External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Maintain positive outlook for the Indian steel sector: Continued healthy steel demand should support absorption of recent price increases, helping expand gross margins even after factoring in higher coking coal and iron ore costs.</li><li>We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.</li><li>We retain BUY ratings on Tata Steel, JSW Steel, and Jindal Steel, and ADD ratings on APAT and SAIL.</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.

Maintain positive outlook for the Indian steel sector: Continued healthy steel demand should support absorption of recent price increases, helping expand gross margins even after factoring in higher coking coal and iron ore costs.We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.We retain BUY ratings on Tata Steel, JSW Steel, and Jindal Steel, and ADD ratings on APAT and SAIL.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 (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

<ul><li>While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY, compared with ~8.4% in H1FY26</li><li>October and November witnessed lower growth of ~4.5% YoY each, but demand firmed up in December 2025 to ~10%, as per the Ministry of Steel</li><li>Consumption remained flattish on a QoQ basis</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.

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY, compared with ~8.4% in H1FY26October and November witnessed lower growth of ~4.5% YoY each, but demand firmed up in December 2025 to ~10%, as per the Ministry of SteelConsumption remained flattish on a QoQ basisContent 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 (Q3FY26 Results Preview): Robust volume growth, prices firming up

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.</li><li>JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/share</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/shareContent 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.

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

<ul><li>We continue to remain positive on the Indian steel sector, as it has grown faster than most major economies</li><li>While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and spreads</li><li>Coking coal prices also remain soft, adding to gross margin improvement.</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.

We continue to remain positive on the Indian steel sector, as it has grown faster than most major economiesWhile Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and spreadsCoking coal prices also remain soft, adding to gross margin improvement.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 (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

<ul><li>JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share</li><li>JSWS’ Q4 consolidated EBITDA came in line with our estimates</li><li>The ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants and healthy domestic demand drove 11/12% YoY/QoQ consolidated volume growth</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.

JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/shareJSWS’ Q4 consolidated EBITDA came in line with our estimatesThe ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants and healthy domestic demand drove 11/12% YoY/QoQ consolidated volume growthContent 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.

HSIE Results Daily: JSW Steel, Ashok Leyland, Balkrishna Industries

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

Metals (Q4FY26 Results Preview): Steel price recovery to drive margin uptick

We remain positive on the sector and have marginally reduced EBITDA estimates to reflect lower than expected margin expansion in Q4FY26.

HDFC Securities

Metals (Q3FY26 Results Preview): Robust volume growth, prices firming up

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY,...

HDFC Securities

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates

HDFC Securities

Metals (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and...

HDFC Securities

HSIE Results Daily: JSW Steel, Ashok Leyland, Balkrishna Industries

JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share. JSWS’ Q4 consolidated EBITDA came in line with...

HDFC Securities

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