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

Steel Authority of India / Equity Bottom-Up

<ul><li>Strong Q1 Beat Driven by Margin Expansion: Q1 EBITDA (excl. rail price revisions) beat consensus by 11% at Rs 4,462 Cr (up 72% YoY/1% QoQ), despite sales volume falling 9% YoY to 4.16 MT due to advanced maintenance shutdowns at Bhilai, Durgapur, and Bokaro.</li><li>EBITDA/tonne surged 88% YoY to Rs 10,718/t, powered by higher NSRs and captive iron ore sales (Rs 574 Cr revenue vs. Rs 157 Cr in Q1FY26; ~Rs 150 Cr incremental EBITDA), which effectively offset elevated coking coal costs.</li><li>Deleveraging Momentum Maintained: Borrowings remained flat at Rs 21,729 Cr in Q1FY27 (vs. Rs 21,663 Cr in Q4FY26) despite a 0.2 MT inventory buildup, before dropping further to 21,400 Cr. </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 Q1 Beat Driven by Margin Expansion: Q1 EBITDA (excl. rail price revisions) beat consensus by 11% at Rs 4,462 Cr (up 72% YoY/1% QoQ), despite sales volume falling 9% YoY to 4.16 MT due to advanced maintenance shutdowns at Bhilai, Durgapur, and Bokaro.EBITDA/tonne surged 88% YoY to Rs 10,718/t, powered by higher NSRs and captive iron ore sales (Rs 574 Cr revenue vs. Rs 157 Cr in Q1FY26; ~Rs 150 Cr incremental EBITDA), which effectively offset elevated coking coal costs.Deleveraging Momentum Maintained: Borrowings remained flat at Rs 21,729 Cr in Q1FY27 (vs. Rs 21,663 Cr in Q4FY26) despite a 0.2 MT inventory buildup, before dropping further to 21,400 Cr. 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.

Steel Authority of India Ltd - Q1 EBITDA Beat Powered by Captive Iron Ore Sales

<ul><li>Superior Q4 Performance: EBITDA at Rs 4,409 Cr, up 58%/92% YoY/QoQ, has beaten the consensus/our estimate by 11%/21%.</li><li>This was led by a jump in saleable steel sales volume at 5.3 MT, a 5% beat vs. our estimate, along with a lower employee and RM costs (improving coke rate).</li><li>EBITDA/tonne stood at Rs 8,287/t, up 59%/86% YoY/QoQ, reflecting higher NSR and improving RM cost control, led by superior techno-economic parameters.</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.

Superior Q4 Performance: EBITDA at Rs 4,409 Cr, up 58%/92% YoY/QoQ, has beaten the consensus/our estimate by 11%/21%.This was led by a jump in saleable steel sales volume at 5.3 MT, a 5% beat vs. our estimate, along with a lower employee and RM costs (improving coke rate).EBITDA/tonne stood at Rs 8,287/t, up 59%/86% YoY/QoQ, reflecting higher NSR and improving RM cost control, led by superior techno-economic parameters.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.

Steel Authority of India Ltd - Strong Q4: Overall Beat

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>The steel market is tightening fast: demand is running ahead of production, while higher coking coal costs strengthen the case for price hikes.</li>
<li>Export momentum is broadening mills’ demand pool, with Asian markets emerging as an increasingly important outlet for Indian steelmakers.</li>
<li>Imports are the catch: rising Chinese inflows could put a ceiling on domestic prices, limiting how far mills can push realizations.</li>
</ul>


The steel market is tightening fast: demand is running ahead of production, while higher coking coal costs strengthen the case for price hikes.
Export momentum is broadening mills’ demand pool, with Asian markets emerging as an increasingly important outlet for Indian steelmakers.
Imports are the catch: rising Chinese inflows could put a ceiling on domestic prices, limiting how far mills can push realizations.


India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

<ul><li>Q3 ahead of consensus: SAIL’s EBITDA, at Rs 2,294 Cr (up 13% YoY, down 9% QoQ), stood ahead of the consensus estimate by 7%.</li><li>The beat was led by better-than-expected steel sales volume, which stood at 5.15 MT (up 16%/5% YoY/QoQ).</li><li>SAIL’s topline also included inflow of Rs 1,279 Cr (Rs 1,140 Cr in Q2FY26) from the sale of scrap and by-products, which helped in supporting NSR/t at Rs 53,169/t, 2% ahead of 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.

Q3 ahead of consensus: SAIL’s EBITDA, at Rs 2,294 Cr (up 13% YoY, down 9% QoQ), stood ahead of the consensus estimate by 7%.The beat was led by better-than-expected steel sales volume, which stood at 5.15 MT (up 16%/5% YoY/QoQ).SAIL’s topline also included inflow of Rs 1,279 Cr (Rs 1,140 Cr in Q2FY26) from the sale of scrap and by-products, which helped in supporting NSR/t at Rs 53,169/t, 2% ahead of 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.

Steel Authority of India Ltd - Q3 EBITDA Beats Consensus; Volumes Continue to Surprise Positively

India

Steel Authority of India Limited (SAIL) is a Maharatna public sector undertaking and one of India's largest steel-making companies. It produces a wide range of steel products, including flat and long steel products, wire rods, plates, and railway products, catering to sectors like infrastructure, railways, automotive, and defense. The company is headquartered in New Delhi, India, and was incorporated on January 24, 1973.

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Steel Authority of India (SAIL 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

Steel Authority of India Ltd - Q1 EBITDA Beat Powered by Captive Iron Ore Sales

Q1 EBITDA (excl. rail price revisions) beat consensus by 11% at Rs 4,462 Cr (up 72% YoY/1% QoQ), despite sales volume falling 9% YoY to 4.16 MT

Axis Direct

Steel Authority of India Ltd - Strong Q4: Overall Beat

EBITDA/tonne stood at Rs 8,287/t, up 59%/86% YoY/QoQ, reflecting higher NSR and improving RM cost control, led by superior techno-economic parameters.

Axis Direct

India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

Consumption is leaving production behind in India’s steel market, with the widening gap adding fresh momentum to the price outlook.

Mint Finance

Steel Authority of India Ltd - Q3 EBITDA Beats Consensus; Volumes Continue to Surprise Positively

SAIL’s topline also included inflow of Rs 1,279 Cr (Rs 1,140 Cr in Q2FY26) from the sale of scrap and by-products, which helped in supporting NSR/t...

Axis Direct

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