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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Thematic (Sector/Industry)

<ul><li>In Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price realisations and higher coking coal consumption costs, partly offset by higher sales volumes.</li><li>Average domestic HRC prices in Q3FY26 decreased by 1.5%/5% YoY/QoQ post extended monsoon, due to uncertainty over the imposition of final safeguard duty, and as steel production remained adequate to meet steel consumption. </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.

In Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price realisations and higher coking coal consumption costs, partly offset by higher sales volumes.Average domestic HRC prices in Q3FY26 decreased by 1.5%/5% YoY/QoQ post extended monsoon, due to uncertainty over the imposition of final safeguard duty, and as steel production remained adequate to meet steel consumption. 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.

Q3FY26 Earnings Preview - Metals and Mining

<ul><li>As we enter 2026, the Indian equity market stands at a critical inflection point — transitioning from a phase dominated by domestic liquidity to one where earnings delivery, policy alignment, and macro stability will be the primary drivers of returns.</li><li>Indian equities saw divergent performance in 2025, with the Nifty 50 hitting a record high of 26,326 on 1 st December and delivering a 10.2% annual return.</li><li>Broader markets lagged, as the Nifty 500 rose 6.4% and the Nifty smallcap 250 fell 6.4% as of 1 st Dec, 2025. </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.

As we enter 2026, the Indian equity market stands at a critical inflection point — transitioning from a phase dominated by domestic liquidity to one where earnings delivery, policy alignment, and macro stability will be the primary drivers of returns.Indian equities saw divergent performance in 2025, with the Nifty 50 hitting a record high of 26,326 on 1 st December and delivering a 10.2% annual return.Broader markets lagged, as the Nifty 500 rose 6.4% and the Nifty smallcap 250 fell 6.4% as of 1 st Dec, 2025. 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.

New Year Picks 2026: Capturing India’s Next Growth Phase

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's muted profitability.</li><li>Consolidated Revenue stood at Rs 66,058 Cr (up 13%/3% YoY/QoQ), largely in line with our estimate.</li><li>EBITDA stood at Rs 8,976 Cr (up 12%/11% YoY/QoQ), in line with our estimate (8% beat vs consensus), led by strong aluminium performance.</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’s Indian operations stood robust, offsetting Novelis's muted profitability.Consolidated Revenue stood at Rs 66,058 Cr (up 13%/3% YoY/QoQ), largely in line with our estimate.EBITDA stood at Rs 8,976 Cr (up 12%/11% YoY/QoQ), in line with our estimate (8% beat vs consensus), led by strong aluminium performance.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.

Top Conviction Ideas - “Metals & Mining”

<ul><li>In Q2FY26, we foresee an increase in absolute EBITDA across both Steel and Aluminium players.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ, mainly led by higher sales volume aided by lower/flat coking coal consumption costs, partly offset by lower sales realisation due to a drop in HRC prices in the quarter.</li><li>Average domestic HRC prices in Q2FY26 decreased by 2.4%/4% YoY/QoQ due to the extended monsoon; the prices declined despite Chinese HRC prices moving up 3% 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.

In Q2FY26, we foresee an increase in absolute EBITDA across both Steel and Aluminium players.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ, mainly led by higher sales volume aided by lower/flat coking coal consumption costs, partly offset by lower sales realisation due to a drop in HRC prices in the quarter.Average domestic HRC prices in Q2FY26 decreased by 2.4%/4% YoY/QoQ due to the extended monsoon; the prices declined despite Chinese HRC prices moving up 3% 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.

Q2FY26 Earnings Preview - Metals & Mining

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability.</li><li>Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down 1% QoQ), in line with our estimate.</li><li>EBITDA stood at Rs 8,075 Cr (up 6% YoY, but down 16% QoQ), a 10% beat vs. our estimate and 3% ahead of consensus, led by strong Aluminium performance.</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’s Indian operations stood robust, offsetting Novelis's impacted profitability.Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down 1% QoQ), in line with our estimate.EBITDA stood at Rs 8,075 Cr (up 6% YoY, but down 16% QoQ), a 10% beat vs. our estimate and 3% ahead of consensus, led by strong Aluminium performance.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.

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)

Q3FY26 Earnings Preview - Metals and Mining

For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price...

Axis Direct

New Year Picks 2026: Capturing India’s Next Growth Phase

As we enter 2026, the Indian equity market stands at a critical inflection point — transitioning from a phase dominated by domestic liquidity to...

Axis Direct

Top Conviction Ideas - “Metals & Mining”

Hindalco’s Indian operations stood robust, offsetting Novelis's muted profitability. Consolidated Revenue stood at Rs 66,058 Cr (up 13%/3% YoY...

Axis Direct

Q2FY26 Earnings Preview - Metals & Mining

We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 14% and 20%, respectively. Both the Indian and European operations of Tata...

Axis Direct

Top Conviction Ideas - “Metals & Mining”

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability. Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down...

Axis Direct

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