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-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

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αSK Primers

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<ul>
 <li>HEG is a leading global manufacturer of graphite electrodes, critical for Electric Arc Furnace (EAF) steel production, and is well-positioned to benefit from the global shift towards 'green steel'.</li>
 <li>The company is undertaking a significant strategic diversification into the green energy space by manufacturing graphite anodes for lithium-ion batteries, a key component for the burgeoning electric vehicle (EV) market.</li>
 <li>While the core business is subject to the cyclicality of the steel industry and volatile raw material costs, the new 'Greentech' venture presents a substantial long-term growth catalyst, albeit with execution risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  HEG is a leading global manufacturer of graphite electrodes, critical for Electric Arc Furnace (EAF) steel production, and is well-positioned to benefit from the global shift towards 'green steel'.
  The company is undertaking a significant strategic diversification into the green energy space by manufacturing graphite anodes for lithium-ion batteries, a key component for the burgeoning electric vehicle (EV) market.
  While the core business is subject to the cyclicality of the steel industry and volatile raw material costs, the new 'Greentech' venture presents a substantial long-term growth catalyst, albeit with execution risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Revenue grew 11.1% YoY to INR 680.8 crore, while reported operating margin improved to 22.1%.</li>
<li>Graphite segment profit more than doubled YoY, showing that profit growth came from more than financial investments.</li>
<li>Q1 supports a better earnings outlook, but one quarter is not enough to remove pricing, demand and mark-to-market volatility.</li>
</ul>


Revenue grew 11.1% YoY to INR 680.8 crore, while reported operating margin improved to 22.1%.
Graphite segment profit more than doubled YoY, showing that profit growth came from more than financial investments.
Q1 supports a better earnings outlook, but one quarter is not enough to remove pricing, demand and mark-to-market volatility.


HEG: The Greentech Business Is Ready to Explode in FY27

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/graftech-international-ltd" target="_blank" data-smartkarma-citation="entities:27124:1" rel="noopener">GrafTech International Ltd (EAF US)</a> announced a significant price hike, triggering a massive rally in Indian graphite stocks like <a href="https://www.smartkarma.com/entities/heg-ltd" target="_blank" data-smartkarma-citation="entities:6675:1" rel="noopener">Heg Ltd (HEG IN)</a> and <a href="https://www.smartkarma.com/entities/graphite-india-ltd" target="_blank" data-smartkarma-citation="entities:16859:1" rel="noopener">Graphite India (GRIL IN)</a>
</li>
<li>This reset was necessitated by prolonged EBITDA losses and rising input costs, signaling a critical structural shift for the global graphite electrode pricing benchmark.</li>
<li>While sentiment is positive, the sustained recovery depends on Indian management confirming price follow-through and the ability to maintain spreads against rising needle coke costs.</li>
</ul>



GrafTech International Ltd (EAF US) announced a significant price hike, triggering a massive rally in Indian graphite stocks like Heg Ltd (HEG IN) and Graphite India (GRIL IN)

This reset was necessitated by prolonged EBITDA losses and rising input costs, signaling a critical structural shift for the global graphite electrode pricing benchmark.
While sentiment is positive, the sustained recovery depends on Indian management confirming price follow-through and the ability to maintain spreads against rising needle coke costs.


The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India?

<ul>
<li>
Global steelmaking is structurally shifting from BF to EAF, making graphite electrodes a mandatory, non-discretionary consumable backed by decarbonisation and policy-led demand growth</li>
<li>GE industry exits a deep downcycle with tighter supply, capacity rationalisation and needle coke constraints, setting the stage for improved pricing power and margin stability.</li>
<li>
India offers a clean duopoly exposure via HEG and Graphite India, both expanding capacity after surviving the downturn, positioning well for the next EAF-led upcycle.</li>
</ul>



Global steelmaking is structurally shifting from BF to EAF, making graphite electrodes a mandatory, non-discretionary consumable backed by decarbonisation and policy-led demand growth
GE industry exits a deep downcycle with tighter supply, capacity rationalisation and needle coke constraints, setting the stage for improved pricing power and margin stability.

India offers a clean duopoly exposure via HEG and Graphite India, both expanding capacity after surviving the downturn, positioning well for the next EAF-led upcycle.


Graphite Electrodes - An Industry at an Inflection Point

India

HEG Limited manufactures graphite electrodes, anodes and other related specialty products. The Company also manufactures sponge iron lumps and fines, besides operating oil rigs for oil exploration and development. The Company also operates a hydroelectric power plant primarily to supply power to its graphite and sponge iron plants.

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Heg Ltd (HEG IN)

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

Primer: Heg Ltd (HEG IN) - Aug 2026

HEG is a leading global manufacturer of graphite electrodes, critical for Electric Arc Furnace (EAF) steel production, and is well-positioned to...

αSK Primers

HEG: The Greentech Business Is Ready to Explode in FY27

Q1 earnings show strong revenue growth and improved operating margin, driven by doubling profits in the graphite segment, but future outlook...

Nimish Maheshwari

The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India?

GrafTech International Ltd triggers rally in Indian graphite stocks with significant price hike, signaling critical shift in global electrode...

Sudarshan Bhandari

Graphite Electrodes - An Industry at an Inflection Point

Global steelmaking shifting to EAF drives demand for graphite electrodes, leading to tighter supply and improved pricing power. India's HEG and...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

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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

Primer: Heg Ltd (HEG IN) - Aug 2026

HEG is a leading global manufacturer of graphite electrodes, critical for Electric Arc Furnace (EAF) steel production, and is well-positioned to...

αSK Primers

HEG: The Greentech Business Is Ready to Explode in FY27

​Q1 earnings show strong revenue growth and improved operating margin, driven by doubling profits in the graphite segment, but future outlook...

Nimish Maheshwari

The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India?

​GrafTech International Ltd triggers rally in Indian graphite stocks with significant price hike, signaling critical shift in global electrode...

Sudarshan Bhandari

Graphite Electrodes - An Industry at an Inflection Point

​Global steelmaking shifting to EAF drives demand for graphite electrodes, leading to tighter supply and improved pricing power. India's HEG and...

Sudarshan Bhandari

Q1 earnings show strong revenue growth and improved operating margin, driven by doubling profits in the graphite segment, but future outlook...

GrafTech International Ltd triggers rally in Indian graphite stocks with significant price hike, signaling critical shift in global electrode...

Global steelmaking shifting to EAF drives demand for graphite electrodes, leading to tighter supply and improved pricing power. India's HEG and...