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 Q1FY26, we foresee divergence in EBITDA margin trends for Steel and Non-Ferrous companies.</li><li>While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong base of Q4FY25.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to lower coking coal consumption costs and higher sales price realsiations (led by improvement in HRC prices which got support from the safeguard duty), partially offset by a drop in steel sales volumes QoQ over a seasonally strong Q4FY25. </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 Q1FY26, we foresee divergence in EBITDA margin trends for Steel and Non-Ferrous companies.While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong base of Q4FY25.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to lower coking coal consumption costs and higher sales price realsiations (led by improvement in HRC prices which got support from the safeguard duty), partially offset by a drop in steel sales volumes QoQ over a seasonally strong Q4FY25. 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.

Q1FY26 Earnings Preview - Metals & Mining

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability.</li><li>Consolidated Revenue stood at Rs 64,890 Cr (up 16%/11% YoY/QoQ), which was 2% ahead of our estimate.</li><li>EBITDA stood at Rs 9,609 Cr (up 41%/26% YoY/QoQ), a 9% beat vs. our estimate, 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 64,890 Cr (up 16%/11% YoY/QoQ), which was 2% ahead of our estimate.EBITDA stood at Rs 9,609 Cr (up 41%/26% YoY/QoQ), a 9% beat vs. our estimate, 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” - Sequential Recovery in EBITDA in Q4FY25

<ul><li>In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.</li><li>Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.</li><li>We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. </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 Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. 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.

Q4FY25 Earnings Preview - Metals and Mining

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to tighter scrap spreads and flooding at one of the European units.</li><li>Consolidated EBITDA grew by 26% YoY but declined by 5% QoQ to Rs 7,601 Cr (3% beat vs. consensus), led by strong upstream Aluminium and Copper EBITDA.</li><li>NALCO’s Revenue/EBITDA/PAT beat our and consensus estimates because of strong performance by both the Alumina and Aluminium divisions. </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 due to tighter scrap spreads and flooding at one of the European units.Consolidated EBITDA grew by 26% YoY but declined by 5% QoQ to Rs 7,601 Cr (3% beat vs. consensus), led by strong upstream Aluminium and Copper EBITDA.NALCO’s Revenue/EBITDA/PAT beat our and consensus estimates because of strong performance by both the Alumina and Aluminium divisions. 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 & Mining: Q3FY25 Review - Steel EBITDA Weakness Persists

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to the flooding at its Sierre operations.</li><li>Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.</li><li>NALCO’s revenue/EBITDA/PAT beat ours and consensus estimates on account of strong performance by both the Alumina and Aluminium divisions.</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 due to the flooding at its Sierre operations.Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.NALCO’s revenue/EBITDA/PAT beat ours and consensus estimates on account of strong performance by both the Alumina and Aluminium divisions.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 and Mining”

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)

Q1FY26 Earnings Preview - Metals & Mining

While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong...

Axis Direct

Top Conviction Ideas - “Metals & Mining” - Sequential Recovery in EBITDA in Q4FY25

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability. Consolidated Revenue stood at Rs 64,890 Cr (up 16%/11% YoY...

Axis Direct

Q4FY25 Earnings Preview - Metals and Mining

In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and...

Axis Direct

Metals & Mining: Q3FY25 Review - Steel EBITDA Weakness Persists

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to tighter scrap spreads and flooding at one of the...

Axis Direct

Top Conviction Ideas – “Metals and Mining”

Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.

Axis Direct

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