Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue
We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong...
465 Views
SAIL - Q1 Miss Driven by Inventory De-Valuation and Higher Other Expenses
SAIL’s EBITDA (excluding rail provision), at Rs 2,595 Cr (up 17% YoY but down 7% QoQ), missed our and consensus estimate by 34%/23%.
202 Views
Steel Authority of India Ltd (SAIL) - Risk-Reward Turning Favorable; Upgrade to BUY
China’s steel exports grew by 22% YoY to 111MT in CY24, a level last seen in CY15 (112 MT in CY15), leading to lower regional steel prices and...
321 Views
Steel Authority of India Ltd - Largely Inline Q3, Higher Leverage Risk Persists
Spreads likely to improve slightly in Q4FY25: Blended Coking coal costs are expected to come down by ~Rs 1,000/t QoQ in Q4FY25, led by declining...
239 Views
Sail - Weak Volumes and Low Realization Drag Down Earnings
For a like-to-like comparison, we have adjusted its 2QFY25 financials by excluding this one-time gain. SAIL reported a revenue of INR230b (-18% YoY...
284 Views