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>EBITDA Beat Our Estimate: EBITDA stood at Rs 2,708 Cr (up 81%/15% YoY/QoQ), beating our estimate by 13%.</li><li>This robust performance was primarily driven by higher LME Aluminium realizations ($3,565/t, up 46% YoY) and strong Aluminium segment EBIT growth (+159% YoY), which comfortably offset lower Alumina division profitability (-46% YoY) and input cost inflation in power &amp; fuel.</li><li>Alumina Refinery Expansion: Trial runs are underway at the 1.0 mtpa 5th stream Alumina refinery, following mechanical completion across 50+ packages. </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.

EBITDA Beat Our Estimate: EBITDA stood at Rs 2,708 Cr (up 81%/15% YoY/QoQ), beating our estimate by 13%.This robust performance was primarily driven by higher LME Aluminium realizations ($3,565/t, up 46% YoY) and strong Aluminium segment EBIT growth (+159% YoY), which comfortably offset lower Alumina division profitability (-46% YoY) and input cost inflation in power &amp; fuel.Alumina Refinery Expansion: Trial runs are underway at the 1.0 mtpa 5th stream Alumina refinery, following mechanical completion across 50+ packages. 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.

National Aluminium Co Ltd (NALCO) - Q1: Strong All-Round Performance

<ul><li>EBITDA Inline with Our Estimate: EBITDA stood at Rs 2,349 Cr (down 15% YoY, up 8% QoQ), inline with our estimate, a marginal 3% miss vs. consensus.</li><li>This was led by lower Alumina division profitability, lower Aluminium sales volumes, partly offset by higher aluminium prices.</li><li>Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced further to 2 Lc tonnes from 3 Lc tonnes earlier (original guidance was 5 Lc tonnes). </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.

EBITDA Inline with Our Estimate: EBITDA stood at Rs 2,349 Cr (down 15% YoY, up 8% QoQ), inline with our estimate, a marginal 3% miss vs. consensus.This was led by lower Alumina division profitability, lower Aluminium sales volumes, partly offset by higher aluminium prices.Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced further to 2 Lc tonnes from 3 Lc tonnes earlier (original guidance was 5 Lc tonnes). 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.

National Aluminium Co Ltd (NALCO) - Largely Inline Q4; Rich Valuation Caps Material Upside

<ul><li>EBITDA Beats Our Estimate: EBITDA stood at Rs 2,179 Cr (down 6% YoY, up 13% QoQ), a 2%/16% beat against our/consensus estimate, led by a sharper than expected Alumina sales volume at 403 kt (up 8%/2% YoY/QoQ, 37% ahead of our estimate), along with lower power and employee expenses.</li><li>Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced to 3 Lc tonnes from 5 Lc tonnes earlier.</li><li>Management cited 3-4 months of stabilisation phase post commissioning date. </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.

EBITDA Beats Our Estimate: EBITDA stood at Rs 2,179 Cr (down 6% YoY, up 13% QoQ), a 2%/16% beat against our/consensus estimate, led by a sharper than expected Alumina sales volume at 403 kt (up 8%/2% YoY/QoQ, 37% ahead of our estimate), along with lower power and employee expenses.Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced to 3 Lc tonnes from 5 Lc tonnes earlier.Management cited 3-4 months of stabilisation phase post commissioning date. 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.

National Aluminium Co Ltd (NALCO) - EBITDA Beat on Alumina Volumes; Rich Valuations Caps Upside

<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

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

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National Aluminium (NACL 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

National Aluminium Co Ltd (NALCO) - Q1: Strong All-Round Performance

Alumina Refinery Expansion: Trial runs are underway at the 1.0 mtpa 5th stream Alumina refinery, following mechanical completion across 50+ packages.

Axis Direct

National Aluminium Co Ltd (NALCO) - Largely Inline Q4; Rich Valuation Caps Material Upside

EBITDA Inline with Our Estimate: EBITDA stood at Rs 2,349 Cr (down 15% YoY, up 8% QoQ), inline with our estimate, a marginal 3% miss vs. consensus.

Axis Direct

National Aluminium Co Ltd (NALCO) - EBITDA Beat on Alumina Volumes; Rich Valuations Caps Upside

EBITDA stood at Rs 2,179 Cr (down 6% YoY, up 13% QoQ), a 2%/16% beat against our/consensus estimate, led by a sharper than expected Alumina sales...

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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