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>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

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

<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”

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>The aluminum market is experiencing tight supply, rising premiums, and increasing demand driven by infrastructure and clean energy projects. LME prices have surged 7-8%, indicating a structural shift.</li>
<li>
Higher aluminum prices and regional premiums are positively impacting earnings. Key producers like Hindalco are benefiting from strong operations, cost efficiencies, and favorable market conditions.</li>
<li>Sustained supply constraints and rising premiums, especially from China’s cuts, are expected to drive LME prices higher, ensuring robust growth for Hindalco in the medium term.</li>
</ul>


The aluminum market is experiencing tight supply, rising premiums, and increasing demand driven by infrastructure and clean energy projects. LME prices have surged 7-8%, indicating a structural shift.

Higher aluminum prices and regional premiums are positively impacting earnings. Key producers like Hindalco are benefiting from strong operations, cost efficiencies, and favorable market conditions.
Sustained supply constraints and rising premiums, especially from China’s cuts, are expected to drive LME prices higher, ensuring robust growth for Hindalco in the medium term.


Thematic Report: Aluminum's Growth Story- Investing in the Future of Essential Metals

<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

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)

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

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

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

Thematic Report: Aluminum's Growth Story- Investing in the Future of Essential Metals

Aluminum market sees tight supply, rising premiums, and increasing demand, driving up prices and benefiting key producers like Hindalco.

Nimish Maheshwari

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

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

Thematic Report: Aluminum's Growth Story- Investing in the Future of Essential Metals

​Aluminum market sees tight supply, rising premiums, and increasing demand, driving up prices and benefiting key producers like Hindalco.

Nimish Maheshwari

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

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Aluminum market sees tight supply, rising premiums, and increasing demand, driving up prices and benefiting key producers like Hindalco.