The increasing use of aluminium vis-à-vis steel in automobiles in the US market is a big positive for Novelis, which is focusing on and expanding its auto-based capacities. Abhijeet Naik and Nitij Mangal at CLSA expect the share of high-margin auto segment in Novelis' volumes to rise from nine per cent in FY14 to 20 per cent in FY17, driving strong growth in Ebitda. Improving margins in standalone and global operations should boost consolidated earnings over the next few years. These should hopefully also ease the high debt concerns. Rating agency CRISIL had on June 20 downgraded Hindalco's rating by a notch on long-term bank facilities and debt programmes to 'CRISIL AA/Stable' as it believes capacity ramp-up will happen over around 1.5 years and weak aluminium prices will continue impacting realisations.