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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Steel Authority of India / Equity Bottom-Up

<ul><li>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 imported coking coal prices.</li><li>Average blended NSR in Jan’25 was down by ~Rs 1,000/t at Rs 48,500/t; however, prices are likely to increase in coming months as market sentiments are now positive for flat steel.</li><li>This could improve spreads slightly QoQ in Q4FY25.</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.

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 imported coking coal prices.Average blended NSR in Jan’25 was down by ~Rs 1,000/t at Rs 48,500/t; however, prices are likely to increase in coming months as market sentiments are now positive for flat steel.This could improve spreads slightly QoQ in Q4FY25.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 - Largely Inline Q3, Higher Leverage Risk Persists

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Domestic Hot-Rolled Coil (HRC) steel prices slumped to five-year lows in October 2025 due to rampant dumping, even as government capex accelerates and post-monsoon demand revives.</li>
<li>The immediate policy response imposing Anti-Dumping Duty (ADD) is critical, providing a necessary margin shield for domestic producers to execute their aggressive Rs. 1 lakh crore+ capacity expansion plans. 
</li>
<li>India positioned as the only major structural demand story globally, the current price weakness offers a tactical entry point into companies focused on high-quality domestic execution and raw material integration. 
</li>
</ul>


Domestic Hot-Rolled Coil (HRC) steel prices slumped to five-year lows in October 2025 due to rampant dumping, even as government capex accelerates and post-monsoon demand revives.
The immediate policy response imposing Anti-Dumping Duty (ADD) is critical, providing a necessary margin shield for domestic producers to execute their aggressive Rs. 1 lakh crore+ capacity expansion plans. 

India positioned as the only major structural demand story globally, the current price weakness offers a tactical entry point into companies focused on high-quality domestic execution and raw material integration. 



From Cyclical Low to Structural Boom: The Policy Shield for India's Steel Giants.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The government's 300 MT crude steel capacity target by 2030 is now in full swing, anchored by ArcelorMittal's newly-cleared INR1.5 lakh crore greenfield project and aggressive brownfield by other players.</li>
<li>This signals a multi-lakh-crore capex super-cycle, moving from planning to execution. The 14-month fast-track approval for AM/NS in Andhra Pradesh provides a new, de-risked template for mega-projects.</li>
<li>While execution is accelerating, the sector's profitability hinges on two key variables: managing persistent Chinese imports and securing the massive volume of coking coal required to fuel this expansion.</li>
</ul>


The government's 300 MT crude steel capacity target by 2030 is now in full swing, anchored by ArcelorMittal's newly-cleared INR1.5 lakh crore greenfield project and aggressive brownfield by other players.
This signals a multi-lakh-crore capex super-cycle, moving from planning to execution. The 14-month fast-track approval for AM/NS in Andhra Pradesh provides a new, de-risked template for mega-projects.
While execution is accelerating, the sector's profitability hinges on two key variables: managing persistent Chinese imports and securing the massive volume of coking coal required to fuel this expansion.


Thematic Report: Forging a 300 MT Behemoth as India’s Steel Capex Super-Cycle Accelerates

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>China’s steel exports have surged to multi-year highs, flooding global markets and forcing a wave of trade-defense actions across Asia.</li>
<li>Weak domestic demand, squeezed margins, and policy shifts have pushed Chinese mills to lean heavily on exports — prompting Beijing to cap output and link cuts to carbon goals.</li>
<li>Clear winners: Integrated Indian producers and Japan/Korea premium mills, which gain pricing power and margin upside as safeguards and curbs tighten supply.</li>
</ul>


China’s steel exports have surged to multi-year highs, flooding global markets and forcing a wave of trade-defense actions across Asia.
Weak domestic demand, squeezed margins, and policy shifts have pushed Chinese mills to lean heavily on exports — prompting Beijing to cap output and link cuts to carbon goals.
Clear winners: Integrated Indian producers and Japan/Korea premium mills, which gain pricing power and margin upside as safeguards and curbs tighten supply.


China’s Steel Curbs + Asian Safeguards: Pricing Tailwinds for Premium Mills

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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

India

Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate.  The Government of India is currently a majority shareholder in the company.

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Steel Authority of India (SAIL IN)

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...

Axis Direct

From Cyclical Low to Structural Boom: The Policy Shield for India's Steel Giants.

Domestic HRC steel prices hit five-year lows in October 2025 due to dumping, but policy response and demand revival offer growth opportunities for...

Sudarshan Bhandari

Thematic Report: Forging a 300 MT Behemoth as India’s Steel Capex Super-Cycle Accelerates

Government's ambitious steel capacity target by 2030 gains momentum with ArcelorMittal's massive greenfield project and industry-wide capex super...

Nimish Maheshwari

China’s Steel Curbs + Asian Safeguards: Pricing Tailwinds for Premium Mills

China's steel exports surge, prompting trade-defense actions; Indian and Japanese/Korean mills benefit from tightening supply.

Rahul Jain

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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...

Axis Direct

From Cyclical Low to Structural Boom: The Policy Shield for India's Steel Giants.

​Domestic HRC steel prices hit five-year lows in October 2025 due to dumping, but policy response and demand revival offer growth opportunities for...

Sudarshan Bhandari

Thematic Report: Forging a 300 MT Behemoth as India’s Steel Capex Super-Cycle Accelerates

​Government's ambitious steel capacity target by 2030 gains momentum with ArcelorMittal's massive greenfield project and industry-wide capex super...

Nimish Maheshwari

China’s Steel Curbs + Asian Safeguards: Pricing Tailwinds for Premium Mills

​China's steel exports surge, prompting trade-defense actions; Indian and Japanese/Korean mills benefit from tightening supply.

Rahul Jain

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

Domestic HRC steel prices hit five-year lows in October 2025 due to dumping, but policy response and demand revival offer growth opportunities for...

Government's ambitious steel capacity target by 2030 gains momentum with ArcelorMittal's massive greenfield project and industry-wide capex super...

China's steel exports surge, prompting trade-defense actions; Indian and Japanese/Korean mills benefit from tightening supply.