.0MYear 5$3.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Novelis: sources (+) and uses (−) of cash, Q2 FY27Novelis: sources (+) and uses (−) of cash, Q2 FY27Net borrowing (+) / repaid (−)$830MCapital spending−$768MCash drawn (+) / kept (−)−$173MOther investing$61.0MOperating cash flow$37.0MAsset & business sales$12.0MExchange rates$4.0MOther financing−$3.0M
Novelis: sources (+) and uses (−) of cash, TTM to Q2 FY27Novelis: sources (+) and uses (−) of cash, 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 profit to cash

Novelis: net income to operating cash flow, Q2 FY27Novelis: net income to operating cash flow, Q2 FY27Net income$210MDepreciation & amortization$150MStock-based pay$3.0MDeferred taxes$25.0MGains on disposals−$9.0MOther non-cash−$1.0MReceivables$571MInventory$85.0MPayables−$960MPrepaid and other assets$15.0MOther liabilities−$49.0MOperating cash flow$37.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$37.0M−$768M$830M−$173M−$731M
Q1 FY27−$455M−$775M$982M$150M−$1.2B
Q4 FY26−$103M—$955M−$431M−$103M
Q3 FY26−$501M−$664M$65.0M$332M−$1.2B
Q2 FY26$306M−$527M$306M−$83.0M−$221M
Q1 FY26$105M−$386M$354M−$38.0M−$281M
Q4 FY25$688M—$99.0M−$245M$688M
Q3 FY25−$111M−$458M$305M$285M−$569M

Novelis: income statement and cash flow

Novelis, Q2 FY27: revenue $5.9B (+25% year over year), operating margin 8.5%. The chart follows the revenue to costs, profit and cash.

Novelis: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.