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>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

Equity Bottom-Up

<ul><li>Volume Growth Continues to lag: CIL’s coal production in Q1FY27 stood at 170 MT (down 7% YoY), vs. the target of 191 MT, with production lower YoY across subsidiaries except at CCL and SECL.</li><li>Coal offtake (reported earlier) in Q1FY27 stood at 198 MT vs. the target of 221 MT, up 4% YoY.</li><li>OB removal fell short of the target of 529 Mn CuM at 505 Mn CuM, and down 1% YoY. </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.

Volume Growth Continues to lag: CIL’s coal production in Q1FY27 stood at 170 MT (down 7% YoY), vs. the target of 191 MT, with production lower YoY across subsidiaries except at CCL and SECL.Coal offtake (reported earlier) in Q1FY27 stood at 198 MT vs. the target of 221 MT, up 4% YoY.OB removal fell short of the target of 529 Mn CuM at 505 Mn CuM, and down 1% YoY. 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.

Coal India Ltd - Muted Q1; Volume Lag Drives Expected EBITDA Softness

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Increased demand from power plants under construction outside  G-7 countries</li>
<li>There is constrained supply as with many other fossil fuels</li>
<li>We look at a basket of coal stocks with good balance sheets and increasing production</li>
</ul>


Increased demand from power plants under construction outside  G-7 countries
There is constrained supply as with many other fossil fuels
We look at a basket of coal stocks with good balance sheets and increasing production


Coal Is Back - The Real Inconvenient Truth

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Equity Derivatives

<ul>
<li>Union Cabinet cleared a INR 37,500 crore viability-gap scheme to accelerate surface coal and lignite gasification, targeting 75MTPA, bringing 25 additional projects alongside four already underway.</li>
<li>India's FY25 import bill for LNG, urea, ammonia, and methanol stood at INR 2.77 lakh crore. Coal gasification at scale could structurally compress this bill worth INR 60,000–90,000 crore annually.</li>
<li>The scheme is structurally positive, but commissioning risk and India's high-ash coal challenge mean execution separates eventual winners. CIL, BHEL, and GAIL stand out as near-term direct beneficiaries .</li>
</ul>


Union Cabinet cleared a INR 37,500 crore viability-gap scheme to accelerate surface coal and lignite gasification, targeting 75MTPA, bringing 25 additional projects alongside four already underway.
India's FY25 import bill for LNG, urea, ammonia, and methanol stood at INR 2.77 lakh crore. Coal gasification at scale could structurally compress this bill worth INR 60,000–90,000 crore annually.
The scheme is structurally positive, but commissioning risk and India's high-ash coal challenge mean execution separates eventual winners. CIL, BHEL, and GAIL stand out as near-term direct beneficiaries .


37,500Cr Coal Gasification Scheme: These Indian Companies Will Benefit

<ul><li>Volume Growth Continues to Disappoint: CIL’s coal production in Q4FY26 stood at 239 MT (up 1% YoY) vs. the target of 269 MT, with production higher YoY across subsidiaries except at BCCL, WCL, and MCL.</li><li>Coal offtake in Q4FY26 stood at 199 MT vs. the target of 243 MT, down 2% YoY. OB removal fell slightly short of the target of 605 Mn CuM at 577 Mn CuM, and remains flat YoY.</li><li>EBITDA Slightly ahead of Consensus: Reported EBITDA stood at Rs 12,673 Cr (up 6%/36% YoY/QoQ), 4% ahead of consensus, led by lower employee expenses (down 2%/13% YoY/QoQ), led by 4% YoY reduction in manpower and lower RM cost on account of inventory build up.</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.

Volume Growth Continues to Disappoint: CIL’s coal production in Q4FY26 stood at 239 MT (up 1% YoY) vs. the target of 269 MT, with production higher YoY across subsidiaries except at BCCL, WCL, and MCL.Coal offtake in Q4FY26 stood at 199 MT vs. the target of 243 MT, down 2% YoY. OB removal fell slightly short of the target of 605 Mn CuM at 577 Mn CuM, and remains flat YoY.EBITDA Slightly ahead of Consensus: Reported EBITDA stood at Rs 12,673 Cr (up 6%/36% YoY/QoQ), 4% ahead of consensus, led by lower employee expenses (down 2%/13% YoY/QoQ), led by 4% YoY reduction in manpower and lower RM cost on account of inventory build up.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.

Coal India Ltd - Q4 EBITDA Slightly Ahead of Consensus; Maintain BUY

India

Coal India Limited (CIL) is the world's largest coal producer, engaged in the exploration, production, and marketing of coal and coal products. It primarily supplies thermal coal for power generation and coking coal for steel and metallurgical industries. Headquartered in Kolkata, West Bengal, India, the company was established in November 1975.

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Coal India (COAL 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

Coal India Ltd - Muted Q1; Volume Lag Drives Expected EBITDA Softness

Volume Growth Continues to lag: CIL’s coal production in Q1FY27 stood at 170 MT (down 7% YoY), vs. the target of 191 MT, with production lower YoY...

Axis Direct

Coal Is Back - The Real Inconvenient Truth

Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Rikki Malik

37,500Cr Coal Gasification Scheme: These Indian Companies Will Benefit

Union Cabinet approves INR 37,500 crore scheme to boost coal gasification, aiming to reduce India's import bill for LNG, urea, ammonia, and...

Sudarshan Bhandari

Coal India Ltd - Q4 EBITDA Slightly Ahead of Consensus; Maintain BUY

CIL’s coal production in Q4FY26 stood at 239 MT (up 1% YoY) vs. the target of 269 MT, with production higher YoY across subsidiaries except at...

Axis Direct

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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

Coal India Ltd - Muted Q1; Volume Lag Drives Expected EBITDA Softness

Volume Growth Continues to lag: CIL’s coal production in Q1FY27 stood at 170 MT (down 7% YoY), vs. the target of 191 MT, with production lower YoY...

Axis Direct

Coal Is Back - The Real Inconvenient Truth

​Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Rikki Malik

37,500Cr Coal Gasification Scheme: These Indian Companies Will Benefit

​Union Cabinet approves INR 37,500 crore scheme to boost coal gasification, aiming to reduce India's import bill for LNG, urea, ammonia, and...

Sudarshan Bhandari

Coal India Ltd - Q4 EBITDA Slightly Ahead of Consensus; Maintain BUY

CIL’s coal production in Q4FY26 stood at 239 MT (up 1% YoY) vs. the target of 269 MT, with production higher YoY across subsidiaries except at...

Axis Direct

Growing demand for coal outside of G-7 countries is putting pressure on already limited supply, leading to opportunities in coal stocks with...

Union Cabinet approves INR 37,500 crore scheme to boost coal gasification, aiming to reduce India's import bill for LNG, urea, ammonia, and...