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.

Equity Bottom-Up

<ul><li>Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.</li><li>This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).</li><li>Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke 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.

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke 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.

Hindalco Industries Ltd - Indian Operations Continue to Outperform

<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

<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

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>3QFY25 consolidated net sales stood at INR584b (+11 YoY/flat QoQ), in line with our est. of INR595b, aided by better realization.</li><li>Consolidated EBITDA stood at INR76b (+29% YoY/-4% QoQ), in line with our est. of INR77b, driven by lower costs and operating efficiencies.</li><li>APAT stood at INR38b (+61% YoY/-12% QoQ), in line with our estimate.</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.

3QFY25 consolidated net sales stood at INR584b (+11 YoY/flat QoQ), in line with our est. of INR595b, aided by better realization.Consolidated EBITDA stood at INR76b (+29% YoY/-4% QoQ), in line with our est. of INR77b, driven by lower costs and operating efficiencies.APAT stood at INR38b (+61% YoY/-12% QoQ), in line with our estimate.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 - In-Line Performance; Muted Novelis Performance Offset by Strong India Operation

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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.

<ul><li>Hindalco Industries (HNDL) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business.</li><li>Indian business volumes were stable, higher pricing and lower operating cost benefited Q3 performance.</li><li>Mgmt. guided for flattish coal costs for Q4 and expect strong upstream EBITDA/t to continue with ~35% of volumes hedged at USD2,600/t.</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 Industries (HNDL) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business.Indian business volumes were stable, higher pricing and lower operating cost benefited Q3 performance.Mgmt. guided for flattish coal costs for Q4 and expect strong upstream EBITDA/t to continue with ~35% of volumes hedged at USD2,600/t.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 - Balanced Performance

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

Hindalco Industries Ltd - Indian Operations Continue to Outperform

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down...

Axis Direct

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

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 - In-Line Performance; Muted Novelis Performance Offset by Strong India Operation

3QFY25 consolidated net sales stood at INR584b (+11 YoY/flat QoQ), in line with our est. of INR595b, aided by better realization.

Motilal Oswal

Hindalco Industries - Balanced Performance

Hindalco Industries (HNDL) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business.

Prabhudas Lilladhar

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