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.

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<ul><li>Following a soft Q1FY27, we expect a sequential (QoQ) recovery in steel earnings in Q2FY27, while non-ferrous earnings to moderate.</li><li>Steel companies benefit from a sharp rebound in shipment volumes and firm domestic flat steel prices, despite the monsoon.</li><li>In contrast, aluminium producers face a 10% QoQ correction in LME aluminium prices and an 11% QoQ rise in alumina prices. </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.

Following a soft Q1FY27, we expect a sequential (QoQ) recovery in steel earnings in Q2FY27, while non-ferrous earnings to moderate.Steel companies benefit from a sharp rebound in shipment volumes and firm domestic flat steel prices, despite the monsoon.In contrast, aluminium producers face a 10% QoQ correction in LME aluminium prices and an 11% QoQ rise in alumina prices. 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 and Mining - Q2FY27E: Result Preview

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</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-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.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 October 2026

Equity Bottom-Up

<ul><li>Resilient Q4FY26 Despite Disruptions: Despite late-quarter disruptions (war impact, energy shortages, destocking), the company delivered ~Rs 5,500+/t EBITDA, driven by strong brand premium and better product mix amidst supply tightness in steel tubes.</li><li>Management remains confident of sustaining Rs 5,000-5,500/t EBITDA, even in volatile conditions. </li><li>Strategic Shift: Profitability Over Volume in Near Term: Given demand uncertainty and macro headwinds, management highlighted a clear pivot.</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.

Resilient Q4FY26 Despite Disruptions: Despite late-quarter disruptions (war impact, energy shortages, destocking), the company delivered ~Rs 5,500+/t EBITDA, driven by strong brand premium and better product mix amidst supply tightness in steel tubes.Management remains confident of sustaining Rs 5,000-5,500/t EBITDA, even in volatile conditions. Strategic Shift: Profitability Over Volume in Near Term: Given demand uncertainty and macro headwinds, management highlighted a clear pivot.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 - Strong Margins Despite Disruptions

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>We initiate coverage on APL Apollo Tubes Ltd (APAT) with an ADD rating and a 12‑month target price of INR 2,070 (35x FY28E adj EPS)</li><li>With installed capacity of 4.5/5.0mn MT in FY25/Q3FY26, APAT is India’s undisputed structural steel tube franchise, commanding ~55% market share in the branded HRC‑based tube segment, with no credible domestic challenger at scale</li><li>This is not a steel‑to‑tube story. APAT has built a self‑reinforcing distribution flywheel, underpinned by brand, reach and execution, offering a long runway of volume‑ and mix‑led earnings growth.</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.

We initiate coverage on APL Apollo Tubes Ltd (APAT) with an ADD rating and a 12‑month target price of INR 2,070 (35x FY28E adj EPS)With installed capacity of 4.5/5.0mn MT in FY25/Q3FY26, APAT is India’s undisputed structural steel tube franchise, commanding ~55% market share in the branded HRC‑based tube segment, with no credible domestic challenger at scaleThis is not a steel‑to‑tube story. APAT has built a self‑reinforcing distribution flywheel, underpinned by brand, reach and execution, offering a long runway of volume‑ and mix‑led earnings growth.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 (Initiating Coverage): The Flywheel Keeps Spinning. ADD

<ul><li>APL Apollo Tubes Limited is India’s largest structural steel tube manufacturer, with an existing production capacity of approximately 5 mtpa.</li><li>The company holds a dominant leadership position in the domestic structural steel tubing market, commanding a significant market share driven by its extensive distribution network.</li><li>Established in 1986, APL Apollo operates multiple state-of-the-art manufacturing facilities across India and maintains a comprehensive presence across the structural steel value chain, producing a diverse range of branded steel tubes that cater to the infrastructure, construction, agriculture, and engineering sectors.</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.

APL Apollo Tubes Limited is India’s largest structural steel tube manufacturer, with an existing production capacity of approximately 5 mtpa.The company holds a dominant leadership position in the domestic structural steel tubing market, commanding a significant market share driven by its extensive distribution network.Established in 1986, APL Apollo operates multiple state-of-the-art manufacturing facilities across India and maintains a comprehensive presence across the structural steel value chain, producing a diverse range of branded steel tubes that cater to the infrastructure, construction, agriculture, and engineering sectors.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.

PICK OF THE WEEK: APL Apollo Tubes Ltd - 21st March, 2026

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)

Metals and Mining - Q2FY27E: Result Preview

Following a soft Q1FY27, we expect a sequential (QoQ) recovery in steel earnings in Q2FY27, while non-ferrous earnings to moderate.

Axis Direct

Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

APL Apollo Tubes - Strong Margins Despite Disruptions

Despite late-quarter disruptions (war impact, energy shortages, destocking), the company delivered ~Rs 5,500+/t EBITDA, driven by strong brand...

Axis Direct

APL Apollo Tubes (Initiating Coverage): The Flywheel Keeps Spinning. ADD

We initiate coverage on APL Apollo Tubes Ltd (APAT) with an ADD rating and a 12‑month target price of INR 2,070 (35x FY28E adj EPS)

HDFC Securities

PICK OF THE WEEK: APL Apollo Tubes Ltd - 21st March, 2026

APL Apollo Tubes Limited is India’s largest structural steel tube manufacturer, with an existing production capacity of approximately 5 mtpa.

Axis Direct

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