New Delhi, May 22 -- A twin blow from two separate fires at its American subsidiary Novelis weighed on Hindalco Industries Ltd's annual performance, as the company's FY26 earnings missed Street expectations despite higher metal prices.

The Aditya Birla Group flagship reported an almost 16% drop in net profit attributable to owners to Rs.13,391 crore from Rs.16,001 crore in FY25. Profit fell well short of the Rs.16,164 crore estimate in a Bloomberg poll of 28 analysts. In the fourth quarter, the company saw a 51% drop in net profit attributable to owners at Rs.2,597 crore, down from Rs.5,283 crore a year ago.

The decline stemmed mainly from Rs.6,963 crore in one-off expenses linked to the Oswego plant disruption in New York last year. Op...