No – the company has not announced a change to its FY 2026 guidance.
Novelis’ Q1 FY 2026 release highlights a 36 % drop in net income and a 17 % decline in adjusted EBITDA versus the prior year, but the filing contains no statement that the outlook for the balance of the fiscal year is being lowered or otherwise altered. Management simply reported the results and reiterated the existing forward‑looking expectations that were set when the FY 2026 plan was first disclosed.
Trading implications
* Fundamentals: The weaker‑than‑expected earnings and cash‑flow metrics suggest short‑term pressure on margins, yet the company’s underlying business—flat‑rolled aluminum products—remains in demand from automotive and packaging end‑markets. Until a formal guidance revision is issued, the current FY 2026 targets still anchor valuation.
* Technical: NOV shares have already priced in the Q1 disappointment (the sentiment score is –60), reflected in a near‑term downtrend and a breach of the 20‑day moving average. If the stock holds above the 50‑day SMA, it may stabilize; a break below could trigger further downside as traders anticipate a possible future guidance cut.
* Action: Maintain a neutral‑to‑watch stance. Consider a modest long‑position if the price finds support around the 50‑day SMA and the broader market remains bullish on industrial metals, but stay prepared to tighten stops if additional earnings misses prompt an official guidance revision.