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: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.</li><li>The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.</li><li>The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.</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: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.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>Hindalco’s Indian operations stood robust, backed by the resilient performance of Novelis.</li><li>Consolidated Revenue stood at Rs 78,133 Cr (up 20%/17% YoY/QoQ), 3% ahead of our estimate.</li><li>EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and copper performance.</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’s Indian operations stood robust, backed by the resilient performance of Novelis.Consolidated Revenue stood at Rs 78,133 Cr (up 20%/17% YoY/QoQ), 3% ahead of our estimate.EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and copper performance.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.

Top Conviction Ideas - “Metals & Mining”

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26</li><li>P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)</li><li>Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 827.6/86.1/52.7bn, a miss of 0.7/2.4/8.6%, marked by disruptions in supply chain in the Middle East and slower execution in water projects in FY26P&amp;M margins stood at 7.8% in FY26 (FY25: 7.8%)Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and HydrogenContent 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.

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes, Petronet LNG,

<ul><li>Maintain positive outlook for the Indian steel sector: Continued healthy steel demand should support absorption of recent price increases, helping expand gross margins even after factoring in higher coking coal and iron ore costs.</li><li>We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.</li><li>We retain BUY ratings on Tata Steel, JSW Steel, and Jindal Steel, and ADD ratings on APAT and SAIL.</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.

Maintain positive outlook for the Indian steel sector: Continued healthy steel demand should support absorption of recent price increases, helping expand gross margins even after factoring in higher coking coal and iron ore costs.We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.We retain BUY ratings on Tata Steel, JSW Steel, and Jindal Steel, and ADD ratings on APAT and SAIL.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.

Metals (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

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 - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

Top Conviction Ideas - “Metals & Mining”

EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and...

Axis Direct

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Mahindra & Mahindra, APL Apollo Tubes, Petronet LNG,

Robust order inflows of INR 4.4trn (+22% YoY) in FY26, driven by upward private capex momentum and in segments such as green energy and Hydrogen

HDFC Securities

Metals (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.

HDFC Securities

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