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.

Equity Bottom-Up

<ul><li>Upstream Aluminium EBITDA/t jumped 59%/33% YoY/QoQ to an all-time high of $2,331/t, driven by higher LME Aluminium ($3,565/t, up 46%/12% YoY/QoQ) and strong operational efficiencies.</li><li>Third-party shipments were flat YoY but down 6% QoQ at 219 kt. Q1FY27 Cost of Production (CoP) increased ~4% QoQ (slightly better than the ~5% guidance).</li><li>Q2FY27 CoP is expected to rise by another ~5–6% QoQ, primarily driven by seasonal increases in northern region coal prices during the monsoon period.</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.

Upstream Aluminium EBITDA/t jumped 59%/33% YoY/QoQ to an all-time high of $2,331/t, driven by higher LME Aluminium ($3,565/t, up 46%/12% YoY/QoQ) and strong operational efficiencies.Third-party shipments were flat YoY but down 6% QoQ at 219 kt. Q1FY27 Cost of Production (CoP) increased ~4% QoQ (slightly better than the ~5% guidance).Q2FY27 CoP is expected to rise by another ~5–6% QoQ, primarily driven by seasonal increases in northern region coal prices during the monsoon period.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 Industries Ltd - Overall Beat Across Segments; Novelis Headwinds Easing

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Hindalco is a leading integrated aluminum and copper producer, well-positioned to capitalize on India's industrial growth. Its business model spans the entire value chain from mining to downstream value-added products.</li>
 <li>The company's global footprint, primarily through its subsidiary Novelis, provides diversification and access to key international markets for high-margin products in the automotive and beverage packaging sectors.</li>
 <li>Significant capital expenditure plans are underway to expand smelting and downstream capacities, aiming to meet rising domestic demand, reduce India's reliance on imports, and increase the share of value-added products in its portfolio.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Hindalco is a leading integrated aluminum and copper producer, well-positioned to capitalize on India's industrial growth. Its business model spans the entire value chain from mining to downstream value-added products.
  The company's global footprint, primarily through its subsidiary Novelis, provides diversification and access to key international markets for high-margin products in the automotive and beverage packaging sectors.
  Significant capital expenditure plans are underway to expand smelting and downstream capacities, aiming to meet rising domestic demand, reduce India's reliance on imports, and increase the share of value-added products in its portfolio.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hindalco Industries (HNDL IN) - Aug 2026

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


<ul><li>Upstream Aluminium Strong: Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by 3%/5% YoY/QoQ at 232 kt.</li><li>Q4 CoP increased ~2.4% QoQ. Q1FY27 CoP expected to rise another ~5% QoQ, mainly due to furnace oil inflation, higher CPC and pitch costs. Coal prices remain relatively stable currently.</li><li>Aluminium Downstream Mix Improvement &amp; Premiumisation Continues: EBITDA grew 16%/9% YoY/QoQ to Rs 255 Cr, following shipments trajectory which stood at 124kt, up 18%/15% YoY/QoQ. </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.

Upstream Aluminium Strong: Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by 3%/5% YoY/QoQ at 232 kt.Q4 CoP increased ~2.4% QoQ. Q1FY27 CoP expected to rise another ~5% QoQ, mainly due to furnace oil inflation, higher CPC and pitch costs. Coal prices remain relatively stable currently.Aluminium Downstream Mix Improvement &amp; Premiumisation Continues: EBITDA grew 16%/9% YoY/QoQ to Rs 255 Cr, following shipments trajectory which stood at 124kt, up 18%/15% YoY/QoQ. 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 Industries Ltd - Robust Performance Across Segments; Novelis Headwinds Easing

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period nearly complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> drops into deletion zone, while <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> and <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> are the highest ranked non-constituents outside direct inclusion zone.</li>
<li>Despite having a lower average free float market cap, <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> could be added to the index ahead of <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> to maintain sector balance.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the June rebalance.

Trent Ltd (TRENT IN) drops into deletion zone, while Shriram Finance (SHFL IN) and Hindalco Industries (HNDL IN) are the highest ranked non-constituents outside direct inclusion zone.
Despite having a lower average free float market cap, Hindalco Industries (HNDL IN) could be added to the index ahead of Shriram Finance (SHFL IN) to maintain sector balance.


SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

India

Hindalco Industries Limited is an Indian aluminium and copper manufacturing company, and a subsidiary of the Aditya Birla Group. It is a major producer of primary aluminium, flat-rolled products, extrusions, and foils, and also manufactures copper cathodes and continuous cast copper rods. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1958.

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Hindalco Industries (HNDL IN)

Hindalco Industries Ltd - Overall Beat Across Segments; Novelis Headwinds Easing

Upstream Aluminium EBITDA/t jumped 59%/33% YoY/QoQ to an all-time high of $2,331/t, driven by higher LME Aluminium ($3,565/t, up 46%/12% YoY/QoQ)...

Axis Direct

Primer: Hindalco Industries (HNDL IN) - Aug 2026

Hindalco is a leading integrated aluminum and copper producer, well-positioned to capitalize on India's industrial growth. Its business model...

αSK Primers

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Hindalco Industries Ltd - Robust Performance Across Segments; Novelis Headwinds Easing

Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by...

Axis Direct

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

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