External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of September 2026

Equity Bottom-Up

<ul><li>Robust Q3FY26 - Enhanced Brand Equity Drives EBITDA/t Upward: EBITDA grew by 37%/6% YoY/QoQ to Rs 472 Cr, 6% ahead of consensus, led by robust sales volumes amidst a tough macro environment.</li><li>9MFY26 sales volumes grew by 11% YoY at 25.6 Lc tonnes and EBITDA/t at Rs 5,030/t (Q3FY26 at Rs 5,145/t), in line with earlier guidance.</li><li>EBITDA spread expansion was driven by the launch of SG premium in the base category, which helped compete with smaller, unorganised Patra players, while Apollo branded products maintained a premiumof Rs 3,000-4,000/t across the structural steel tube segment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust Q3FY26 - Enhanced Brand Equity Drives EBITDA/t Upward: EBITDA grew by 37%/6% YoY/QoQ to Rs 472 Cr, 6% ahead of consensus, led by robust sales volumes amidst a tough macro environment.9MFY26 sales volumes grew by 11% YoY at 25.6 Lc tonnes and EBITDA/t at Rs 5,030/t (Q3FY26 at Rs 5,145/t), in line with earlier guidance.EBITDA spread expansion was driven by the launch of SG premium in the base category, which helped compete with smaller, unorganised Patra players, while Apollo branded products maintained a premiumof Rs 3,000-4,000/t across the structural steel tube segment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes Ltd - Robust Q3; Growth and Profitability Guidance Revised Upwards

<ul><li>Hindalco reported a strong set of numbers. Consolidated Revenue stood at Rs 84,825 Cr (up 32%/9% YoY/QoQ), in line with our estimate.</li><li>EBITDA stood at Rs 13,972 Cr (up 73%/37% YoY/QoQ), beating our/consensus pre-Novelis results estimate by ~30%, led by strong upstream aluminium and copper performance.</li><li>Reported PAT stood at Rs 7,013 Cr (up 75%/170% YoY/QoQ), led by higher EBITDA. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindalco reported a strong set of numbers. Consolidated Revenue stood at Rs 84,825 Cr (up 32%/9% YoY/QoQ), in line with our estimate.EBITDA stood at Rs 13,972 Cr (up 73%/37% YoY/QoQ), beating our/consensus pre-Novelis results estimate by ~30%, led by strong upstream aluminium and copper performance.Reported PAT stood at Rs 7,013 Cr (up 75%/170% YoY/QoQ), led by higher EBITDA. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Record Q2FY26 Volumes: Sales volume stood at 855 kt, up 13%/8% YoY/QoQ, a record high level despite weak macro and extended monsoon, supported by strong capacity utilisation at the Raipur and Dubai plants.</li><li>EBITDA/t Above $5,000/t: EBITDA/t beat the consensus by 8% and stood at Rs 5,228/t, up 187%/12% YoY/QoQ.</li><li>The QoQ growth by Rs 545/t was driven by: i) Rs 200/t gross-margin improvement (brand premium/value-added mix), ii) Rs 200/t from operating leverage benefits, and iii) Rs 100/t from the absence of the ESOP expense booked in Q1.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Record Q2FY26 Volumes: Sales volume stood at 855 kt, up 13%/8% YoY/QoQ, a record high level despite weak macro and extended monsoon, supported by strong capacity utilisation at the Raipur and Dubai plants.EBITDA/t Above $5,000/t: EBITDA/t beat the consensus by 8% and stood at Rs 5,228/t, up 187%/12% YoY/QoQ.The QoQ growth by Rs 545/t was driven by: i) Rs 200/t gross-margin improvement (brand premium/value-added mix), ii) Rs 200/t from operating leverage benefits, and iii) Rs 100/t from the absence of the ESOP expense booked in Q1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes Ltd - Resilient Q2; Growth Likely to Pick Up in H2

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.5mn tons in Jul 2026, up 23% YoY and 20% MoM, highest YoY growth in last 15 months.</li><li>The YoY increase was mainly attributable to reduced fuel smuggling amidst improved border controls and improving economic activity.</li><li>We expect FY27 OMCs sales to grow in range of 8-10%.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.5mn tons in Jul 2026, up 23% YoY and 20% MoM, highest YoY growth in last 15 months.The YoY increase was mainly attributable to reduced fuel smuggling amidst improved border controls and improving economic activity.We expect FY27 OMCs sales to grow in range of 8-10%.

Pakistan Oil Marketing - OMC Sales Up 23% YoY and 20% MoM in Jul 2026; Ex-FO Up 18% YoY and MoM

India

APL Apollo Tubes is India's largest producer of structural steel tubes, holding approximately 55% of the market share. The company manufactures over 2,500 products, including square, rectangular, and circular hollow sections, as well as pre-galvanized tubes, galvanized tubes, and MS black pipes, catering to construction, infrastructure, and industrial sectors. Headquartered in Noida, Uttar Pradesh (Delhi NCR), the company was founded in 1986.

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APL Apollo Tubes (APAT IN)

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

APL Apollo Tubes Ltd - Robust Q3; Growth and Profitability Guidance Revised Upwards

Enhanced Brand Equity Drives EBITDA/t Upward: EBITDA grew by 37%/6% YoY/QoQ to Rs 472 Cr, 6% ahead of consensus, led by robust sales volumes amidst...

Axis Direct

High Conviction Ideas:Metals and Mining

Hindalco reported a strong set of numbers. Consolidated Revenue stood at Rs 84,825 Cr (up 32%/9% YoY/QoQ), in line with our estimate.

Axis Direct

APL Apollo Tubes Ltd - Resilient Q2; Growth Likely to Pick Up in H2

Sales volume stood at 855 kt, up 13%/8% YoY/QoQ, a record high level despite weak macro and extended monsoon, supported by strong capacity...

Axis Direct

Pakistan Oil Marketing - OMC Sales Up 23% YoY and 20% MoM in Jul 2026; Ex-FO Up 18% YoY and MoM

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.5mn tons in Jul 2026, up 23% YoY and 20% MoM, highest YoY growth in last 15...

Topline Securities

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