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. 

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Equity Bottom-Up

<ul><li>Strong performance at upstream Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ), partially offset by lower third-party shipments, which stood at 240 kt, down 3% YoY/QoQ each.</li><li>In Q4FY25, aluminium CoP was down 1% QoQ, and in Q1FY26, it could stay flat or move up by 1% QoQ, as CP coke prices have inched up while coal prices are flat.</li><li>Aluminium downstream EBITDA/t rose sharply by 45%/34% YoY/QoQ to $240/t, while shipments stood flat YoY (up 6% QoQ), driven by better product mix comprising foil stock and packaging.</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.

Strong performance at upstream Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ), partially offset by lower third-party shipments, which stood at 240 kt, down 3% YoY/QoQ each.In Q4FY25, aluminium CoP was down 1% QoQ, and in Q1FY26, it could stay flat or move up by 1% QoQ, as CP coke prices have inched up while coal prices are flat.Aluminium downstream EBITDA/t rose sharply by 45%/34% YoY/QoQ to $240/t, while shipments stood flat YoY (up 6% QoQ), driven by better product mix comprising foil stock and packaging.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 Q4: Indian Operations Continue to Deliver Strong Performance

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.</li>
<li>Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.</li>
<li>Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.</li>
</ul>


Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.
Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.
Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.


Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

<ul><li>Hindalco hosted its Investor Day 2025 yesterday, highlighting its growth strategy across segments, underlining its $10 Bn growth capex ($5 Bn at Novelis and Indian operations each) till FY29.</li><li>These under-execution growth projects will drive EBITDA growth for the company in future.</li><li>The company has also quantified the probable margin improvement (EBITDA/t improvement over the base year of FY24) post the execution of its growth projects. </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 hosted its Investor Day 2025 yesterday, highlighting its growth strategy across segments, underlining its $10 Bn growth capex ($5 Bn at Novelis and Indian operations each) till FY29.These under-execution growth projects will drive EBITDA growth for the company in future.The company has also quantified the probable margin improvement (EBITDA/t improvement over the base year of FY24) post the execution of its growth projects. 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 - Investor Day 2025 - Reinforces the Growth Trajectory

<ul>
<li>Hindalco provided details of its ongoing expansion plans of about US$9.1b (US$1.7b spent). </li>
<li>We note near-term headwinds from a) likely weakness in aluminium prices driven by cheaper alumina b) scrap market tightness c) sharp contraction in copper Tc/Rc's</li>
<li>Valuations: Hindalco trades at about 6.8x EV/EBITDA FY26e which is inline with historic multiples. A lower multiple is warranted to factor impending headwinds.</li>
</ul>


Hindalco provided details of its ongoing expansion plans of about US$9.1b (US$1.7b spent). 
We note near-term headwinds from a) likely weakness in aluminium prices driven by cheaper alumina b) scrap market tightness c) sharp contraction in copper Tc/Rc's
Valuations: Hindalco trades at about 6.8x EV/EBITDA FY26e which is inline with historic multiples. A lower multiple is warranted to factor impending headwinds.


Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

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 - Robust Q4: Indian Operations Continue to Deliver Strong Performance

Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ)

Axis Direct

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Hindalco Industries Ltd - Investor Day 2025 - Reinforces the Growth Trajectory

Hindalco hosted its Investor Day 2025 yesterday, highlighting its growth strategy across segments, underlining its $10 Bn growth capex ($5 Bn at...

Axis Direct

Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

Hindalco reveals $9.1b expansion plans, faces near-term challenges from aluminum price weakness and copper Tc/Rc contraction. Lower valuations...

Rahul Jain

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hindalco Industries Ltd - Robust Q4: Indian Operations Continue to Deliver Strong Performance

Aluminium: Upstream EBITDA/t grew by 74%/14% YoY/QoQ to $1,684/t on account of lower input costs and higher LME Aluminium price (up 19%/2% YoY/QoQ)

Axis Direct

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

​Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Hindalco Industries Ltd - Investor Day 2025 - Reinforces the Growth Trajectory

Hindalco hosted its Investor Day 2025 yesterday, highlighting its growth strategy across segments, underlining its $10 Bn growth capex ($5 Bn at...

Axis Direct

Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

​Hindalco reveals $9.1b expansion plans, faces near-term challenges from aluminum price weakness and copper Tc/Rc contraction. Lower valuations...

Rahul Jain

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Hindalco reveals $9.1b expansion plans, faces near-term challenges from aluminum price weakness and copper Tc/Rc contraction. Lower valuations...