External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<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>The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter</li><li>Aggregate revenue/PAT grew by 5%/10% YoY across the HSIE coverage (~246 stocks) in Q1FY26</li><li>Ex-OMCs, aggregate YoY revenue/earnings growth for the quarter was 6%/5%</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 aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarterAggregate revenue/PAT grew by 5%/10% YoY across the HSIE coverage (~246 stocks) in Q1FY26Ex-OMCs, aggregate YoY revenue/earnings growth for the quarter was 6%/5%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.

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

<ul><li>Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflation</li><li>The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies</li><li>The focus is to improve field force productivity with new divisions for launches and expand market reach</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.

Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflationThe company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapiesThe focus is to improve field force productivity with new divisions for launches and expand market reachContent 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: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

<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

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 (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

Quarterly Flipbook: Earnings growth and downgrade cycle bottoming-out

The aggregate performance of the Q1FY26 earnings season was steady as sequential improvement in YoY PAT growth continued in the current quarter

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

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

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