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>Following a soft Q1FY27, we expect a sequential (QoQ) recovery in steel earnings in Q2FY27, while non-ferrous earnings to moderate.</li><li>Steel companies benefit from a sharp rebound in shipment volumes and firm domestic flat steel prices, despite the monsoon.</li><li>In contrast, aluminium producers face a 10% QoQ correction in LME aluminium prices and an 11% QoQ rise in alumina prices. </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.

Following a soft Q1FY27, we expect a sequential (QoQ) recovery in steel earnings in Q2FY27, while non-ferrous earnings to moderate.Steel companies benefit from a sharp rebound in shipment volumes and firm domestic flat steel prices, despite the monsoon.In contrast, aluminium producers face a 10% QoQ correction in LME aluminium prices and an 11% QoQ rise in alumina prices. 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 and Mining - Q2FY27E: Result Preview

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

<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

<ul><li>Hindalco reported a strong set of numbers. Consolidated Revenue stood at Rs 84,825 Cr (up 32%/9% YoY/QoQ), in line with our estimate.</li><li>EBITDA stood at Rs 13,972 Cr (up 73%/37% YoY/QoQ), beating our/consensus pre-Novelis results estimate by ~30%, led by strong upstream aluminium and copper performance.</li><li>Reported PAT stood at Rs 7,013 Cr (up 75%/170% YoY/QoQ), led by higher EBITDA. </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 reported a strong set of numbers. Consolidated Revenue stood at Rs 84,825 Cr (up 32%/9% YoY/QoQ), in line with our estimate.EBITDA stood at Rs 13,972 Cr (up 73%/37% YoY/QoQ), beating our/consensus pre-Novelis results estimate by ~30%, led by strong upstream aluminium and copper performance.Reported PAT stood at Rs 7,013 Cr (up 75%/170% YoY/QoQ), led by higher EBITDA. 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.

<ul><li>The Shift to Expansion (The Setup): While global crosscurrents and volatile commodity prices continue to create headline noise, our quantitative macro dashboard confirms a definitive shift into an 'Expansion' regime.</li><li>Strengthening domestic economic activity and stabilizing liquidity are providing a solid, measurable foundation for cyclical risk-taking.</li><li>Broad Market Exhaustion: Despite the stronger underlying economic backdrop, the headline stock market remains choppy and inefficient. </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.

The Shift to Expansion (The Setup): While global crosscurrents and volatile commodity prices continue to create headline noise, our quantitative macro dashboard confirms a definitive shift into an 'Expansion' regime.Strengthening domestic economic activity and stabilizing liquidity are providing a solid, measurable foundation for cyclical risk-taking.Broad Market Exhaustion: Despite the stronger underlying economic backdrop, the headline stock market remains choppy and inefficient. 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)

Metals and Mining - Q2FY27E: Result Preview

Following a soft Q1FY27, we expect a sequential (QoQ) recovery in steel earnings in Q2FY27, while non-ferrous earnings to moderate.

Axis Direct

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

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

High Conviction Ideas:Metals and Mining

Hindalco reported a strong set of numbers. Consolidated Revenue stood at Rs 84,825 Cr (up 32%/9% YoY/QoQ), in line with our estimate.

Axis Direct

Monthly Quant Report August 2026

Strengthening domestic economic activity and stabilizing liquidity are providing a solid, measurable foundation for cyclical risk-taking.

Axis Direct

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